MENA FinTech firms PayTabs and Invoice Bazaar collaborate to empower small businesses
PayTabs, MENA’s award-winning payment solutions provider, today announced a strategic partnership with Dubai based Invoice Bazaar, a forfaiting and working capital solutions provider. The objective of the collaboration between the two firms is to support small and medium e-commerce businesses (SMEs) with working capital requirements via Invoice Bazaar’s banking partner network. The main aim of the partnership is to provide support to small businesses to withstand the impact of the coronavirus pandemic.
SMEs are key players in the global landscape, especially in emerging economies. On a global scale, SMEs represent 90% of businesses and more than 50% of employment according to the World Bank. According to the UAE Ministry of Economy, SMEs represent over 98% of the total number of companies operating in the country and contribute 52% of the GDP from non-oil sectors.