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Mastercard (MA) and ADGM Collaborate to Boost UAE SME Growth
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Mastercard Incorporated (MA - Free Report) and Abu Dhabi Global Market (ADGM) have embarked on a strategic collaboration aimed at accelerating the growth of small and medium enterprises (SMEs) in Abu Dhabi and the wider UAE. By harnessing Mastercard's cutting-edge technologies and resources, coupled with the recently launched ADGM SME financing platform Numou, the partnership seeks to empower SMEs to realize their growth potential through streamlined digital payment flows.
Deal Benefits
Seamless & Secure SME Card Solutions: As part of the collaboration, Mastercard and ADGM will collaborate with local banking partners to introduce specialized SME cards. These cards will provide SMEs with a seamless and secure means to manage their business expenses. Beyond card offerings, small businesses will have access to Mastercard's SME business education program, ensuring they are well-equipped to navigate the evolving business landscape.
Holistic Support and Global Engagement: In addition to SME card solutions, Mastercard is extending its support through Start Path, a global startup engagement program. This initiative provides later-stage fintech startups with access to Mastercard's extensive fintech portfolio, facilitating rapid growth. Hamad Sayah Al Mazrouei, CEO of ADGM Registration Authority, stated that this collaboration aims to drive digital transformation in the thriving SME sector, facilitating seamless business and operational management for sustained growth.
Mastercard's Commitment to SMEs and the Digital Economy: Underlining the importance of SMEs as the backbone of the economy, J.K. Khalil, cluster general manager of MENA East, Mastercard, outlined the company's commitment to bringing 50 million SMEs into the digital economy by 2025. By connecting small business owners with the right tools, training and secure payment solutions, Mastercard aims to foster financial inclusion and empower SMEs to thrive. The partnership aligns with the UAE's shift to a digital economy, addressing challenges faced by SMEs and positioning them for diversification and expansion.
Driving Economic Diversification and Digital Transformation: As SMEs contribute significantly to the UAE's non-oil GDP, this collaboration plays a pivotal role in the nation's economic diversification and digital transformation. With the number of SMEs projected to reach 1 million by 2030, Mastercard and ADGM's partnership signifies a strategic initiative to support the dynamic growth of the SME community, contributing to the overall prosperity of UAE's economy.
Zacks Rank and Price Performance
Shares of Mastercard have gained 15.4% in the past year compared with the industry’s 14.4% growth. MA currently carries a Zacks Rank #3 (Hold).
Image Source: Zacks Investment Research
Stocks to Consider
Some better-ranked stocks from the same space are Envestnet (ENV - Free Report) , Fiserv (FI - Free Report) and FleetCor Technologies .
Envestnet delivered a trailing four-quarter average earnings surprise of 3.23%. The stock has lost 21.1% in the past year. The Zacks Consensus Estimate for ENV’s 2024 earnings has moved 3.7% higher in the past 30 days. It sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Fiserv delivered a trailing four-quarter average earnings surprise of 0.58%. The stock has gained 35.6% in the past year. The Zacks Consensus Estimate for FISV’s 2024 earnings has moved 2 cents higher in the past 30 days. It carries a Zacks Rank #2 (Buy).
FleetCor delivered a trailing four-quarter average earnings surprise of 1.64%. The stock has gained 44.6% in the past year. The Zacks Consensus Estimate for FLT’s 2024 earnings implies a 13.7% increase from the 2023 estimated figure. The stock carries a Zacks Rank #2.
Disclaimer: This article has been written with the assistance of Generative AI. However, the author has reviewed, revised, supplemented, and rewritten parts of this content to ensure its originality and the precision of the incorporated information.
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Mastercard (MA) and ADGM Collaborate to Boost UAE SME Growth
Mastercard Incorporated (MA - Free Report) and Abu Dhabi Global Market (ADGM) have embarked on a strategic collaboration aimed at accelerating the growth of small and medium enterprises (SMEs) in Abu Dhabi and the wider UAE. By harnessing Mastercard's cutting-edge technologies and resources, coupled with the recently launched ADGM SME financing platform Numou, the partnership seeks to empower SMEs to realize their growth potential through streamlined digital payment flows.
Deal Benefits
Seamless & Secure SME Card Solutions: As part of the collaboration, Mastercard and ADGM will collaborate with local banking partners to introduce specialized SME cards. These cards will provide SMEs with a seamless and secure means to manage their business expenses. Beyond card offerings, small businesses will have access to Mastercard's SME business education program, ensuring they are well-equipped to navigate the evolving business landscape.
Holistic Support and Global Engagement: In addition to SME card solutions, Mastercard is extending its support through Start Path, a global startup engagement program. This initiative provides later-stage fintech startups with access to Mastercard's extensive fintech portfolio, facilitating rapid growth. Hamad Sayah Al Mazrouei, CEO of ADGM Registration Authority, stated that this collaboration aims to drive digital transformation in the thriving SME sector, facilitating seamless business and operational management for sustained growth.
Mastercard's Commitment to SMEs and the Digital Economy: Underlining the importance of SMEs as the backbone of the economy, J.K. Khalil, cluster general manager of MENA East, Mastercard, outlined the company's commitment to bringing 50 million SMEs into the digital economy by 2025. By connecting small business owners with the right tools, training and secure payment solutions, Mastercard aims to foster financial inclusion and empower SMEs to thrive. The partnership aligns with the UAE's shift to a digital economy, addressing challenges faced by SMEs and positioning them for diversification and expansion.
Driving Economic Diversification and Digital Transformation: As SMEs contribute significantly to the UAE's non-oil GDP, this collaboration plays a pivotal role in the nation's economic diversification and digital transformation. With the number of SMEs projected to reach 1 million by 2030, Mastercard and ADGM's partnership signifies a strategic initiative to support the dynamic growth of the SME community, contributing to the overall prosperity of UAE's economy.
Zacks Rank and Price Performance
Shares of Mastercard have gained 15.4% in the past year compared with the industry’s 14.4% growth. MA currently carries a Zacks Rank #3 (Hold).
Image Source: Zacks Investment Research
Stocks to Consider
Some better-ranked stocks from the same space are Envestnet (ENV - Free Report) , Fiserv (FI - Free Report) and FleetCor Technologies .
Envestnet delivered a trailing four-quarter average earnings surprise of 3.23%. The stock has lost 21.1% in the past year. The Zacks Consensus Estimate for ENV’s 2024 earnings has moved 3.7% higher in the past 30 days. It sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Fiserv delivered a trailing four-quarter average earnings surprise of 0.58%. The stock has gained 35.6% in the past year. The Zacks Consensus Estimate for FISV’s 2024 earnings has moved 2 cents higher in the past 30 days. It carries a Zacks Rank #2 (Buy).
FleetCor delivered a trailing four-quarter average earnings surprise of 1.64%. The stock has gained 44.6% in the past year. The Zacks Consensus Estimate for FLT’s 2024 earnings implies a 13.7% increase from the 2023 estimated figure. The stock carries a Zacks Rank #2.
Disclaimer: This article has been written with the assistance of Generative AI. However, the author has reviewed, revised, supplemented, and rewritten parts of this content to ensure its originality and the precision of the incorporated information.