Dubai Chambers empowers SMEs with alternative banking solutions in cooperation with 4 fintech companies

Dubai Chambers has enhanced its efforts in providing the business community with access to advanced and alternative banking services. This initiative is enabled through memorandums of understanding (MoUs) signed with four specialized fintech companies. The collaboration aims to empower local small and medium-sized enterprises (SMEs) by addressing key operational challenges and growth obstacles through a range of innovative financial solutions.

MoUs were signed between Dubai Chambers and the fintech companies Mamo, Qashio, Pemo, and Vault. These agreements establish a framework for collaboration between Dubai Chambers and the fintech partners to deliver impactful services for Dubai’s business ecosystem. They will focus on providing SMEs with access to alternative saving accounts, corporate cards, working capital loans, and seamless online payment solutions, which are critical for efficiency and growth in today’s market.

Khalid AlJarwan, Executive Vice President of Commercial and Corporate Services at Dubai Chambers, said: “This collaboration with fintech companies is a vital step in our mission to create a more dynamic and inclusive business ecosystem. By providing SMEs with direct access to advanced financial tools, we are actively removing barriers to growth and empowering them to scale with greater efficiency. This initiative aligns with our commitment to enhancing the competitiveness of the private sector and solidifying Dubai's position as a leading global business hub.”

Under the terms of the MoUs, both parties will collaborate in organizing events and workshops that promote innovation and digital adoption. The partners will also design and roll out tailored incentive programs and welcome offers to encourage SMEs to adopt modern financial tools, alongside developing educational initiatives and training sessions focused on financial automation and technology.

These collaborations will provide tangible benefits to the SME community. The partnership with Vault offers businesses competitive returns on idle funds, while Qashio and Pemo enable efficient spend management through instantly issued corporate cards. Mamo will allow SMEs to centralize financial functions by enabling seamless payment acceptance, spend management, and access to credit.