Leveraging Transformative AI Solutions to Revolutionise SME Operations in the Region
Through a strategic alliance with CXDA, Dubai SME accelerates the growth of SMEs and transforms startups into financially prepared companies.
Dubai SME, a branch of the Dubai Department of Economy and Tourism, has teamed up with Chi-X Digital Assets (CXDA), a prominent AI-based fintech platform specializing in short-term debt products. These products aim to enhance liquidity, facilitate investment, foster economic growth, and make small and medium-sized enterprises (SMEs) more bankable. Backed by JC Flowers & Co, a global private equity firm headquartered in New York with assets totalling US$7 billion, CXDA provides market solutions for compliant and transparent transactions among investors, originators, and borrowers. The partnership demonstrates a definite commitment to changing the economy and the SME financing environment in the emirate. To give SMEs easier access to short-term loan alternatives, the alliance will focus on the completion and standardisation of critical information and produce liquidity.
This strategic collaboration with Dubai SME outlines a comprehensive roadmap focusing on crucial aspects such as financial awareness, business capacity building, and, in alignment with the Dubai Economic Agenda (D33), attracting global investments into the emirate through its SME industry. Notably, this partnership introduces AI to provide innovative financial solutions to SMEs for the first time in the region, marking a significant milestone in advancing the sector and showcasing the government's commitment to embracing fintech solutions and positioning Dubai as a major innovation hub.
Dubai is committed to reinforcing its position as a leading global economic powerhouse by concentrating on key sectors, attracting investments, and fostering a conducive business environment. The SME sector, recognised as a vital contributor to the local economy, is prominent in the D33 Agenda. The collaboration between Dubai SME and CXDA aims to reshape and revolutionise Dubai's economy and the SME finance landscape through innovation, diversification, and sustainable expansion.
The partnership focuses on key foundational elements to achieve its objectives:
> Information and Transparency as a Driver for Liquidity Attraction: The collaboration aims to standardise and complete key information for SMEs from company and loan track records, creating the necessary information sets to facilitate access to finance.
> Seamless Onboarding and Handheld Guided Support: By ensuring an intuitive user experience and offering dedicated, proactive customer support to expedite loan applications, the partnership aims to streamline the process with easy form completion.
> Swift Decision-Making with AI for Real-Time Empowerment: Utilizing integration with Prime Dash's advanced AI-driven credit assessment tools, the partners aim to provide instant outcomes and evaluations of loan applications.
> Complete Financial Analysis Accessible to SMEs: Unprecedented access to thorough financial analysis, including what-if scenarios, will be offered to help SMEs navigate the financial health of their businesses.
> Empowering Financial Awareness and Business Support Tools: The collaboration provides a platform for accessing a comprehensive suite of business support tools, equipping companies with resources to navigate challenges and seize opportunities during their financial journey.
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