SILQFi Launches Omni Platform to Transform SME Financial Services
SILQFi Unveils Omni to Streamline SME Financial Operations
SILQFi has embarked on an exciting journey to support small and medium-sized enterprises (SMEs) with the launch of its innovative Omni platform. This initiative follows their strategic acquisition of OXO, a prominent player in the Saudi Point of Sale (POS) market, which has already fostered relationships with over 10,000 merchants.
Advancements in Financial Integration with Omni
The Omni platform is designed to revolutionize the way SMEs manage their operations. By integrating features like point-of-sale transactions, procurement solutions, payment processing, and instantaneous credit access into a single user-friendly interface, it streamlines the operational workflows of businesses. This enhancement allows merchants to efficiently manage their inventory and cash flow while accessing financial tools right where they work.
Boosting Merchant Experience
With an impressive transaction volume exceeding SAR 7 billion already processed through OXO’s system, the introduction of Omni is set to further elevate merchant experiences. A key innovation of this platform is the ability to capture offline transaction data, a feature often overlooked by traditional lenders. This is pivotal as it enhances credit visibility, helping micro and small enterprises gain fairer access to necessary funding.
Words from Leadership
Mohammed Aldossary, the CEO of SILQFi, highlights the transformative potential of Omni, stating that traditional financial institutions often fail to recognize the rich, real-time data available via POS systems. He emphasizes that by harnessing this data, Omni not only improves credit visibility but also enables fairer financing options for SMEs tailored to their everyday operations.
Partnerships Empowering Lending Solutions
SILQFi has forged strategic partnerships with financial giants like SAB and HSBC to facilitate data-driven lending solutions tailored specifically for SMEs. This is particularly vital as Saudi Arabia aims to elevate SME lending to 20% of bank portfolios by 2030. With 1.3 million SMEs in the region, a staggering 87% of which are microunits with unique financial needs, the Omni platform directly addresses an enormous financing gap estimated to be around SAR 650 billion.
The Evolution of OXO's Role
Ali Alhazmi, Co-founder and CEO of OXO, shares his enthusiasm for the collaboration with SILQFi, noting that their partnership has enabled them to scale beyond just operational tools to include crucial access to credit.
Integrity and Compliance in Operations
Another notable aspect of the Omni platform is its commitment to compliance with Saudi Arabia's e-invoicing mandates. This ensures that it meets the specific regulatory needs that various industries face, from order management to the issuance of compliant invoices, thereby easing the operational burdens on merchants.
A Gateway to Future Expansion
The launch of Omni marks the beginning of SILQFi's broader ambitions for regional expansion. Initially focused on the Saudi market, the platform is set to connect this region with emerging markets across Asia, thereby paving the way for a more interconnected financial ecosystem.
About SILQFi
SILQFi is dedicated to constructing the financial infrastructure that propels SME growth across the Gulf region and Emerging Asia. As the financial arm of SILQ Group, SILQFi specializes in providing shariah-compliant financing solutions that are seamlessly integrated into the operational workflows of SMEs. With over $2 billion in SME transactions processed, SILQFi is reshaping how capital access looks for underserved businesses, utilizing cutting-edge technologies like blockchain and AI to provide flexible, fair financial solutions.
Frequently Asked Questions
What is the Omni platform introduced by SILQFi?
The Omni platform is a comprehensive tool designed to integrate financial services directly into the operational functions of small and medium-sized businesses.
How does Omni enhance financial visibility for SMEs?
Omni captures real-time transaction data, improving credit visibility historically overlooked by conventional lenders.
Who are SILQFi's partners in this initiative?
SILQFi has partnered with SAB and HSBC to create tailored lending solutions for SMEs.
What is the strategic goal for SME lending in Saudi Arabia?
The goal is for SME lending to constitute 20% of bank portfolios by 2030, aiming to address the financing needs of 1.3 million SMEs.
What technological methods does SILQFi employ?
SILQFi utilizes blockchain and AI technologies to offer innovative, shariah-compliant financial solutions that meet the needs of small businesses.
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