SC Ventures, the innovation and ventures arm of Standard Chartered, has announced a collaboration with Microsoft to co-create a new AI and cloud-based platform aimed at empowering Small and Medium-sized Enterprises (SMEs) in the UAE. The initiative, named Project Hal, will be a B2B platform headquartered in the UAE, designed to enhance digital commerce and access to financing for the region’s businesses.
Addressing the SME Financing Gap
SMEs are a cornerstone of the UAE’s economy, contributing to over 60% of the nation’s non-oil GDP. Despite their significance, many face challenges in securing formal financing and scaling their operations due to fragmented data, manual processes, and insufficient credit histories. Project Hal aims to bridge this critical gap by leveraging artificial intelligence to deliver sophisticated solutions. The platform will explore tools for customer behavior analytics, secure data sharing, and enhanced digital touchpoints to support SME growth.
Project Hal A Born-in-AI Growth Platform
Envisioned as a “born-in-AI” growth engine for SMEs across the GCC, Hal will be a conversational, agent-first platform. It aims to simplify complex processes for business owners through an intuitive interface, enriched by a partner ecosystem that facilitates cross-border trade and other essential services. The goal is to provide a comprehensive and seamless digital environment where SMEs can thrive.
A Strategic Partnership
The collaboration combines SC Ventures’ expertise in building and scaling SME-focused ventures with Microsoft’s global leadership in cloud computing and artificial intelligence. SC Ventures will guide the platform’s strategic development, while Microsoft will provide the core technological foundation.
Alex Manson, CEO of SC Ventures, commented on the initiative, stating, “Commerce, supply chains and SMEs are the lifeblood of a nation, and SC Ventures has long focused on enabling this ecosystem through access to better financing. With Microsoft’s support in creating AI-native solutions, we will help SMEs grow in an easier and more efficient manner.”
Rodrigo Kede Lima, President of Microsoft Asia, added, “Microsoft’s collaboration with SC Ventures empowers small and medium-sized enterprises with advanced cloud and AI technologies. By unlocking new avenues for innovation and growth, we’re reinforcing our commitment to helping businesses of every size thrive in an AI-first world.”
About SC Ventures
SC Ventures builds and invests in breakthrough ventures in and beyond banking. SC Ventures by Standard Chartered provides a platform for organisations to collaborate and co-create fintech ecosystems to reimagine the future of finance.
Source: Zawya
