EGBANK, a financial institution based in Egypt, has partnered with Mastercard to improve financial accessibility, promote the use of digital payments, and extend its card portfolio to include new customer segments. Under the agreement, Mastercard will assist EGBANK in developing its range of debit, credit, and commercial cards, providing customised financial solutions with additional benefits. Mohamed Assem, Country Manager for Egypt, Iraq, and Lebanon at Mastercard, said: “We are thrilled to join forces with EGBANK to support the development of the bank’s card portfolio, and expansion strategy. This collaboration underscores our joint commitment to driving the growth of the digital…

ADGM, the international financial centre of the UAE capital, has announced the appointment of Rashed Abdulkarim Al Balooshi as Chief Executive Officer of its Registration Authority (RA), with immediate effect. The move is part of ADGM’s ongoing efforts to strengthen its leadership and advance its strategic objectives in line with Abu Dhabi’s long-term economic vision. Al Balooshi succeeds Hamad Al Mazrouei, who has embarked on a new role within Abu Dhabi. In his new position, Al Balooshi will oversee the Registration Authority, which is responsible for the registration, licensing, and oversight of non-financial businesses operating within ADGM. His remit includes…

International Holding Company (IHC), a global investment firm, has announced the official launch of Reinsurance Intelligence Quotient (RIQ), a reinsurance platform based in Abu Dhabi Global Market (ADGM). This follows an earlier announcement and reflects the joint efforts of IHC, BlackRock, and Lunate to expand in the global insurance sector through the use of technology and strategic collaboration. RIQ integrates AI with sector expertise to offer reinsurance solutions across Property and Casualty (P&C), Life, and specialised segments, beginning with high-growth markets. The platform aims to enhance risk selection, cost efficiency, and service delivery by leveraging AI-driven tools. The company has…

The Central Bank of Kuwait has published a draft of its Open Banking Framework (OBF), outlining the country’s early steps towards enabling data sharing across the financial services ecosystem. The framework aims to provide banks and fintechs with a structure to offer open banking services that are secure, standardised, and based on customer consent. The OBF has been introduced in light of the increasing role of technology in Kuwait’s financial and payments sectors. It is positioned as a mechanism to support the development of digital banking services, with potential benefits for regulators, banks, Open Banking Service Providers (OBSPs), and consumers.…

e& enterprise, the digital transformation arm of technology group e&, is expanding its collaboration with Microsoft to deliver scalable AI and data solutions across the Middle East, North Africa and Türkiye (MENAT) region. The partnership is focused on accelerating AI adoption and supporting digital transformation efforts in key markets including the UAE, Saudi Arabia, Egypt, Qatar, and Türkiye. Amit Gupta, Vice President of Data & AI at e& enterprise, said: “This collaboration combines e& enterprise and Microsoft’s technological expertise and deep market insights to deliver transformative solutions that resonate with the unique dynamics of the MENAT region. Together, we aim…

Stake, a real estate investment platform based in Dubai and Riyadh, has launched its first private real estate development fund in Saudi Arabia. The fund is located in Riyadh’s Al Malqa district, near major commercial and government zones including the King Abdullah Financial District and the Diplomatic Quarter. It is fully Shariah-compliant and open to both local and international investors, with a minimum investment of SAR 500. This development is part of Stake’s broader regional expansion following its entry into the Saudi market in early 2024. The platform became the first regulated by Saudi Arabia’s Capital Market Authority (CMA) to…

MoneyGram, a US-based global payments network, has announced a partnership with tiqmo, a financial technology firm headquartered in Saudi Arabia. The collaboration allows tiqmo users in the Kingdom to send international money transfers to more than 200 countries and territories through MoneyGram’s global infrastructure. The integration gives tiqmo users access to over five billion digital endpoints and more than 480,000 MoneyGram locations worldwide, with support for transactions in over 120 currencies. Customers will be able to send funds through a range of methods, including bank account and digital wallet transfers, mobile top-ups, cash pick-ups, and bill payments. Launched in 2024,…

