A strategic partnership announced today brings together New York-based fintech company Biz2Credit and Magnati, a prominent Abu Dhabi payments group backed by global investment firm Brookfield. This collaboration, powered by artificial intelligence (AI) and real-time payment data, aims to facilitate a significant $1 billion in loans for small and medium-sized enterprises (SMEs) within the Emirate.
Biz2Credit, a leader in the US small business lending sector, leverages AI-powered technology to streamline and expedite loan application processes for SMEs. This expertise, combined with Magnati's extensive reach and experience within the Abu Dhabi payments landscape, paves the way for a unique and beneficial offering for Emirati businesses.
The $1 billion loan program will utilize AI-driven credit analysis to assess the financial health and creditworthiness of SMEs. This technology allows for faster turnaround times and facilitates access to capital for businesses that might face traditional hurdles in securing loans through conventional methods. Additionally, the program will leverage real-time payment data provided by Magnati to further enhance the credit assessment process, providing a more comprehensive and accurate picture of an applicant's financial standing.
"We are thrilled to partner with Magnati to bring our AI-powered lending solutions to the vibrant SME ecosystem in Abu Dhabi," stated Rohit Arora, Chief Executive Officer of Biz2Credit. "This collaboration allows us to offer faster, more efficient loan options to businesses that are the backbone of the Emirati economy."
Magnati, established in 2021 through a partnership between Brookfield and Mubadala Investment Company, is a leading provider of integrated payment solutions in Abu Dhabi. The company aims to facilitate seamless and secure financial transactions across the Emirate.
"This partnership aligns perfectly with our mission to empower businesses in Abu Dhabi," commented Shaher Fayed, Chief Executive Officer of Magnati. "By leveraging AI and real-time data, we can provide SMEs with the financial resources they need to thrive and contribute to the continued growth of the Emirati economy."
The collaboration between Biz2Credit and Magnati signifies a significant development in the financial landscape of Abu Dhabi. The integration of AI-powered technology and comprehensive financial data is expected to streamline access to capital for SMEs, fostering economic growth and empowering local businesses to navigate the competitive landscape. This partnership also highlights the increasing role of fintech in facilitating financial inclusion and supporting the growth of the SME sector in the region.