Latest news with #GinaPetersen-Skyrme
Fintech News ME
22-05-2025
- Business
- Fintech News ME
First Abu Dhabi Bank Pilots Embedded B2B Payments with Oracle and Mastercard
First Abu Dhabi Bank (FAB) has become the first in the MENA region to pilot an embedded finance and payments solution developed in partnership with Oracle and Mastercard. The collaboration aims to modernise business-to-business (B2B) finance and payments processes for FAB's corporate clients by integrating Mastercard's virtual card platform directly into Oracle Fusion Cloud Enterprise Resource Planning (ERP) software. The solution addresses long-standing challenges in commercial payments, such as fragmented systems, manual processes, and lack of data visibility, by offering a more streamlined and automated approach without the need for complex technology overhauls. Through this partnership, FAB's clients stand to benefit from improved payment automation within Oracle's ERP system, greater security via single-use virtual card numbers, and enhanced financial oversight through real-time insights into cash flow and expenditure. The solution also seeks to improve supplier relationships by enabling faster and more reliable payments, easing reconciliation processes, and supporting cross-border transactions under Mastercard's global network. Gina Petersen-Skyrme, Senior Vice President and Country Manager for UAE and Oman at Mastercard, commented, 'In an increasingly fast-paced environment, businesses of all kinds are turning to virtual cards to bring the ease, security, and efficiencies of digitisation to their operations. At Mastercard, we are delighted to leverage our innovative virtual card platform to expand the benefits of embedded finance in Oracle Cloud ERP to FAB's commercial customers.' Liam Nolan, Vice President of Applications Development at Oracle, said, 'This collaboration introduces a proven consumer payment method to the B2B world, simplifying supplier onboarding, reducing risk, and enhancing working capital management for both buyers and suppliers. Mutual customers can now streamline key finance and operational functions and enhance working capital management.'
Hi Dubai
20-05-2025
- Business
- Hi Dubai
First Abu Dhabi Bank Launches Embedded Finance Solution with Oracle and Mastercard
First Abu Dhabi Bank (FAB) has become the first in the MENA region to pilot an embedded finance and payments solution in partnership with Oracle and Mastercard, aiming to streamline and modernize B2B payment processes for corporate clients. The new solution integrates Mastercard's virtual card platform directly into Oracle's Fusion Cloud Enterprise Resource Planning (ERP) software, offering businesses a seamless way to manage payments without the need for complex technology rollouts. By automating manual tasks and centralizing workflows, the tool improves payment speed, transparency, and security. FAB's corporate customers can now gain real-time insights into spending and cash flow, reduce operational costs, and enhance relationships with suppliers. The solution is designed to address common inefficiencies in commercial payments caused by fragmented systems and processes. 'In an increasingly fast-paced environment, businesses are turning to virtual cards for the security and efficiency they bring,' said Gina Petersen-Skyrme, Mastercard's SVP and Country Manager for UAE and Oman. 'We're proud to bring the benefits of embedded finance to FAB's customers through our partnership with Oracle.' Oracle's Vice President of Applications Development, Liam Nolan, added, 'This collaboration simplifies supplier onboarding and helps businesses manage working capital more effectively. It's about bringing proven consumer payment models into the B2B space.' The move underscores FAB's push to innovate digital finance offerings, leveraging global technology leaders to meet evolving client needs across the region. News Source: Emirates News Agency
Arabian Business
24-04-2025
- Business
- Arabian Business
47% SMEs in the UAE faced cyberattacks, leading to bankruptcies, closures
A Mastercard research on cybersecurity risks facing SMEs said 46 per cent surveyed globally have experienced at least one cyberattack since their inception, with that number increasing to 47 per cent for the UAE. The study was conducted across five countries and included more than 5,000 small and medium business owners. In the UAE, over 1,000 businesses were part of the sample. The survey found that SMEs are feeling the pressure in an era of constantly evolving cyber threats that have the potential to cause significant organisational damage and emotional strain. These businesses realise the urgent need to stay ahead of evolving cyber threats and are actively seeking partners and solutions to bridge knowledge gaps and fortify their defenses. Hacking and malware rank jointly as the most common forms of attack suffered by small businesses at 32 per cent each, with phishing a close second at 31 per cent. UAE SMEs face cyberattacks In line with global trends, malware was the most prevalent form of attack on UAE businesses at 32 per cent, closely followed by digital skimming, hacking, phishing and ransomware, at 31 per cent each. The UAE is the only country participating in the research that has digital skimming among the top threats. Seventy-seven per cent of the UAE SMEs that experienced a cyberattack had to invest time in rebuilding trust with customers and partners, while a quarter had to file for bankruptcy. Nearly 19 per cent had to close their business. The UAE respondents said effective cybersecurity is critical for 78 per cent of them, and 57 per cent considered it a top priority for their business's budget. Globally, 80 per cent of SMEs that experienced a cyberattack had to spend time rebuilding trust with clients and partners after the event, and nearly one in five have had to file for bankruptcy (18 per cent) or close their business (17 per cent). Gina Petersen-Skyrme, SVP, Country Manager, UAE & Oman, Mastercard, said: 'SMEs are the backbone of the economy, yet their size often makes them more vulnerable to cyberattacks. The proliferation of digital interactions is making it easier for cybercriminals to derail the efforts of these businesses. 