• The collaboration shows clear commitment to reshaping the economy and revolutionising the SME finance landscape in the emirate  
  • The partnership will target completion and standardisation of key information to provide SMEs easier access to short-term debt solutions and generate liquidity

Dubai, UAE:  The Mohammed bin Rashid Establishment for Small and Medium Enterprises Development (Dubai SME), a part of Dubai Department of Economy and Tourism (DET), has joined forces with Chi-X Digital Assets (CXDA), a leading AI-based fintech platform that provides short-term debt products that help generate liquidity, facilitate investment, maximise economic growth, and enable SMEs to be bankable. 

Backed by JC Flowers & Co, the global Private Equity firm headquartered in New York and with US$7 billion in assets under management, CXDA offers market solutions that enable investors, originators, and borrowers to transact in a compliant and transparent marketplace. The strategic partnership with Dubai SME outlines a comprehensive roadmap emphasising key elements such as financial awareness, building business capacity, and – in line with Dubai Economic Agenda (D33) – attracting global investment into the emirate through Dubai’s SME industry. For the first time in the region, this collaboration introduces the use of AI to equip SMEs with innovative financial solutions, marking a significant milestone in the advancement of the sector. The collaboration is a further indicator of the Government’s willingness to embrace new fintech solutions, making Dubai a major innovation hub.

Abdul Baset Al Janahi, CEO of Dubai SME, said: “Dubai SME seeks to enhance and raise awareness of small and medium enterprises within the emirate, while playing a central role in business support and facilitating growth through necessary industry guidance. We fully understand the significance of nurturing the sector as well as the integral role SMEs hold both within society and in growing the economy. This partnership with CXDA can underpin that growth on a bigger scale by placing emphasis on the importance of offering market solutions, improving liquidity within the SME sector, and further streamlining the industry to directly contribute to wider D33 objectives.”

Thierry Porte, Chairman and CEO CXDA, said “At CXDA, we believe in the massive, and yet unrealized, potential the SME sector of the economy plays. Our mission is to bring down the barriers that stand in the way of this potential and help unleash that power. We have found Dubai SME to be the leader with insightful vision, clarity of mission, and focus on success to elevate the SME sector in Dubai to the next level and contribute effectively to making the D33 agenda a reality. The CXDA platform offers innovation, strong governance infrastructure, and an ESG friendly solution. We are confident that our partnership with Dubai SME will usher in the new era of liquidity and growth to this sector and make a lasting and tangible difference.”

Dubai strives to strengthen its status as a leading global economic force by concentrating on pivotal sectors, attracting investment, and nurturing a conducive business atmosphere. The SME sector, identified as an important contributor to the local economy, plays a prominent role in the D33 Agenda. By fostering innovation, diversification, and sustainable expansion, the collaboration intends to help reshape and revolutionise Dubai’s economy and the SME finance landscape based on key foundational elements:

Information and Transparency: A Key Driver for Attracting Liquidity

The partnership will target the completion and standardisation of key information for SMEs from track records of companies and loans, creating the required information sets to enable entities to access finance.

Seamless Onboarding and Handheld Guided Support

Ensuring an intuitive user experience coupled with dedicated, proactive customer support to  help  quicken loan applications, the partnership will facilitate easy form completion.

Swift Decision-Making with AI: Real-Time Empowerment

Partners will utilise integration with Prime Dash’s state-of-the-art AI-Driven credit assessment tools to provide an instant outcome and evaluation of loan application.

Complete Financial Analysis Available to SMEs

Partners will offer unprecedented access to thorough financial analysis, including what-if scenarios, to help SMEs navigate the financial health of their business.

Empowering Financial Awareness and Business Support Tools

The partnership will also provide a platform to access a whole suite of business support tools, equipping companies with resources to navigate challenges and seize opportunities during their financial journey.

About Dubai Department of Economy and Tourism (DET)

With the ultimate vision of making Dubai the world’s leading commercial centre, investment hub and tourism destination, Dubai’s Department of Economy and Tourism (DET) is mandated to support the Government in positioning the emirate as a major hub for global economy and tourism, and in boosting the city’s economic and tourism competitiveness indicators, in line with the goals of the Dubai Economic Agenda, D33, which aims to double the size of the emirate’s economy and consolidate its position among the top three global cities over the next decade.

Under this remit, DET is driving efforts to further enhance Dubai’s diversified, innovative service-based economy to attract top global talent, deliver a world-class business environment and accelerate productivity growth. Additionally, DET is supporting Dubai’s vision to become the world’s best city to live and work in by promoting its diverse destination proposition, unique lifestyle and outstanding quality of life, overall.

DET is the principal authority for planning, supervising, developing and marketing Dubai’s business and tourism sectors. It is also responsible for licensing and classifying all types of businesses, including hotels, tour operators and travel agents. The DET portfolio includes Dubai Economic Development Corporation (DEDC), Dubai Business Licence Corporation (DBLC), Dubai Corporation for Consumer Protection and Fair Trade (DCCPFT), Dubai SME, Dubai Corporation for Tourism and Commerce Marketing (DCTCM), Dubai Festivals and Retail Establishment (DFRE) and Dubai College of Tourism (DCT). 

About CXDA:

CXDA is a Dubai based homegrown Fintech company, registered at the DIFC, working on closing the access to finance gap facing SMEs in the region, and building the next generation liquidity market for SMEs in the region.  Backed by JC Flowers, the leading private equity firm with 25 years of successful track record of investing in Financial Services and Fintech, CXDA’s vision, laid out by its founding team, is to develop a state-of-the-art market and channel growth capital to help SMEs meet - and exceed, their growth potential. Based on deep rooted experience, combined with innovation and strong governance infrastructure, CXDA is building the next generation solution to attract capital and liquidity and solve the challenges facing SMEs to access much needed capital. In partnership with Prime Dash LTD, a UK based Fintech specializing in AI solutions, the CXDA platform offers AI driven financial analysis, instant credit assessment.