SC Ventures, the innovation, fintech investment and ventures arm of Standard Chartered, has signed a Memorandum of Understanding (MoU) with Visa to support small and medium-sized enterprises (SMEs) across the Middle East and North Africa (MENA) region.
During the signing ceremony, held at the Visa Innovation Center in Dubai, 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 affirmed both organizations’ commitment to fostering innovation and growth for SMEs in the UAE and beyond.
The Middle East’s SME sector is witnessing rapid growth, 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 unlock new opportunities in sectors such as fintech, eCommerce, and healthcare.
This comes as part of the region’s broader vision to diversify economies and reduce dependence on oil, positioning the Middle East as a competitive player across a range of industries.
Gautam Jain Operating Member – SC Ventures
“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.”
During the 2024 Abu Dhabi Finance Week, SC Ventures signed two MoUs with prominent players, 7X and LuLu Financial, aimed at co-creating 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 foster 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,” added Salima Gutieva, Visa’s Vice President and Country Manager for UAE.
As the SME sector in the MENA continues to evolve, such collaboration plays a crucial role 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.
This partnership marks a key step in the development of the SME ecosystem in MENA. By integrating Visa’s global payment technology with SC Ventures’ expertise in fintech, this collaboration is set to provide SMEs with the solutions needed to support their long-term growth.
