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ADGM launches financing digital platform Numou; investments by 3 banks unveiled

ADGM launches financing digital platform Numou; investments by 3 banks unveiled
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CBI
CBI
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RAKBANK
RAKBANK
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UAE – Mubasher: Abu Dhabi Global Market (ADGM) has introduced Numou, a digital platform created to bridge the funding gap faced by small and midsize enterprises (SMEs).

This digital platform marks a pivotal step in anchoring the SME ecosystem across the UAE, according to a press release.

Developed in partnership with OneConnect Financial Technology, the fintech arm of PingAn Group, Numou will provide features that will link SMEs and lenders through its seamless digital platform. 

The National Bank of Ras Al Khaimah (RAKBANK), Mbank, and Commercial Bank International (CBI) plan to extend lending up to AED 100 million, AED 100 million, and AED 20 million, respectively. 

In the next phase of development, Numou will widen its product offerings to include a more comprehensive spectrum of market-based financing.

Salem Mohammed Al Darei, CEO of ADGM Authority, commented: “The launch of Numou represents a significant stride forward in our ongoing efforts to enhance the financial ecosystem for SMEs in the UAE.”

“Numou is set to be an instrumental tool, offering unprecedented access to financial resources and support services that are crucial for the growth and scalability of these enterprises,” Al Darei continued.