What Drove The OneConnect (OCFT) Stock Higher In After-Hour Trades?

Following a step toward growth in the Gulf, OneConnect Financial Technology Co. Ltd. (NYSE: OCFT) increased 11.08% to $0.6999 in after-hours trading on the most recent check Thursday.

Where has OCFT been growing?

Today, OneConnect (OCFT), the major international financial hub of the capital of the United Arab Emirates (UAE), launched OneConnect Smart Technology (ME) Limited at the Abu Dhabi Global Market (ADGM).

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  • The ADGM SME Financial Platform, an integrated digital finance marketplace that will change the financing services environment for small and medium companies (SMEs) in the UAE, was previously announced as receiving assistance from OCFT.
  • The goal of the intelligent marketplace is to increase customer satisfaction for both SMEs and their financing partners while also advancing financial inclusion, increasing transparency, reducing the cost of finance operations for SMEs, and all-around lowering costs.
  • The ADGM SME Financing Platform will be a free and open digital finance platform that makes it easier for SMEs to acquire capital.
  • The platform will enable better, quicker, and more risk-appropriate financing decisions by acting as a marketplace connecting various key stakeholders, including SMEs, multi-lenders, and data sources from government agencies, and supported by a robust loan origination process that enables seamless data transfer.
  • OCFT launched the End to End Digital Banking Solutions Suite, OneCosmo, to business counterparts in the UAE during the event.
  • OneCosmo is the outcome of a partnership between OneConnect and Pismo, a cloud-native core processing platform from Brazil.
  • As of August 31, more than 50 million new accounts have used the technical tools on the OneCosmo platform, registering more than 2 billion transactions with a combined value of more than US$109 billion.

How will OCFT progress go forward?

OneConnect (OCFT) will be in a better position to contribute to the digital transformation of the banking sector within the MENA region thanks to two successful collaboration efforts with AGDM and the recently created OneConnect Smart Technology office in Abu Dhabi. OneConnect Smart Technology increases the size of its Middle Eastern presence. With the assistance of the partnership, OCFT will be able to use its experience creating digital financial solutions for SMEs both within the UAE and eventually throughout the Middle East and North Africa (MENA).