The Mohammed bin Rashid Establishment for Small and Medium Enterprises Development (Dubai SME), a part of the Dubai Department of Economy and Tourism (DET), has collaborated with Chi-X Digital Assets (CXDA), a leading AI-based fintech platform specialising in short-term debt products. CXDA, backed by JC Flowers Co, a global Private Equity firm with $7 billion in assets under management, offers compliant and transparent marketplace solutions for investors, originators, and borrowers.
This strategic partnership aims to advance financial awareness, enhance business capacity, and attract global investments into Dubai’s SME industry, aligning with the Dubai Economic Agenda (D33).
The collaboration introduces AI-powered financial solutions to SMEs for the first time in the region, signifying a significant milestone in sectoral progress and reinforcing Dubai’s position as a fintech innovation hub.
Abdul Baset Al Janahi, CEO of Dubai SME, stated, “Dubai SME seeks to bolster SMEs within the emirate by facilitating growth and providing necessary industry guidance. Our partnership with CXDA emphasises market solutions’ significance, improving SME sector liquidity, and aligning with wider D33 objectives.”
The collaboration aims to streamline SME finance by:
- Standardising key SME information for easier access to finance.
- Providing an intuitive user experience and proactive customer support for faster loan applications.
- Employing AI-driven credit assessment tools for instant evaluation of loan applications.
- Offering comprehensive financial analysis tools to navigate business finances effectively.
- Equipping SMEs with business support resources to address challenges and capitalise on opportunities during their financial journey.
