Abu Dhabi Global Market, ADGM, the international financial centre in Abu Dhabi, has unveiled Numou, a state-of-the-art digital platform tailored to bridge the funding gap confronting SMEs. This initiative is a crucial step towards empowering small and medium-sized businesses in the UAE.
Numou is designed to connect SMEs and lenders seamlessly through its advanced digital platform, fostering financial empowerment, transparency, and operational efficiency within the UAE’s SME landscape. Developed in collaboration with OneConnect Financial Technology, the fintech arm of PingAn Group, Numou aims to be a beacon of support for SMEs.
Key Features of the Numou digital platform
For SMEs:
- Efficiently collects data from various sources to create a comprehensive business profile that meets lender requirements.
- At launch, it pulls business data of SMEs licensed by ADDED and ADGM RA, with plans to expand to other zones and northern emirates by H1 2024.
- Provides access to a curated network of service providers, such as accountants, auditors, and lawyers.
For Financial Institutions:
- Facilitates loan application submissions that meet lender requirements, enabling efficient credit assessment without the need for data revalidation.
For Partners and Service Providers:
- Grants direct access to SMEs in need of services, with the potential for cross-selling value-added services.
Launch Partners and Commitments:
- Lenders include the National Bank of Ras Al-Khaimah (RAKBANK), Al Maryah Community Bank (Mbank), Commercial Bank International (CBI), and CredibleX.
- Network partners such as Khalifa Fund and Mastercard.
- Commitments from RAKBANK, Mbank, and CBI collectively reaching AED 220 million.
Future Expansion:
- Initially serving domestic SMEs in the UAE, with plans to expand internationally.
- Collaboration with global business hubs for cross-border data exchange and trade financing.
- Working with OneConnect to build digital corridors connecting platforms in different locations.
Commenting on the launch, Salem Mohammed Al Darei, CEO of ADGM Authority, highlighted Numou’s role in enhancing the financial ecosystem for UAE SMEs, offering unprecedented access to crucial resources. Jamal Saleh, Director General of the UAE Banks Federation, emphasised Numou’s importance in empowering the SME sector and contributing to the nation’s economic growth.
Matthew Chen, CEO of OneConnect Financial Technology International, expressed excitement about Numou’s potential impact, calling it a game-changer for UAE SMEs. Numou’s debut is set during the Abu Dhabi Finance Week exhibition, where the team will provide insights and answer questions.
