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With digital transformation, fintech has altered the financial sector. The banks and NBFCs no more treat Fintech as a threat and rather consider collaborating with them for building trust and for serving customers better. 2021- the year of bank and fintech partnership With disruption brought in by Covid 19 pandemic, the fintech with modern tools...
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SMEs being the major contributor to an economy’s GDP, employment, and growth, especially in developing nations. Despite being major contributors, SMEs face many challenges in their day-to-day banking, accounting, and operations. To solve the pain point of SMEs, banks and fintech have joined hands to build tailored-made financial services for SMEs. Where in partnership they...
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Irrespective of the industry it operates, maintaining profitability and managing working capital efficiently are important for every SME business to survive and gain competitive advantage. SMEs face multiple challenges while managing their working capital. Managing financial detail, tracking financial transactions and reports, managing receivables and payables, managing invoices, payments, and collections manually are just tedious...
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In every economy, small and medium enterprises are the major contributor to its GDP and employment generation and especially in developing economies. They are the biggest contributor to the growth of an economy. To manage a business efficiently and effectively a business needs to monitor its working capital closely because it acts as a key...
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Hylobiz believes in growing together and foresees a future where SME businesses in UAE grow with us. Key challenges faced by SMEs High amount of monthly outstanding overduesLot of manual chasing and follow upsManual reconciliation Difficulty of tracking cash and cheque collections Manually reminding customers for payments The strength of automation and innovation on Hylobiz...
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Working capital is the amount used by a business to meet its day to day operations, it represents the financial health of a business. Generally Working capital amount is derived by subtracting current liabilities from current assets of a business. Working capital formula = Current assets – Current liabilities Working capital is of prime importance...
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Are you an SME business owner trying to plan your business working capital effectively? Perhaps you have realized that gaining revenues and acquiring more clients are just not enough to get sufficient working capital. It is important to plan working capital efficiently to manage operational expenses and to meet long term funding requirements. Significance of...
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Working capital loan is a short term debt financing available to a business, through which a business can meet their day to day operations such as rent payments, payroll and inventory purchases. It can be either secured or unsecured. Working capital loan can be in the form of letter of credit, bank overdraft, invoice discounting...
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what is connected banking
The Fintech industry bringing in financial innovation, in UAE, is growing at a rapid pace. With digital and technological advancement and innovation, a Fintech can accelerate the growth of other businesses, especially in connection with SMEs and entrepreneurs across industries.In January 2021, the Saudi Central Bank “SAMA” announced open banking policy” allowing the fintechs to...
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If a business is not able to pay its vendors, staff salaries and also not able to collect its receivable from customers, then the business will not be able to survive in the long run as the business is inefficient to manage its working capital. Every business should give immense importance to working capital as...
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