ADGM introduces "Numou," a cutting-edge digital platform for SME financing
Using its smooth digital platform, Numou seeks to facilitate the connection between lenders and SMEs.
The premier international financial hub in Abu Dhabi, Abu Dhabi Global Market (ADGM), presents Numou, a state-of-the-art digital platform designed to close the funding gap that SMEs encounter. This cutting-edge digital platform is a crucial step in enabling small and medium-sized enterprises in the United Arab Emirates.
By means of its smooth digital platform, which offers features intended to empower SMEs financially and foster the expansion of the SME ecosystem throughout the United Arab Emirates, Numou seeks to establish a connection between lenders and SMEs. Because of its integrated partnership with OneConnect Financial Technology (OneConnect), the PingAn Group's fintech division, Numou stands out in the SME market as a leader in financial empowerment, openness, and operational effectiveness.
Each member receives significant value from the cutting-edge digital platform, which offers essential features like:
- For SMEs: Gathering information from multiple sources effectively to provide a complete picture of their company that satisfies lending standards. With planned extension to other zones and the northern emirates by the first half of 2024, Numou will at launch seamlessly draw business data of SMEs licensed by the Abu Dhabi Department of Economic Development (ADDED) and the Abu Dhabi Global Market Registration Authority (ADGM RA). Additionally, the platform gives SMEs access to a carefully chosen network of service providers who could assist them during this process, including attorneys, accountants, auditors, and other professionals.
- For financial institutions: Enabling the timely filing of loan applications that satisfy the lender's standards and permit effective credit evaluation, all without requiring the revalidation of data that was first sourced.
As a means of fostering cross-selling opportunities for value-added services, partners and service providers can offer direct access to SMEs in need of their services.
An ecosystem of launch partners has come together to support Numou in helping SMEs achieve their financial needs. This includes network partners like Khalifa Fund and Mastercard, as well as lenders including the National Bank of Ras Al-Khaimah (RAKBANK), Al Maryah Community Bank (Mbank), Commercial Bank International (CBI), and CredibleX. In order to provide lending facilities to eligible SMEs, Khalifa Fund will make use of the platform in this regard. Together, RAKBANK, Mbank, and CBI intend to pledge and provide loans of up to AED 100 million, AED 100 million, and AED 20 million, in that order. The UAE Banks Federation (UBF), ADDED, and Khalifa Fund are just a few of the important players whose widespread support has enabled Numou to start.
The platform will first cater to SMEs in the United Arab Emirates who operate domestically, with the intention of offering more products and services to SMEs who want to grow globally. In order to do this, ADGM will collaborate with counterparts in international business hubs to enable cross-border trade finance and data interchange. In order to create digital corridors by connecting the various platforms in various geographic regions, ADGM is also working with OneConnect, which has created comparable SME finance platforms in other international centers. Numou will first enable loan-based funding from lenders such as banks, alternative digital lenders, supply chain financiers, and private credit funds. Numou is an inclusive platform for financiers and SMEs. Numou plans to broaden its range of products in the upcoming stage of development to encompass a wider range of market-based financing options.
"The launch of Numou represents a significant stride forward in our ongoing efforts to enhance the financial ecosystem for SMEs in the UAE," stated Salem Mohammed Al Darei, CEO of ADGM Authority, in response to the launch. This platform is evidence of ADGM's dedication to developing solutions that not only deal with current financial issues but also open doors for small and medium-sized enterprises to have a more equitable and sustainable future. Numou is poised to play a pivotal role, providing unparalleled accessibility to monetary assets and assistance services that are essential for the expansion and expandability of these businesses. Working with prestigious partners, we are honored to spearhead this effort and are sure that it will have a positive impact on the SME community and the economy as a whole.
"Numou stands as a pivotal development for SMEs in the UAE, reflecting our collective commitment to fostering a dynamic and inclusive economic environment," stated Jamal Saleh, Director-General of the UAE Banks Federation. It is a calculated move to further the UAE's goal of solidifying its standing as a center of knowledge and innovation. The UAE Banks Federation is pleased to support these ground-breaking initiatives that complement our long-term objectives of diversifying and strengthening the SME sector, which is the foundation of our country's economy. Given that SMEs account for more than 90% of all firms in the UAE and make a significant contribution to both the GDP and employment, programs like Numou serve to accelerate their potential for growth. We are committed to making sure SMEs have the tools, assistance, and financial options they require to grow successfully, spur development, and promote the country's transition to a sophisticated, forward-thinking economy.
The Numou team will be available at the Abu Dhabi Finance Week exposition booth at the North Plaza from November 27 to 30, 2023, to answer questions and offer more insights. Come to the booth to discover more about the platform and the changes Numou is making to SME funding.