ABU DHABIUAE, October 10, 2022 /PRNewswire/ — OneConnect Financial Technology Co., Ltd (“OneConnect” or the “Company”, stock code: 6638.HK), a leading provider of Technology as a Service (“TaaS”), today introduced OneConnect Smart Technology (ME) Limited in United Arab Emirates (UAE) at Abu Dhabi Global Market (ADGM), the leading international financial center of the UAE capital.
Earlier, OneConnect announced that it will help develop the ADGM SME financing platform, an integrated digital financing marketplace that will transform the financial services landscape for small and medium enterprises (SMEs) in the UAE. The Smart Market aims to improve financial inclusion, improve transparency, reduce financial transaction costs for SMEs and improve the overall customer experience for SMEs and their financing partners.
The ADGM SME Funding Platform will be an open and inclusive digital finance platform that improves SMEs’ access to finance. As a marketplace connecting various key stakeholders such as SMEs, multi-lenders and government agency data sources, and supported by a robust lending process that enables seamless data transfer, the platform will enable better, faster and more risk-appropriate 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.
Miss Tan Binh RooCEO (Southeast Asia) of OneConnect financial technologypresided over the opening ceremony and said, “OneConnect Smart Technology further expands our footprint in Middle East. We are excited to bring our expertise in developing digital finance solutions for SMEs to the UAE and ultimately to Middle East and North Africa (MENA).”
Daher bin Daher Al Muhairi, ADGM Executive Director Registering Authority said, “SMEs are key contributors to economic growth and deserve an open and transparent market for financial products,”
He added, “With the new platform, SMEs will find more convenient, affordable and efficient financing solutions that will further enhance the competitiveness and diversification of the UAE economy and transform the financial landscape in the MENA region.”
In 2021, OneConnect worked with ADGM to launch Digital Lab, the UAE’s first Open API platform that enables financial institutions and FinTech innovators to collaborate and build the next generation of digital financial services.
“With two successful cooperation initiatives with AGDM and the newly opened office of OneConnect Smart Technology in Abu Dhabiwe are confident that we will contribute to the digital transformation of the financial sector in the MENA region,” said Annie OngChief Revenue Officer of OneConnect Financial Technology.
Despite the challenges caused by the ongoing global COVID-19 pandemic, OneConnect has been successful in securing new partnerships, building a strong relationship with ADGM. Through a comprehensive set of technologies, a unique Finance+Technology business model and a customer-centric approach, OneConnect will continue to explore future opportunities in the MENA region following the adoption of a cutting-edge platform by the leading financial center and common legal jurisdiction within the region.
At the event, OneConnect unveiled the End to End Digital Banking Solutions Suite, OneCosmo, the result of the joint product offerings of a partnership between OneConnect and Pismo, a cloud core processing platform from Brazilof business partners in the UAE.
Considered by August 31technological solutions of the OneCosmo platform have been used by more than 50 million new accounts, registering more than 2 billion transactions with a total transaction value of over 109 billion US dollars.