Money Protects (MP) has signed an agreement with Crowe MAK UAE & JRB Chartered Accountants in Dubai for a one of a kind business advisory. The duo finalized iconic business plans, market and financial analysis, and financial projections over the course of 5 years.
MP — set to be fully operational by November 2022 — is a startup pioneering financial ecosystem, sustainable financial freedom solutions for individuals and corporates in wealth creation and management.
Mirza Ashraf Beg, founder at Money Protects shared his vision. “Our structural and operational plan is to bring financial innovations together to bridge the gap between sustainability and long-term confidence in the financial services ecosystem with an objective of potential unicorn expansion within 2-3 years.”
The objective at large is to target and reduce UAE’s NPL (Non-Performing Loans) impairments by Dh 20 billion in 3-5 years which has a yearly addition Dh150 billion. As current banking and financial market is too friendly on their portfolios and fails to restructure the problem or give real affordable solutions to clients. Rather the process goes from default, retail and corporate recoveries and many a time even leading to legal cases. Although, the lenders are on a roller-coaster business having provisioned their impairments, there is no reduction on gross UAE’s NPLs.