CredibleX receives regulatory approval and licenses to operate in the Abu Dhabi Global Market (ADGM) from the Financial Services Regulatory Authority (FSRA)
Announces launch with strategic partners from FMCG and financial services to provide embedded solutions for SMEs, initially with lending
Also announces participation as the first fintech partner of ADGM’s SME financing platform, Numou.
Abu Dhabi, UAE – Nov 28, 2023 – (SeaPRwire) – CredibleX, MENA’s pioneering embedded finance platform, has announced its launch after being granted regulatory licenses from the Financial Services Regulatory Authority (FSRA) in the Abu Dhabi Global Market (ADGM). These licenses provide a robust regulatory framework for 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 is a game-changer for the region as its embedded finance approach enables businesses to provide their SME customers with instant access to lending solutions at scale. During 2024, CredibleX is aiming to reach 20,000 SMEs with its easy-to-use, embedded finance approach.
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. Yet, SMEs often struggle 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 integrates financial services into non-financial businesses, is an innovative way to serve SMEs through a wide network of business partners. With the regulators’ approval, we can enable faster, easier, and simpler access to credit for SMEs through the platforms they use daily.”
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 status of their application. Now, through secure embedded technology, business owners can receive a result of their application in minutes, with funds disbursed to their account within 24 hours.
Importantly, through collaboration with CredibleX, business providers and platforms can better serve their SME customers while CredibleX takes care of risk, repayments, and compliance. Embedding CredibleX comes at no charge for partners, and the setup time is a matter of days.
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.
CredibleX is MENA’s pioneering embedded finance platform. Founded in Abu Dhabi in 2023, it was established to address the needs of an underserved SME community that typically struggles to access financing options. CredibleX powers businesses to provide their SME customers and suppliers instant access to regulated credit solutions at scale and without hassle or risk. SMEs can instantly access lending solutions, apply in minutes, and receive funds in 24 hours, with these solutions embedded inside the business software and providers they use daily.
About Ahmad Malik
Ahmad Malik is the Co-Founder of CredibleX and brings over 20 years of experience in banking, including at Standard Chartered and Citibank. He has launched and scaled fintech startups and banks in the UK, Europe, and the Middle East.
About Abu Dhabi Global Market (ADGM)
Abu Dhabi Global Market (ADGM) is the international financial center (IFC) of the capital city of the United Arab Emirates, which opened for business on 21st October 2015. ADGM augments Abu Dhabi’s position as a leading financial center and a business hub, serving as a strategic link between the growing economies of the Middle East, Africa, and South Asia, and the rest of the world. Operating within an international regulatory framework based on direct application of The English Common Law, ADGM governs the entire Al Maryah Island, which is designated as the financial free zone of Abu Dhabi.
ADGM is ranked as one of the most preferred top IFCs in the Middle East and Africa region and named MENA’s largest Fintech hub. Its progressive and inclusive business ecosystem gravitates toward global financial and non-financial institutions while leveraging synergies between ADGM and multiple jurisdictions positioned as one of the world’s most advanced, diverse, and progressively governed financial hubs.
Search CredibleX on ADGM https://www.adgm.com/public-registers/fsra
SME economy size – UAE, the Official portal of the UAE Government https://tinyurl.com/473x8v83
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