Mawarid Finance, in partnership with Arab Financial Services (AFS), a digital payments solutions provider and fintech enabler in the Middle East and Africa, has launched a digital application for credit card issuance and management. The initiative aims to support the shift towards digital financial services and improve user experience in the UAE. The application provides a fully digital process for applying, approving, issuing, and managing credit cards through a smartphone. This removes the need for physical branch visits or paper-based processes, reducing the time required for customers to access services. This development follows a formal agreement between Mawarid Finance and…

Saudi Arabia’s digital bank D360, backed by the Public Investment Fund (PIF), is in preliminary discussions with potential global investors as it prepares for a Series A funding round slated for the second half of 2025. The Shariah-compliant bank, which began operations in December, aims to complete the fundraising in the first quarter of 2026, according to Chief Executive Officer Eze Szafir in an interview with Bloomberg. This follows D360’s successful raising of approximately US$500 million from existing shareholders, including the PIF and Derayah Financial Co. Szafir did not specify the size of the upcoming round but said the funds…

The Dubai Financial Services Authority (DFSA) has announced the appointment of Juma Thani Alhameli as Chief Operating Officer, effective 10 June. He will also join the DFSA Executive Committee. Juma brings over two decades of experience in leading change and transformation initiatives, with a background spanning the technology, financial services, and aviation sectors in the UAE. He was most recently the Group Chief Technology Officer at First Abu Dhabi Bank, where he oversaw the development and implementation of the bank’s technology strategy. Prior to that, he spent ten years at Abu Dhabi Global Market in senior leadership roles, including Chief…

At its Annual General Meeting, the Dubai Future District Fund (DFDF), anchored by the Dubai International Financial Centre (DIFC) and the Dubai Future Foundation (DFF), shared key updates from its 2024 performance. The meeting highlighted a year marked by strategic growth, closer alignment with Dubai’s economic goals, and steps towards supporting a resilient and inclusive innovation environment. The AGM also set the tone for DFDF’s direction in 2025, which has been nationally designated as the Year of the Community. In reference to the UAE’s declaration of 2024 as the Year of Sustainability, DFDF reiterated its focus on long-term value creation,…

In the Middle East and Africa (MEA), mobile wallets have transformed into a large and diverse market, home to approximately 50 unique brands and providers. A recent e-book by Thunes, a Singapore-based cross-border payment infrastructure provider, looks at this burgeoning landscape, revealing a complex ecosystem shaped by domestic fintech leaders and telecommunications firms. Local champions lead the way In many MEA markets, domestic mobile wallets have emerged as clear market leaders, with Egypt’s Fawry, Kenya’s M-Pesa, Nigeria’s OPay, and Turkey’s Papara exemplifying this trend. Fawry controls 40% of Egypt’s mobile wallet market, while M-Pesa has an extraordinary 95% share in…

BENEFIT, a company in Bahrain’s fintech and electronic financial transactions sector, has announced the launch of the fourth edition of its annual fintech internship programme, Masar. The initiative is aimed at providing Bahraini youth with practical experience and skills development opportunities in the fintech field. This year’s edition of Masar will support 40 selected participants, offering them the chance to gain industry exposure, enhance their problem-solving capabilities, and engage with ongoing developments in Bahrain’s digital economy. Open to Bahraini university students and members of the BENEFIT team, the programme is intended to foster inclusive talent development. It combines advanced training…

Stride Ventures, a India-based player in venture debt, has announced a significant expansion across the Gulf Cooperation Council (GCC), with Saudi Arabia at the centre of its regional strategy. This includes doubling its local team and opening a second regional office, signalling a growing focus on alternative financing models in the region. The announcement aligns with the release of the inaugural Global Venture Debt Report 2025, published by Stride Ventures in collaboration with consultancy firm Kearney. According to the report, while the global venture debt market has grown at a compound annual growth rate (CAGR) of 14% over the past…

At its annual Cyber Security Weekend for the Middle East, Türkiye, and Africa (META) region, Kaspersky announced the discovery of GriffithRAT, a newly identified and sophisticated piece of malware. This tool has been used in cyber campaigns targeting fintech firms, online trading platforms, and foreign exchange services across the globe, with confirmed victims in the UAE, Egypt, Türkiye, and South Africa. The malware is distributed via Skype and Telegram, typically disguised as documents containing financial trend analyses or investment advice. These deceptive files are aimed at both corporate entities and individual traders, who may unknowingly install the malware. Once active…

StashAway, a digital investment platform operating across Asia and the Middle East, has named Raaed Sheibani as its new Country Manager for the UAE. His appointment coincides with StashAway’s participation in the Dubai International Financial Centre’s (DIFC) ‘1 Million Learners’ initiative as a founding partner. In his new role, Raaed will oversee StashAway’s strategic development in the UAE, with an emphasis on supporting young professionals and high net worth individuals in building long-term wealth. The company, under his leadership, plans to develop its offerings in private markets and Shariah-compliant investments, improve customer experience, and extend its financial education programmes in…

Emirates NBD has entered into a partnership with iPiD, a Singapore-based provider of Know Your Payee (KYP) validation services. The collaboration aims to enhance the bank’s cross-border payment processes by enabling real-time beneficiary validation. Through the integration of iPiD’s technology, customers will be able to verify payee names, IBANs, and account numbers before initiating a payment. This is expected to reduce the risk of fraud, prevent transaction errors caused by incorrect details, and improve overall efficiency. The move is part of Emirates NBD’s wider efforts to strengthen its fraud prevention measures and expand its capacity for payee verification across international…

