Standard Chartered, Mashreq and LuLu Financial Holdings have launched a new digital platform to help small and medium-sized enterprises (SMEs) in the UAE find customers, suppliers and business services.
Called Hal, the platform will work as a business-to-business marketplace. It will connect SMEs with potential buyers and suppliers. It will also link them with financial, technology and logistics providers.
The platform was unveiled at Investopia Bridge 2026 in the presence of Abdullah bin Touq Al Marri, UAE Minister of Economy and Tourism.
Hal targets UAE SMEs
The platform comes as SMEs continue to play a large role in the UAE economy. They account for more than 94% of companies in the country and contribute more than 60% of the non-oil economy.
However, smaller businesses still face challenges as they expand. These include finding reliable customers and suppliers, securing finance and adopting digital tools.
Hal aims to bring some of these services together in one platform. Its name means “solution” in Arabic.
Alex Manson, CEO of SC Ventures, said the SME operating model remains fragmented despite the sector’s economic importance.
“By bringing together strong partners across the SME journey, we have an opportunity to make it easier for businesses to connect, transact and access the support they need to move forward,” Manson said.
Standard Chartered, Mashreq and LuLu back platform
Hal has been created as a joint venture between SC Ventures, the innovation and venture-building division of Standard Chartered; NeoVentures, Mashreq’s corporate venture arm; and LuLu Financial Holdings.
The platform already includes Beehive, Microsoft, Visa and Aramex among its initial ecosystem partners. Representatives from the companies signed memoranda of understanding at the launch.
Mashreq will provide business banking and investment capabilities to the venture. Meanwhile, LuLu Financial Holdings will contribute its experience in financial services across regional markets.
Hal plans wider regional expansion
Hal will initially focus on the UAE. However, its founders plan to support SMEs involved in regional and international trade over time.
Farooq Siddiqi, CEO of Hal, said the company wants to help SMEs manage requirements linked to cross-border trade.
“The problem and the opportunity cannot be solved by one institution alone,” Siddiqi said.
He added that Hal aims to bring together organisations that see SMEs as an important market and are willing to develop solutions jointly.
Amith Rajan, head of wholesale digital banking at Mashreq and CEO of NeoVentures, said the platform could eventually expand beyond the UAE.
“We see this as the start of something that can scale across the UAE and, over time, along the region’s wider trade corridors,” Rajan said.
Adeeb Ahamed, managing director of LuLu Financial Holdings, said SME growth would increasingly depend on how effectively the wider commercial ecosystem works around smaller businesses.
UAE SME ecosystem moves towards integrated services
For SMEs, Hal’s model brings several business needs into a single digital marketplace. These include finding trading partners, accessing finance and using technology and logistics services.
The initial focus remains the UAE. However, the platform’s longer-term ambition is to support businesses operating across trade routes connected to the country.
The launch also brings three major financial and business groups together with technology, payments and logistics companies. This gives Hal a broader ecosystem as it seeks to build its SME marketplace.
