Abacus Group, an IT Managed Services Provider (MSP) and Managed Security Services Provider (MSSP) for highly regulated industries, has opened a new office in Abu Dhabi, expanding its presence in the Middle East. The move follows the company’s recent expansion into Dubai and forms part of its growth strategy in the UAE. Together, the two offices allow Abacus to support a wide range of financial services firms across the country and provide local access to IT and cybersecurity expertise. The Abu Dhabi office is located within the ADGM. The UAE’s regulatory framework and growing market demand continue to attract both…

Mal, the Abu Dhabi-based fintech founded by Abdallah Abu-Sheikh, has secured US$230 million in a Seed funding round, marking the largest seed-stage financing ever recorded in the MENA region. The UAE startup is developing an AI-driven Islamic financial platform aimed at serving Muslim and underbanked communities worldwide. According to FWDStart, BlueFive Capital led the round. The firm was founded in 2023 by former Investcorp executive Hazem Ben-Gacem and manages over US$4 billion in assets. It has offices in Abu Dhabi, Bahrain, London, and Beijing. Strategic investors and family offices also participated in the financing. Abu-Sheikh, well known in the region…

Al Ahli Bank of Kuwait – Egypt (ABK-Egypt) and Mastercard have announced a strategic collaboration aimed at expanding the bank’s consumer, commercial and digital payment capabilities. The agreement builds on Mastercard’s role as a technology partner to ABK-Egypt and supports the bank’s efforts to strengthen its digital payments offering for cardholders in Egypt. Under the collaboration, Mastercard will provide ABK-Egypt with digital payment solutions designed to streamline transaction processes and enhance security for both consumers and businesses. Commenting on the announcement, Khaled El Salawy, CEO and Managing Director of Al Ahli Bank of Kuwait – Egypt, said: “This collaboration supports…

botim money has partnered with Mastercard to enhance its global remittance capabilities via Mastercard Move. The integration allows users to send money from the UAE to more than 150 countries, with payouts to bank accounts, mobile wallets, or cash collection, depending on the market, directly through the botim app. Dr. Tariq Bin Hendi, Board Member of Astra Tech and CEO of botim, said: “By embedding global remittances into botim, we’re making money transfer faster, safer, and more inclusive; especially for users who have limited financial access. This collaboration reiterates our commitment to making financial services accessible, intuitive, and empowering for…

MoneyHash has partnered with Spare, a regional open banking infrastructure provider in the GCC, to enable merchants in the UAE to offer Pay By Bank solutions. The collaboration aims to reduce payment costs, shorten settlement times, and support account-to-account transactions. The partnership aligns with MoneyHash’s focus on expanding digital payment options beyond traditional card-based models. By integrating Spare’s open banking payment initiation APIs, the platform provides secure access to financial data while complying with regional regulations. “Open banking is reshaping how digital payments evolve in the region, bringing new ways to enhance security, speed, and customer choice,” said Maram Alikaj, Chief…

Zand has completed the integration of XDC Network, an enterprise-grade blockchain platform. This integration allows corporate and institutional clients to custody assets on the XDC Network through Zand’s institutional-grade digital asset custody service, subject to regulatory approvals. The integration also supports gold trading through ComTech Gold, which combines blockchain technology with gold investment. Zand CEO Michael Chan said, “This collaboration with XDC Network supports our vision of building blockchain-powered financial products to help bridge the gap between Traditional Finance and Decentralized Finance and advance the digital economy.” Ritesh Kakkad, Co-Founder of XDC Network, added, “Our partnership with Zand brings together…

The Dubai Financial Services Authority (DFSA) has implemented an updated regulatory framework for Crypto Tokens. The revised rules aim to provide greater clarity for market participants and support a transparent and well-regulated digital assets environment. The updated framework follows a consultation in October 2025 and reflects the DFSA’s approach since the launch of the Crypto Token regime in 2022. Over the past three years, the DFSA has monitored market developments and engaged with industry stakeholders and international regulators to ensure its rules remain robust and globally aligned. A significant change under the new framework is the shift from a DFSA-led…

Beyon Money Business, part of the Beyon Group, and EazyPay, a Bahraini payment services provider licensed by the Central Bank of Bahrain, have announced a collaboration that makes Beyon Money Business the first digital wallet integrated with EazyPay’s POS devices across Bahrain. The integration, building on a partnership established in 2025, allows merchants to accept digital payments via Beyon Money Business. It also provides real-time sales data, reconciliation tools, and analytics aimed at supporting business operations, particularly for SMEs. Mohamed Abdulaal AlFahad, Director of Beyon Money Business, said: “As the first wallet integrated with EazyPay’s POS network, Beyon Money Business…

Revolut is in talks to acquire Turkish digital bank FUPS as it looks to launch its services in the country, according to people familiar with the matter. The sources said no final decision has been made, and the fintech may still decide not to proceed with the acquisition. Any deal would be subject to approval by Türkiye’s banking regulator, the Banking Regulation and Supervision Agency (BDDK), Bloomberg reported. A spokesperson for Revolut said the company does not comment on “market rumours or speculation”, while FUPS declined to comment. Revolut is led by billionaire founder Nik Storonsky and has around 70…

Red Sea Global (RSG), developer of the Red Sea and AMAALA tourism destinations, has partnered with Bunat Ventures Limited (Bunat VC) to launch a venture fund focused on AI startups in Saudi Arabia. The AI Venture Fund will invest in early- and growth-stage companies that are AI-native or integrate AI as a core part of their business. Over three years, it aims to support around 25 startups through pre-seed and growth-stage investments. In addition to funding, the programme will provide companies with access to infrastructure and an environment to pilot and test technologies within RSG’s operations. The initiative seeks to…

