1 million SMEs in the UAE by 2030 says Mint image credit shutterstock

Payment solutions provider, Mint, has teamed up with S2M as part of its expansion plans. Specifically, Mint has embarked on a long-term partnership with S2M to introduce a modular core banking platform that prioritises API-first architecture, cloud-agnostic capabilities, and high configurability.

Abdulrazzaq Al Abdullah, Chairman & CEO of Mint Group said: “The company’s focus under this partnership is on moving towards advancing financial inclusion and digital transformation. This enhances the lives of underserved individuals and Micro Small and Medium Enterprises (MSMEs) across the region.”

In collaboration with S2M, the company has taken a significant stride to a mission to establish innovative digital banking services. It aims to deliver cutting-edge solutions that reduce the cost of living for individuals and drive economic growth for businesses.

Shared values of customer-centricity and flexibility

Mint picked S2M as partner on the basis of shared values of customer-centricity, flexibility, and their result-oriented track record. Under this collaboration, existing financial solution systems will be revamped with the latest cloud-native electronic payment technologies of S2M.

Mohamed Amarti, Executive Vice President at S2M added: “This collaboration aims to provide flexible solutions that instil confidence, trust, and comfort ensuring seamless integration and empowering users with innovative banking experiences.”

1 million SMEs in the UAE by 2030

According to EY, there were 557,000 SMEs in 2022, with approximately 366,000 SMEs in the mainland. This is expected to grow to one million SMEs in the UAE by 2030.

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SMEs contribute 63.5% to the non-oil GDP and represent 94.4% of companies operating in the UAE. 85% of the underserved SMEs (mainland) represent the potential addressable market for Mint. EY’s study reveals that 62% of SMEs express a need for faster credit. 72% are interested in trusted advisory services, 75% desire swift digital onboarding, and 75% want their providers to excel in the basics.

Similarly, from the retail perspective, the UAE boasts a vibrant population. Yet a significant portion struggles to access financial services across a fragmented ecosystem of FIs. With a population of 10 million in 2022, approximately 65% are part of the workforce, of which 5.8 million represent Mint’s target market for advancing financial inclusion through hyper-personalised offerings. Of the seven million bank customers, a mere two million have access to credit facilities, with a stark absence of innovative credit models. Mint’s research has identified key challenges facing the industry, include fragmented products and services, inconsistent processes, high costs to banks, insufficient advisory services, and limited access to credit facilities. Mint says it is poised to address these challenges and reimagine the way it provides services, offering add-on services that meet evolving needs.