Visa has invited Africa-based fintech innovators to apply for Cohort 6 of the Visa Africa Fintech Accelerator. Applications close on May 17 2026. The announcement follows the Cohort 5 Demo Day held during GITEX Africa in Marrakech, where 18 high-growth fintech startups from 10 African countries presented their progress after completing the programme’s three-month accelerator. The cohort reflects activity across 28 markets. Since launch, the accelerator has supported 104 startups across five cohorts, with a combined reported valuation of US$1.4 billion. The programme provides mentorship, commercial engagement opportunities and access to Visa’s global network to support product development and scaling.…

The State Bank of Pakistan has permitted commercial banks to open accounts for licensed digital currency businesses, officially overturning an eight-year ban that had isolated the sector from the formal financial system. The central bank issued a circular to regulated entities detailing the new compliance requirements, according to Reuters. This policy update follows the recent enactment of the Virtual Assets Act 2026. The framework will open new cross-border payment corridors and facilitate closer collaboration between Pakistan and established digital asset hubs such as the UAE. Banks must verify licenses issued by the newly formed Pakistan Virtual Asset Regulatory Authority before…

The Central Bank of the UAE (CBUAE) has announced the development of a nationwide unified electronic Know Your Customer (e-KYC) platform in partnership with Swedish technology firm Norbloc. The initiative forms part of the Financial Infrastructure Transformation (FIT) Programme, which aims to create a more integrated financial ecosystem and improve operational efficiency across the sector. The platform aims to reduce duplication in customer due diligence processes, lower compliance costs, and streamline Know Your Customer (KYC) and Know Your Business (KYB) procedures. It will use automated workflows and integrated trusted data sources to support compliance with anti-money laundering and countering the…

Careem Pay is expanding its international money transfer capabilities through an extended partnership with global payments platform Adyen. The collaboration is designed to scale Careem Pay’s digital remittance UAE services, targeting users sending funds to Europe, the Middle East, and South Asia. Building on an eight-year relationship, Adyen will supply the underlying payments infrastructure for the Careem app’s cross-border transfers. Careem Pay currently facilitates international transfers from the UAE to over 35 countries. The service operates in partnership with Lulu Exchange, a provider licensed by the Central Bank of the UAE (CBUAE). The integrated infrastructure consolidates settlement and reporting into…

Bain Capital has opened an office in the ADGM, establishing the new Bain Capital Abu Dhabi hub to expand its Middle East portfolio and evaluate direct investments in the regional financial technology sector. The company says the move will connect its global platform with local capital, talent, and strategic partners. The Bain Capital Abu Dhabi expansion targets digital infrastructure and fintech, alongside other regional priority sectors such as healthcare and aviation. It will also serve as a regional base for the firm’s broader capital formation efforts across the Middle East. “Establishing a presence in Abu Dhabi is a natural next…

The total volume of MENA funding fell to US$941 million in the first quarter of 2026, dropping 37% year-on-year as escalating geopolitical tensions weighed on investor sentiment, according to a report by Wamda. Despite the broader contraction, the financial technology sector demonstrated resilience. Fintech accounted for 46% of the total investment during the quarter, with 25 startups capturing the largest share of the capital deployed. Property technology followed as the second most active sector, securing US$228.6 million across 12 deals. The UAE led the region in deal value, securing US$625.8 million across 46 transactions. Saudi Arabia followed with US$156.7 million…

Atradius, a Netherlands-based global trade credit insurer and risk management firm, has established operations in the Dubai International Financial Centre (DIFC), marking an expansion of its presence in the Middle East. The move aims to strengthen insurance management services and support partners across the MENA region. Operating under the Dubai Financial Services Authority (DFSA) regulatory framework, the firm said the DIFC base will support the development of trade credit solutions for businesses managing cross-border risk. “DIFC offers the ideal platform for Atradius to deepen collaboration with our local partners and reinforce our regional presence, enabling companies to trade with confidence,”…

Wise Platform, the global payments infrastructure arm of Wise, has partnered with Capitec to support the South African bank’s international payments offering. Capitec has built its business around simplicity, transparency and affordability. Through the partnership, the bank will extend these principles to cross-border payments, enabling individuals and businesses to send money internationally directly from their accounts with faster processing times and lower costs. The agreement also marks Wise Platform’s entry into South Africa, following a year in which it announced 13 new global partnerships as financial institutions seek to modernise cross-border payment capabilities. Kumeran Govender, Head of Forex at Capitec,…

Payment orchestration firm PayTabs has acquired full ownership of UAE contactless payment technology provider TAPn’GO. The PayTabs TAPnGO acquisition integrates smartphone based payment capabilities directly into the company’s primary merchant application. The deal allows businesses across the Middle East and North Africa to offer digital checkouts without additional hardware. TAPn’GO provides transaction tools such as bill splitting, tipping, and paperless receipts. By adding these features to its system, PayTabs aims to simplify how retailers, hospitality venues, and healthcare providers accept payments. The platform synchronises point of sale transactions and supports split payments across cards and digital wallets. Following the PayTabs…

The Bangko Sentral ng Pilipinas (BSP) and the Central Bank of the United Arab Emirates (CBUAE) have signed a memorandum of understanding to enable seamless Philippines-UAE cross-border payments. The agreement aims to integrate the instant payment platforms of both countries, a development that BSP Governor Eli M. Remolona, Jr. noted will create better remittance channels for overseas Filipino workers. Signed by Remolona and CBUAE Governor, H.E. Khaled Mohamed Balama during a virtual ceremony, the initiative seeks to streamline transaction processing and enhance interoperability between the two nations. The monetary authorities are also considering the future interlinking of their national card…

