Breaking Ground: Triterras and Mamun's Alliance Set to Reshape Oman's Financial Landscape
Mokshita P.
10x Industry

Breaking Ground: Triterras and Mamun's Alliance Set to Reshape Oman's Financial Landscape

Fintech leader Triterras partners with Oman's Mamun to enhance trade finance in Oman's MSME sector, introducing eDirect Debit technology in the UAE for seamless transactions.

Triterras, Inc., a fintech company specialising in digital trade and supply chain finance, has officially declared an alliance with Mamun, an embedded fintech infrastructure-as-a-service and finance provider based in Oman. The collaboration is done to fortify the trade finance and short-term lending sector in the Sultanate of Oman.

This partnership capitalises on Triterras' technological prowess and taps into Mamun's extensive experience in Oman's financial services domain. The initial focus of the collaboration is set on the Micro, Small, and Medium-sized Enterprise finance sector in Oman, with a particular emphasis on the food and beverage industry. Furthermore, Triterras is positioned to introduce its KRATOSTM financing platform to banks in Oman on a white-label basis.

As an integral aspect of this alliance, Triterras is set to introduce eDirect Debit, a direct debit payment technology developed by Mamun, in the UAE. Engineered to provide businesses with a seamless and highly efficient payment solution, eDirect Debit aims to enhance transaction handling within the region.

Ashish Srivastava, Chief Commercial Officer at Triterras, emphasised the significance of addressing the capital and financing challenges faced by startups and micro-businesses, hindering growth and market accessibility. He stated, "Our primary aim is to enable MSMEs with access to immediate and workable financial solutions to maintain business continuity and foster growth opportunities. 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."

In the context of Oman's dynamic market, the collaboration holds the potential to make a substantial impact on businesses seeking finance by simplifying access to financial resources. Aligned with Triterras' global mission, the collaboration is set to support MSMEs, enhancing financial inclusivity for businesses in Oman.

Mohammed Al Tamami, Co-Founder and Chief Commercial Officer at Mamun, expressed enthusiasm about the expansion of their eDirect Debit technology into the UAE through collaboration with Triterras. The move is anticipated to bring advanced payment solutions to businesses in the region, marking a significant step in the ongoing evolution of financial services in the Middle East.