InvoiceMate and 24SEVEN Partner to Revolutionize Retail Supply Chain in UAE with Blockchain and AI | Unlock Blockchain

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InvoiceMate and 24SEVEN Partner to Revolutionize Retail Supply Chain in UAE with Blockchain and AI

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InvoiceMate and 24SEVEN Partner to Revolutionize Retail Supply Chain in UAE with Blockchain and AI

ND

May 21, 2024

2 min

InvoiceMate, the pioneering blockchain and AI-powered invoice financing enabler, has formed a significant partnership with the rapidly expanding retail technology provider 24SEVEN. This collaboration aims to enhance the retail supply chain across the UAE by integrating retail and payments data with cutting-edge blockchain financing solutions, potentially boosting financial inclusion for thousands of SMEs.

Small and medium-sized enterprises (SMEs) in the UAE often grapple with invoicing and cash flow issues, with approximately 60% of invoices being paid late and B2B payments averaging over 40 days for settlement. The convergence of InvoiceMate’s blockchain invoicing and financing solutions with 24SEVEN’s advanced retail hardware and software technology offers innovative methods for retailers and their suppliers to manage capital more efficiently. With the UAE’s retail market projected to exceed $100 billion annually by the end of 2024, such solutions are poised to significantly support economic growth.

Muhammad Salman Anjum, Founder and CEO of InvoiceMate, emphasized the synergistic potential of combining 24SEVEN’s expertise and sales data with InvoiceMate’s blockchain and AI technology. "This collaboration is set to boost the UAE’s retail economy by ensuring stakeholders across the supply chain have timely access to the cash they need, thereby accelerating their operations," Anjum remarked.

Artificial Intelligence (AI)

Payments

Middle East & North Africa (MENA)

Invoicemate

UAE

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Jarrar Shah, Co-Founder and CEO of 24SEVEN

Jarrar Shah, Co-Founder and CEO of 24SEVEN, highlighted the critical nature of cash flow for SMEs in the UAE retail sector, noting the difficulties these businesses face in securing necessary financing. "We’re thrilled to introduce InvoiceMate’s transformative blockchain financing solutions to our retail partners. This partnership will enhance access to finance for retailers and suppliers, streamlining their daily operations," he stated.

24SEVEN will leverage its Optima hardware devices and custom software to provide real-time data at the Point-of-Sale (POS) and utilize its AI-powered credit scoring application to assess these stores. InvoiceMate’s embedded financial technology will integrate seamlessly to enhance invoicing and working capital management options.

Blockchain financing offers several advantages over traditional invoicing methods, including reduced fraud risk due to the transparent, immutable, and secure nature of blockchain ledgers. Additionally, faster processing speeds enable quicker decision-making, providing businesses with essential working capital and improving liquidity for retail operations. By using real-time retail data directly from the POS, rather than relying on credit history or collateral, blockchain invoice financing can be more inclusive and adaptable, meeting the diverse needs of the retail sector.