Dubai World Trade Centre (DWTC) Free Zone has signed a MoU with Wio Bank PJSC to provide digital banking services for companies operating within the free zone. The agreement aims to streamline access to banking for businesses setting up or operating in the jurisdiction, including faster account opening processes, priority onboarding, and dedicated relationship support for eligible clients. As part of the collaboration, DWTC Free Zone companies will be able to access Wio Bank’s digital banking solutions through the wider ecosystem of services offered to license holders. Wio Bank will also engage with the business community through selected events and…

Nubank, the largest digital bank in Latin America and one of the largest globally by customer count, will establish a new headquarters at ADGM. The decision follows a meeting between Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan and Nubank founder and CEO David Vélez. The move will see the ADGM base developed in collaboration with Abu Dhabi investment, economic and financial institutions, including digital banking platform Wio Bank, according to FWDstart. Discussions focused on potential opportunities for financial services expansion in Abu Dhabi and the wider UAE, with an emphasis on access to Asia and…

Dubai International Financial Centre (DIFC) is introducing temporary economic support measures to assist businesses and retailers as the region navigates current conditions. Effective immediately, the measures aim to ease short-term operational and financial pressures. They include flexible payment plans for retail and commercial tenants, instalment options for licence renewal fees, and additional support for retailers. Grace periods will also apply to selected administrative payments, including those related to lease contracts, the Registrar of Companies, the Data Protection Department, and employee registration under DEWS. Arif Amiri, Chief Executive Officer of DIFC Authority, said: “The package of temporary measures we are introducing…

Careem Pay has expanded its remittance service to include Türkiye and Saudi Arabia, allowing residents of the UAE to transfer money directly to bank accounts in both countries. The addition brings the total number of supported destinations to more than 35, including key corridors such as India, Pakistan, Europe, the UK and Egypt. The service deposits transfers to Türkiye and Saudi Arabia into recipients’ bank accounts within five to ten minutes. The service supports transactions of up to AED150,000 for Türkiye and AED36,000 per transfer to Saudi Arabia. Careem Plus members are offered zero fees and preferential rates for international…

King Street Capital Management (King Street), a global investment management firm, and the Public Investment Fund (PIF) have signed a non-binding MoU for PIF to act as an anchor investor in a new private credit fund targeting Saudi Arabia and the wider MENA region. The fund will provide private capital solutions to corporates and conduct asset-based lending in Saudi Arabia and MENA, with flexibility to pursue credit opportunities in public markets and select special situations. PIF aims to attract global capital and expertise to the region through strategic partnerships with international asset managers. Brian Higgins, Founder and Managing Partner of…

Emirates NBD has introduced a Business Support Package to provide temporary fee relief to SMEs. The package helps businesses manage day-to-day operations amid current regional conditions. The measures include the waiver of loan deferment fees, international courier charges for business card deliveries, and cheque return fees arising from unforeseen cash flow interruptions. The bank will waive cash withdrawal fees at ATMs across the UAE and GCC, as well as fees for replacing business debit cards. In addition, the bank will offer a 30% reduction on charges for letters of credit and guarantees, and a 40% discount on Cash Management services,…

Dubai Future District Fund (DFDF) has signed a MoU with Second Century Ventures (SCV). SCV is the venture arm backed by the National Association of REALTORS (NAR) and operates the global REACH real estate technology accelerator. The agreement aims to support the growth of real estate innovation in Dubai. Under the MoU, DFDF and SCV will collaborate to identify, fund, and support startups at the intersection of real estate and technology. The partnership seeks to provide international proptech firms with access to the Dubai market, in line with the Dubai Economic Agenda D33. SCV manages a portfolio of over 350…

Cisco has appointed Bader Almadi as Vice President for its Saudi Arabia operations, based in Riyadh. He will oversee strategy and commercial operations, supporting the country’s Vision 2030 and developing AI infrastructure across sectors including financial services, sports, entertainment, hospitality, and energy. Almadi brings over 20 years of experience in technology and sales leadership. Most recently, he served as Managing Director for Google Cloud Saudi Arabia, leading digital transformation initiatives across finance, healthcare, entertainment, and telecom. His tenure included the launch of Google Cloud in Saudi Arabia in 2023 and Google Pay in 2025. He has also held senior roles…

Mashreq has launched a new service allowing UAE-based Egyptian customers to open accounts with Mashreq Egypt digitally and manage them through the Mashreq UAE mobile app. This service is available to Egyptian nationals holding a NEO, Gold, or Private account with Mashreq UAE, removing the need for physical documents or in-person branch visits. Customers can view both their UAE and Egypt accounts in a single dashboard and transfer funds in real time. Once the Mashreq Egypt Account is active, they can use Quick Remit to send money instantly and without fees. Fernando Morillo, Group Head of Retail Banking at Mashreq,…

US-based Hillhouse Investment Management has opened a new office in ADGM after securing a Category 3C license from the Financial Services Regulatory Authority (FSRA). The firm said the move reflects its intention to expand its presence in the UAE and the wider Gulf region, supporting investment activity and partnerships with regional clients. Hillhouse has previously invested in several UAE-based businesses, including Virtuzone and Clara through its business services platform Ascentium, as well as Hartland International School and North London Collegiate School via its real assets arm, Rava Partners. The new Abu Dhabi office will support deal sourcing and execution, as…