eTaxChain, an emerging FinTech startup focused on helping financial institutions and regulators get rid of manual tax processes, has joined R3’s Venture Development program. R3, which is a leading enterprise software maker in the region, will now assist eTaxChain to expand its presence across MENA.
The partnership between the two seems pretty organic given that eTaxChain is built on R3’s homegrown blockchain platform, Corda.
As of today, eTaxChain is operating as a Software-as-a-Service (SaaS) minimum viable product (MVP). With the startup successfully achieving a product-market fit (PMF), it will now have full access to R3’s Venture Development program that comes loaded with technical support, acceleration, mentorship, and networking with potential customers.
And since eTaxChain is now formally a part of the R3 ecosystem, the company will also enjoy wider access to investors and financial institutions.
Commenting on this major milestone for the company, Ahmed AlMaqabi, CEO and Director of eTaxChain, said: “At this stage of our development as a FinTech / RegTech startup, we are happy to be working with R3 to continue support MENA’s banks, corporates, SMEs and tax regulators in their effort to eliminate manual tax processes.”
“We chose R3 Corda because it is a well-trusted platform in the banking sector and incorporates all the elements needed for the solution including smart contracts,” he added.
Besides tapping in on blockchain technology to help banks and other financial entities and regulators with the taxation process, eTaxChain also aims to train local fresh graduates in Bahrain in the field of FinTech, blockchain, Machine Learning, Artificial Intelligence, AWS, and so on.