'The impact of the intrusion can be debilitating to the productivity and reputation of small businesses and cause significant financial strain. By partnering with trusted cybersecurity experts and implementing effective solutions, like the ones offered by Mastercard, SMEs can focus on what they do best – running their business.' Mastercard tools and solutions As part of its commitment to helping SMEs reap the benefits of the digital economy, Mastercard secures every transaction using the power of productive partnerships and advanced technology. Mastercard Trust Center helps business owners defend their assets and reputation through online access to trusted cybersecurity research, education, resources and tools. The recent launch of the Mastercard Business Builder program offers debit and credit cards for creators and SMEs, powered by enterprise-grade security technology by the company's cybersecurity partner Cyvatar. In addition, it opens access to a full suite to cyber tools and resources, including Mastercard's newly introduced Small Business AI solution. Through its new collaboration with VikingCloud, Mastercard brings risk-scoring and cybersecurity remediation capabilities to millions of small businesses worldwide. The company extends complimentary ID theft protection to SME cardholders, providing monitoring, alerts and resolution services. Other innovative solutions include My Cyber Risk, powered by Mastercard RiskRecon, a vulnerability scanner that enables small businesses to pinpoint, prioritise and act on cybersecurity threats to their websites or apps. The company also works to make cybersecurity accessible and understandable for SMEs through its partnerships with the Global Cyber Alliance (GCA) and the Cyber Readiness Institute (CRI).
Khaleej Times
05-03-2025
- Business
- Khaleej Times
UAE: 84% of women thinking of starting own business, study reveals
Eighty four per cent of women in the UAE are considering starting their own business, according to latest research, released ahead of the International Women's Day, March 8. The Mastercard study found that entrepreneurship is nearly equally embraced by both genders in the UAE, with 49 percent of women and 47 percent of men surveyed identifying as entrepreneurs, highlighting the country's dynamic business environment. Financial independence, flexibility, and social impact are the top motivators driving women toward entrepreneurship. Millennial women are leading this shift at 53 per cent, while Gen Z women are also increasingly entering the entrepreneurial space at 44 per cent. The most popular sectors for women-led businesses in the UAE include food and beverage at 26 per cent, online selling at 22 per cent, and cosmetics at 19 per cent, reflecting strong opportunities in consumer-driven industries. 'This research highlights the remarkable entrepreneurial spirit among women across Eastern Europe, the Middle East, and Africa, particularly younger generations. While progress has been made, challenges remain, reinforcing the need for stronger support. At Mastercard, we are committed to fostering an inclusive digital economy and equipping small businesses with the tools they need to grow and thrive,' said Gina Petersen-Skyrme, Country Manager, UAE and Oman, Mastercard. Women-led businesses in the UAE are highly optimistic about their growth prospects, with 98 per cent of women business owners surveyed expecting revenue to increase over the next five years, outpacing their male counterparts at 85 per cent. However, nearly one-third, 31 per cent, of women still feel that launching a business is 'not possible for someone like them,' highlighting a significant confidence gap. Lack of confidence as a barrier Despite their strong ambitions, women in the UAE acknowledge areas where additional support could help accelerate their success. The study reveals that women are three times more likely than men (30 per cent of women, 10 per cent of men) to cite lack of confidence as a barrier to starting a business. 67 per cent of women surveyed say that insufficient funding is the primary challenge to starting a business, surpassing their male counterparts. Nearly 40 per cent of female founders struggle with knowing where to begin with a business plan or accessing critical infrastructure, underlining the need for more mentorship and resources. Encouragingly, women entrepreneurs in the UAE are increasingly using side hustles to gain financial independence. 56 per cent of women surveyed have a side hustle, slightly higher than the 52 per cent of men, with freelancing, tutoring, and content creation being among the most popular income streams. AI and digital security AI and digital security are playing a significant role in shaping how women entrepreneurs operate their businesses. Seventy-five percent of women founders regularly use AI, although a higher percentage of men, 61 per cent, use AI for decision-making compared to 54 per cent of women. However, women entrepreneurs report greater efficiency gains, with 85 per cent experiencing significant cost or time savings, while 78 per cent of men report the same. When it comes to cybersecurity, 35 per cent of women entrepreneurs have been targeted by fraudsters. Despite this, fewer women express concerns about the risks of fraud when expanding their businesses, compared to larger number of men. However, ensuring secure digital transactions remains a critical priority for business growth.
