CredibleX Aims to Support 20,000 SMEs in 2024 with new Lending Solutions

CredibleX Aims to Support 20,000 SMEs in 2024 with new Lending Solutions

CredibleX has received licenses from the Financial Services Regulatory Authority (FSRA) in the Abu Dhabi Global Market (ADGM), marking a new era in its mission to revolutionize SME lending. This approval positions it as a key player in the UAE’s financial services landscape, especially for small and medium-sized enterprises (SMEs). The company's embedded finance platform is designed to provide SMEs with instant access to lending solutions, aiming to reach an ambitious target of supporting 20,000 SMEs in 2024.CredibleX is addressing a critical sector of the economy in line with the UAE’s National Agenda for Entrepreneurship and SMEs, with the number of SMEs projected to double by 2030 to more than 1 million across the UAE alone. Despite representing 90 percent of businesses, only 10 percent of loans currently go to SMEs. Globally, according to The International Finance Corporation, around 65 million, or 40 percent, of formal micro, small, and medium enterprises in emerging markets have an unmet financing need of $5.2 trillion every year, according to World Bank. New forms of embedded financing play an essential role in supporting these businesses.Co-Founder of CredibleX, Ahmad Malik, highlighted the potential impact of this initiative, stating that over 60 percent of the UAE's