CredibleX, an embedded finance platform in the middle east, has announced its launch after being granted regulatory licences in Abu Dhabi Global Market (ADGM) from the Financial Services Regulatory Authority (FSRA).
These licences provide a robust regulatory framework to its launch, bringing confidence and trust to CredibleX’s partners and customers. It has also announced partnerships with ADGM as the first fintech partner of its SME financing platform, Numou; as well as with partners in FMCG and financial services. CredibleX enables businesses to provide their SME customers with instant access to lending solutions.
Salem Mohammed Al Darei, ADGM Authority, CEO said,
“We congratulate CredibleX on receiving their regulatory license from ADGM and welcome them to our vibrant ecosystem. As launch partners of ADGM’s SME Financing Digital platform, Numou, we take great pride in CredibleX and its commitment to developing financing solutions for small and medium-sized businesses, promoting financial inclusion in the aim of accelerating economic growth. At ADGM, we are committed to fostering a cohesive ecosystem of like-minded partners and look forward to witnessing the positive impact of CredibleX and our fellow ecosystem members.”
CredibleX Co-Founder Ahmad Malik said,
“According to official UAE government figures, over 60% of non-oil GDP comes from the SME economy and yet SMEs often find it hard to access credit to grow their businesses or smoothen their cash flow. We see a clear opportunity to improve access and choice towards this underserved segment. Embedded finance, which is the integration of financial services into non-financial businesses, is an innovative way to serve SMEs through a wide network of business partners. Now, with the approval of the regulators, we can enable faster, easier and simpler access to credit for SMEs through the platforms they use every day.”
CredibleX’s proprietary technology can instantaneously assess credit risk and pre-approve a host of lending options for SMEs. These businesses typically wait weeks or months with no visibility on the approval status of their credit lending application. Now, through secure embedded technology, business owners can receive a result from their application in minutes and funds disbursed to their account within 24 hours.
Tthrough collaboration with CredibleX, business providers and platforms can better serve their SME customers, while CredibleX takes care of risk, repayments and compliance.
CredibleX is addressing a critical sector of the economy in line with the UAE’s National Agenda for Entrepreneurship and SMEs, with the number of SMEs projected to double by 2030 to more than 1 million across the UAE alone. Despite representing 90% of businesses, only 10% of loans currently go to SMEs (Dubai SME). Globally, according to The International Finance Corporation, around 65 million, or 40%, of formal micro, small and medium enterprises in emerging markets have an unmet financing need of $5.2 trillion every year (World Bank). New forms of embedded financing play an essential role in supporting these businesses.
Featured image: Background from freepik
