Abu Dhabi Global Market (ADGM), the leading international financial center in Abu Dhabi, has introduced Numou, a cutting-edge digital platform tailored to bridge the funding gap faced by SMEs.
This innovative digital platform marks a pivotal step in empowering small and medium-sized businesses in the UAE. Numou aims to connect SMEs and lenders through its seamless digital platform with features that have been designed to financially empower and support the growth of the SME ecosystem across the UAE.
Built in collaboration with OneConnect Financial Technology, the fintech arm of PingAn Group, Numou emerges as a beacon of financial empowerment, transparency, and operational efficiency in the SME landscape.
The platform will serve SMEs with domestic businesses in the UAE, to expand the products and services to SMEs seeking to expand their international footprint.
Mr. Jamal Saleh, Director General of the UAE Banks Federation, said that, “Numou stands as a pivotal development for SMEs in the UAE, reflecting our collective commitment to fostering a dynamic and inclusive economic environment. It is a strategic extension of the UAE’s vision to reinforce our position as a hub of innovation and knowledge.”
As an inclusive marketplace for financiers and SMEs, Numou will initially facilitate loan-based financing from lenders including banks, alternative digital lenders, supply chain financiers, and private credit funds. In the next phase of development, Numou will expand the product offerings to include a more comprehensive spectrum of market-based financing, as per the statement.
To this end, ADGM will work with government counterparts in global business hubs to facilitate cross-border data exchange and trade financing. ADGM is also collaborating with OneConnect, which has developed similar SME financing platforms in other international centers, to build digital corridors by connecting the respective platforms in different geographical locations.
“Building the success of our past collaboration, this new endeavor underscores the trust that ADGM has placed in OneConnect’s technological capabilities and the reliability and effectiveness of OneConnect’s solutions in addressing the unique challenges faced by SMEs in the UAE. Together, we will shape the future of digital finance, creating an ecosystem where trust, partnership, and technology converge to empower the UAE SME Market,” commented Mr. Matthew Chen, CEO of OneConnect Financial Technology International (PingAn Group).
