SC Ventures, the innovation and fintech investment arm of Standard Chartered, has announced a partnership with Visa to enhance support for small and medium-sized enterprises (SMEs) across the Middle East and North Africa (MENA) region. The agreement, formalized through a Memorandum of Understanding (MoU) at the Visa Innovation Center in Dubai, aims to develop solutions that foster SME growth and innovation.

Rola Abu Manneh, CEO of Standard Chartered Middle East, UAE, and Pakistan, alongside Dr. Saeeda Jaffar, Visa’s Senior Vice President and Group Country Manager for the Gulf Cooperation Council, emphasized their commitment to nurturing the SME landscape in the UAE and the broader MENA region. This collaboration reflects the evolving SME sector, which is increasingly moving beyond traditional industries such as trading and construction, driven by technological advancements and supportive government initiatives.

In the UAE, SMEs are crucial, contributing over 63.5% to the country’s non-oil GDP, making them integral to the national economic strategy. The UAE has also been recognized as the top country globally for fostering entrepreneurship in the Global Entrepreneurship Monitor (GEM) report for 2023-2024, highlighting its focus on creating a conducive environment for small businesses.

Gautam Jain, Operating Member of SC Ventures, stated that this partnership is a significant milestone in strengthening the SME ecosystem in the MENA region. He expressed the organizations’ dedication to providing SMEs with essential tools and resources to thrive in a digital and interconnected global economy.

Additionally, during the 2024 Abu Dhabi Finance Week, SC Ventures signed two more MoUs with significant players 7X and LuLu Financial to co-create an SME-focused startup in the region. The current MoU lays the groundwork for a proof of concept that will emphasize developing joint offerings to promote SME growth, including regular workshops and meetings to share knowledge and best practices.

Visa’s Vice President and Country Manager for the UAE, Salima Gutieva, noted that the collaboration aims to support economic growth by equipping SMEs with tools and knowledge necessary for digital transformation, expanding their businesses, improving efficiency, and exploring new growth avenues.

With expectations that the UAE’s SME sector will reach 1 million entities by 2030, this partnership between SC Ventures and Visa is a pivotal step in enhancing the SME ecosystem in MENA. By merging Visa’s global payment technology with SC Ventures’ fintech expertise, the collaboration seeks to provide SMEs with vital solutions for sustained growth.