Lean Technologies, a financial infrastructure provider in MENA has published a comprehensive whitepaper detailing how Open Finance is redefining payments in the UAE. Titled The Dawn of Open Finance – Payments, the report serves as a reference for fintech companies, digital platforms, financial institutions and policymakers seeking to understand how regulatory frameworks and new technologies are coming together to reshape payment systems in the country. The whitepaper outlines the foundational components of Open Finance in the UAE, with a particular focus on payments. It explains how account-to-account payments are becoming a viable alternative to traditional card-based transactions, supported by regulatory…

Leonteq, a Zurich-based fintech company, announced today the formation of a partnership with Emirates Islamic, a financial institution in the UAE, to manufacture and distribute Shari’a-compliant structured products. The collaboration builds on Leonteq’s strategic move into the Gulf region. In 2022, the firm introduced a Shari’a-compliant trust certificate issuance programme through IBDAA Certificate Issuer (IBDAA), a dedicated Islamic issuance vehicle. Amanie Advisors, a recognised Shari’a advisory firm, has been engaged by Leonteq to provide guidance on the Shari’a aspects of the programme and subsequent initiatives involving IBDAA. Under this partnership, Emirates Islamic will co-develop certain trust certificates issued by IBDAA…

China’s Cross-Border Interbank Payment System (CIPS) and the Central Bank of the United Arab Emirates (CBUAE) have signed a MoU to strengthen cooperation on cross-border payments, the People’s Bank of China (PBOC) announced. According to the statement by the PBOC, which oversees and regulates CIPS, the agreement is expected to enhance payment infrastructure and improve the efficiency of cross-border transactions. As part of the agreement, CIPS and the UAE’s central bank will collaborate on the development of a cross-border payment connectivity programme, aimed at providing local currency clearing services for financial institutions across the Middle East and North Africa. The…

The European Union (EU) is set to remove the UAE from its list of high-risk countries for money laundering, a move the Gulf nation has long been advocating for. According to Bloomberg, the European Commission, the EU’s executive branch, has removed the UAE from its list of “high-risk third countries with strategic deficiencies in their anti-money laundering and counter-terrorist financing regimes.” However, the decision must still be approved by both the EU member states and the European Parliament, which previously blocked a similar proposal in 2023. Maria Luis Albuquerque, the EU’s Commissioner for Financial Services, stated that the update “reiterates…

The Central Bank of the UAE (CBUAE) has imposed financial penalties totalling AED 12.3 million on six exchange houses operating in the country. These sanctions were issued in accordance with Article (14) of Federal Decree Law No. (20) of 2018 concerning Anti-Money Laundering (AML), Combating the Financing of Terrorism (CFT), and the financing of illegal organisations, along with its subsequent amendments. The penalties followed thorough inspections by the CBUAE, which uncovered multiple breaches of the UAE’s AML/CFT regulations. These included failures to adhere to the established compliance framework and related regulatory obligations. While the central bank confirmed that six exchange…

The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) has announced the immediate implementation of amendments to its regulatory framework for digital assets. These amendments follow extensive industry engagement and feedback received on Consultation Paper No. 11 of 2024. The key focus of the changes lies in refining the process through which Virtual Assets (VAs) are approved for use as Accepted Virtual Assets (AVAs) within ADGM. The amendments also introduce revised capital requirements and fee structures for Authorised Persons undertaking Regulated Activities involving VAs (VA Firms). Additionally, a new product intervention power specific to VAs has been…

Meedaf, a financial services entity licensed by the Abu Dhabi Global Market (ADGM) and launched in April 2025, has entered into a strategic joint venture with Brink’s, a global provider of cash and valuables management, digital retail solutions, and ATM managed services. The partnership aims to strengthen the cash management and ATM services landscape in the UAE by improving efficiency, security, and operational standards. This marks the first strategic partnership under the Meedaf platform and will offer financial institutions access to Brink’s global infrastructure, technologies, and operational experience. The venture will provide integrated services that include cash-in-transit, money processing, ATM…

