Tribal Credit sees an increase in international business transfers in the MENA region

Dubai/Cairo/Riyadh: According to internal data from Tribal, a company that provides comprehensive digital financial solutions, international business transfers in the MENA region for payment of suppliers, purchase of equipment and raw materials , and business services were up 10% from Q1 to Q2 2022.

Expanding business across borders is one of the most exciting expansion opportunities as it opens up business prospects in new markets.

According to the OEC, the main export markets for the UAE in 2020 were India, China, Saudi Arabia, Japan and Iraq. In 2020, Saudi Arabia exported its products mainly to China, India, Japan, South Korea and the United Arab Emirates, while the United States, Saudi Arabia, the United Arab Emirates, Turkey and Italy were Egypt’s main export markets in 2020. Therefore, domestic companies need to be economically sustainable. alternatives for making safe and efficient international payments.

The growing need for seamless access to export markets has become even more relevant given the growth of e-commerce during the COVID-19 crisis, the projected strong growth of e-commerce – with e-commerce sales which are expected to reach $50 billion in 2022 as per CNNB Solutions MENA E-Commerce Report 2022, and the strong trade ties between countries in the MENA region.

According to the World Bank, post-COVID-19 economic growth will require increased trade and commerce within and between MENA countries. It will become increasingly critical for businesses to be able to reach customers across the region and internationally.

However, businesses in the MENA region still struggle to access banking and financial services that would enable them to engage in international trade, as these businesses are at different stages of their development.

Amira Fadel, Tribal Regional Director for the MENA region, said, “As business operations return to normal, we expect market developments to drive further revenue growth in 2022.”

“International trade offers new growth opportunities for companies, so we must find ways to improve their participation in the global economy, facilitate their access and provide them with the necessary support. A suite of flexible, scalable, and easy-to-use business payment solutions should be provided to meet their needs for credit options, scalability, and flexibility. »

Emerging fintech companies have transformed international transfers for businesses. With Tribal Pay, for example, businesses with an active line of credit can transfer funds without incurring fees to pay different international vendors.

Fadel added, “In addition, Tribal’s digital expense management platform can track expenses in real time, improving the overall efficiency of the payment process. Today, businesses that see global commerce as the next step can make international transfers more efficient, secure, and at your fingertips with innovative technology.

-Ends-

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