Dubai Chambers empowers SMEs through strategic fintech alliance

Dubai Chambers has signed a series of strategic Memorandums of Understanding (MoUs) with four specialised fintech firms and with Emirates Development Bank (EDB) as part of a coordinated push to expand alternative banking and finance options for small and medium-sized enterprises (SMEs). The agreements with Mamo, Qashio, Pemo and Vault set out collaboration frameworks to deliver alternative savings accounts, corporate cards, working capital loans and online payment solutions, while the MoU with EDB will provide tailored financing, capital expenditure funding and support for business setup and trade finance for startups and SMEs.

“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,” said Khalid AlJarwan, Executive Vice President of Commercial and Corporate Services at Dubai Chambers.

The fintech partnerships are designed to tackle operational pain points for Dubai’s SME community by combining technology-led products with Dubai Chambers’ network and engagement programmes. Under the agreements, the parties will jointly organise events and workshops to promote innovation and digital adoption, while rolling out tailored incentive programmes, welcome offers and training focused on financial automation and technology.

• Vault will offer businesses competitive returns on idle funds, addressing short-term liquidity management.
• Qashio and Pemo will enable efficient spend management through instantly issued corporate cards aimed at simplifying procurement and expense control.
• Mamo will provide a platform to centralise financial functions, enabling seamless payment acceptance, spend management and access to credit for SMEs.
• Collectively, the fintech MoUs target alternative saving accounts, working capital lending and seamless online payment solutions.

Separately, the MoU with Emirates Development Bank commits both institutions to explore joint initiatives that strengthen competitiveness and long-term growth of Dubai’s business community. The agreement will provide financing solutions for new and existing projects, fund capital expenditure requirements, and facilitate banking onboarding for local firms and multinational companies—explicitly including SMEs. The parties will also assess opportunities for trade finance to support companies seeking global expansion and look to develop customised banking solutions tailored to SME needs.

Dubai Chambers also continues to pursue international ties to spur trade and investment. The organisation recently hosted a high-level delegation from the Cyprus Chamber of Commerce and Industry (CCCI), a meeting attended by Mohammad Ali Rashed Lootah, President and CEO of Dubai Chambers, and Stavros Stavrou, President of CCCI. Lootah said Dubai Chambers is “dedicated to providing all necessary support to facilitate trade and investment,” as the chamber works to connect Cypriot firms with regional and international markets via Dubai.

Those diplomatic and commercial efforts have yielded measurable growth: 101 new companies from Cyprus joined the chamber’s membership last year, bringing the total number of Cypriot companies registered as active members to 639 by the end of 2025—an annual growth rate of 17.7 per cent. Dubai Chamber has also launched the Cyprus Business Council to deepen bilateral cooperation and foster cross-border partnerships.

Outlook

With fintech partnerships targeting liquidity, payments and corporate spend, and a parallel banking accord with EDB, Dubai Chambers aims to reduce financial friction for SMEs and accelerate digital adoption. The combined approach — product-level integrations, capacity-building workshops and international business councils — positions the chamber to deliver both immediate operational tools and longer-term financing pathways to support SME growth and market expansion.