Partnership to Empower UAE’s SME Community
Mastercard and Abu Dhabi Global Market (ADGM) have joined forces in an effort to support and foster the growth of small and medium enterprises (SMEs) in Abu Dhabi and the wider UAE by digitizing SME payment processes. This collaboration aims to enable SMEs to unlock their growth potential through the utilization of Mastercard’s technologies and resources.
As part of this partnership, Mastercard and ADGM will provide SME cards to eligible businesses. These SME cards, issued in collaboration with local banking partners, will offer a convenient and secure way for SMEs to manage their business expenses seamlessly.
In addition to the card offerings, small businesses will also have the opportunity to participate in Mastercard’s SME business education program. Furthermore, qualifying businesses may receive support through Start Path, Mastercard’s global startup engagement program designed to assist later-stage fintech startups with access to the company’s extensive fintech portfolio.
Arvind Ramamurthy, Chief Market Development Officer at ADGM, expressed optimism about the collaboration, highlighting the goal of creating a supportive environment for SMEs to thrive and succeed in the UAE. Similarly, J.K. Khalil, Cluster General Manager, MENA East at Mastercard, emphasized the importance of SMEs in the economy and Mastercard’s commitment to including 50 million micro, small, and medium enterprises globally in the digital economy by 2025.
The move towards a digital economy in the UAE is progressing rapidly as SMEs increasingly adopt digital payment solutions. Despite this trend, research indicates that many SMEs find traditional business payment solutions challenging and resort to personal banking products instead. Mastercard aims to address these issues by offering tailored solutions to SMEs, positioning them for growth and diversification.
SMEs play a vital role in economic diversification and digital transformation in the UAE. According to government data, SMEs contribute significantly to the nation’s non-oil GDP, with projections indicating that the number of SMEs in the country will reach 1 million by 2030. This collaboration between Mastercard and ADGM is poised to empower SMEs in the UAE to expand, innovate, and thrive in the evolving business landscape.