Cross-border financial solutions company, Verto, has announced its expansion to the United Arab Emirates (UAE) to enhance the existing flow of trade between the emirates and emerging market currencies.
With over $25 billion processed annually for clients such as Unilever and Maersk, the company’s platform is designed to address the unique challenges of cross-border payments between the UAE and emerging market currency corridors (particularly in Africa), offering businesses a faster, more secure, and cost-effective way to handle high-value, time-sensitive transactions.
Verto now has an expanding team located in the Emirates Financial Tower, DIFC, Dubai, UAE, after it got licensed by the Dubai Financial Services Authority to provide money services, advise or arrange money services, and carry on authorised Financial Services with or for Retail Clients Holding or Controlling Client Assets.
“The UAE is a pivotal hub for global commerce, and businesses here demand solutions as dynamic as their operations,” said Ms Helen Ghebreluul, Verto’s UAE Country Manager, “Our platform is built to handle the high-value, time-sensitive nature of these transactions, particularly in emerging markets in Africa. We’re not just a service; we’re a critical partner, ensuring that a company’s payments move as fast and reliably as their business.”
Verto’s platform combines local operations in the UAE with robust payment rails across key markets, beneficial for businesses trading along key corridors, including the UAE to Nigeria, Kenya, South Africa, West Africa, and China.
Businesses using Verto’s solutions can expect to experience fast settlement as the platform enables instant or near-instant payments, which is vital for a sector where delayed payments can stall the entire supply chain and provides competitive and transparent foreign exchange (FX) rates, offering businesses hedging options and flexibility.
For instance, companies can lock in favorable rates to protect against currency volatility. The platform also features a multi-currency account to hold money in different wallets and an Auto Exchange feature to automatically execute trades at an ideal rate.
The platform also allows users to track payments from end-to-end, reducing issues where payments are lost in transit and eliminates hidden fees and spreads often associated with traditional banking.
“Businesses are the lifeblood of global supply chains, but they face constant challenges from currency volatility and slow, traditional payment systems,” says Mr Ola Oyetayo, CEO and Co-founder of Verto, adding that, “Verto empowers these businesses by giving them the tools to mitigate FX risk, accelerate settlements, and optimize their cash flow. We believe in providing global reach with local strength, leveraging our expertise in key emerging markets to ensure that wherever a company’s goods go, their payments follow instantly and securely.”