OneConnect Launches Operations in ADGM to Expand Middle East Footprint

Fazzaco learned that OneConnect Financial Technology Co., Ltd (OneConnect), a leading Technology-as-a-Service provider for financial institutions, has officially launched its regional operations in Abu Dhabi Global Market (ADGM), the leading international financial centre of the capital of the UAE. 

The inclusion of OneConnect to the ADGM family will hasten the digital transformation of financial services in the UAE and the region while supporting the growth of the fintech ecosystem.

It is noteworthy that ADGM and OneConnect have already made great efforts on the local fintech ecosystem. Working together, they have launched the ADGM Digital Lab in April 2021 as a marketplace and industry sandbox, aiming to promote the invention of fintech solutions under the guidance and supervision of the Financial Services Regulatory Authority (FSRA). A product and API marketplace, along with sandbox components like synthetic data and no-code orchestration tools for product experimentation, are included in the digital platform for financial companies wishing to do business in the MENA area to showcase their solutions. Besides, ADGM has recently partnered with OneConnect to develop the ADGM SME Financing Platform​ that will transform the financing services landscape for small and medium enterprises (SMEs) in the UAE.

In addition, OneConnect unveiled OneCosmo, a suite of digital banking products, during the launch event. OneCosmo can assist the open banking and open finance agenda of the sector. The Digital Lab will make a few of OneCosmo's solutions accessible to potential customers so they may test them out.

Tan Bin Ru, CEO (Southeast Asia) of OneConnect, commented: "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).”

"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," said Annie Ong, Chief Revenue Officer of OneConnect Financial Technology.

Dhaher bin Dhaher Al Muhairi, CEO of ADGM Registration Authority said, "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," he added.