CrossVal Partners with Core42 for AI-Enabled Financial Solutions in the UAE
Dubai, United Arab Emirates – CrossVal, an innovative AI fintech startup based in the UAE and supported by the Mohammed Bin Rashid Innovation Fund (MBRIF), has announced an important regional expansion of its AI-driven finance and accounting platform. In collaboration with Core42, a company renowned for its expertise in sovereign cloud and AI infrastructure, CrossVal is set to revolutionize financial operations for businesses and government entities across the UAE, Saudi Arabia, and beyond.
Streamlining Financial Compliance and Reconciliation
CrossVal’s platform addresses enduring inefficiencies in financial operations, focusing on simplifying compliance and automating essential reconciliation tasks. The integration of AI technology enables the automation of critical functions like accounting, intercompany reconciliation, and corporate tax compliance. By leveraging Core42’s UAE-specific infrastructure, CrossVal ensures that all data remains compliant with regional regulations, including VAT and UAE Corporate Tax rules, as well as Saudi Arabia’s ZATCA framework.
Introducing Smart Financial Tools
The collaboration with Core42 brings forth a new era of financial services, introducing cutting-edge tools designed to enhance efficiency. One such innovation is the AI conversational CFO assistant, which can be accessed via WhatsApp, web, or API for easy report retrieval and tax deadline management. Additionally, the platform features an automated reconciliation engine boasting an impressive accuracy rate of over 95% between banks, ERPs, and payment gateways, along with a fully integrated tax compliance module that adapts to regulatory changes.
High-Quality Security and Flexibility
CrossVal’s platform emphasizes enterprise-grade security, offering features like encryption and access logs, along with options for on-premises deployment. This robust architecture caters to the agility and control that organizations require, making it an ideal solution for complex enterprises including conglomerates, government-related entities, and financial institutions.
Vision for the Region’s Financial Future
Ajinkya Tanpure, founder and CEO of CrossVal, commented on the need for innovation in financial management: “The region’s finance teams are spending significant time on manual accounting and reconciliation. Our partnership with Core42 has enabled the deployment of the region’s first sovereign AI financial platform, aiming to instill trust in every number while reducing operational burdens and simplifying compliance.”
Current Deployment and Early Adopters
CrossVal’s regional rollout is already in progress in the UAE and Saudi Arabia, with early adopters encompassing various sectors such as accounting firms, multi-entity businesses, and public sector organizations eager to modernize their financial infrastructure while ensuring adherence to local regulations. Participation in the MBRIF Innovation Accelerator has greatly facilitated CrossVal’s growth, offering strategic mentorship and access to national innovation networks.
About the Mohammed Bin Rashid Innovation Fund
The Mohammed Bin Rashid Innovation Fund (MBRIF) is a federal initiative established by the Ministry of Finance and managed by the Emirates Development Bank. Since its inception in 2016, it has supported innovators through various programs, including the Guarantee Program and the MBRIF Accelerator. These initiatives align with the UAE’s National Innovation Strategy, enhancing growth prospects for innovative companies and providing essential resources to help them scale effectively.
In conclusion, as CrossVal and Core42 join forces, the UAE and surrounding regions can look forward to transformative changes in financial management, ensuring compliance and efficiency through AI-driven solutions.
For press inquiries, please contact:
Tameem Alkintar
Weber Shandwick
Email: TAlkintar@webershandwick.com