OneConnect unveils OneConnect Smart Technology in the UAE
ABU DHABI, UAE, Oct. 10, 2022 /PRNewswire/ -- OneConnect Financial Technology Co., Ltd ("OneConnect" or the "Company", Stock Code: 6638.HK), a leading Technology-as-a-Service ("TaaS") provider, today unveiled OneConnect Smart Technology (ME) Limited in the United Arab Emirates (UAE) at the Abu Dhabi Global Market (ADGM), the leading international financial centre of the capital of the UAE.
Earlier, OneConnect announced that it will help develop the ADGM SME Financing Platform, an integrated digital finance marketplace that will transform the financing services landscape for small and medium enterprises (SMEs) in the UAE. The intelligent marketplace aims to advance financial inclusion, enhance transparency, alleviate cost of finance operations for SMEs and improve the overall customer experience for SMEs and their funding partners.
The ADGM SME Financing Platform will be an open and inclusive digital finance platform that improves SMEs' access to financing. 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 which 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.
Ms Tan Bin Ru, CEO (Southeast Asia) of OneConnect Financial Technology, officiated the opening ceremony and said: "OneConnect Smart Technology further expands our footprint in the Middle East. We are excited to bring our expertise in developing digital financial solutions for SMEs within the UAE and eventually to the Middle East and North Africa (MENA)."
Dhaher bin Dhaher Al Muhairi, CEO of ADGM Registration Authority said, "SMEs are a key contributor to economic growth and are deserving of an open and transparent marketplace for financial products,"
He added, "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."
In 2021, OneConnect had worked with ADGM to launch the Digital Lab, UAE's first Open API platform that allows 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 OneConnect Smart Technology office in Abu Dhabi, we are confident of contributing to the digital transformation of the finance sector within the MENA region," said Annie Ong, Chief Revenue Officer of OneConnect Financial Technology.
Despite 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 suite of technologies, a unique "Finance+Technology" business model and a customer-oriented approach, OneConnect will continue to explore future opportunities within the MENA region following the adoption of a cutting-edge platform by the leading financial centre and common law jurisdiction within the region.
During the event, OneConnect introduced 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-native core processing platform from Brazil, to the business counterparts in the UAE.
As of August 31, the technological solutions on OneCosmo platform has been utilised by more than 50 million new accounts, registering more than 2 billion transactions with a total transaction value exceeding US$109 billion.
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