UAE payments provider NEOPAY has partnered with Commercial Bank of Dubai (CBD) to help eligible small and medium-sized enterprises explore working capital financing and banking services.
Under the partnership, NEOPAY merchants can use their transaction activity to explore financing options from CBD for growth, expansion and day-to-day business needs. The companies said combining payment data with banking capabilities could give lenders clearer visibility into business performance and make access to working capital more convenient.
The agreement brings together NEOPAY’s payments infrastructure and merchant network with CBD’s banking and financing expertise. The partnership is also intended to support SMEs with broader banking needs beyond financing.
“SMEs want banking and payment solutions that work seamlessly together,” said Vibhor Mundhada, CEO of NEOPAY. He added that transaction data can provide a more informed approach to financing and help eligible merchants access the capital needed to keep their businesses moving.
The agreement was signed by Mundhada and Dhiraj Kunwar, General Manager of Retail & Business Banking at CBD.
Source: Fintech News UAE
