Presight, a big data analytics company powered by AI, has signed a MoU with Microsoft to support the Presight AI-Startup Accelerator. The UAE-based programme aims to assist AI startups in commercial development, providing access to technology resources, networking opportunities within the UAE, the G42 ecosystem, and Presight’s global markets, as well as potential venture funding. Microsoft will support the initiative through its Founders Hub, offering technical expertise, mentorship, and market acceleration. Startups in the accelerator will have access to high-performance computing, cloud services, and foundational AI models, including large language models (LLMs) and generative AI-powered analytics. Thomas Pramotedham, CEO of…

The Central Bank of Oman (CBO) announced the implementation of the International Bank Account Number (IBAN) for domestic financial transactions, effective from 1st July 2025. This initiative aims to improve the efficiency of local payment transactions, minimise operational errors, and accelerate financial transfers between individuals and businesses. Additionally, it will enhance the overall banking experience by ensuring faster and more secure transactions. The CBO successfully introduced the IBAN system for international transfers on 31st March 2024, significantly improving transaction accuracy, reducing errors, and expediting processing times for both local and international transfers. Building on this success, the CBO will discontinue…

XTB, a global fintech company headquartered in Poland, has opened a new office in One Central (Offices 5) at the Dubai World Trade Centre. The move follows XTB’s latest regulatory developments, including its new licence from the UAE’s Securities and Commodities Authority (SCA) and the renewal of its licence from the Dubai Financial Services Authority (DFSA). These regulatory approvals reinforce the company’s compliance with financial security and investor protection standards. The SCA and DFSA are the UAE’s primary financial regulators, overseeing investment firms to ensure transparency and investor protection. The newly acquired SCA licence allows XTB to operate as a…

PayPal has announced a partnership with Ignyte, a Dubai-based digital platform supporting startups and small businesses. As a founding partner, PayPal will assist entrepreneurs in managing payments more efficiently, enabling smoother cross-border transactions and business expansion in the digital economy. Ignyte, launched in October 2024 under the Dubai Digital Economy Strategy, aims to establish the region as a centre for innovation and business growth. It provides startups with access to mentors, investors, and over 250 resources from corporate and industry partners. “The UAE is rapidly cementing its status as a global tech powerhouse, driven by innovation, ambition, and a world-class…

Emirates NBD, a banking group operating in the Middle East, North Africa, and Türkiye (MENAT) region, has signed a MoU with BlackRock, a global investment management firm headquartered in New York, to establish an investment platform aimed at providing its wealth clients with access to alternative investments, specifically in private markets. Private markets, traditionally accessible only to institutional investors in the region, represent a rapidly expanding segment within asset management. Alternative assets are projected to reach US$30 trillion by the end of the decade. Emirates NBD Asset Management and BlackRock plan to introduce an initial range of evergreen investment options…

Nayla Finance, a Riyadh-based fintech company focused on providing funding for micro-businesses, has secured US$4 million in seed funding, led by Sanabil Venture Studio by Stryber. The investment will be used to expand its product offerings, grow its loan book, and provide capital to micro-businesses across Saudi Arabia. The funding will support the development of Nayla’s data-driven lending platform, operational scaling, and partnerships in sectors such as food and beverage, e-commerce, and retail. Co-founder and CEO, Shaqran Alyahya, stated, “We are addressing a gap in the market by offering financial solutions tailored to micro-businesses, a key part of the Saudi…

Abu Dhabi Global Market (ADGM), the International Financial Centre (IFC) of the UAE’s capital, has signed a MoU with Chainlink to advance compliant tokenisation frameworks. The partnership will leverage Chainlink’s expertise to support projects under ADGM’s Registration Authority, focusing on regulatory compliance and the utility of tokenised assets. Chainlink provides blockchain interoperability and verifiable data solutions, facilitating liquidity and supporting transactions exceeding US$19 trillion. Hamad Sayah Al Mazrouei, CEO of ADGM Registration Authority, stated, “By collaborating with Chainlink, we are aiming to set a global benchmark that spearheads transparency, security, and trust across the blockchain space.” The MoU outlines discussions…

