SC Ventures, the innovation and investment arm of Standard Chartered Bank, has signed a memorandum of understanding (MoU) with Visa to develop innovative solutions supporting small and medium enterprises (SMEs) in the Middle East and North Africa region.
This partnership comes amid rapid changes in the SME sector, which now spans emerging fields such as fintech, e-commerce, and healthcare, alongside traditional sectors.
In the UAE, SMEs are a cornerstone of the economy, contributing over 63.5% of the non-oil GDP.
This collaboration aims to bolster entrepreneurial support, especially as the number of SMEs in the UAE is expected to reach one million by 2030.
