- SC Ventures and Visa have partnered to provide financial solutions for SMEs in the MENA region, fostering digital growth.
- SMEs contribute over 63.5% of the UAE’s non-oil GDP, with government support driving their expansion into new sectors.
- The collaboration includes workshops and fintech initiatives to help SMEs scale and navigate the evolving digital economy.
SC Ventures, the innovation and fintech investment arm of Standard Chartered, has partnered with Visa to support small and medium-sized enterprises (SMEs) in the Middle East and North Africa (MENA). This collaboration aims to provide innovative financial solutions, helping SMEs grow in an evolving digital economy.
The two companies signed a Memorandum of Understanding (MoU) at the Visa Innovation Center in Dubai. The signing ceremony was attended by 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 the Gulf Cooperation Council (GCC).
Strengthening the SME Ecosystem
SMEs are a crucial part of the MENA economy, particularly in the UAE, where they contribute over 63.5% of the non-oil GDP. The UAE has been recognized as a global leader in entrepreneurship, ranking first in the Global Entrepreneurship Monitor (GEM) report for 2023-2024.
With technological advancements and supportive government policies, SMEs are expanding beyond traditional industries like construction and trade into fintech, e-commerce, and healthcare. The SC Ventures-Visa partnership will help businesses navigate this transition by offering innovative payment solutions and financial tools.
A Vision for Growth and Digital Transformation
Gautam Jain, Operating Member at SC Ventures, highlighted the importance of the collaboration, stating, “This partnership represents a critical milestone in SC Ventures’ mission to strengthen the SME ecosystem in the MENA region. We are committed to equipping SMEs with the tools and resources to thrive in the digital economy.”
Visa’s Vice President and Country Manager for the UAE, Salima Gutieva, echoed this sentiment. She emphasized that Visa’s focus is on supporting economic growth by helping SMEs accelerate their digital transformation, improve efficiency, and explore new opportunities.
Key Initiatives Under the Partnership
The MoU lays the foundation for a proof of concept that will lead to a joint offering for SME growth. The collaboration includes regular workshops and knowledge-sharing sessions to ensure that SMEs receive relevant and effective solutions.
SC Ventures has also been actively working to enhance SME financial services. During the 2024 Abu Dhabi Finance Week, it signed MoUs with fintech firms 7X and LuLu Financial to co-create an SME-focused startup in the region.
Future Impact on SMEs in MENA
As the SME sector in the MENA region continues to expand, initiatives like this collaboration will be instrumental in providing businesses with the necessary financial resources and digital tools. The UAE’s SME sector alone is expected to reach one million businesses by 2030, demonstrating the immense potential for growth in this space.
By combining Visa’s global expertise in digital payments with SC Ventures’ fintech capabilities, this partnership is set to make a significant impact on the region’s SME landscape. Entrepreneurs in the MENA region can look forward to enhanced financial support, improved digital solutions, and better opportunities to scale their businesses in an increasingly digital world.
Last Updated on March 4, 2025 by Safiya K
