OneConnect Financial Technology, a supplier of Technology-as-a-Service for financial institutions, has officially announced the beginning of its regional operations in Abu Dhabi Global Market (ADGM).
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 creating 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 industry’s open banking and open finance agenda. A select suite of OneCosmo’s solutions will be made available in the Digital Lab for prospective users to test and try out.
Tan Binru, CEO (Southeast Asia) of OneConnect, commented on the launch, “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, said, “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.”
The CEO of the ADGM Registration Authority, Dhaher bin Dhaher Al Muhairi, stated: “ADGM has been a leader in building a forward-thinking, strong, and well-regulated environment for businesses to scale and thrive. Innovation is at the heart of ADGM. We will be well-positioned to build Abu Dhabi’s digital economy and promote the expansion and diversification of the economy of the UAE thanks to the entrance of international fintech firms like OneConnect.”
