OneConnect Financial Technology Co., Ltd., a global vendor of Technology-as-a-Service (“TaaS”), officially stated that it will contribute to the advancement of the Abu Dhabi Global Market (ADGM) SME Financing Platform, an integrated digital financial e-commerce platform that will revolutionize the financing services for small and medium enterprises in the UAE. The smart marketplace, in collaboration with ADGM, the international financial center in the UAE’s capital, will support expand financial inclusion, improve transparency, reduce operating costs in SME finance, and further enhance the overall customer experience for SMEs and funding institutions.
The ADGM SME Credit Platform will be a digital finance platform that is open and inclusive, enhancing SMEs’ access to financing. The platform will enable better, faster, and more risk-appropriate financing decisions by integrating multiple important players such as SMEs, multi-lenders, and data sources from government agencies, and will be supported by a comprehensive loan origination process that facilitates seamless data transfer. The use of digital tools such as e-contracts and e-signatures makes the entire loan application procedure more flexible and simpler.
As a result, SMEs will have greater access to financing choices such as effective supply chain finance solutions. It will also provide financiers like banks and credit funds with access to a larger pool of customers. Furthermore, an intelligent recommendation engine will assist SMEs in identifying the best-fit lending solutions available in the market.
Ms Tan Bin Ru, CEO (Southeast Asia) of OneConnect Financial Technology, stated, “At OneConnect, we believe in creating long term value for our clients. We listen to our client’s needs and deliver next generation omni-solutions which can cater to not only their present needs but their future needs as well. With ADGM, this is our second project, which is a direct reflection of our deepened client relationships and trust. We believe that great things in business are never done by one person! We learn from all to build for all. We are excited to bring our expertise in developing digital financial solutions for SMEs within the UAE region and eventually to Middle East and North Africa (MENA) region.”
OneConnect previously collaborated with ADGM to launch the Digital Lab in early 2021. The Digital Lab is the UAE’s first Open API platform, allowing financial institutions and FinTech entrepreneurs to collaborate on the development of the next generation of digital financial services.
Dhaher bin Dhaher Al Muhairi, CEO of ADGM Registration Authority, commented, “SMEs are a key contributor to economic growth and are deserving of an open and transparent marketplace for financial products. With the new platform, SMEs will find more convenient, affordable and effective financing solutions that will further improve the competitiveness and diversification of the UAE economy and transform the financing landscape in the MENA region.”
Given the ongoing global COVID-19 pandemic, OneConnect was successful in gaining a new collaboration and developing a strong connection with ADGM. Following the adoption of a cutting-edge platform by a leading financial center and common law jurisdiction in the region, OneConnect will continue to explore future opportunities within the MENA region through a comprehensive suite of technologies, a unique “Finance+Technology” business model, and a customer-oriented approach.