The innovation and disruption-driven financial sector is under an incessant transformation for the last few years due to the advancements in digital and mobile technologies. Apropos of lending, the online and peer-to-peer (P2P) models have been profoundly progressing but it hasn’t been easy for them so far. The challenges faced by P2P lending businesses vary from market to market. However, a peer to peer lending platform software solution built keeping in mind the most pressing needs of markets can potentially succeed in supplying access to capital while preserving parties’ protection and interest.
P2P lending in the Middle East: Environmental Brief
In the Gulf Cooperation Council (GCC), the conventional lending frameworks are inefficient, unavailable, or uneconomical for small-size businesses or SMEs. Even the retail customer market in the GCC region and specifically the United Arab Emirates can be triumphed by P2P lending channels by offering unrestricted access to cost-effective lending services.
P2P lending in the Middle East: The Opportunity
Peer to Peer lending software businesses have been actively striving to fill the gaps present across the under-financed and under-banked population. With the appropriate utilization of technology, business acumen, networking, marketing, and financial management, a P2P lending platform software can potentially become a risk-free venture with remarkable returns.
How to Build a Peer-to-Peer Lending Platform?
1. Carefully Pick a Business Registration Form And Get Your Company Registered
The process starts with you getting your Peer-to-Peer lending business registered as an individual legal entity in the Emirates. There are certain steps you would need to take for registering your company as an LLC or any other legal form of business on the Mainland. Access the opportunities and threats of all kinds of ownership before you pick a business registration form.
The state requires you to have a unique trade name that is truly indicative of the business activities that it will conduct. Besides, there should be no god names, nicknames, or derogatory or controversial expressions used.
2. Get A Domain and Business Model That Buys You Enough Eyes
When you are blazing the trail in your niche by setting up a P2P lending softwaresolution for an entirely untapped target audience, your business needs ample attention. A distinctive domain that is not very long and is simply readable is all that you need to gain the public’s attention.
Additionally, you will need to have an unclouded vision of your target audience, business model, and key features required within the software to get you an unmatched competitive edge and acceptance in the market.
3. Hire A Skilled Team
You would need a team to get the business running. Even if you think you can solely manage, you can’t wear multiple hats efficiently. Choose the right people who have the necessary skills for their respective jobs. The most pivotal job is to develop Peer to Peer Lending Software.
Find a technology provider with sufficient years of experience in blockchain development. Also, make sure that they have business savvy subject matter experts who are capable of offering a comprehensive consultancy pre and post the launch of your P2P lending platform in the United Arab Emirates.
4. Test Rigorously and Launch with a robust customer support system
Before you finally launch your Peer-to-peer lending business in the Middle East, you must make sure that you haven’t left a stone unturned while testing your peer to peer lending platform software. A customer should not be able to find the flaw before you do. So, rigorous testing for optimized performance and unbreakable security of the system is integral.
Last but not least, even after the best testing practices, a robust customer support system is irreplaceable. Your customer is going to explore your platform in different situations and it is obvious that he would pick out some bugs or errors. For overcoming such challenges, your business would need an accessible customer support system and post-launch technical support services.
With the help of a reliable technology provider having deep-rooted expertise in technology and delivery centers in the United Arab Emirates, businesses can build exemplary P2P lending software solutions that do great with target customers.
If you are an entrepreneur or innovation leader with fairly modest capital looking forward to establishing a sound P2P lending business where mitigated risks, sufficient profitability, and sustainable competitive edges can be achieved, approach Antier Solutions today.
Pioneering the decentralization drive, we have supported 100+ businesses in establishing software solutions that run free of third-party controls. They can offer a comprehensive business solution for businesses looking to launch their peer to peer lending software in the United Arab Emirates.
Connect with our subject matter experts to share your business needs.