As part of its efforts to drive innovation, payments technology leader Mastercard has signed a Memorandum of Understanding (MoU) with Hub71 – a tech ecosystem based in Abu Dhabi Global Market Square that incubates global fintech startups and leading technology companies.
Hub71 is a flagship initiative of the AED50 billion Ghadan 21 program established to accelerate the existing economic agenda of Abu Dhabi, as well as to create an environment where entrepreneurs can thrive. In line with Hub71’s mission to accelerate innovation through partnerships, the MoU provides startups an opportunity to work together, leveraging each other’s strengths. The partnership with Hub71 will identify relevant companies for Mastercard’s startup engagement program Start Path, opening up market access for Hub71’s startups and Start Path companies – for mutual benefit.
According to the Ministry of Economy, the SMEs sector in the UAE represents more than 94% of the total number of companies operating in the country and provides jobs for more than 86% of the private sector's workforce. Mastercard is working closely with banks and governments to unlock economic opportunities for small to medium enterprises through a range of initiatives, positively affecting inclusivity, driving education, and creating opportunities across the region.