Dubai SME Takes a Leap with CXDA: An Ultimate Move for SMEs
Mokshita P.
10x Industry

Dubai SME Takes a Leap with CXDA: An Ultimate Move for SMEs

Dubai SME and Chi-X Digital Assets form a partnership, introducing AI-driven fintech solutions for SMEs. Backed by JC Flowers & Co, the collaboration aims to enhance financial awareness, streamline processes, and attract global investments, aligning with Dubai's Economic Agenda.

The Mohammed bin Rashid Establishment for Small and Medium Enterprises Development has announced a partnership with Chi-X Digital Assets, a leading AI-based fintech platform specialising in short-term debt products. As part of the Dubai Department of Economy and Tourism, Dubai SME aims to utilize CXDA's innovative financial solutions to foster growth, enhance liquidity, and attract global investment into the emirate's burgeoning SME industry.

CXDA, supported by JC Flowers & Co, a global Private Equity firm based in New York with assets totalling US$7 billion, is set to introduce AI-driven tools to empower SMEs and streamline financial processes in the region. This collaboration represents a significant milestone as it marks the first instance of AI integration to equip SMEs with financial solutions, reinforcing Dubai's commitment to becoming a major fintech innovation hub.

Abdul Baset Al Janahi, CEO of Dubai SME, emphasised the importance of the collaboration, stating, “This partnership with CXDA can underpin 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 of CXDA, expressed confidence in the partnership's ability to usher in a new era of liquidity and growth for Dubai's SME sector, saying, “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.”

Key foundational elements of the collaboration include:

1. Information and Transparency: The partnership aims to standardise key information for SMEs, enhancing transparency and providing the necessary data for entities to access finance.

2. Seamless Onboarding and Handheld Guided Support: The collaboration will prioritise an intuitive user experience and proactive customer support to expedite loan applications, facilitating easy form completion.

3. Swift Decision-Making with AI: Integrating with Prime Dash’s AI-driven credit assessment tools, partners will provide instant outcomes and evaluations of loan applications, ensuring real-time empowerment.

4. Complete Financial Analysis: SMEs will gain unprecedented access to thorough financial analysis, including what-if scenarios, to navigate the financial health of their business.

5. Empowering Financial Awareness and Business Support Tools: The partnership will offer a platform providing a suite of business support tools, equipping companies with resources to navigate challenges and seize opportunities during their financial journey.

As Dubai focuses on strengthening its position as a global economic force, the collaboration between Dubai SME and CXDA signals a commitment to fostering innovation, diversification, and sustainable expansion in the SME sector. The partnership aims to reshape Dubai’s economy, bringing about transformative changes in the SME finance landscape.