Mastercard has announced a collaboration with HyperPay, a payment gateway provider in Middle East and North Africa (MENA), to support the digital transformation of commercial payments in Saudi Arabia. The partnership will focus on issuing commercial cards in Saudi Arabia, with plans to extend to the UAE and Qatar. The initiative aims to provide businesses, including SMEs, with secure and scalable payment solutions to improve expense management and operational efficiency. HyperPay has also received approval for an Electronic Money Institute (EMI) license to further support the digitisation of SME payments. “With thriving digital economies being built on the foundation of…

The Securities and Commodities Authority (SCA) of the UAE and the Securities and Futures Commission (SFC) of Hong Kong have signed a MoU on the mutual recognition of investment funds and investment management companies. It is the first agreement of its kind between the two authorities and marks a step towards greater financial cooperation between the Middle East and Asia. The MoU aims to strengthen regulatory collaboration between the two financial centres, reduce duplication of requirements, and facilitate cross-border market access. It also includes provisions for information exchange, joint on-site visits, and the sharing of expertise and regulatory practices. Waleed…

Tuum, an Estonia-based next-generation core banking platform provider, has announced a strategic partnership with Abwab.ai, a Saudi Arabia-based AI-driven financial services enabler, to deliver an integrated digital lending solution for SMEs across the Gulf Cooperation Council (GCC). The collaboration combines Abwab.ai’s credit decisioning and analytics tools with Tuum’s modular, cloud-native core banking and lending platform. The integration is designed to help financial institutions develop and manage SME lending services more efficiently, with faster processes and improved transparency. The partnership will enable banks and non-bank lenders to use AI-based credit assessments tailored for SMEs, drawing on alternative data sources to support…

MoneyGram and D360 Bank have signed a MoU during Money20/20 Middle East, outlining a partnership to support Saudi Arabia’s digital transformation and the goals of Vision 2030. The agreement focuses on strengthening cross-border payment services and developing digital financial solutions. MoneyGram will provide its global payments network, while D360 Bank, a Saudi digital bank backed by the Public Investment Fund (PIF) and Derayah Financial, will contribute its local expertise. The collaboration is intended to broaden customer options and contribute to the country’s shift towards a cashless economy. “This new partnership with D360 Bank reflects our commitment to leading the evolution…

Mashreq has launched its full-service digital retail bank in Pakistan, Mashreq Bank Pakistan, in Islamabad, in the presence of Prime Minister Muhammad Shehbaz Sharif. This is the first full-scale international deployment of Mashreq’s digital banking platform outside the UAE. Mashreq Bank Pakistan will provide fully Shariah-compliant digital banking services, powered by mobile-first technology and paperless processes. Over the next five to ten years, the bank aims to support digital transformation, financial inclusion, innovation, job creation, and sustainable development. Chairman Abdul Aziz Al Ghurair said: “For the UAE, Pakistan remains a natural partner, linked through trade, remittances, and shared regional stability…

Day two of Money20/20 Middle East in Riyadh brought together leaders from fintech, banking, and financial services to discuss the future of money and finance in the region. The agenda focused on key themes such as artificial intelligence in finance, regulatory developments, inclusive innovation, and strategic capital. Speakers included Hon. Caroline D. Pham, Acting Chairman of the US Commodity Futures Trading Commission; Mario Nobile, Director General of the Agency for Digital Italy; and Colin Payne, Head of Innovation at the UK Financial Conduct Authority. Sessions covered digital transformation, data governance, cybersecurity, and developments in payments and treasury services, with insights…

Visa has introduced Visa Private, a premium offering designed for high-net-worth individuals (HNWIs) seeking services and benefits beyond standard card features. Initially launching in the UAE, with plans for a broader rollout across the GCC, Visa Private combines secure payment technology with a range of travel, lifestyle and retail privileges. The launch comes as the UAE is expected to record a net inflow of around 9,800 millionaires in 2025, the highest worldwide. Visa Private aims to help issuing banks address the specific expectations of HNWIs, whose requirements extend beyond everyday payment functionality, while also supporting the UAE government’s objective of…

Paymentology, a London-based issuer processor, has formally registered its operations in Riyadh to strengthen its local presence in Saudi Arabia. The move aims to support the Kingdom’s growing fintech sector by providing card issuing and payment processing infrastructure to banks and fintech companies. The company, which has been active in Saudi Arabia since 2020, is recruiting senior staff, building a local team, and investing in infrastructure to deliver services with scalability and security. With team members across 65 countries, Paymentology seeks to combine international expertise with local delivery. Jeff Parker, Chief Executive Officer of Paymentology, said: “Our approach to localisation…

Thunes, a global payments network, and barq, a growing digital wallet in Saudi Arabia, have announced the launch of barq’s expanded remittance services for consumers across the Kingdom. Through Thunes’ international network, barq users can now transfer money across borders, with funds delivered in real time to mobile wallets and bank accounts worldwide. The service builds on barq’s existing financial products, which include international remittances, payment cards, and digital wallet solutions. The launch follows the collaboration between Thunes and barq announced in 2024, aimed at expanding reach and providing more reliable services to Saudi customers. Saudi Arabia has one of…

CASHPLUS, a Moroccan financial services and fintech provider, has entered into a partnership with PayPal to introduce a fully digital option for users in Morocco to withdraw PayPal funds in local currency. The arrangement allows PayPal account holders in Morocco to transfer their balances instantly in Moroccan Dirhams (MAD) through the CASHPLUS mobile application, removing the need for branch visits, paperwork, or intermediaries. CASHPLUS is currently the only provider in the country offering digital PayPal withdrawals. The feature is expected to benefit freelancers, entrepreneurs, content creators, and e-commerce sellers who rely on international transactions. “At PayPal, we believe financial services…