Seviora Group, a Singapore-headquartered asset management group wholly owned by Temasek, has announced the establishment of its Middle East office in Abu Dhabi Global Market (ADGM). The firm, which manages US$54 billion in assets, aims to strengthen its presence in Asia and beyond through its offices in Singapore, India, China, Indonesia, and now Abu Dhabi. Seviora provides investment solutions across private credit, private equity, liquid and semi-liquid strategies, as well as traditional active and liquidity management. It operates through five asset management companies (AMCs) and has a team of over 210 investment professionals. To lead its Middle East operations, Seviora…

Dubai Land Department (DLD) has launched the pilot phase of the ‘Real Estate Tokenisation Project’ under its Real Estate Innovation Initiative (REES). This makes DLD the first real estate registration entity in the Middle East to implement tokenisation on property title deeds. The project is being developed in collaboration with the Dubai Virtual Assets Regulatory Authority (VARA) and Dubai Future Foundation (DFF) through Sandbox Dubai. DLD estimates that real estate tokenisation could reach a market value of AED 60 billion by 2033, accounting for 7% of Dubai’s total real estate transactions. As part of this initiative, DLD held a workshop…

Al Ahli Bank of Kuwait – Egypt (ABK-Egypt) has signed a long-term strategic partnership agreement with Visa to introduce advanced digital payment solutions and support Egypt’s digital transformation efforts. Under this agreement, ABK-Egypt will launch a range of new products and services designed to meet the needs of different customer segments and enhance its digital banking offerings. This initiative aligns with Egypt’s strategy to promote electronic payments and financial inclusion. Khaled Barakat, Deputy CEO of ABK-Egypt leading Consumer Banking, stated: “We take pride in this cooperation and look forward to capturing a substantial market share through increasing transaction volumes and…

Telr, a digital payments company based in Dubai, has secured a Retail Payment Services (RPS) license from the Central Bank of the UAE. This approval enables Telr to expand its merchant acquiring and payment aggregation services within the country. Khalil Alami, Founder and CEO of Telr, stated, “We are honoured by the Central Bank of the UAE’s trust and recognition.” He added, “This achievement cements our role as a pioneer in digital payments, fueling our drive for innovation and empowering businesses to thrive in an increasingly cashless economy.” The company provides payment solutions across the UAE, Saudi Arabia, Bahrain, and…

Though fintech remains a relatively nascent sector in Qatar, the industry is growing at a rapid pace. A new report by Switzerland Global Enterprise (S-GE), the official Swiss organization for export and investment promotion in the country, explores the key drivers of this growth and the emerging trends shaping the sector. The report highlights the remarkable growth of the Qatari fintech industry. It emphasizes the dominance of digital payments in this ecosystem, fueled by Qatar’s high internet penetration rates and widespread smartphone usage. Notably, 99% of the 2.7 million overall population in Qatar is using Internet, contributing to a robust…

Finastra has announced the successful implementation of its Kondor treasury trading system, supported by DXC Technology’s cloud-based managed services, at Vision Bank, a Sharia-compliant digital bank in Saudi Arabia. This enabled Vision Bank to launch the pilot phase of its banking operations. The system enhances the bank’s asset and liability management, liquidity management, trading and investment, foreign exchange, capital adequacy, and reserve management. Deploying the solution on the cloud aligns with the bank’s strategy to improve user experience and adapt to evolving demands. “Our mission is to be a pioneer in the Saudi banking sector, relying on innovation and technology…

