OneConnect expands its presence in the Middle East, developing a digital SME financing platform with Abu Dhabi Global Market | PR Newswire

SINGAPORE, September 19, 2022 /PRNewswire/ — OneConnect Financial Technology Co., Ltd (“OneConnect” or the “Company”, Stock Code: 6638.HK), a leading provider of Technology as a Service (“TaaS”), announced that it will help develop a financing platform for small and medium-sized businesses on the Abu Dhabi Global Market (ADGM), an integrated digital financial marketplace that will change the financial services landscape for small and medium-sized enterprises (SMEs) in United Arab Emirates (UAE). Partnering with ADGM, an international financial center in the UAE capital, Smart Market will help expand financial inclusion, increase transparency, reduce operational costs in SME financing and improve the overall customer experience for SMEs and financing organizations.

The ADGM SME financing platform will be an open and inclusive digital finance platform that improves access to finance for SMEs. As a marketplace that connects various key stakeholders such as SMEs, multi-lenders and data sources from government agencies, and supported by a robust loan origination process that ensures seamless data transfer, the platform will enable better, faster and more appropriate risk financing decisions to be made. The entire loan application process is flexible and simplified through the use of digital tools such as e-contracts and e-signatures.

As a result, SMEs will be able to access a wider range of financing options, such as efficient supply chain financing solutions. It will also give financiers such as banks and credit funds access to a wider range of customers. In addition, an intelligent recommendation system will help SMEs identify the most suitable loan products available to them in the market.

β€œAt OneConnect, we believe in creating long-term value for our customers. We listen to our customers’ needs and offer comprehensive, next-generation solutions that can meet not only their current needs, but also their future needs. 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 everyone to build for everyone. We are pleased to bring our expertise in developing digital financial solutions for SMEs in the UAE region and ultimately for Middle East and North Africa(MENA) region,” said Ms Tang Bin RooCEO (Southeast Asia) financial technology OneConnect.

OneConnect previously partnered with ADGM to launch a digital lab in early 2021. The Digital Lab is the UAE’s first open API platform, enabling financial institutions and FinTech innovators to collaborate and create next-generation digital financial services.

“Small and medium-sized enterprises make a major contribution to economic growth and deserve an open and transparent market for financial products,” he said. Daher bin Daher Al Muhairi, Director General of ADGM Registration Authority. “With the new platform, SMEs will find more convenient, accessible and efficient financing solutions that will further enhance the competitiveness and diversification of the UAE economy and change the financing landscape in the MENA region.”

Despite the challenges caused by the current global COVID-19 pandemic, OneConnect has successfully established a new partnership, building a strong relationship with ADGM. With a comprehensive set of technologies, a unique Finance+Tech business model and a customer-centric approach, OneConnect will continue to explore future opportunities in the MENA region following the adoption of the advanced platform by leading financial centers and general jurisdictions in the region.

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