In a significant move to strengthen the growth of small and medium-sized enterprises (SMEs) across the Middle East and North Africa (MENA), SC Ventures, the innovation and fintech arm of Standard Chartered, has joined forces with Visa, a global leader in digital payments. This partnership aims to equip SMEs with the necessary tools and resources to thrive in an increasingly digital economy.
The collaboration was formalized at a ceremony held at the Visa Innovation Center in Dubai, where key figures from both organizations expressed their commitment to fostering innovation and growth for SMEs in the UAE and beyond. This initiative comes at a time when the SME sector in the Middle East is undergoing a transformation, shifting away from traditional industries like trading and construction towards sectors such as fintech, e-commerce, and healthcare. This shift is driven by technological advancements and supportive government initiatives, part of a broader regional effort to diversify economies and reduce dependence on oil.
In the UAE alone, SMEs play a pivotal role, accounting for over 63.5% of the country’s non-oil GDP. The UAE has been recognized globally for its entrepreneurial environment, ranking first in the Global Entrepreneurship Monitor (GEM) report for 2023-2024. This highlights the country’s focus on creating an environment conducive to small business success.
Gautam Jain, Operating Member of SC Ventures, noted, “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.”
The partnership between SC Ventures and Visa will involve developing joint offerings to promote SME growth, including regular workshops and meetings to share knowledge and best practices. This collaboration is essential for providing SMEs with the necessary resources to navigate a rapidly changing business environment. As the SME sector in MENA continues to grow, such partnerships are crucial for supporting their long-term success.
Visa’s Vice President and Country Manager for UAE, Salima Gutieva, emphasized the importance of this collaboration, stating that it will help SMEs accelerate their digital transformation, improve efficiency, and explore new growth avenues. By combining Visa’s global payment technology with SC Ventures’ fintech expertise, this partnership aims to provide SMEs with the solutions needed to support their long-term growth. With the UAE’s SME sector projected to reach 1 million by 2030, initiatives like this are vital for fostering a vibrant and sustainable business ecosystem in the region.
