ruya has announced the launch of its ruya Mastercard Cashback Credit Card. The card rewards everyday spending on categories such as groceries, fuel, dining and online shopping through cashback while remaining Shari’ah-compliant. According to the bank, cardholders will earn 2% cashback on all purchases, with the exception of government-related transactions. The card does not require a minimum spend to qualify for cashback, so customers earn rewards on all eligible transactions regardless of value. Christoph Koster, Chief Executive Officer of ruya Bank, said: “We wanted to create a product that removes the complexity from rewards, offering a transparent, Shariah-compliant way for…

MoneyGram, a global payments network for consumers and businesses, and NALA, a stablecoin payments company, have announced a partnership to support cross-border payouts into emerging markets using stablecoin-based settlement infrastructure. The collaboration combines MoneyGram’s international payments network with NALA’s stablecoin settlement and local payout infrastructure, enabling funds to move between digital dollars and local currencies in near real time. MoneyGram will use NALA’s licensed on- and off-ramp platform, Rafiki, to support payouts across Africa and Asia. The platform connects MoneyGram to banks and mobile money providers in the region, with the aim of improving settlement speed and foreign exchange efficiency.…

DIB has launched a financial support initiative for frontline workers. The programme provides relief and preferential banking benefits to eligible personnel across selected ministries and essential entities. It will reach around 25,000 consumer banking customers and will run until 30 June 2026, subject to eligibility criteria. The package offers up to three months’ instalment deferment on selected personal and auto finance facilities, without profit or fees. It also includes fee waivers on selected card products and a six-month zero-fee Easy Payment Plan for school fees. For new-to-bank customers, DIB will provide complimentary teller services at UAE branches and fee-free home…

Abu Dhabi Islamic Bank (ADIB) has become the first bank in the UAE to be licensed as a Third-Party Provider (TPP), or Open Finance provider, under the Central Bank of the UAE’s AlTareq initiative. The TPP license allows ADIB to securely aggregate customer-permissioned financial data from other banks, giving users a consolidated view of their accounts through ADIB’s digital channels. The service operates on explicit customer consent and is subject to regulatory data protection and authentication requirements set by the Central Bank. Through AlTareq, ADIB continues to operate both as a regulated account-holding bank and as a licensed third-party provider.…

In Saudi Arabia and the United Arab Emirates (UAE), outdated legacy systems, and a lack of execution control are hindering innovation in the financial services industry. According to new research commissioned by Stitch, financial institutions in the region are planning to address these issues by upgrading their systems within the coming year, with unified systems emerging as the leading solution. The study, conducted by YouGov, reveals that banks and financial institutions globally have embraced external technology vendors, with more than 87% incorporating them into their current tech setup. This figure rises to over 94% in the UAE, suggesting that vendor…

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…