OneConnect launches operation in ADGM further expanding in Middle East

OneConnect has launched its regional operations in Abu Dhabi Global Market (ADGM), the leading international financial centre of the capital of the UAE, after having worked together on the creation of the ADGM Digital Lab which was launched in April 2021.

The ADGM Digital Lab is a marketplace and industry sandbox to encourage the development of fintech solutions under the guidance and supervision of the Financial Services Regulatory Authority (FSRA).

OneConntect’s official launch in ADGM will further support the development of the fintech ecosystem and accelerate the digital transformation of financial services in the UAE and the region.

OneConnect offers API marketplace and open banking solution for operations in MENA region

The recently launched ADGM Digital Lab is a 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.

OneConnect is currently working with ADGM in the development of a financing platform for small and medium enterprises (SMEs) to improve their access to financing.

The fintech company also introduced the digital banking solutions suite, OneCosmo, which can support the open banking and open finance agenda of the industry.

OneConnect plans to expand from UAE to Middle East and North Africa

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 (MENA).”

Annie Ong, Chief Revenue Officer of OneConnect Financial Technology, commented: “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. 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.”