May 27, 2024

Emirates Development Bank And KLAIM Launches WCS

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Emirates Development Bank ("EDB", the Bank), recently announced a new partnership with KLAIM to boost cash flows for healthcare providers
H.E. Ahmed Mohamed Al Naqbi and Karim Dakki today signed a Memorandum of Understanding. Image Courtesy: Emirates Development Bank (EDB)

Emirates Development Bank (“EDB”, the Bank), the key financial engine of UAE economic development and industrial advancement, recently announced a new partnership with KLAIM, a UAE-based healthcare-focused fintech company, to offer low-risk, short-term working capital solutions (WCS) to support healthcare providers in maintaining efficient cash flows.

From L To R-His Excellency Ahmed Mohamed Al Naqbi, CEO of EDB, And Karim Dakki, Co-Founder and CEO of Klaim

Industry sources added that H.E. Ahmed Mohamed Al Naqbi and Karim Dakki recently signed a Memorandum of Understanding (MoU) confirming the new partnership between EDB and KLAIM. Industry sources further affirmed that with this partnership EDB will launch a Healthcare Receivables Financing product with the focus on aiding the financial stability of healthcare providers. By leveraging KLAIM’s fintech expertise, EDB will boost the healthcare providers’ access to working capital across small and big medical facilities with flexible terms and tenor.

Their latest product will offer dynamic financing based on real-time data and its end-to-end process will be managed by KLAIM, enabling healthcare providers to unlock their receivables faster and more efficiently. The receivable financing is expected to significantly enhance the operational efficiency and financial performance of the healthcare ecosystem across the UAE.

His Excellency Ahmed Mohamed Al Naqbi, Chief Executive Officer of Emirates Development Bank, commented: “Our partnership with KLAIM highlights EDB’s commitment to supporting the healthcare sector and the innovative fintech companies driving its advancement. Through the Healthcare Receivable Financing offering, we are leveraging AI and data science technology applied in KLAIM’s integrated platform to manage the collection of medical claims from insurance companies, thus ensuring this pioneering fintech company can continue to provide healthcare companies with the liquidity required to improve patient care.”

Mr. Naqbi adds further “Excelling through partnerships is a core value of EDB and our collaboration with KLAIM is a significant step forward in our quest to support the transformation of healthcare and fintech industries in the UAE. Our new product empowers businesses that contribute to the nation’s socio-economic wellbeing and underscores the vital role of financial accessibility in achieving healthcare excellence and innovation.”

For his part, Karim Dakki, Co-Founder and Chief Executive Officer of Klaim, stated: “The involvement of health insurance companies makes healthcare payment and finance extremely complex, leading to locked capital. For instance, in the UAE, the yearly claims billing volume is reaching AED 22 billion, with AED 5.5 billion remaining unsettled. Addressing this challenge, Klaim enables healthcare facilities to swiftly access funds within 24 hours, cutting down the 60-90 days claims settlement waiting period.”

Mr. Dakki adds further “Our partnership with the EDB allows us to expand this solution across the UAE, providing essential financial support to healthcare SMEs, a sector crucial to the economy. This initiative not only aids in unlocking working capital but also facilitates further investment in the healthcare sector.”

Healthcare is one of the five pivotal sectors EDB targets with flexible financing solutions aimed at fostering innovation, supporting the deployment of advanced technology, and contributing to the UAE’s non-oil GDP growth. Since the launch of EDB’s strategy in April 2021, the financing has reached an impressive AED 8.7 billion, including AED 326 million allocated specifically for the healthcare sector.

Source

Also, Read: – Emirates Development Bank assigned an investment grade rating from the ratings agency S&P

EDB approves comprehensive set of financial deals

EDB signs MoU with AFD to enhance collaboration

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