SC Ventures, Standard Chartered’s innovation, fintech investment and ventures arm, has signed a Memorandum of Understanding (MoU) with Visa, a world leader in digital payments, to develop solutions aimed at supporting small and medium-sized enterprises (SMEs) across the Middle East and North Africa (MENA) region. A signing ceremony was held recently at the Visa 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 Gulf Cooperation Council expressed both organizations’ commitment to fostering innovation and growth for SMEs in the United Arab Emirates (UAE) and beyond.
The SME sector in the Middle East is evolving, with businesses moving beyond traditional industries such as trading and construction. This shift is driven by technological advancements and supportive government initiatives, 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 Middle East as a competitive player across a range of industries.
In the UAE alone, SMEs account for over 63.5% of the country’s non-oil GDP, making them a central element of the nation’s economic strategy. The UAE has been 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.
“This partnership represents a critical milestone in SC Ventures’ mission to strengthen the SME ecosystem in 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 SC Ventures, said.
During the 2024 Abu Dhabi Finance Week, SC Ventures signed two MoUs with prominent players 7X and LuLu Financial — to co-create an SME focused startup in the region.
The MoU sets the foundation for a proof of concept that will focus on developing a joint offering to promote SME growth. The partnership will include regular workshops and meetings to share knowledge, exchange best practices, and ensure the relevance of the solutions being developed.
“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.
As the SME sector in the MENA region continues to grow, such collaboration are essential in providing SMEs with the necessary resources and support to navigate a rapidly changing business environment. It is estimated that UAE’s SME sector alone will 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 needed to support their long-term growth.
