Maksab platform built on the Ethereum Blockchain launched in 2019 as a digital deal making platform aimed to assist SMEs and corporations in the UAE and GCC region with finding the right advisors and deals that will allow them to grow and expand their businesses.
Maksab was developed to solve a problem that Founder and CEO Mohammed El Masri faced when he was a financial advisor. As he states, “As a financial advisor I had a tough time managing my deals and clients because of the extensive fragmented databases, paperwork, and the time consumed in inefficient meetings, and this led to the point where I realized that we needed to come up with a new environment to streamline deals, chase quality leads and that was the main reason for developing Maksab because it streamlines everything and is digital from start to end.”
He adds, “At the same time the platform was also built to support the SME sector. The term SME is a loose one as you can classify SMEs by employee size, company revenues and profits and valuations that could vary between 25 million to 50 million, as such this target sector is huge in the region and is in need of not only investment deals but advise on how to attract these investments.”
Maksab is a dealing making platform utilizing the Ethereum token as the utility token for the platform. As El Masri explains, “We utilized Ethereum to develop our utility token that can be used by our professional advisors as remuneration for the services they offer SMEs on our platform. Our advisors can not only have all their clients on the platform and manage their dashboards for deal management, the can also offer their hours to SMEs without the need for service agreements or mandates. The Maksab token incentivizes advisors to participate in supporting SMEs. The smart contracts on ERC20 can be a bridge between three different parties. ”
Maksab expects that the future will be in the platform owners hope to be able to develop security token offerings for these SMEs in the deal making process. As El Masri states, “We need to look at the regulatory framework for this to see how feasible it is. In the end Maksab and crypto exchanges will all play a part in the ecosystem
At the moment Maksab is increasing its active user based where SMEs hire advisors at discounted rates in exchange for using the platform and token. As El Masri explains, “We do have a pipeline of SMEs that are currently under due diligence process and we have qualified advisors and investors that are on the platform. We are making sure we have the right deals on the platform and communicate this new way of doing business.”
As for the future, while the platform provides investors with the needed trust factor, as well as efficient environment needed when studying potential deals. It also allows SMEs to access a new form of capital. In the future as per El Masri we could see crypto currencies invested into real business markets. He adds, “We are in it for the long term.”