Zurich, Switzerland & Dubai, UAE, October 20, 2023 – (ACN Newswire) – The DFINITY Foundation, a Swiss non-profit R&D entity and a pivotal contributor to the Internet Computer blockchain (ICP), is thrilled to unveil its collaboration with InvoiceMate. The transition of InvoiceMate.tech from Hyperledger Fabric to the Internet Computer is set in motion, with DFINITY Foundation extending its support, marking InvoiceMate a significant player in the burgeoning ICP ecosystem.
InvoiceMate is a revolutionary platform melding blockchain and AI to simplify invoicing processes, serving as a conduit between SMEs and financial establishments. This synergy facilitates smoother financial integration, unlocking various credit avenues like invoice discounting, factoring, Buy Now Pay Later (BNPL), and supply chain financing for SMEs. With a stellar record of processing over $114 million in invoices and forging partnerships with nine financial institutions, it boasts over $5 million in locked lending allocation.
This alliance doesn’t just encapsulate the migration of InvoiceMate to the Internet Computer blockchain, but also a broader collaboration with the DFINITY Foundation to enrich the ICP ecosystem collectively. The InvoiceMate squad will don the hats of advisors and mentors for other budding enterprise blockchain ventures, orchestrating workshops for a myriad of stakeholders including enterprise blockchain entities, its expansive network of partners, and academia intrigued by the Internet Computer. Additionally, MateSol, the technical wing of InvoiceMate, will function as a “dev shop”, aiding projects aspiring to assimilate ICP into their frameworks. The breadth of experience InvoiceMate carries from the enterprise blockchain sector is anticipated to significantly bolster enterprise adoption of the Internet Computer blockchain.
Muhammad Salman Anjum, the Chief Mate at InvoiceMate, expressed his enthusiasm, “The migration to the Internet Computer blockchain aligns with our core values of trust and efficiency. This transition empowers us to leverage the essence of invoices to assist SMEs in accessing credit in a decentralized, immutable, and scalable fashion.”
This partnership amplifies the footprint of the Internet Computer in the region, aligning with the recent establishment of ICP.HUB GCC in Dubai, a part of the rapidly evolving Crypto Oasis, now housing over 1,800 organizations and 8,650 individuals. The ICP.HUB GCC, a Web3 community, is a crucible for developers and entrepreneurs augmenting the Internet Computer’s regional presence, concentrating on education, incubation, and blockchain use-case development for corporates and governmental bodies, while fostering local collaborations with the DFINITY Foundation.
Saed Ereiqat, Co-Founder of the ICP.HUB GCC, shared, “The inception of ICP.Hub GCC laid the foundation for a seamless transition of projects into the ICP Ecosystem, witnessing a surging local interest. InvoiceMate exemplifies a mature, homegrown Dubai project integrating into the ICP Ecosystem, and we are keen on exploring corporate use cases powered by ICP alongside their team.”
The Internet Computer, operational for over two years with an impeccable record of zero downtime, is a layer-one blockchain dubbed as Cloud 3.0. It processes a staggering 750 million transactions daily, marking a 425% upswing since its inaugural year. This unique blockchain network is capable of hosting social networks and enterprise systems, presenting an alternative to the Legacy IT stack and centralized cloud services orchestrated by Big Tech.
About InvoiceMate: A trusted intermediary between SMEs and lenders, InvoiceMate propels digital and financial inclusion for SMEs through its Blockchain & AI-driven invoicing platform. It provides financial institutions with easy access to pre-qualified borrowing SMEs and expedited due diligence via its KYI (Know Your Invoice) Service for risk-mitigated lending. Explore more at https://www.invoicemate.net.
About the DFINITY Foundation: DFINITY Foundation, a conglomerate of eminent cryptographers, computer scientists, and distributed computing aficionados, is on a mission to transition cloud computing into a fully decentralized realm. The creation of the Internet Computer is a testament to their expertise, with the foundation being a major contributor to the network. Discover more at https://dfinity.org.