Driving Innovation & Growth for Small Businesses
SC Ventures, the innovation and fintech investment arm of Standard Chartered, has partnered with Visa to develop cutting-edge solutions for small and medium-sized enterprises (SMEs) across the MENA region. The partnership began with a Memorandum of Understanding (MoU) at the Visa Innovation Center in Dubai. Leaders from both organizations reaffirmed their commitment to supporting SME growth in an increasingly digital economy.
Why SMEs Matter in MENA
SMEs are the backbone of the Middle Eastern economy, contributing over 63.5% of the UAE’s non-oil GDP. The region is witnessing a major shift beyond traditional industries, with businesses embracing fintech, e-commerce, and healthcare. In effect, these are sectors driven by technological advancements and government support.
The UAE’s recognition as the top country for entrepreneurship in the Global Entrepreneurship Monitor (GEM) 2023-2024 report highlights its strong focus on creating an ecosystem where small businesses can thrive.
A Strategic Partnership to Accelerate SME Growth
SC Ventures and Visa plan to develop tailored solutions that will help SMEs scale, digitize, and improve efficiency. The collaboration will include:
- Joint offerings to accelerate SME digital transformation
- Workshops & knowledge-sharing sessions for best practices
- Proof of Concept (PoC) initiatives to develop impactful fintech solutions
“This partnership is a major milestone in our mission to strengthen the SME ecosystem in MENA. We are committed to equipping SMEs with the tools and resources they need to thrive, expand, and drive sustainable growth in the global economy,” said Gautam Jain, Operating Member, SC Ventures.
Visa shares this vision, with Salima Gutieva, Visa’s Vice President & Country Manager for UAE, stating: “Visa aims at supporting economic growth in the region. This collaboration will provide SMEs with the knowledge and tools they need to accelerate their digital transformation, scale their businesses, and explore new opportunities.”
Building a Future for SMEs in MENA
The SME landscape in MENA is rapidly evolving. Moreover, estimates suggest the UAE’s SME sector alone will reach 1 million businesses by 2030.
During Abu Dhabi Finance Week 2024, SC Ventures also signed two additional MoUs with 7X and LuLu Financial. These funds aim to co-create an SME-focused startup that will further enhance financial accessibility for small businesses.
Visa has global expertise in digital payments with SC Ventures’ deep knowledge of fintech. Therefore, this collaboration focuses on empower SMEs and innovative financial solutions to drive long-term success in a rapidly changing economy.
