Triterras Collaborates with Oman-Based Mamun
Triterras to provide short-term lending solution to MSMEs and white-label trade finance platform to the banks in the Sultanate of Oman and to introduce Direct Debit Payment Technology developed by Mamun in the UAE
DUBAI, United Arab Emirates, Dec. 18, 2023 (GLOBE NEWSWIRE) -- Triterras, Inc., a leading fintech company focused on digital trade and supply chain finance has announced a strategic alliance with Oman-based Mamun, an embedded fintech infrastructure as a service and finance provider. The collaboration aims to bolster the trade finance and short-term lending landscape in the Sultanate of Oman.
This collaboration harnesses Triterras' technological expertise and leverages Mamun's experience in Oman's financial services sector. The collaboration will initially target the Micro, Small and Medium-sized Enterprise (MSME) finance sector in Oman, with a specific emphasis on the food and beverage industry. The collaboration will also enable Triterras to offer the KRATOSTM financing platform to banks in Oman on a white-label basis.
As part of the alliance, Triterras will introduce eDirect Debit, a direct debit payment technology developed by Mamun, in the UAE. eDirect Debit is designed to offer businesses a seamless and highly efficient payment solution, with the aim of enhancing the ease of handling transactions within the region.
"One of the key challenges for startups and micro businesses is a lack of capital and financing, which hinders growth and accessibility to markets. Our primary aim is to enable MSMEs with access to immediate and workable financial solutions to maintain business continuity and foster growth opportunities,” said Ashish Srivastava, Chief Commercial Officer at Triterras. “This collaboration strengthens our commitment to deliver cutting-edge finance solutions that meet the evolving needs of businesses in Oman, and the wider Middle East region. This 2-way agreement facilitates Triterras' expansion in the MENA region.”
With Oman's vibrant market in mind, this collaboration potentially makes a substantial impact on businesses looking for finance by simplifying access to financial resources. As with Triterras' global mission, the collaboration will support MSMEs, enhancing financial inclusivity for businesses in Oman.
“We are excited to witness the expansion of our eDirect Debit technology into the UAE through our collaboration with Triterras,” said Mohammed Al Tamami, Co-Founder and Chief Commercial Officer, at Mamun.
10 Communications (on behalf of Triterras)
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Triterras Inc., a global fintech company co-headquartered in Singapore and Dubai, is a leading innovator of inclusive finance solutions for the world's micro, small, and medium enterprises (MSMEs). The company launched and operates KRATOS™ – one of the world’s largest digital financing platforms – to directly connect MSMEs with lenders online and source capital across commodity trading, supply chain, logistics, and e-commerce finance. For more information, please visit triterras.com or email us at email@example.com.
Mamun is an embedded finance and payments startup headquartered in Oman, specializing in peer-to-peer lending and crowdfunding tailored for Micro, Small, and Medium-sized Enterprises (MSMEs). The platform is dedicated to offering robust financial support, particularly in trade finance, invoice financing, and working capital loans.
Forward Looking Statements
This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. The Company’s actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believe,” “predict,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, the Company’s expectations with respect to future performance and anticipated financial impacts. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Most of these factors are outside the Company’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to risks and uncertainties incorporated by reference under “Risk Factors” in the Company’s Form 20-F (SEC File No. 001-39693) filed with the SEC on June 28, 2022 and in the Company’s other filings with the SEC. The Company cautions that the foregoing factors are not exclusive. The Company cautions readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. The Company does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based.
Released December 18, 2023