Gulf CountriesStartups

CredibleX Obtains FSRA License and Expands its Scope to Support Small and Medium Enterprises in the UAE

CredibleX, a leading integrated finance platform in the Middle East, has announced a significant expansion of its operations by obtaining an accredited license from the Financial Services Regulatory Authority (FSRA) in the Abu Dhabi Global Market (ADGM). This milestone marks a pivotal moment in the platform’s history, empowering it to bolster trust among its clients and partners while conducting its activities within a robust regulatory framework efficiently.

In this context, CredibleX has unveiled crucial partnership agreements, including its collaboration with the Abu Dhabi Global Market to support the digital financing platform for small and medium-sized enterprises (SMEs) called “Numou.” Its efforts have not been confined to this initiative alone but have extended to other partnerships in the fast-moving financial services and consumer goods sectors.

CredibleX’s vision revolves around supporting companies by providing immediate and reliable financing solutions on a broad scale. The platform aims to reach out to 20,000 small and medium-sized companies by the year 2024, demonstrating its commitment to fostering economic growth in the region.

Regarding statements made by Salem Mohammed AlDhaheri, CEO of the Abu Dhabi Global Market, he affirmed their reception of CredibleX and welcomed them as a supporting partner for Numou. This affirmation underscores the market’s dedication to supporting financial solutions for small and medium-sized enterprises to bolster economic growth in the country.

Ahmed Malik, founder of CredibleX, emphasized the importance of supporting small and medium-sized companies. He highlighted the challenges these companies face in acquiring necessary funding to expand their business operations, underscoring the significance of integrated financing that facilitates quick and simplified access to credit.

CredibleX’s technology stands out for its ability to assess credit risks instantly, enabling companies to obtain approvals and financing at a faster pace than previously achievable. This step solidifies the platform’s position as a frontrunner in providing integrated financing solutions.

Thanks to these efforts, CredibleX aspires to support these companies and help them maximize their potential, focusing on fostering entrepreneurship and supporting small and medium-sized enterprises in the UAE to enhance their role in economic growth.

This scenario underscores the critical need for integrated financing, serving as a fundamental lever to support these companies and bolster their growth, highlighting the current market gap where only 20% of loans are granted to small and medium-sized enterprises.

Through these innovative and novel approaches, CredibleX seeks to play a pivotal role in supporting small and medium-sized enterprises by offering innovative financial solutions that effectively support them in achieving their ambitions and developing their businesses.

Related Articles

Back to top button