Singapore-based OneConnect to develop ADGM SME Financing platform

By Arya M Nair, Official Reporter
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OneConnect Financial Technology, a leading Singapore-based Technology-as-a-Service (TaaS) provider, will develop the Abu Dhabi Global Market (ADGM) SME Financing Platform, an integrated digital finance marketplace that will transform the financing services landscape for UAE’s small and medium enterprises (SMEs).

Working with ADGM, the intelligent marketplace will help advance financial inclusion, enhance transparency, alleviate operational costs in SME finance and improve the overall customer experience for SMEs and funding organizations.

As a marketplace connecting various key stakeholders such as SMEs, multi-lenders and data sources from government agencies, and supported by a robust loan origination process that enables seamless transfer of data, the platform will enable better, faster and more risk-appropriate financing decisions to be made. The entire loan application process is made agile and simplified through the use of digital tools such as e-contracts and e-signatures.

Tan Bin Ru
Tan Bin Ru
CEO Southeast Asia
OneConnect Financial Technology

“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 the Middle East and North Africa(MENA) region.”

Earlier, OneConnect had worked with ADGM to launch the Digital Lab in early 2021. The Digital Lab is UAE’s first Open API platform that allows financial institutions and FinTech innovators to collaborate and build the next generation of digital financial services.

“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,” said Mr. Dhaher bin Dhaher Al Muhairi, CEO of ADGM Registration Authority.

Related: Oman’s ASMED launches financing program for SMEs to win tenders