The Abu Dhabi Global Market (ADGM) has partnered with Mastercard to fuel the growth of the booming small and medium enterprise (SME) sector in Abu Dhabi and the wider UAE.
The partnership will empower SMEs to meet their growth potential through Mastercard’s technologies and resources.
Mastercard and ADGM will offer SME cards to qualified businesses as part of the deal. The two entities will work with local banking partners to issue SME cards, which will offer a seamless and secure way to manage business expenses.
Beyond card offerings, small businesses can also participate in Mastercard’s SME business education program. Mastercard will also support relevant businesses through Start Path, the payments’ global startup engagement program that provides later-stage fintech startups with access to the company’s wide fintech portfolio.
“At ADGM, we seek to play a prominent role in building a robust SME ecosystem in the UAE and creating a conducive environment for small businesses to succeed,” said Arvind Ramamurthy, Chief Market Development Officer at ADGM.
“Our partnership with Mastercard will allow us to provide SMEs with a curated value proposition that meets the full spectrum of their requirements so that business owners can focus on developing their offerings and pursuing new opportunities.”
The UAE’s shift to a digital economy continues to accelerate as SMEs increasingly embrace digital payments. However, Mastercard’s research on SME awakening shows that many of them feel discouraged from using business payment solutions and opt for personal banking products instead.
Reasons include high fees, difficulty of use and the fact that some companies are simply not big enough to qualify for mainstream business banking. SMEs are key drivers of economic diversification and digital transformation in the UAE.
