SC Ventures, Mashreq, and Lulu Financial Launch 'Hal' B2B Marketplace for UAE SMEs

SC Ventures, NeoVentures by Mashreq, and Lulu Financial Holdings have launched Hal, a B2B marketplace designed to centralise fragmented services for UAE-based small and medium-sized enterprises. By integrating trading, logistics, and financial services into a single platform, the venture addresses the critical scaling hurdles of digital adoption and capital access that currently stifle regional SME growth.

What was announced

Hal, which means "solution" in Arabic, is a bilingual Arabic-English platform built to bridge the gap between SMEs and the essential services required for expansion. The platform functions as a digital ecosystem where businesses can trade directly, find trusted suppliers, and access financial products. Research conducted by the founding partners indicated that SMEs in the UAE typically face three primary challenges: finding and growing trusted buyer and seller networks, accessing financial services, and adopting the digital tools needed to scale.

The platform was officially unveiled at Investopia Bridge 2026. During the launch, a signing ceremony formalised a wider ecosystem of partners including Beehive, Microsoft, Visa, and Aramex, indicating that Hal will integrate technology, payments, and logistics into its core offering. While the initial phase focuses on domestic operations within the UAE, the platform is designed to eventually support cross-border requirements along trade corridors significant to the region. By consolidating these disparate functions, Hal aims to replace the fragmented experience of business management with a unified interface. The venture combines the venture-building expertise of SC Ventures with the market depth of Mashreq and the regional logistics and financial reach of Lulu Financial Holdings. Farooq Siddiqi has been named CEO of Hal to lead the platform's mission of connecting businesses with the partners they need as they grow.

"SMEs are at the heart of economic growth across the UAE, but the experience of running and growing a business can still be highly fragmented. Hal has been built with that reality in mind. 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."

Alex Manson, CEO, SC Ventures

The companies involved

SC Ventures operates as the innovation, fintech investment, and venture-building arm of Standard Chartered. It has a significant track record of developing independent platforms and investing in disruptive technologies that align with the bank’s global footprint. Lulu Financial Holdings is a major player in the regional financial services landscape, focusing on cross-border remittances and currency exchange, with a strategic emphasis on financial inclusion across its global network.

NeoVentures by Mashreq serves as the dedicated venture and investment arm of Mashreq, one of the UAE’s oldest privately owned financial institutions. The involvement of NeoVentures brings the weight of Mashreq’s wholesale digital banking and investment capabilities to the platform. Together, these three entities represent a powerful cross-section of the Middle Eastern financial sector, combining traditional banking stability with the agility of venture-led innovation. The collaboration leverages Lulu’s extensive regional network and Mashreq’s deep local market knowledge to provide Hal with an immediate infrastructure that would be difficult for a standalone startup to replicate in the competitive UAE market.

What FF News has reported before

FF News has closely followed the expansion of the founding partners' digital ecosystems. SC Ventures has been particularly active in the venture space, recently making headlines when Keyrock Secures Series C Funding From SC Ventures. The firm also committed to social impact and financial access in emerging markets, as seen when SC Ventures and Yabx Invest $10 Million to Setup Furaha and Expand Access to Purpose-Driven Financing in Africa.

Lulu Financial Holdings has similarly focused on expanding its technological footprint through strategic alliances. This includes a move to partner with ABHI to Advance Financial Inclusion and Cross-Border Remittance Solutions. Furthermore, the group’s exchange arm has pushed into the open banking sector, notably when LuLu International Exchange Partners With Fintech Galaxy for Open Banking Remittance Solutions in Bahrain.

What this means

The launch of Hal signals a shift in how major financial institutions in the Middle East approach the SME segment. Rather than offering isolated credit products, banks are moving toward "platformication," attempting to own the entire business lifecycle from procurement to logistics. This move puts significant pressure on standalone B2B marketplaces and niche fintechs that lack the balance sheet strength or the regulatory backing of a Mashreq or Standard Chartered. The success of this model will depend on whether Hal can truly remain partner-agnostic while being owned by major lenders, or if it will primarily serve as a sophisticated lead-generation engine for the parents' core banking products.