Zawya
05-03-2025
- Business
- Zawya
Mastercard research: 84% of women in the UAE are considering starting their own business
98% of women entrepreneurs expecting revenue growth over the next five years Dubai, UAE: Women in the UAE are increasingly embracing entrepreneurship, with 84% considering starting their own business, according to Mastercard's latest research, released ahead of International Women's Day 2025. As more women step into the world of business, opportunities to enhance access to capital, strengthen business networks, and boost financial confidence will further accelerate their success and long-term growth. As part of its commitment to advancing financial inclusion and fostering an inclusive digital economy, Mastercard has launched this report across its Eastern Europe, Middle East and Africa (EEMEA) region, including the UAE – an initiative designed to champion women entrepreneurs, provide key business insights, and drive tangible solutions to break down systemic barriers. 'This research highlights the remarkable entrepreneurial spirit among women across Eastern Europe, the Middle East, and Africa, particularly younger generations. While progress has been made, challenges remain, reinforcing the need for stronger support. At Mastercard, we are committed to fostering an inclusive digital economy and equipping small businesses with the tools they need to grow and thrive,' said Gina Petersen-Skyrme, Country Manager, UAE & Oman, Mastercard. UAE women's entrepreneurial landscape In the UAE, a nearly equal proportion of men and women identify as entrepreneurs (47% men, 49% women) - reflecting the country's rapidly evolving business landscape. Also, a similar proportion of men and women in the emirates consider themselves an entrepreneur (47% men and 49% women). This finding is consistent with EEMEA-wide statistics, which show that 54% of men and 51% of women consider themselves an entrepreneur. The study further reveals that financial independence, flexibility, and social impact are the top motivators for women pursuing entrepreneurship. While millennial women (53%) are leading the charge, Gen Z women (44%) are also stepping into entrepreneurship at an increasing rate. The industries in which women in the UAE are most likely to launch businesses include food and drink (26%), online selling (22%), and cosmetics (19%), reflecting opportunities in consumer-driven markets. Women-led businesses in the UAE are also highly optimistic about growth, with 98% of women business owners expecting revenue to increase over the next five years, surpassing male business owners (85%). Additionally, nearly one-third (31%) believe launching a business is 'not possible for someone like them', highlighting a crucial confidence gap. Unlocking greater opportunities Despite strong ambition, women in the UAE recognize areas where additional support could help them accelerate their success. The study highlights that: Women are three times more likely than men (30% vs. 10%) to cite lack of confidence as a barrier to starting a business. 67% of women in the UAE state that not having enough funding is the primary challenge to starting a business - outpacing their male counterparts (59%). Nearly 40% of female founders say that not knowing where to start with a business plan or accessing key infrastructure are challenges, reinforcing the need for greater mentorship and resources. Encouragingly, women entrepreneurs in the UAE are increasingly leveraging side hustles to gain financial independence. 56% of women currently have a side hustle, compared to 52% of men, with freelancing, tutoring, and content creation ranking among the most popular income streams. AI and digital security are also shaping the way women entrepreneurs in the UAE run their businesses, with 75% of women founders regularly using AI. While men (61%) are more likely than women (54%) to rely on AI for decision-making, women entrepreneurs are seeing greater efficiency gains, with 85% reporting significant cost or time savings compared to 78% of men. In the realm of cybersecurity, 35% of women entrepreneurs have been targeted by fraudsters, and while fewer women (48%) than men (72%) express caution about expanding due to fraud risks, ensuring secure digital transactions remains a priority for business growth. The findings reinforce that UAE women have the drive and ambition to shape the future of business, yet key barriers remain. As International Women's Day 2025 approaches, Mastercard remains committed to fostering an inclusive digital economy one where women entrepreneurs are not just supported but celebrated as key drivers of economic progress. Methedology The study was commissioned by Mastercard, with fieldwork conducted by independent research agency, Opinium. Between 16 December 2024 - 3 January 2025, an online quantitative survey was carried out across 41 countries in North America, Latin America, Asia-Pacific, Europe, the Middle East and Africa. It included: 42,500 general population (4,500 within EMEA, 500 within UAE) 4,300 entrepreneurs / founders (800 within EMEA, 100 within UAE) The full list of countries surveyed: UK, France, Germany, Italy, Spain, Austria, Ireland, Belgium, Norway, Denmark, Czech Republic, Greece, Poland, Netherlands, Sweden, Portugal, Slovakia, Switzerland, India, Indonesia, Singapore, Australia, China, Thailand, Korea, South Africa, Nigeria, UAE, Saudi Arabia, Turkey, Kenya, Egypt, Ukraine, Morocco, Brazil, Mexico, Colombia, Argentina, Chile, Canada, USA. About Mastercard Mastercard powers economies and empowers people in 200+ countries and territories worldwide. Together with our customers, we're building a sustainable economy where everyone can prosper. We support a wide range of digital payments choices, making transactions secure, simple, smart and accessible. Our technology and innovation, partnerships and networks combine to deliver a unique set of products and services that help people, businesses and governments realize their greatest potential. Mastercard communications contact:
