Mastercard and ADGM partner to digitise SME payments in UAE
By Delisha Fernandes
Mastercard and Abu Dhabi Global Market (ADGM) have announced a collaboration to fuel the growth of SME sector in UAE by digitalizing SME payment flows.
The partnership will empower SMEs to meet their growth potential through Mastercard’s technologies and resources, and leveraging the recently launched ADGM SME financing platform Numou.
Hamad Sayah Al Mazrouei, the CEO of ADGM Registration Authority (RA) said, “At ADGM, our partnership with Mastercard aims to drive digital transformation in the thriving SME sector of Abu Dhabi and the UAE. It 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. We look forward to facilitating seamless business and operation management for SMEs while paving the way for sustained growth in the SME segment.”
Under the collaboration, Mastercard and ADGM 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. In addition, where applicable, Mastercard will support relevant businesses through Start Path, its global startup engagement program that provides later-stage FinTech startups with access to the company’s wide FinTech portfolio and everything they need to grow quickly.
“SMEs are the backbone of the economy. In line with our commitment to driving financial inclusion, Mastercard has pledged to bring 50 million micro, small and medium enterprises worldwide into the digital economy by 2025. To achieve our target, we are connecting small business owners to the right tools and training while helping them pay and get paid securely, access capital and go digital wherever they are. We are excited to join forces with ADGM as we enable the UAE’s SMEs to grow and thrive,” said J.K. Khalil, Cluster General Manager, MENA East, Mastercard.
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