NymCard, a Dubai-based embedded finance platform, has secured US$33 million in a Series B funding round led by US-based QED Investors. This marks QED Investors’ largest investment in MENA and its first in the Gulf region. Existing investors, including Lunate, Dubai Future District Fund, and Mashreq Bank, along with Knollwood, Reciprocal, and FJLabs, participated in the round. Shorooq Partners also contributed, while new investor Oraseya Capital joined the funding. With this investment, NymCard aims to expand its presence in MENA and enhance its payment infrastructure for banks, enterprises, fintech firms, and telecom providers. The company operates in three main areas:…

Contact Financial Holding, Egypt’s non-banking financial services provider, has signed an agreement with Fawry, a fintech company in Egypt, to expand their partnership. The deal enables Contact’s Buy Now, Pay Later (BNPL) service across Fawry’s payment network, which includes over 370,000 points of sale and its online platform. The agreement builds on the existing collaboration between the two companies, aiming to offer Contact’s customers more payment flexibility through Fawry’s digital payment solutions. In addition to BNPL, the partnership includes services such as e-payment gateway integration and bill payment aggregation. This initiative aligns with Egypt’s efforts to advance digital transformation and…

Forbes Middle East has unveiled its Top 40 Asset Managers list, spotlighting the region’s most influential leaders shaping the investment landscape. Collectively, they managed more than US$439 billion in assets in 2024, spanning local and international equities, debt funds, discretionary portfolios, real estate investments, REITs, and private equity. To compile this list, Forbes Middle East ranked asset managers handling public money on a fiduciary basis, excluding sovereign wealth funds and private/family offices. The ranking was determined using a weighted evaluation of assets under management (AUM), AUM growth (2023-2024), leadership experience, tenure, key achievements over the past year, and a preference…

Forbes Middle East has unveiled its annual Fintech 50 list, recognising the region’s leading innovators in digital financial services as they adapt to evolving consumer expectations in an increasingly digital landscape. The ranked companies have collectively processed over US$240 billion in transactions and secured more than US$3.8 billion in total funding. The ranking was determined based on external investment, total transaction volume, app downloads, active users, consumer impact, geographic footprint, and achievements in innovation, growth, and expansion over the past year. Fintech entities affiliated with exchange houses, traditional banks, or government institutions were not considered. After securing US$160 million in…

The Dubai Financial Services Authority (DFSA), the independent regulator of the Dubai International Financial Centre (DIFC), is inviting firms to express their interest in participating in the DFSA’s Tokenisation Regulatory Sandbox. This initiative is designed for firms seeking to offer tokenised investment products and services, enabling them to test their solutions within a controlled regulatory environment. As part of the DFSA’s Innovation Testing Licence programme, a licensed sandbox that facilitates the testing of innovative financial products and services, the Tokenisation Regulatory Sandbox provides a structured pathway from experimentation to full authorisation. The DFSA’s Innovation Testing Licence has already played a…

Checkout.com, a global digital payments solutions provider headquartered in London, has partnered with Tabby, a financial services and shopping app based in Riyadh, to offer flexible payment solutions to merchants in the UAE and Saudi Arabia. This partnership integrates Tabby’s BNPL services into Checkout.com’s platform, enabling merchants to provide consumers with alternative payment options at checkout. As part of the agreement, Checkout.com has incorporated Tabby’s BNPL services into its platform, allowing merchants to meet growing consumer demand for flexible payment methods. The integration is expected to enhance conversion rates, increase average order values, and improve the overall shopping experience. The…

Emirates NBD has concluded the third cohort of its National Digital Incubator (NDTI) programme, aimed at supporting Emirati fintech entrepreneurs. The initiative, developed in collaboration with industry partners such as the DIFC Innovation Hub, Visa, Microsoft, and Dell Technologies, provides participants with access to industry leaders, mentoring sessions, and networking opportunities. For the first time, the programme included insights from Essa Kazim, Governor of the Dubai International Financial Centre (DIFC), reinforcing its alignment with the UAE’s economic strategy. A key feature, Discovery Day, allowed startups to collaborate with industry partners to tailor the programme to their needs. Additionally, participants engaged…