Walaa, an insurer in Saudi Arabia, has launched CoverGo’s health insurance platform to provide a fully digital claims process for customers, providers, and internal teams. The new platform allows Walaa to manage claims administration in-house, supporting its growth strategy for the health insurance segment. The digital and automated processes are expected to reduce operational costs, mitigate healthcare inflation risks, and improve customer experience. CoverGo’s platform, with its AI capabilities, modular API architecture, and integration features, enables Walaa to operate within Saudi Arabia’s health insurance ecosystem and sets the stage for future automation and expansion. “Digital transformation is a key priority…

Binance has appointed Tarik Erk as its new Regional Head for MENAT, covering the Middle East, North Africa, and Turkey, as well as Senior Executive Officer for Abu Dhabi. Erk, originally from Buffalo, New York, has over a decade of experience in regulatory compliance, market expansion, product launches, and government affairs within financial services and digital assets. His professional background aligns with Binance’s aim to maintain secure and compliant operations while expanding in MENAT. He began his digital asset career in 2017 at Paxos in New York City and previously held positions at JPMorgan Chase and Commerzbank. Prior to joining…

Network International (Network), a fintech company operating across the Middle East and Africa, will enable stablecoin payments in the UAE through AE Coin acceptance, following a MoU with Al Maryah Community Bank (MBank). The collaboration integrates AE Coin, the UAE’s Central Bank-licensed, AED-backed stablecoin, into Network’s POS and e-commerce platforms, allowing merchants to accept the digital currency across both physical and online channels. Through the partnership, merchants using Network’s infrastructure will be able to accept AE Coin as a regulated and secure payment option, providing customers with additional flexibility when paying for goods and services. Murat Cagri Suzer, Group CEO…

RAKBANK has received in-principle approval from the Central Bank of the UAE (CBUAE) to issue an AED-backed payment token. The approval represents a further step in the bank’s digital assets strategy. It aligns with the UAE’s regulatory framework for digital finance. The move follows earlier initiatives by RAKBANK to expand its digital asset capabilities. In 2025, the bank enabled retail customers to trade cryptocurrencies through a regulated brokerage partner. When launched, the stablecoin is expected to be backed on a 1:1 basis by the UAE dirham. Reserves will be held in segregated and regulated accounts to support redemption at par…

Thunes has announced a collaboration with Sterling Bank, a Nigerian commercial bank, to facilitate cross-border payments for Nigerians living abroad. The partnership aims to provide a faster and more reliable way for diaspora customers to send funds to Nigeria. With an estimated 17 million Nigerians residing overseas, the demand for secure and efficient financial connections to home has increased. Through Thunes’ Direct Global Network, Sterling Bank will extend its services across several European markets, enabling account holders to make instant cross-border payments. This offers a consistent method for managing finances and supporting families in Nigeria. “Together, we’re enabling a new…

UAE-based digital business banking platform Yuze and AI- and blockchain-enabled digital bank Zand have partnered to offer digital business accounts to eligible SMEs, startups, and entrepreneurs across the UAE. The collaboration is intended to provide businesses with accessible financial services. These include fast onboarding, an IBAN account, digital banking products, and business management tools through Yuze’s platform. The initiative also aims to support financial inclusion for underserved businesses. It seeks to offer innovative solutions within the evolving financial services sector. “The SME sector is a key growth engine driving the UAE’s economy. We are excited to partner with Yuze to…

The Council of Ministers has approved the establishment of the Oman Global Financial Centre (OGFC). This marks a strategic initiative informed by comprehensive studies of global and regional financial hubs. The Centre will attract investment by fostering a supportive and appealing environment. It will support commercial banks and international financial institutions specialising in commercial and Islamic banking, financial services, insurance, and related activities. It will also support knowledge transfer and create high-quality employment opportunities within the financial sector. Sultan Salim Al Habsi, Minister of Finance and Chairman of the Supervisory Committee overseeing the Centre’s establishment, stated that the initiative will…

Flutterwave has acquired Mono, a provider of open banking infrastructure. The deal strengthens Flutterwave’s commitment to a connected and interoperable financial system in Africa and positions open banking as a key element in the region’s evolving payment methods. Mono’s API-driven platform enables secure access to financial data, identity verification, and account-to-account payments. These capabilities are increasingly important as African markets shift towards data-led financial services. Under the acquisition terms, Mono will continue to operate independently, with no changes to its leadership, team, or day-to-day operations. Flutterwave’s stake allows strategic alignment without taking operational control, enabling Mono to maintain its development…

Mastercard announced that QNB Group has received a Mastercard license to expand its issuing and acquiring activities in Syria. The license allows QNB to offer Mastercard payment solutions, accepted both locally and internationally, to individuals and businesses. The development follows a memorandum of understanding signed between Mastercard and the Central Bank of Syria in September to support the modernisation of the country’s digital payments infrastructure, aiming to increase access to secure digital transactions. The partnership marks a step in Mastercard and QNB’s efforts to improve digital banking, enhance financial inclusion, and advance technology adoption in the market. “By empowering our…

VoPay, a Canadian-based fintech infrastructure platform, has established its global headquarters in Doha, Qatar. From Doha, VoPay will expand and operate financial infrastructure that supports central banks, financial institutions, government and public-sector entities, and large enterprises. It will focus on modernising financial systems and connecting regional markets to global financial networks. The company plans to hire more than 400 professionals in Qatar over the next three years. Roles will include engineering, technology, security, compliance, data, and platform operations. “Our decision to establish VoPay’s global headquarters in Qatar reflects a deep alignment with the country’s long-term vision for economic diversification and…