OneConnect Financial Technology Co., Ltd, a Technology-as-a-Service provider for financial institutions, announced the official launch of its regional operations in Abu Dhabi Global Market (ADGM), the international financial center of the capital of the UAE.
OneConnect’s addition to the ADGM family will “further support the development of the fintech ecosystem and accelerate the digital transformation of financial services in the UAE and the region.”
Notably, ADGM and OneConnect worked together “on the creation of the ADGM Digital Lab which was launched in April 2021 as a marketplace and industry sandbox to encourage the development of fintech solutions under the guidance and supervision of the Financial Services Regulatory Authority (FSRA).”
The digital platform “comprises a product and API marketplace where fintech firms looking to do business in the MENA region can showcase their solutions, along with sandbox elements such as synthetic data and no-code orchestration tools for product experimentation.”
More recently, ADGM started a project with OneConnect “to develop a financing platform for small and medium enterprises (SMEs) to improve their access to financing.”
At the launch event, OneConnect introduced the digital banking solutions suite, OneCosmo, which can “support the open banking and open finance agenda of the industry.” A select suite of OneCosmo’s solutions will be “made available in the Digital Lab for prospective users to test and try out.”
Tan Bin Ru, CEO (Southeast Asia) of OneConnect, said:
“OneConnect Smart Technology further expands our footprint in the Middle East. We are excited to bring our expertise in developing digital financial solutions for SMEs within the UAE and eventually to the Middle East and North Africa (MENA).”
Annie Ong, Chief Revenue Officer of OneConnect Financial Technology, remarked:
“With two successful cooperation initiatives with AGDM and the newly-opened OneConnect Smart Technology office in Abu Dhabi, we are confident of contributing to the digital transformation of the finance sector within the MENA region.”
Dhaher bin Dhaher Al Muhairi, CEO of ADGM Registration Authority, added:
“We are pleased to welcome OneConnect into ADGM’s vibrant community and the UAE. Their speciality in financial services technology will bolster our innovation ecosystem and provide easy accessibility to effective digital finance solutions. We seek to continuously facilitate such opportunities for our stakeholders.”
He further noted:
” With innovation at its core, ADGM has been a champion in fostering a progressive, robust and well-regulated environment for businesses to scale and grow. The addition of global fintech companies such as OneConnect will put us in good stead to shape the digital economy of Abu Dhabi and support the growth and diversification of the UAE’s economy.”
