- SC Ventures Collaborates with Visa to Develop Innovative Programs for Startups and SMEs
- The Partnership Includes Support for Fintech, E-Commerce, and Healthcare Services
SC Ventures, the innovation and technology investment arm of Standard Chartered Bank, has signed a memorandum of understanding with Visa to develop innovative solutions aimed at supporting small and medium-sized enterprises (SMEs) in the Middle East and North Africa (MENA) region.
This partnership comes at a time when the SME sector is undergoing significant transformation, expanding beyond traditional industries such as trade and construction into emerging fields like fintech, e-commerce, and healthcare.
In the UAE, SMEs play a vital role in the economy, contributing over 63.5% of the country’s non-oil GDP. The nation also ranks first globally in supporting entrepreneurship, according to the Global Entrepreneurship Monitor 2023-2024 report.
Commenting on the partnership, Gautam Jain, Executive at SC Ventures, stated:
“This collaboration marks a significant milestone in our mission to strengthen the SME ecosystem in the region. We are committed to equipping these businesses with the necessary tools and resources to thrive and expand.”
Salima Joutieva, Vice President and Country Manager for Visa in the UAE, emphasized the importance of the initiative, saying:
“Visa is dedicated to driving economic growth in MENA.
This partnership will enable us to support SMEs by providing them with the tools and knowledge needed to accelerate their digital transformation.”
With the number of SMEs in the UAE expected to reach one million by 2030, such strategic collaborations are essential in empowering entrepreneurs and equipping them with the resources needed to navigate an evolving business landscape.
