SC Ventures, Standard Chartered’s innovation, fintech investment and ventures arm, signed today a memorandum of understanding with Visa to develop solutions aimed at supporting small and medium-sized enterprises (SMEs) across the Middle East and North Africa (MENA) region.
“This partnership represents a critical milestone in SC Ventures’ mission to strengthen the SME ecosystem in the MENA region. Through this partnership, we are committed to equipping SMEs with the tools and resources to thrive, expand and drive sustainable growth in the increasingly digital and interconnected global economy,” said Gautam Jain, operating member at SC Ventures.
Visa recently held the signing ceremony at its Innovation Center in Dubai where 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 expressed both organizations’ commitment to fostering innovation and growth for SMEs in the UAE and beyond.
Accelerating digital transformation and efficiency
The SME sector in the MENA region is evolving, with businesses moving beyond traditional industries such as trading and construction. Technological advancements and supportive government initiatives are further driving this shift, enabling SMEs to explore new opportunities in sectors like fintech, e-commerce and healthcare.
This trend is part of a broader regional effort to diversify economies and reduce dependence on oil, positioning the region as a competitive player across a range of industries.
In the UAE alone, SMEs account for over 63.5 percent of the country’s non-oil GDP, making them a central element of the nation’s economic strategy. The UAE also ranked first globally for fostering entrepreneurship in the Global Entrepreneurship Monitor (GEM) report for 2023-2024, highlighting the country’s focus on creating an environment where small businesses can succeed.
“Visa is focused on supporting economic growth in the region. This collaboration with SC Ventures will help provide SMEs with the tools and knowledge they need to accelerate their digital transformation as well as to expand their business, improve efficiency and explore new growth avenues,” said Salima Gutieva, Visa’s vice president and country manager for UAE.
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SME solutions for long-term growth
As the SME sector in the MENA region continues to grow, such collaborations are essential in providing SMEs with the necessary resources and support to navigate a rapidly changing business environment. The UAE’s SME sector alone will likely reach 1 million by 2030.
The partnership between SC Ventures and Visa represents a significant step in the development of the SME ecosystem in MENA. By combining Visa’s global payment technology with SC Ventures’ expertise in fintech, this collaboration aims to provide SMEs with the solutions they need to support their long-term growth.
During the 2024 Abu Dhabi Finance Week, SC Ventures also signed two MoUs with prominent players 7X and LuLu Financial, to co-create an SME-focused startup in the region.
