Network International, one of the leading digital payment facilitators across the Middle East and Africa, has inked a strategic partnership with Biz2X to strengthen SME financing within the UAE. This strategic alliance is targeted toward marrying Network’s large network of merchants with Biz2X best-in-class digital lending platform to fast-track access to capital for SMEs.
PC: biz2x.com
Partnership Overview
Network International and Biz2X announced a new SME financing partnership that will bring much-needed capital to their vast merchant network across the UAE. This initiative underlines the commitment of Network to the growth of digital commerce and encouraging SMEs in the region.
Key Advantages of the Partnership
- Fast Access to Capital
With Network’s payments platform, merchants will now have quick access to financing, wherein the processing time for loans can be as short as 48 hours.
- Data-Driven Financing
Biz2X utilises transaction and settlement data from Network’s merchants to pre-qualify them in advance for financing. This can dramatically reduce the amount of paperwork required in the application process and can fast-track the approval procedures.
- Seamless Onboarding Process
The lending solution provided by Biz2X will be seamlessly embedded into the Network platform, guaranteeing smooth and seamless onboarding of loans for the merchant.
- Multi-Lender Finance Ecosystem
Merchants can leverage preferential competitive credit offers from multiple lenders, such as banks and alternative finance providers, which improve their financing options.
- Flexible Repayment Options
It facilitates settlement advance, credit card splits, and receivables-based repayment, among others, thereby allowing merchants to pick options best-suited for cash flow needs.
- End-to-End Loan Lifecycle Management
In this regard, through digital monitoring of active loan portfolios, lenders benefit from continuous supervision, which enhances compliance with regulatory provisions while minimising risk exposure.
Technology Integration and Benefits
1. Digital Underwriting
Biz2X’s digital underwriting platform enables lenders to create tailored credit parameters and guidelines for underwriting by using complete financial transaction data. This can be used to drive automated decision-making in credit and speed up financing approvals.
2. More Efficiency
By using Biz2X’s technology, financing to SMEs can be extended efficiently by lenders and will be less people-intensive, hence more operationally efficient.
Statements from Leaders
1. Nandan Mer, Group CEO of Network International
Speaking to the commitment made toward improving digital finance technology in the Middle East, touting the role this partnership will play in empowering UAE SME merchants with financing opportunities.
2. Rohit Arora, CEO of Biz2X
Emphasises Biz2X’s mission to broaden SME access to capital across the world, pointing out the potential for the partnership to significantly improve SME credit access within the UAE.
About Network International
Network International is the largest digital payment company across the Middle East and Africa, with 45 years of experience and more than 130,000 merchants across 50+ countries. It has a vision to bridge the gap between people and financial services through simple payment solutions, hence driving growth in economies through innovative digital commerce solutions.
About Biz2X
Biz2X is a top-notch digital lending platform geared towards a reputation for facilitating over $10 billion USD in funding across the globe with its state-of-the-art technology and AI-driven underwriting models. The platform is chosen by banks and financial institutions worldwide looking to bring about digital transformation in their lending practices.
The partnership of Network International and Biz2X is a major stride toward the capability for the advancement of SME financing in the UAE. From Network’s vast data related to payments, this collaboration looks to combine with Biz2X’s leadership in digital underwriting and provide SMEs with much-needed access to slick capital, therefore further growth and innovation within the business environment in the region.