Turkish authorities have detained 13 individuals as part of an ongoing investigation into fintech company Papara, over allegations of money laundering, illegal betting activities, and the formation of a criminal organisation, Interior Minister Ali Yerlikaya announced on Tuesday (May 27) . According to Reuters, authorities suspect that Papara, an online platform providing money transfers, foreign exchange, and bill payment services to its 21 million users, was facilitating the transfer of illegal betting revenues by allowing users to open accounts for this purpose. State broadcaster TRT Haber reported that those detained include Papara’s founder and chairman, Ahmet Faruk Karslı. In response…

Stitch, a Saudi Arabia-based platform for launching and scaling financial products, has announced the close of a US$10 million seed funding round. The round was led by Arbor Ventures, COTU Ventures, Raed Ventures, and SVC, with participation from family offices and industry figures including Marqeta founder Jason Gardner and Abdulmalik AlSheikh, known for his role in establishing the mada and Sadad payment networks in Saudi Arabia. The funding will support Stitch’s efforts to expand its team and enhance its technology platform, which aims to simplify the development and launch of financial services. Demand for integrated financial infrastructure is increasing across…

Sixteen companies have received fintech licenses from Egypt’s Financial Regulatory Authority (FRA) to support the digital transformation of the nonbanking financial sector, FRA Chairperson Mohamed Farid said on Monday (May 26). Four companies are currently registered to offer outsourcing services, with more expected to follow. Speaking at the Caisec25 information security and cybersecurity conference in Cairo, Farid said around 110 institutions now meet the FRA’s cybersecurity requirements. He noted, however, that the FRA oversees more than 3,500 entities across various financial activities. The four outsourcing firms operate under a dedicated FRA registry and provide electronic identification, verification, and authentication; digital…

Hub71, Abu Dhabi’s global tech ecosystem, has entered into a strategic partnership with Yas Investments, a multi-family investment platform and fund manager, to support greater investor participation in the UAE’s venture capital sector. The collaboration aims to link high-potential startups with private capital, offering opportunities for strategic investment and business growth. Yas Investments, which invests through Spartech Ventures, brings extensive experience in both global and regional markets. The firm has a track record in identifying and supporting high-growth investment opportunities, with a focus on contributing to the region’s evolving economic landscape. As family offices emerge as a key source of…

A new survey by Arthur D. Little (ADL), covering 24 banks in the UAE and 18 in the Kingdom of Saudi Arabia (KSA), finds that customers across the Gulf Cooperation Council (GCC) are increasingly seeking integrated omnichannel banking experiences that balance digital convenience with human interaction. The findings show both distinct and converging trends in the UAE and KSA. In the UAE, 72% of respondents primarily use mobile banking apps, reflecting a preference for intuitive, anytime-anywhere digital access. In KSA, 46% cite mobile apps as their main banking channel, indicating ongoing efforts to increase digital adoption as part of the…

The Securities and Commodities Authority (SCA) of the UAE has officially introduced the region’s first “Finfluencer” license, marking a significant step in regulating and supervising digital financial content. This initiative aims to establish a formal governance framework for individuals providing investment analysis, recommendations, and financial promotions via digital platforms. The measure is intended to strengthen investor protection across the UAE’s capital markets. Waleed Saeed Al Awadhi, Chief Executive Officer of the SCA, commented on the development, stating, “Introducing the Finfluencer license is not merely a regulatory measure; it is a strategic move to redefine the role of regulators in the…

Vault Wealth, a digital private wealth platform focused on serving affluent individuals based in UAE, has officially launched to the public. The announcement coincides with a new investment round led by Peak XV Partners, formerly Sequoia Capital India and Southeast Asia, with continued backing from Outliers VC. Following the receipt of its license from the ADGM Financial Services Regulatory Authority in mid-2023, Vault has worked closely with a group of high-net-worth individuals (HNWIs) to refine its offering. With this groundwork in place and product-market fit established, the platform is now opening up to a wider base of affluent investors, specifically…

Dubai-based business-to-business (B2B) spend management platform Qashio has secured US$19.8 million in its latest funding round, comprising both equity and non-equity financing. The round was led by existing investor Rocketship, a Silicon Valley-based venture capital firm, with further participation from ABN Ventures, MITAA, and Oneway VC. New strategic investors, including Luxembourg’s MoreThan Capital, major banks in the MENA region, and regional family offices, also took part. Forbes Middle East reports that the funding will support Qashio’s geographic expansion, the scaling of its fintech loyalty programme across the region, and efforts to enhance regulatory compliance ahead of its planned entry into…

Mashreq has introduced Aani Instant Payments, a new feature designed to allow SMEs to collect payments from their customers instantly and securely, without requiring an IBAN. The Aani Instant Payments feature enables Mashreq’s SME clients to generate a link or QR code via the Mashreq Biz app, which can then be shared with their customers. This allows payments to be made within seconds, without the need to exchange bank account details. The solution is expected to improve cash flow management for SMEs and provide customers with additional payment options. Rajeev Chalisgaonkar, Head of Business Banking and NEO BIZ at Mashreq,…

European banking giant UBS Group is establishing a new office in Abu Dhabi, aiming to tap into the growing number of wealthy individuals relocating to the Middle East, according to Bloomberg. The ultra-rich have increasingly been moving away from high-tax countries such as the United Kingdom, opting instead for the region’s favourable low-tax environment. “The Middle East has definitely been a winner for private individuals that have been moving away from higher-tax regimes, other places and other locations like the UK,” said Beatriz Martin Jimenez, president of UBS’s businesses across Europe, the Middle East, and Africa. She made the remarks…