Absa Group has opened an office in Dubai International Financial Centre (DIFC). The move aims to support trade and investment flows between the Gulf and Africa. Operating as Absa Bank Limited (DIFC Branch), the office holds a Category 4 licence from the Dubai Financial Services Authority (DFSA). Under this licence, the branch can arrange investment deals and advise on financial products. It can also arrange and advise on credit for eligible clients. Through the new office, Absa will be closer to corporates, investors and financial institutions across the Gulf Cooperation Council (GCC). Dubai’s role as a hub linking the Middle…

Apollo will take a minority stake in Mubadala Capital, the alternative asset management arm of Abu Dhabi’s sovereign wealth fund. Together with other strategic investors joining as shareholders, the US firm plans to commit a combined US$5 billion to Mubadala Capital’s strategies at the initial close. Apollo will spread its share of the capital across several of these strategies, building on an existing relationship between the two companies. According to Mubadala Capital, the backing will help widen its investor base and expand its range of offerings. It will also allow the firm to pursue new opportunities around the world. Under…

Dubai AI Campus aims to attract more than 1,000 AI firms by 2030. It also plans to create over 5,000 highly skilled jobs. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, approved the goals at the third Dubai AI Festival. Based in the Dubai International Financial Centre (DIFC), the campus opened in May 2024. Since then, more than 500 AI firms have joined. That means it met its 2028 goal two years early. According to DIFC, these firms have raised over AED1 billion from private equity and venture capital funds. The campus has helped create more…

By 2028, the most competitive lenders in the Middle East will operate from unified data, make decisions in real time through intelligent automation, and use composable infrastructure that allows products, regulations, and tech capabilities to evolve without rebuilding core systems, according to a new paper by banking infrastructure provider Stitch and British fintech research, advisory and media company IBS Intelligence. These industry leaders will rely on artificial intelligence (AI) and robust underlying infrastructure to create a lending platform that is faster, more adaptable, and easier to scale. These predictions stem from a survey of more than 100 consumers across six…

The Registration Authority (RA) of Abu Dhabi Global Market (ADGM) has published guidance on crypto mining. Under the ADGM crypto mining guidance, mining is a licensed business activity, not a financial service. The RA issued the guidance under section 23 of the Commercial Licensing Regulations 2025. It applies to firms that mine in ADGM and to those that run mining from it. Each firm needs a dedicated licence, listed as business activity code 7230. The guidance is neutral on technology and covers Proof-of-Work, Proof-of-Stake and future methods. Before they apply, firms can complete a self-assessment. This shows whether their work…

Mastercard and First Abu Dhabi Bank (FAB) have run a football rewards campaign for cardholders in the UAE. Selected FAB Mastercard holders took part in a game linked to Lionel Messi, who is a Mastercard ambassador. Each player had the chance to win rare Messi memorabilia. The game ran on Mastercard’s Priceless platform. It also drew on FAB’s rewards scheme, the Mastercard network and its sports sponsorships. Both companies said the goal is to tie card spending more closely to what their customers enjoy. They see the campaign as part of a wider change in UAE loyalty schemes. In their…

Doha Investment is expanding Qatar’s Active Asset Management Initiative from QAR2.6 billion to QAR5 billion (about US$1.4 billion). The extra QAR2.4 billion will be funded with new cash. The platform was launched in September to manage the domestic holdings of the Qatar Investment Authority (QIA). It said the expansion will help deepen liquidity and draw more institutions into the market. The move also aims to grow Qatar’s capital markets and asset management sector. QIA set up the programme in 2024. It works with global and local fund managers that have experience in Qatar and the wider Gulf, and it has…

Alpaca has received in-principle approval from the Financial Services Regulatory Authority (FSRA) of ADGM, Abu Dhabi’s international financial centre. The approval covers its local entity, Alpaca Clearing & Custody ME Ltd, also known as Alpaca Middle East. This step forms part of the entity’s application for a Financial Services Permission. If it obtains this permission, Alpaca Middle East plans to offer brokerage services and custody for virtual assets. Its exact scope will depend on what the FSRA approves. An in-principle approval is not a full permission. According to Alpaca, its Middle East entity cannot carry out regulated activities in or…

Mukuru has launched its new Account and Card in South Africa, building on a longstanding partnership with Paymentology. The product moves the remittance specialist beyond cross-border transfers, its core business for more than two decades, into everyday financial services. Offered with Bank Zero as the licensed sponsor bank, the Mastercard-enabled account lets customers receive salaries and other electronic funds transfer (EFT) payments. They can also pay into South African bank accounts, shop online and in-store, withdraw cash and send money abroad. Paymentology previously supported Mukuru’s prepaid card programme in South Africa, which extended digital financial services to customers who have…

PayTabs Group has signed a memorandum of understanding (MOU) to acquire full ownership of SeaPay from Arab Sea Information Systems Company, which is listed on the Saudi Exchange. SeaPay, officially known as Arab Sea Financial Company, is licensed by the Saudi Central Bank (SAMA). Under the proposed deal, PayTabs would add SeaPay’s acquiring services to its own payment systems. The group plans to use the combined platform to serve banks, businesses, government bodies and merchants in Saudi Arabia. PayTabs expects the deal to add new sources of revenue and lower the cost of handling each payment. It would also help…

