Abu Dhabi Global Market (ADGM) and Mastercard have announced a collaboration to fuel the growth of the booming small and medium enterprise (SME) sector in Abu Dhabi and the wider UAE by digitalising SME payment flows.

The partnership will empower SMEs to meet their growth potential through Mastercard’s technologies and resources.

Under the collaboration, Mastercard and ADGM will offer SME cards to qualified businesses. Mastercard and ADGM will work with its 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 programme. In addition, where applicable, Mastercard will support relevant businesses through Start Path, its award-winning global startup engagement programme that provides later-stage fintech startups with access to the company’s wide fintech portfolio and everything they need to grow quickly.

Arvind Ramamurthy, Chief Market Development Officer, ADGM, said, “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. 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. We look forward to witnessing the long-term growth of the SME segment."

J.K. Khalil, Cluster General Manager, MENA East, Mastercard, added, “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."