SC Ventures by Standard Chartered, known for fostering groundbreaking ventures within and beyond banking, has signed an MOU with Microsoft to enhance digital commerce and financing for SMEs. This partnership will explore co-creating AI and cloud-based solutions. The initiative is driven by SC Ventures’ portfolio company, Project Hal, a B2B SME-focused platform based in the UAE.
SMEs play a crucial role in the UAE economy, contributing over 60% to the non-oil GDP. However, many face challenges in accessing growth and formal financing due to credit history, manual operations, and fragmented data. Project Hal, backed by Microsoft, aims to bridge this gap with AI-powered solutions for SMEs. These solutions will explore customer behavior analytics, secure data sharing, and digital touchpoints to drive the next growth phase in the region. Hal aspires to be a ‘born-in-AI’ growth platform for SMEs in the GCC, featuring a conversational, agent-first platform enhanced by a partner ecosystem that facilitates cross-border trade.
This collaboration leverages Microsoft and SC Ventures’ strengths to develop the Hal platform, offering scalable tech solutions for SMEs, starting in the Middle East. SC Ventures will contribute its expertise in building SME-led ventures, while Microsoft focuses on AI technology leadership.
Alex Manson, CEO of SC Ventures by Standard Chartered, stated: “Commerce, supply chains, and SMEs are vital to a nation, and SC Ventures has prioritized empowering this ecosystem with better financing access. With Microsoft’s aid in developing AI-native solutions, we aim to facilitate easier, more efficient SME growth.”
The partnership will explore innovative tech solutions, including AI, to support SMEs, focusing on providing access to e-commerce and embedded financing, and reaching businesses that can benefit from joint go-to-market strategies.
Rodrigo Kede Lima, Microsoft Asia President, commented: “Our collaboration with SC Ventures empowers SMEs with cutting-edge cloud and AI technologies. By unlocking new innovation and growth avenues, we reaffirm our commitment to helping businesses of all sizes thrive in an AI-first world.”
