UAE iMass Investments signs MOU with Fintech Blockchain firm
Fintech firm, Supply@ME which uses blockchain in is monitoring of inventory on its digital platform recently signed a Memorandum of Understanding (MOU) with Khaled Abdulla Almass and his investment firm, iMass LLC, based in Abu Dhabi, UAE, in order to focus on the expansion and ongoing development of Supply@ME into the Middle East region.
SupplyME on its website states, that it is a global inventory monetizaion platform where investrs can subscribe to a new asset class through the platform. Supply@ME has developed an alternative digital platform that enables a wide range of manufacturing and trading businesses to improve their working capital position ( via a true sale of the inventory). Supply@ME puts together funders, utilizing a securitization scheme with companies across the world.
Supply@ME is a fintech firms owned by Italy’s Avantgarde Group, and is traded on the London Stock exchange. The Fintech platform issues loans to companies with tangible, resellable assets (which are used to offer secured loans). But these assets don’t leave the borrowers’ warehouses and are tracked using special monitoring software. These loans are securitized so that they may be sold to investors. If a company defaults on its loans, then the stocks may be re-sold on different terms and conditions.
Established in 2007, iMass Investments aims to invest directly in established businesses and major commercial projects across the EMEA region. The firm invests in several different industries. iMass officials state, that within the United Arab Emirates (UAE), there’s currently an underserved market for inventory monetization that’s valued at around $50 billion for principal categories of imported goods, meanwhile, there’s $28 billion for non-oil goods manufactured in the Middle Eastern nation.
Alessandro Zamboni, Chief Executive, Supply@Me Capital PLC, commented, “We’re very excited to have an opportunity to work closely with iMass and Mr Almass in the UAE. Bringing such financial services professionals and their extensive network of business connections and local knowledge into partnership with us should give SYME the opportunity to launch and scale-up well in this region. The results of the joint analysis were very positive and we hope that the initial pilot scheme, by the end of Q1 2021, will bring favourable results. The UAE has a proven track record of investing in fintech initiatives to support the real economy and we are very pleased to be part of that trend.”