OneConnect, a technology as a service provider for financial institutions, has officially launched its regional operations in Abu Dhabi Global Market (ADGM), the international financial centre of the UAE capital.
The NYSE and HKSE listed global company is introducing its global banking solutions to support open banking and open finance agenda for the region’s industry.
Dhaher bin Dhaher Al Muhairi, CEO of ADGM Registration Authority, said OneConnect’s speciality in financial services technology will bolster its innovation ecosystem and provide easy accessibility to effective digital finance solutions.
“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,” he said. “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.”
Developing fintech solutions
ADGM and OneConnect worked together on the creation of the ADGM Digital Lab, 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 includes 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. ADGM also started a project with OneConnect to develop a financing platform for SMEs to improve their access to financing.
Tan Binru, 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.”
While, Annie Ong, chief revenue officer at OneConnect, commented that the firm is “confident of contributing to the digital transformation of the finance sector within the MENA region”.