Dubai Chambers empowers SMEs through strategic fintech alliance

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 specialised 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.

The MoUs were signed between Dubai Chambers and the fintech companies Mamo, Qashio, Pemo, and Vault. They 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, parties will collaborate in organising 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 centralise financial functions by enabling seamless payment acceptance, spend management and access to credit.

Meanwhile Dubai Chambers recently hosted a high-level delegation from the Cyprus Chamber of Commerce and Industry (CCCI) to discuss ways to strengthen bilateral trade and investment ties.

The meeting was attended by Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, and Stavros Stavrou, President of the Cyprus Chamber of Commerce and Industry.

“We see significant potential for growth in areas of shared interest. Dubai Chambers is dedicated to providing all necessary support to facilitate trade and investment, helping Cypriot companies tap into regional and international markets through Dubai, and enabling our local businesses to explore the promising opportunities in Cyprus,” Lootah said.

Dubai Chamber of Commerce saw a total of 101 new companies from Cyprus joining the chamber’s membership last year. By the end of 2025, the total number of Cypriot companies registered as active members of Dubai Chamber of Commerce had reached 639 reflecting an annual growth rate of 17.7 per cent.

Dubai Chamber of Commerce recently launched the Cyprus Business Council to strengthen cooperation between the two business communities, deepen bilateral trade and investment relations, and foster partnerships across various sectors.

Dubai Chambers has signed a Memorandum of Understanding (MoU) with Emirates Development Bank (EDB) aimed at enhancing support for startups and small and medium-sized enterprises (SMEs).

The agreement will provide financing solutions for both new and existing projects, in addition to funding capital expenditure requirements for companies.

The MoU outlines cooperation on joint initiatives designed to strengthen the competitiveness, growth, and long-term success of Dubai’s business community. It also supports the establishment of new businesses in the emirate by facilitating the opening of bank accounts for local firms and multinational companies, including SMEs.

Under the agreement, the two parties will explore ways to enhance collaboration in delivering value-added banking and financial services to companies attracted by Dubai Chambers, as well as offering support services and easing business setup in Dubai for clients of EDB’s international network.

Opportunities will also be assessed for providing trade finance solutions to businesses seeking global expansion.

Dubai Chambers and EDB will cooperate on developing customised banking solutions tailored to the specific financial needs of local SMEs, enabling their growth.

WAM