In 2024, the global Islamic financial services industry continued to expand, growing by 14.9% year-on-year (YoY) to reach US$3.88 trillion in total assets, according to a new report by the Islamic Financial Services Board (IFSB). Growth was observed across all major sectors, including Islamic banking, Islamic insurance, and sukuk, which are Islamic financial certificates, similar to bonds in Western finance, highlighting deepening market participation, and expanding geographic reach, especially in non-traditional markets. In 2024, total assets in Islamic banking grew by 17.05%, marking a significant increase. The segment remained the cornerstone of the industry, accounting for 71.6% of Islamic finance…

Egypt’s Micro, Small and Medium Enterprise Development Agency (MSMEDA), backed by World Bank, has collaborated with several venture capital firms and the US-based platform Visible.vc to introduce a standardised portfolio reporting framework for startups and investors across the country. Led by Foundation Ventures, the initiative includes participation from Algebra Ventures, Sawari Ventures, Shorooq Partners, Endure Capital, Camel Ventures, DenVC, LoftyInc Capital, DisrupTech Ventures, and the Climate Resilient Africa Fund. The aim is to establish common metrics, reporting timelines, and formats, addressing the longstanding issue of inconsistent data practices within Egypt’s startup ecosystem. Although Egypt’s startup scene has expanded significantly in…

Limited, a US-based next-generation fintech startup offering stablecoin-based global banking services with self-custody, has secured US$7 million in a seed funding round. The round was led by North Island Ventures, with additional participation from existing backers Third Prime and Arche Capital, as well as new investors Collab+Currency and SevenX Ventures. This brings the company’s total funding to US$10 million since its founding in 2024. Founded by Hussein Ahmed, an Egyptian entrepreneur, Limited has developed a banking and payments platform that integrates the security of self-custody stablecoins with the functionality of traditional banking services. Available on iOS, Android, and web, the…

Qatar Islamic Bank (QIB) has partnered with Visa to enhance cross-border business-to-business (B2B) transactions. The collaboration involves the integration of the Visa B2B Connect platform, which will enable corporate clients to transfer funds from Qatar to 120 countries in a secure and streamlined manner. The platform is designed to support businesses in conducting international transactions more efficiently, aiming to improve the reliability and security of cross-border payments. QIB’s adoption of Visa B2B Connect aligns with its broader strategy to strengthen international payment corridors and provide clients with cost-effective and consistent transfer services. Tarek Fawzi, General Manager, Wholesale Banking Group at…

Emirates NBD Group, Dubai’s government-owned bank and one of the largest banking groups in the Middle East in terms of assets, is positioning itself as a leader in fintech innovation across the United Arab Emirates (UAE), leveraging innovation and partnerships to improve operational efficiencies and enhance customer experiences. A May 2025 report by Emirates NBD and PwC Middle East outlines the bank’s fintech strategy, highlighting the group’s multi-pronged approach, which centered on partnering with fintechs and tech firms, developing in-house digital solutions, deploying corporate venture capital (CVC) investments, and nurturing local talent. Emirates NBD’s fintech strategy Emirates NBD’s fintech strategy…

The startup ecosystem in MENA experienced renewed momentum in May 2025, securing a total of US$289 million across 44 deals. This reflects a 25% increase compared to April and a modest 2% rise year-on-year. Debt financing accounted for only 9% of the total investment, with the bulk of capital directed towards equity deals. Egypt regained its position as the region’s leading recipient of funding, largely thanks to Nawy’s notable US$75 million round. According to Wamda, seven other Egyptian startups collectively raised US$50 million, marking activity levels not seen since July of the previous year. The UAE followed with US$86.7 million…