OneConnect assists the ADGM in launching Numou, a digital platform for financing small and medium-sized enterprises
Recently, at the second Abu Dhabi Finance Week (ADFW) held in Abu Dhabi, the capital of the United Arab Emirates, the SME financing digital platform Numou, jointly developed by OneConnect and the Abu Dhabi Global Market (ADGM), was officially launched. This marks a significant step for the UAE in supporting and empowering small and medium-sized enterprises (SMEs).
Numou is an SME financing digital platform that seamlessly connects SMEs with lending institutions. The platform aims to simplify the loan application and credit assessment process, providing financial support for the development of the SME ecosystem throughout the UAE. This innovative digital platform offers substantial value to each participant:
For SMEs:
It efficiently collects data from multiple sources and presents a comprehensive business picture as per the lending institutions' requirements. Once operational, Numou will have comprehensive access to SME business data licensed by the Abu Dhabi Department of Economic Development (ADDED) and the ADGM Registration Authority (ADGM RA), with plans to expand to other regions and the Northern Emirates in the first half of 2024. The platform also provides SMEs with a network of service providers (such as accountants, auditors, lawyers, etc.) who can assist in this process.
For Financial Institutions:
Numou facilitates loan applications that meet the criteria of lending institutions and enables efficient credit assessment without the need to re-validate original data.
For Partners and Service Providers:
Numou reaches SMEs that need their services while having the potential for cross-selling value-added services.
The launch of Numou has received widespread support from major stakeholders, including the UAE Banks Federation (UBF), the Abu Dhabi Department of Economic Development, and the Khalifa Fund. Numou has already attracted a range of partners, including lending institutions such as RAK BANK, Al Maryah Community Bank (Mbank), Commercial Bank International (CBI), and CredibleX, as well as network partners like the Khalifa Fund and Mastercard. The Khalifa Fund will use the platform to provide credit to eligible SMEs. RAK BANK, Mbank, and CBI plan to commit and provide loans of up to AED 100 million, AED 100 million, and AED 20 million, respectively.
Salem Mohammed Al Darei, CEO of the ADGM Financial Services Regulatory Authority, stated, "The launch of Numou is a significant advancement in strengthening the UAE’s SME financial ecosystem. The platform reflects ADGM's commitment to creating solutions for SMEs, addressing immediate financing challenges and building an inclusive and sustainable future for these enterprises." He believes that Numou will provide unprecedented financial resources and support services for the growth and expansion of SMEs, bringing tangible benefits to the collective SME sector and the broader economy.
Jamal Saleh, Director General of the UAE Banks Federation, views the launch of Numou as a "strategic extension of the UAE's consolidation as a center of innovation and knowledge." Saleh expressed, "Numou is key to the development of SMEs in the UAE, reflecting our joint commitment to creating a vibrant and inclusive economic environment, aligned with our long-term diversification goals, and empowering the SME sector, a pillar of our national economy." Saleh noted that in the UAE, over 90% of businesses are SMEs, contributing significantly to GDP and employment. Therefore, platforms like Numou can unleash their growth potential. "We are dedicated to meeting the needs of SMEs for resources, support, and financial solutions, helping them scale, drive progress, and support our nation’s transition to an advanced, future-oriented economy," said Saleh.
Numou will establish an inclusive marketplace bringing together financial institutions, service providers, community and government partners, and SMEs. Upon its launch, it will serve SMEs operating within the UAE and plans to extend its products and services to SMEs seeking to expand their international operations. For this purpose, ADGM will collaborate with government counterparts in global business centers to facilitate cross-border data exchange and trade finance. Drawing on OneConnect's experience in developing other similar SME financing platforms, ADGM will continue to collaborate with OneConnect to build digital corridors connecting platforms globally.
Matthew Chen, CEO of OneConnect's overseas branch, stated, "OneConnect is honored to collaborate with ADGM in developing Numou. SMEs are significant contributors to national economic growth, and this platform will be a game-changer for SMEs in the UAE. We are excited about the potential impact of Numou, which will not only address the current financial challenges of UAE SMEs but also open new possibilities for collaboration among key stakeholders."
As early as 2019, OneConnect and the ADGM Financial Services Regulatory Authority signed a memorandum of understanding on "Financial Technology Development and Innovation," and have since jointly launched digital experimental platforms and SME financing platforms. This collaboration promotes the innovative development of financial technology in the Middle East region and has created a "Middle East model" for Chinese fintech companies to actively participate in building the "Belt and Road" of high quality. Chen highlighted that the development of Numou underscores ADGM's trust
in OneConnect's technological capabilities and the reliable and effective solutions provided by OneConnect to address the unique challenges faced by SMEs in the UAE.
Chen mentioned that years of ongoing collaboration have established a strong partnership between OneConnect and ADGM. In the future, OneConnect will leverage its comprehensive technological capabilities, unique "technology + business" business model, and customer-centric philosophy to shape the future of digital finance with ADGM. Together, they aim to create an ecosystem of trust, collaboration, and technology integration, empowering the UAE SME market and aiding in the digital transformation of financial services in the Middle East region.
