Visa, a world leader in digital payments, has announced the launch of the third edition of its global advocacy program, She’s Next, in Saudi Arabia, in partnership with Saudi Awwal Bank (SAB) and Monsha'at.

 

Building on the success of previous programs, including the impactful GCC-wide program in June 2023, which drew over 800 applications, this year's initiative focuses on empowering women entrepreneurs in the fashion industry through a dedicated competition, grants, mentorship, and training.

 

From December 3, 2024 until January 9, 2025, women fashion designers in Saudi Arabia are being invited to apply for She's Next with their entries.

 

In addition to the application form, applicants must also submit a sketch design that beautifully integrates elements of Saudi heritage with modern inspirations.

 

The winners will be chosen by a jury who will evaluate participants' work based on the following criteria: Compelling Story of Entrepreneurship, Strength of Business Metrics, Compelling Digital Presence, Compelling Problem-Solving within the business, Creativity & Originality of Design, and Sustainability of Design. 

 

The Grand Prize winner will receive a tailored training program in addition to a grant of $25,000, the runner-up will receive a grant of $15,000, and the People's Choice winner will receive $10,000. All participants will gain access to webinar training, She's Next Club resources like the Practical Skills Business Program, and a network of entrepreneurs. 

 

This year, She's Next features a dedicated mentorship segment led by renowned Saudi fashion designer Razan Alazzouni. The five finalists will be announced on January 24, 2025, and the final event and winner announcement will take place on February 24, 2025.

 

In 2023, the International Trade Centre (ITC) and Visa GCC's collaborative ‘SheTrades’ and ‘She’s Next’ initiatives trained 340 women from six countries, supporting over 12,000 women employees. 

 

With 96% of participants reporting improved skills and 97% increased self-confidence, the partnership is set to expand. The extended collaboration aims to enhance women entrepreneurs' business and digital skills, improve their export competitiveness, market access, and financial inclusion.

 

Ali Bailoun, Visa’s Regional General Manager in KSA, Bahrain and Oman, said: "We are thrilled to launch the third edition of She's Next in Saudi Arabia, this time specifically empowering women entrepreneurs driving innovation in the fashion industry."

 

"Through this program, in partnership with SAB and Monsha'at, we aim to address the unique challenges faced by women in this sector, providing access to crucial funding, mentorship from renowned designer Razan Alazzouni, and resources to foster growth and digital transformation. We believe that supporting these talented women will not only contribute to their individual success but also enrich the vibrant fashion landscape of Saudi Arabia," he stated.

 

Lama Ghazzaoui, Chief Financial Officer at SAB, said: "At SAB, we believe that partnerships like our collaboration with VISA are key to driving innovation and addressing the needs of our customers and communities."

 

"Together, we are creating solutions that not only enhance financial inclusion but also provide sustainable tools to empower businesses and individuals for long-term growth. This initiative reflects our commitment to thinking differently and delivering impactful, real-world outcomes that tackle some of today’s most pressing challenges," he added.

 

Monsha’at expressed delight at celebrating the launch of the She’s Next program in its third edition in collaboration with Visa. 

 

This transformative initiative provides unparalleled opportunities for women entrepreneurs in fashion and other industries across Saudi Arabia, it stated.

 

The program demonstrates a steadfast commitment to empowering Saudi women with tools for success by offering access to funding, tailored mentorship, and specialized training. The program not only addresses key challenges faced by women entrepreneurs but also sets a foundation for sustainable growth and innovation. We are confident that this collaboration will strengthen the women-led entrepreneurial ecosystem, promote economic diversification, and significantly contribute to the aspirations of Saudi Vision 2030, it added.

 

She’s Next is part of Visa’s efforts to support digitalization of women-owned businesses and features the first edition of Visa’s Women SMB Digitalization Index in Saudi Arabia. The Index scores businesses based on 5 indicators: online presence, digital payments acceptance, payment security awareness, customer engagement, and customer retention. For Saudi, the index reveals that women-owned businesses scored highest in digital payments, online presence, and security awareness.

 

Ali Bailoun said according to Visa's Women SMB Digitalization study, women-owned businesses in Saudi Arabia are looking for ways to expand their business, 42% of respondents cited finding the right talent as their biggest obstacle to growth, while 33% pointed to the need for better access to capital or funding, and an equal percentage highlighted the need for digital transformation support. 

 

"She's Next directly addresses these needs by providing crucial funding, expert mentorship tailored to the fashion industry, and resources to help navigate the digital landscape. We are confident that this program will empower women fashion designers to overcome these obstacles, scale their businesses, and contribute to the vibrant economic growth of Saudi Arabia," he added.-TradeArabia News Service