SME businesses in UAE contribute almost 70% of the GDP of the MENA region and create new employment opportunities, increase production, and reduce the income gap. Small businesses have immense potential but work with minimum resources, little access to capital and technology, and often fail to get paid on time. Moreover, the coronavirus pandemic in these recent years has caused a serious setback for many businesses. Even so, a glimmer of hope was seen through the digital switchover backed up by financial technology companies. The SME businesses that chose to take the support of advanced fintech saw growth with disruptive technology and innovation even in these hard times.
Suggested read on the future of SMEs in UAE: https://hylo.biz/what-is-connected-banking-the-future-of-smes-in-uae-lies-with-connected-banking/
Fintech reimagines the financial sector and influences SME Businesses in UAE growth
Last year, with the introduction of the “open banking policy”, the fintech ecosystem saw growth and could launch innovative and technologically advanced products which were widely accepted. With the MoU signed between the Central Bank of UAE and the Hong Kong Monetary Authority (https://web.ia.gov.ae/en/news/Pages/Fintech-Co-operation-between-the-Central-Bank-of-the-United-Arab-Emirates-and-the-Hong-Kong-Monetary-Authority.aspx) , the regulatory activities of the financial institutions found a strong technological backup. The financial sector is expected to reshape and will continue to see growth in 2022. This, in turn, will positively influence the advancement of SMEs and entrepreneurs and will contribute to a well-knit B2B value chain in this new year.
Hylobiz resolves to continue supporting SME businesses in UAE 2022 with its cutting-edge technologies. We wish you a prosperous new year.
Top features that can strengthen SME businesses in UAE 2022
The SME businesses in 2022 need a secured and advanced fintech that gives them a competitive advantage through automation at a competitive price. Your business needs advanced features that are customizable and suits your business needs.
Hylobiz is an ISO certified neo banking startup with a focus mainly on the SME sector. We are presently operating in India and UAE and are working towards expanding to the other corridors. You can integrate your accounting system and bank account seamlessly with the Hylobiz platform and get access to premium quality technologies, automated payments, and collections, real-time view of cash flow, and inexhaustible working capital out of the synergy of the trio. We offer a free subscription for a lifetime, zero setup fee, and low transaction cost. Sign up
The top in-demand features available on the Hylobiz platform that can boost SME businesses
1. Connected ERP
The platform allows easy integration with your existing ERP/accounting system and is already integrated with top ERPs. The receivables data can be seamlessly pulled from leading ERP systems like Zoho and tally. You can get access to a real-time view of cash flow.
2. Digital Collections
You can create customizable invoices, or upload and send them through multiple communication channels with a payment link attached to get paid well on time through multiple payment modes. You may pass on the transactional charges to your clients if you wish to.
Read the benefits of faster invoice collection: https://hylo.biz/6-benefits-of-faster-invoice-collections-for-businesses-hylobiz-expedites-invoice-collections-in-uae/
3. Integrated payment gateway and improved expense management
You may create a purchase order as soon as a purchase is made. The integrated payment gateway enables you to pay out on time to your vendors and get paid on time. You can track the payment status and payout to vendors in single or in bulk.
4. Automated Reminders
The customizable automated reminders allow you to send professional reminders and help you get paid on time from the right customers with the right amount.
5. Auto Reconciliations
You can get access to quick settlements and automated reconciliations in real-time allowing you to track transactions and manage audit trails better.
6. Quick Onboarding
The onboarding process on the platform is super-fast and our new users quickly turn into transacting users.
7. Improved Customer Experience
Our customers are super happy as they collect payments on time with invoice-linked payment links. Hylobiz team is reachable to you for your support and ensures a satisfactory user experience.
There are more on the platform. You can get access to real-time dashboards, digital ledger, automated reports, and business health scores which can enable you to take get real-time cash flow visibility and to make informed business decisions. Efficient accounts receivable management, inventory management, faster payment collections, and easy access to capital are some of the other essential benefits you may cash on.
Hylobiz can incubate the growth of your SME businesses in UAE through strategic alliances and innovative tailor-made features.
This new year can pave the way to success. So why wait?
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