7X, the leading group in trade, transport and logistics, launched ADEED Finance, a specialised digital platform powered by its fintech arm, FINTX. The platform connects financing needs of businesses, particularly small and medium-sized enterprises (SMEs), with solutions offered by participating banks and financial institutions, according to a press communique.
ADEED Finance is a dedicated channel within the wider ADEED ecosystem, the UAE Supply Chain Support Platform. It expands the scope of support available to businesses beyond logistics and operational services by addressing financing requirements connected to their commercial activities and supply chains.
The platform supports referrals across several financing pathways, including trade finance, working capital finance, supply chain finance, receivables and invoice financing, letters of credit, bank guarantees and Sharia-compliant solutions.
First phase
The first phase of ADEED Finance brings together First Abu Dhabi Bank, Abu Dhabi Commercial Bank, Emirates NBD, National Bank of Fujairah and Numou, establishing a growing network of financial ecosystem partners capable of addressing a broad range of business and SME financing requirements.
“The resilience and competitiveness of an economy depend on supply chains that can adapt, and on businesses having access to the tools they need to meet their commitments, seize opportunities and grow. As logistics, finance and data become increasingly interconnected, the strength of this relationship is shaping the speed, continuity and efficiency of trade,” explained Tariq Al Wahedi, Group CEO, 7X.
Financing requirement
“Presenting each financing requirement within its commercial and operational context, supported by the information and documentation required by the relevant institution, creates a more efficient and transparent application journey for all parties,” commented Malaz Mubaid, CEO, FINTX.
ADEED connects government entities, businesses, service providers and operational capabilities through a unified digital platform, enabling support requirements to be submitted, assessed and directed to the entities best equipped to respond.
