In the era of digitization and the need for increased financing post-COVID-19 especially for the small and medium-sized sectors, Maksab, a blockchain platform based in the UAE, has officially launched. Maksab is an easy-to-use platform that makes it possible for corporate advisors and consultants to serve and assist SMEs with streamlined deal-making through exclusive emerging transactions and efficient management features.
Maksab connects advisors and private professional investors with SMEs that are seeking growth capital in a virtual environment. The platform is developed for corporate finance consultants and transaction agents known as (“Advisors”), SME business owners (“Sell-Side”), and private investors (“Buy-Side”).
The Maksab platform leverages the Ethereum blockchain to allow confidential, secure, streamlined, efficient, and reliable transactions between platform users by deploying Ethereum-based ERC-20 smart contract. The smart contract allows for Maksab tokens (MXAB) to be utilized on the network as a bridge currency and anti-spam mechanism to manage and close deals in a B2B environment.
“By adopting blockchain as an underlying transaction protocol and using the internet’s existing communication protocols, we allow deal-makers to facilitate B2B transactions in a streamlined and more efficient way. The deals that would usually take 8 to 12 months to close, can now take weeks or even days”, said Mohamed El-Masri, Founder, Maksab.
El-Masri, a corporate finance expert and social entrepreneur continued, “Maksab platform creates an opportunity to widely address the significant funding gap that SMEs are facing. This mechanism has never been possible before in the history of private capital markets.”
The platform allows SMEs to get access to qualified resources that assist them in accelerating the growth of their businesses. With the launch of Maksab, professional advisors and consultants can now support, consult, guide, and prescribe growth strategies to entrepreneurs and their management teams.
El-Masri concludes, “In the end, Maksab is all about community, users can earn rewards in the form of MXAB tokens for their participation and support of SMEs”.
2019 has seen $516M invested in GCC-based startups, a 22% drop in total funding from $661M in 2018, mainly concentrated in the UAE. Discover more trends and insights in our 2019 GCC Venture Investment Report.