Dubai, UAE – 5th December 2024: Haifin, an e& enterprise company, has signed a Memorandum of Understanding with Vodacom Business, a division of Vodacom South Africa, to drive the digital transformation of South Africa’s banking sector. This strategic partnership aims to create a more resilient and efficient banking ecosystem in the country.
Haifin, previously known as UAE Trade Connect, has earned recognition for its pioneering approach to de-risking trade finance lending. Utilizing advanced technologies such as blockchain (Distributed Ledger Technology – DLT) and machine learning, Haifin’s platform has successfully mitigated fraud in real-time, saving member banks millions of dollars.
The collaboration between Vodacom Business and Haifin will significantly enhance South African banks’ ability to manage risks and prevent fraud, particularly within trade finance. The de-risking solution is expected to increase banks’ lending capabilities, boost revenue, and improve liquidity access for both SMEs and corporate borrowers. The partnership was formally announced at a signing ceremony in Johannesburg, with key representatives from prominent banks, fintech associations, and credit bureaus in South Africa.
Zul Javaid, CEO of Haifin, remarked, “After our success in the UAE, partnering with Vodacom marks an important step in expanding our advanced technology platforms throughout the MEA region. Together, we are committed to enhancing risk management and driving growth for banks in South Africa by bolstering lending confidence.”
Videsha Proothveerajh, Director of Vodacom Business, added, “This partnership advances our goal of financial inclusion and responsible lending, particularly within the SME sector. Small business owners are the backbone of the economy, and we aim to support them through digital solutions. With Vodacom’s telecommunications expertise and Haifin’s success in trade finance, this collaboration promises to revolutionize South Africa’s banking landscape.”
The Haifin-Vodacom partnership is set to reshape the future of banking in South Africa, making it more digital, secure, and conducive to economic growth. With Vodacom’s robust digital infrastructure and Haifin’s expertise in financial technology, South African banks are poised to thrive in an increasingly digital future.
