SC Ventures, the innovation, fintech investment, and ventures arm of Standard Chartered, has signed a MoU with Visa to develop solutions supporting SMEs in MENA.
The SME sector in the Middle East is evolving, with businesses expanding beyond traditional industries such as trading and construction.
This shift, driven by technological advancements and government initiatives, has led to growth in fintech, e-commerce, and healthcare, contributing to broader economic diversification efforts.
In the UAE, SMEs account for over 63.5% of the non-oil GDP.
The country ranked first globally for fostering entrepreneurship in the Global Entrepreneurship Monitor (GEM) 2023-2024 report.
“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.
During the 2024 Abu Dhabi Finance Week, SC Ventures signed MoUs with 7X and LuLu Financial to co-create an SME-focused startup in the region.
The MoU with Visa will establish a proof of concept for a joint offering to promote SME growth. The collaboration will involve regular workshops and meetings to exchange best practices and ensure solutions remain relevant.
“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.
With the UAE’s SME sector projected to reach one million businesses by 2030, such partnerships are key to providing SMEs with the necessary resources to navigate an evolving business environment.
The collaboration between SC Ventures and Visa aims to combine Visa’s global payment technology with SC Ventures’ fintech expertise to support long-term SME growth in the region.
Featured image credit: SC Ventures