Telr has partnered with CreditPool to introduce Telr Multi-Card Payments, allowing customers to split a single purchase across multiple cards when one card cannot cover the full amount. Available exclusively through Telr payment pages, the service aims to reduce payment declines caused by insufficient funds or individual card limits. The company said the feature could help merchants recover otherwise unsuccessful transactions, increase average order values and reduce cart abandonment. Customers can also combine rewards from different cards when making a purchase. “We are solving the number one reason for payment declines: insufficient funds, and turning declines into approvals,” said Khalil…

Checkout.com has partnered with PRYPCO, a Dubai-based real estate investment and ownership platform, to power its payment infrastructure. According to the two companies, PRYPCO’s payment acceptance rates have increased by 20% since the integration went live in July. The partnership now includes payment processing for PRYPCO Mint, a platform that represents real estate ownership as digital tokens on a blockchain. As part of the partnership, PRYPCO has integrated Checkout.com’s acquiring and processing technology into PRYPCO Blocks, its fractional property investment platform. The integration is designed to support higher transaction volumes, including periods of high demand around new property launches. PRYPCO…

Ziina has received a Retail Payment Services Category III licence from the Central Bank of the UAE (CBUAE), according to a press release published on Zawya. The Dubai-based firm has also been approved to offer money transfers abroad. Under the new licence, Ziina can handle domestic fund transfers, merchant acquiring and payment aggregation. The licence also covers the tools Ziina offers businesses to accept payments. These include payment links, QR payments, Tap to Pay and an online payment gateway. The CBUAE approved Ziina to conduct Exchange Business Category IV activities in August 2026. However, this is not a separate licence.…

Raya Financing has selected Temenos Core as its core banking platform to support the next phase of its growth in Saudi Arabia. Deployed in a private cloud within the Kingdom, the system will centralise the company’s product and transaction processing. The company chose Temenos for its core banking and Islamic finance functionality, which includes support for Shariah-compliant products. Its decision also took into account Temenos’ experience and localised capabilities in the Saudi market. Temenos Core will support Raya Financing’s retail finance, leasing and auto finance products. Alongside these, the platform will accommodate a product pipeline that includes personal finance, SME…

HSBC will open a wealth centre in Abu Dhabi in December. Its first such hub in the region opened in Dubai last year. Mohamed Al Marzooqi, who leads the bank in the UAE, told the South China Morning Post that conflict in the region has not hurt demand from its wealth clients. He said the bank gained many new wealthy clients in the UAE from January to June. This growth continued after the war involving the US, Israel and Iran began in late February. In his view, many investors in the region still spread their money across hubs such as…

Visa and etisalat money, the fintech arm of etisalat, have partnered to expand international money transfers in the UAE. Under the agreement, etisalat money will use Visa Direct to handle cross-border transfers. The platform supports personal remittances as well as international payments by small businesses. Both companies signed the etisalat money Visa partnership at Visa’s regional headquarters in Dubai. Four new transfer options are planned for the etisalat money app. Visa Direct to Card will allow customers to send funds to a recipient’s eligible card using the card number. Visa+ links different payment apps. With it, customers can send money…

EBANX has introduced recurring payments through OPay, a digital bank in Nigeria. Known as OPay Direct Debit, the service allows global subscription businesses, such as streaming and software providers, to collect payments from OPay wallet users without cards. OPay has 40 million monthly active users, about one in three Nigerian adults, according to the companies. These users can already make purchases through the digital wallet and by bank transfer. With the new service, they give a one-time approval in the OPay app, after which merchants can collect future subscription charges without customers re-entering their payment details. “With OPay Direct Debit,…

Mashreq has launched NEO BIZ in Pakistan, a digital banking platform for SMEs, sole proprietors and the self-employed. The Dubai-based bank said the platform draws on its experience with digital business banking in its other international markets. NEO BIZ brings business banking, payments and collections onto one platform. With it, eligible firms can open and manage accounts online, reducing the need for branch visits. Over the coming phases, Mashreq plans to add debit and virtual cards, payroll, invoice payments, analytics and bookkeeping. In addition, the bank intends to expand the platform through partnerships and Banking-as-a-Service (BaaS). Planned features include supply…

Mastercard has partnered with Enjaz Company to introduce new card products for individual and business customers in Saudi Arabia. Enjaz provides financial services and digital wallets, including money transfer solutions. The Mastercard Enjaz partnership aims to widen the company’s product range and customer base. Existing customers will receive tools for their daily financial and lifestyle needs. Using Mastercard’s technology, Enjaz will offer card products and digital services to expatriates, frequent travellers and high-net-worth individuals. Mastercard described these as growing groups in Saudi Arabia. The products are designed to offer greater security and personalised benefits, it said. The company pointed to…

Bybit has received a licence from Dubai’s Virtual Assets Regulatory Authority (VARA) to offer spot trading in the emirate. The exchange hopes to expand its licensed activities in Dubai to include derivatives, subject to regulatory approval. VARA issued the licence to Bybit Fintech FZE, the company’s local entity, as a Virtual Asset Service Provider (VASP) licence for exchange services. Dubai has been home to Bybit’s international headquarters since 2022. “Dubai has made significant progress in building a regulatory environment for virtual assets, and we are pleased to take this next step in our journey here,” said Ben Zhou, Co-Founder and…