Hewlett Packard Enterprise (HPE) has announced the availability of a local cloud instance in the Kingdom of Saudi Arabia for its HPE Juniper Networking Mist AI-native networking platform. The development brings the HPE Juniper Networking Marvis AI engine, the industry’s first Gen AI virtual assistant, closer to organisations in the Kingdom. HPE’s networking solutions have seen significant growth in the Saudi market, driven by increasing adoption of its AI-native networking platform across multiple sectors. Marvis provides proactive insights, automation and self-healing capabilities to support operations and improve user experience, while the unified platform covers clients’ needs from endpoint to cloud.…

The Saudi Central Bank (SAMA) and Ant International, a global digital payments and financial technology provider, plan to introduce cross-border QR code payments in 2026. The system will link Saudi Arabia’s national payment scheme, mada, with Ant International’s global wallet gateway, Alipay+, aiming to support digitalisation and provide local merchants with broader payment access. Douglas Feagin, President of Ant International, said: “We are deeply honoured to support the ambitious goals of Vision 2030 and build on the strong digital infrastructure by SAMA to enhance payment connectivity and boost Saudi Arabia’s status as a global tourism hub. Tourism is a powerful…

Visa has announced that the Visa Acceptance Platform is now hosted on local cloud infrastructure in Saudi Arabia, marking the first implementation of its kind by Visa. The move is in line with the Saudi Central Bank (SAMA) mandate. The development means that businesses in Saudi Arabia will be able to accept payments more quickly and securely on CyberSource, a Visa Acceptance Platform service, through a single integration. According to Visa, this will support the Kingdom’s efforts under Vision 2030 to strengthen its digital economy. The platform accommodates a range of transaction types widely used in modern commerce, including authorisation…

Dyna.Ai, a global AI services company, has announced plans to expand its presence in the Kingdom of Saudi Arabia (KSA). The announcement follows the opening of its Riyadh office and will see the company strengthen its partnerships with financial institutions in the country to advance the adoption of AI solutions. At Money20/20 Middle East in Riyadh, Dyna.Ai will introduce its Agentic AI Suite and AI Employees, both of which include Arabic-language functionality. The enterprise platform is designed for the financial sector and enables the use of intelligent, collaborative agents to support automation, collaboration and localisation. The AI Employees, described as…

Money20/20 Middle East officially opened today at the Riyadh Exhibition and Convention Centre in Malham, marking a milestone for the financial technology sector in the region. The event brings together more than 450 fintech companies and over 1,050 global investors, making it the largest gathering of its kind held in the Middle East. The conference is hosted under the patronage of H.E. Mohammed Aljadaan, Saudi Arabia’s Minister of Finance and Chairman of the Financial Sector Development Programme Committee. Opening the event, H.E. Aljadaan highlighted the Kingdom’s ambition to establish itself as a global fintech hub in line with Vision 2030.…

Google announced the official launch of Google Pay and Google Wallet in Saudi Arabia, providing Android users with a secure and convenient way to make digital payments and store essential digital items. The service, supported by the Kingdom’s national payment system (mada), will be rolled out to all users over the coming weeks. At launch, customers of Al Rajhi Bank and Riyad Bank will be able to use Google Pay, with additional banks to be added gradually. Google Pay enables users to make contactless payments in stores through ‘Tap to Pay’, with support for online and in-app payments expected to…

Tamara, Saudi Arabia’s first homegrown fintech unicorn, has secured an asset-backed facility of up to US$2.4 billion, the largest of its kind in the region, from a group of major financial institutions including Goldman Sachs, Citi, and Apollo funds. The deal fully refinances and expands on a previous US$500 million facility arranged by Goldman Sachs. Announced at the Money 20/20 Middle East conference in Saudi Arabia, the transaction consists of an initial US$1.4 billion, with a further US$1 billion available over a three-year period, subject to approvals. The funding will support Tamara’s expansion into new credit and payment products. “This…

HALA, a Saudi Arabian fintech and provider of embedded financial services for MSMEs, has raised US$157 million in a Series B funding round, one of the largest Series B rounds in the Middle East fintech sector. The round was led by The Rise Fund, TPG’s multi-sector global impact investing strategy, and Sanabil Investments, a wholly owned entity of the Public Investment Fund, with participation from QED, Raed Ventures, Impact 46, Middle East Venture Partners, Isometry Capital, Arzan VC, BNVT Capital, Kaltaire Investments, Endeavor Catalyst, Nour Nouf Ventures, Khwarizmi Ventures, and Wamda Capital. Funds will strengthen HALA’s position in Saudi Arabia,…

Global cross-border payments company Thunes has announced the rollout of real-time cross-border payments into Saudi Arabia, enabling direct transfers to bank accounts and digital wallets in Saudi Riyals (SAR) through its Direct Global Network. The service aims to simplify transactions for both individuals and businesses. The launch comes as Saudi Arabia advances its financial sector under Vision 2030, alongside increasing demand for faster and more transparent cross-border payments. Industry data indicates that the value of funds received into the Kingdom is projected to reach US$232 billion in 2025, reflecting growth in transaction volumes and digital adoption. According to Thunes’ 2025…

The Financial Services Regulatory Authority (FSRA) of ADGM has released Consultation Paper No. 9 of 2025, setting out a proposed regulatory framework for Regulated Activities involving Fiat Referenced Tokens (FRTs) and inviting public feedback on the proposals. The proposals build on the regulatory framework for the issuance of FRTs introduced by the FSRA in December 2024. They outline the FSRA’s approach to the acceptance of FRTs for use in ADGM, expand the scope of Regulated Activities that may be carried out in relation to FRTs, and set out Rules for Authorised Persons that hold or control FRTs on behalf of…