7X, the trade, transport, and logistics investment and holding group, signed a Memorandum of Understanding (MoU) with SC Ventures, Standard Chartered’s innovation, fintech investment and ventures arm. The MoU, signed during Abu Dhabi Finance Week, lays the groundwork for exploring collaborative opportunities in the Middle East and North Africa (MENA), with a focus on empowering small and medium-sized enterprises (SMEs).
The partnership aims to combine the complementary strengths of both entities to power an innovation-driven, SME-focused venture in the Middle East and North Africa. This initiative seeks to address market pain points and unlock new growth opportunities. By focusing on extensive market insights and encouraging collaboration, the venture will deliver cutting-edge solutions tailored to the unique challenges faced by SMEs, such as access to funding, market entry barriers, and operational inefficiencies. Leveraging innovative business models, SME validation frameworks, and a strategic go-to-market approach, the initiative will develop and test a minimum viable product (MVP), designed to empower SMEs with scalable, technology-enabled solutions that foster sustainable growth and market resilience.
Abdulla Mohammed Alashram, Group CEO of 7X, said: “We at 7X firmly believe in the transformative power of collaboration. The latest partnership with SC Ventures demonstrates our commitment to empowering SMEs and promoting economic growth across the MENA region. By combining our knowledge of trade and logistics with SC Ventures’ innovative strategies in various sectors, we hope to unlock new possibilities, maximise value, and redefine the future of entrepreneurship in one of the world’s most dynamic regions.”
Alex Manson, CEO, SC Ventures, said: “This region holds huge potential for the SME sector and SC Ventures is committed to invest in its growth. Our SME-focused platform in the Middle East and North Africa region is planned for launch in the second half of 2025. It will facilitate cross border trade and empower SMEs to grow safely and profitably. Our partnership with 7X will help us unlock the full potential of SMEs in the region and beyond.”
Additionally, both organisations plan to evaluate strategic alliances, benefiting from their individual portfolios to jointly develop and implement transformative solutions tailored to meet the specific needs of the MENA region.
SC Ventures has been at the forefront of transforming the financial landscape, improving client experiences, and enabling global expansion. This partnership represents a major step towards redefining the role of SMEs in the region, building resilience, and advancing MENA’s overall economic and social development.
