Emirates Development Bank, KLAIM pen MoU to support healthcare providers

Emirates Development Bank, KLAIM pen MoU to support healthcare providers

UAE – Mubasher: The UAE-based state-owned Emirates Development Bank (EDB) has signed a memorandum of understanding (MoU) with KLAIM, a local healthcare-focused fintech company to provide low-risk short-term working capital solutions to support healthcare providers.

Under this partnership, EDB will introduce a healthcare receivables financing product to bolster the financial stability of healthcare providers, according to a press release.

Additionally, the bank will streamline healthcare providers' access to working capital across small and large medical facilities with flexible terms and tenors by harnessing KLAIM's fintech capabilities.

The new product will offer dynamic financing based on real-time data, with KLAIM managing the end-to-end process. This will enable healthcare providers to unlock their receivables faster and more efficiently.

Ahmed Mohamed Al Naqbi, CEO of EDB, said: "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.”

“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,” Al Naqbi added.

For his part, Karim Dakki, Co-Founder and CEO of Klaim, stated: “The involvement of health insurance companies makes healthcare