UAE’s global tech environment has experienced a remarkable 134% growth in Ecosystem Value, positioning it as the sixth fastest-growing globally and the largest in the Middle East and North Africa region.
In Q3 2023, ADGM’s assets under management (AUM) surged by 52% from Q3 2022, cementing its status as a trusted financial hub. Despite a slowdown in venture dealmaking, the region achieved the second-highest annual total for VC deal value in 2023, indicating the maturation of its VC market.
Geopolitical stability and the UAE’s progressive regulations have significantly attracted investment, further bolstered by the nation’s removal from the FATF greylist.
That said, there’s no shortage of innovative tech and purpose-led solutions, so competition is fierce and moves quickly. One company that recently entered this highly competitive market is SC Ventures, Standard Chartered’s innovation, fintech investment and ventures arm.
“SC Ventures is planning an office in Abu Dhabi Global Market, United Arab Emirates, to tap into the region’s vibrant technology and business innovation ecosystem, venture-building capabilities and access to local talent,” said Gautam Jain, SC Ventures Member and Abu Dhabi Office Head. “SC Ventures looks forward to tapping into this community of innovation as we continue to rewire the DNA in banking to serve clients best and meet society’s needs.”
With the office setup in Abu Dhabi, we will focus on deepening these engagements, investing in local talent, and bringing global learnings and best practices to the region
Gautam Jain, SC Ventures Member and Abu Dhabi Office Head
When asked about specific strategies the firm will employ to identify venture-building capabilities and partnerships with the UAE’s venture capital community, Jain said, “SC Ventures’ strategy revolves around making a positive impact on the ecosystem through launching ventures and making investments that align with its core conviction themes.
“The first step is to showcase our platform capabilities to raise awareness within the ecosystem,” he explained. “We intend to take a proactive role by leading and participating in key regional events, organising venture showcases and co-host roundtable discussions.”
SC Ventures has already incubated several ventures in the region, such as Appro, a bank-agnostic digital onboarding platform that reduces processing time to just three minutes, and myZoi, a fintech focused on financial inclusion and literacy for the underbanked.
“We will continue to look for opportunities to rewire the DNA of banking and financial services in the region,” the Jain noted. Our focus will be on problems worth solving that best serve clients and meet society’s needs.”
“We plan to engage our clients and regulators, the fintech and startup ecosystem in Abu Dhabi and the region; identify venture-building capabilities and partnerships with UAE’s venture capital community; invest in promising growth opportunities; collaborate with local universities; and explore new technologies and business trends,” said Jain.
In November 2023, SC Ventures partnered with SBI Holdings to establish a Digital Asset joint venture investment company in the UAE, capitalising it with $100 million. This joint venture aims to explore emerging digital asset ecosystem opportunities globally, leveraging SC Ventures’ expertise and SBI Holdings’ experience.
