HOW EMBEDDED FINANCE TRANSFORMS SUPPLY CHAINS AND FUELS UNPRECEDENTED GROWTH
REVOLUTIONISING THE UAE ' S BUSINESS LANDSCAPE :
CHEQUING OUT
HOW EMBEDDED FINANCE TRANSFORMS SUPPLY CHAINS AND FUELS UNPRECEDENTED GROWTH
In the heart of the Middle East , the United Arab Emirates ( UAE ) is undergoing a profound transformation in its business landscape , propelled by the groundbreaking influence of embedded finance . Vinay Kapoor , Executive Vice President , Triterras , discusses how this innovative financial paradigm is not only reshaping traditional structures but also fundamentally altering the way businesses conduct transactions , manage financial risks and navigate the complex financial landscape .
At its core , embedded finance involves integrating financial services seamlessly into nonfinancial platforms , weaving banking functionalities into everyday activities . This innovation allows businesses to offer financial services as part of their core offerings , creating a seamless and integrated customer experience . As we delve into the transformative era of embedded finance in the UAE , the impact is profound , influencing how businesses interact with and leverage financial tools to enhance operational efficiency and customer engagement .
The UAE , comprising of seven emirates , has strategically transitioned from being a logistics-centric hub to a comprehensive business nerve centre , strategically catering to Asia , Europe and the Middle East and Africa ( MEA ). This strategic shift is a result of the UAE ’ s commitment to economic diversification initiatives , the meticulous implementation of national logistics plans and the widespread adoption of cutting-edge digital technologies .
Embedded finance , with an annual growth rate projected at an impressive 30.1 % until 2029 in the UAE according to Research and Markets , stands as a beacon of this transformative journey . At the forefront of this financial revolution is embedded payments , a phenomenon that seamlessly integrates digital payment options within non-financial platforms . This integration streamlines the payment process , enabling customers to make transactions without leaving the website or app . Instant payments and digital wallets like Payit have become integral , illustrating how financial transactions are now seamlessly embedded into the daily operations of businesses , enhancing transaction efficiency and elevating customer experiences .
Another dynamic facet of this transformation is embedded insurance , a strategy that involves selling insurance alongside another product or service , typically at the point of sale . The concept of add-on insurance for products or travel , for example , not only enhances customer confidence but also mitigates risks for both consumers and businesses . In the fiercely competitive market of the UAE , this integrated approach serves as a valuable differentiator , fortifying businesses against unforeseen challenges . www . intelligentfin . tech
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