Today's Edition
RABI HAMAMSAH (ABU DHABI)
A recent research conducted by Visa, known as the SME Megatrends report, explores the constantly changing environment of Small and Medium Enterprises (SMEs) in the UAE.
The report highlights how issuing banks can take advantage of the evolving digital and financial landscape of SMEs in the UAE to drive revenue growth, stay ahead of the competition, and impact the growth and expansion of small businesses.
Regulatory policies, funding, and digital transformation initiatives in the UAE are improving the local business environment, creating new possibilities for businesses.
In this rapidly changing environment, SMEs are quickly utilising the digital opportunity by enhancing their online visibility to attract new clients, implementing contactless and digital payment methods to remain competitive, and integrating digital tools to improve business processes.
The fast growth of digitalisation in the SME sector in the region offers numerous new revenue possibilities for banks that issue credit.
Banks can benefit from tapping into this potential by providing access to important financial products and services, which can lead to a larger customer base, higher transaction volumes, and increased revenue opportunities.
Through collaboration with Visa, banks can provide personalised financial solutions for SMEs to help drive inclusive economic development.
Salima Gutieva, Vice President and Country Manager for the UAE, Visa, stated: “Visa’s focus on empowering SMEs goes beyond facilitating transactions; it focuses on facilitating change.”
She added that [SMEs] are essential for the economies of countries around the globe, playing a crucial part in advancing growth, creativity, and job opportunities.
“In a swiftly evolving landscape, issuing banks must grasp the needs of SMEs and create tailored solutions to drive the sector’s progress."
“We believe the SME Megatrends report will assist banks in adjusting their offerings to better align with the needs of SMEs in the market. Visa aims to support economic growth by helping issuers offer essential financial products and services to SMEs. This endeavour supports the growth of SMEs and also opens up new opportunities for success, providing valuable advantages for the overall economy,” said Gutieva.
