He Mohammed bin Rashid Establishment for the Development of Small and Medium Enterprises (Dubai SME)a part of Dubai Department of Economy and Tourism (DET)has joined forces with Chi-X Digital Assets (CXDA)a leading AI-based financial technology platform that offers short-term debt products that help generate liquidity, facilitate investment, maximize economic growth and enable SMEs to become bankable.
Supported by JC Flowersthe New York-based global Private Equity firm with $7 billion in assets under management, CXDA offers marketplace solutions that enable investors, originators and borrowers to transact in a transparent and compliant marketplace.
The strategic partnership with Dubai SME outlines a comprehensive roadmap that emphasizes key elements such as financial awareness, entrepreneurship development and, in line with Dubai Economic Agenda (D33): Attracting global investments to the emirate through Dubai’s SME industry.
For the first time in the region, this collaboration introduces the use of AI to equip SMEs with innovative financial solutions, marking an important milestone in the advancement of the sector. The collaboration is a further indicator of the Government’s willingness to adopt new financial technology solutions, turning Dubai into a major innovation hub.
Abdul Baset Al Janahi, CEO of Dubai SMEsaying,
“Dubai SME seeks to enhance and raise awareness of small and medium-sized businesses within the emirate, while playing a central role in business support and facilitating growth through necessary industrial guidance. We fully understand the importance of nurturing the sector and the integral role that SMEs play within society and in the growth of the economy.
“This partnership with CXDA can underpin that growth on a larger scale by emphasizing the importance of delivering market solutions, improving liquidity within the SME sector and further optimizing the industry to directly contribute to the broader objectives of D33.”
Thierry Porte, President and CEO of CXDAsaying,
“At CXDA, we believe in the enormous, and yet untapped, potential of the SME sector of the economy. Our mission is to break down the barriers that stand in the way of this potential and help unleash that power. We have found Dubai SME to be the leader with insightful vision, clarity of mission and focus on success to elevate the SME sector in Dubai to the next level and effectively contribute to realizing the D33 agenda.
The CXDA platform offers innovation, strong governance infrastructure and an ESG-compliant solution. “We are confident that our partnership with Dubai SME will usher in a new era of liquidity and growth for this sector and make a lasting and tangible difference.”
Dubai strives to strengthen its status as a leading global economic force by focusing on core sectors, attracting investment and fostering a business-friendly atmosphere. The SME sector, identified as a major contributor to the local economy, plays a leading role in the Agenda D33.
By fostering innovation, diversification and sustainable expansion, the collaboration aims to help reshape and revolutionize Dubai’s economy and SME financial landscape based on key fundamentals: The partnership will aim to complete and standardize key information for SMEs from company and loan histories, creating the information sets necessary to allow entities to access financing.
By ensuring an intuitive user experience along with proactive and dedicated customer support to help expedite loan applications, the partnership will make form filling easier.
Partners will use the integration with Main DashState-of-the-art AI-powered credit assessment tools to provide instant result and evaluation of loan application.
Partners will offer unprecedented access to in-depth financial analysis, including what-if scenarios, to help SMEs navigate the financial health of their businesses.
The partnership will also provide a platform to access a comprehensive set of business support tools, equipping businesses with resources to meet challenges and seize opportunities during their financial journey.
News source: Emirates News Agency