Operating under the Dubai Department of Economy and Tourism (DET), the Mohammed bin Rashid Establishment for Small and Medium Enterprises Development (Dubai SME) has collaborated with Chi-X Digital Assets (CXDA), a leading AI-based fintech platform. CXDA specializes in providing short-term debt products that enhance liquidity, facilitate investment, maximize economic growth, and enable SMEs to become more bankable.
With backing from the $7 billion private equity firm JC Flowers Co, CXDA offers market solutions that allow investors, originators, and borrowers to transact in a compliant and transparent marketplace.
Dubai SME-CXDA Business Boost
This strategic partnership outlines a comprehensive roadmap that focuses on crucial elements such as financial awareness, building business capacity, and attracting global investment into the emirate through Dubai’s SME industry.
Marking a significant milestone in the region, this collaboration introduces the use of AI to provide innovative financial solutions to SMEs, showcasing the government’s commitment to embracing new fintech solutions and positioning Dubai as a major innovation hub.
Abdul Baset Al Janahi, CEO of Dubai SME, expressed the organization’s commitment to enhancing SMEs within the emirate, acknowledging their vital role in society and economic growth. He highlighted that the partnership with CXDA could contribute to growth on a larger scale by emphasizing market solutions, improving liquidity in the SME sector, and streamlining the industry.
Thierry Porte, Chairman and CEO of CXDA, commended Dubai SME’s leadership in elevating the SME sector in Dubai, expressing confidence that the partnership would bring about a new era of liquidity and growth in the sector.
Dubai’s focus on pivotal sectors, attracting investment, and fostering a conducive business atmosphere aligns with the collaboration’s goal of reshaping and revolutionizing the city’s economy and the SME finance landscape. The partnership aims to standardize key information for SMEs, facilitate easy loan applications, provide instant credit assessment, offer financial analysis tools, and provide a suite of business support tools.
Publish 9 Jan 2024
Source: https://www.arabianbusiness.com/industries/banking-finance/dubai-sme-and-joins-forces-with-ai-fintech-cxda-to-boost-business
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