How Will This MoU Propel SME Growth in the UAE?
In a powerful new alliance, SC Ventures, the innovation and fintech investment arm of Standard Chartered, has teamed up with Visa, a global leader in digital payments, to create tailored solutions that support the growth of SMEs across the MENA region.
The partnership was formalised with a MoU signed during a ceremony at the Visa Innovation Center in Dubai. Present at the signing were two influential leaders: Rola Abu Manneh, CEO of Standard Chartered Middle East, UAE and Pakistan, and Dr. Saeeda Jaffar, Visa’s Senior Vice President and Group Country Manager for the GCC. Both expressed their strong commitment to driving innovation and economic growth for SMEs in the UAE and beyond.
The timing of this partnership couldn’t be more ideal. The SME sector in the Middle East is undergoing a transformation, with businesses exploring opportunities beyond traditional industries like trading and construction. Advances in technology and supportive government initiatives are opening doors to sectors such as fintech, e-commerce, and healthcare, contributing to the region’s efforts to diversify its economy and reduce reliance on oil.
In the UAE, SMEs are a cornerstone of the economy, accounting for more than 63.5 percent of the country’s non-oil GDP. The UAE has also been ranked first globally in fostering entrepreneurship, according to the Global Entrepreneurship Monitor (GEM) report for 2023-2024. This speaks volumes about the nation’s focus on creating an environment where small businesses can flourish.
Gautam Jain, Operating Member of SC Ventures, highlighted the importance of the partnership, stating, “This collaboration represents a key milestone in our mission to strengthen the SME ecosystem in the MENA region. We are committed to providing SMEs with the tools and resources they need to thrive, grow, and drive sustainable growth in the increasingly digital and interconnected global economy.”
As part of the Abu Dhabi Finance Week 2024, SC Ventures also signed two additional MoUs with prominent players, 7X and LuLu Financial, with the aim of co-creating a startup that will specifically target the SME market. These partnerships will be essential in fostering innovation and providing the much-needed resources to accelerate SME growth.
The MoU with Visa is a pivotal first step, laying the foundation for a proof of concept that will lead to a joint offering designed to promote SME expansion. The collaboration will involve regular workshops and knowledge-sharing sessions to ensure the solutions developed are both relevant and impactful.
Salima Gutieva, Visa’s Vice President and Country Manager for the UAE, emphasised Visa’s commitment to the region’s economic growth: “This collaboration with SC Ventures will help provide SMEs with the tools and knowledge they need to accelerate their digital transformation, improve efficiency, and explore new growth avenues.”
As the SME sector in the MENA region continues to expand, partnerships like these are crucial in ensuring businesses have the support and resources necessary to navigate an ever-evolving business landscape. By 2030, it’s estimated that the UAE’s SME sector alone will reach 1 million businesses, underscoring the importance of these initiatives.
In combining Visa's global payment expertise with SC Ventures' fintech experience, this partnership aims to provide SMEs in the MENA region with the solutions they need for long-term success and growth.
