Riyad Bank’s digital innovation branch, Jeel, has announced a collaboration with Google Cloud to enhance digital services in Saudi Arabia. The partnership focuses on AI, data analytics, and scalable cloud computing solutions. The collaboration aims to support digital transformation across both financial and non-financial sectors. By combining Jeel’s financial expertise with Google Cloud’s AI-driven technology and cloud infrastructure, financial institutions will be able to modernise their operations, scale efficiently, and introduce new services more rapidly. Additionally, the partnership will help institutions meet regulatory requirements set by the Saudi Central Bank (SAMA) while maintaining innovation. George Harrak, CEO of Jeel, stated:…

Klaim, a Dubai-based healthcare payment acceleration company, has secured US$ 10 million in Series A equity funding along with an additional US$ 16 million in financing to support its regional expansion and improve cash flow access for medical providers. The investment will help the company accelerate medical insurance claim payments in the MENA region. Founded in 2019, Klaim provides a payment platform for the healthcare sector, using AI and data analytics to predict insurance payment behaviours and streamline claims processing. With the new funding, the company plans to expand further in the UAE and enter markets such as Saudi Arabia…

Mastercard and Dubai-based Mashreq have signed a multi-year strategic agreement to support Mashreq’s launch as a digital bank in Pakistan. The collaboration will focus on Mashreq’s card portfolio across consumer, affluent, and business market segments. The State Bank of Pakistan has granted Mashreq Pakistan a restricted license for pilot operations as part of the government’s efforts to expand digital financial services. Mashreq and Mastercard aim to introduce digital banking solutions in Pakistan. The partnership seeks to promote digital payment adoption, financial inclusion, and the broader digital economy. “Our strategic collaboration with Mastercard exemplifies the strong synergy between our two organisations…

PayTabs Group, a Riaydh-based payment orchestration company, has acquired a majority stake in PayTabs Egypt, reinforcing its presence in the country’s digital payments sector. The acquisition enables PayTabs to provide tailored payment solutions for Egyptian merchants, expand financial inclusion efforts, and strengthen its regional footprint. Abdulaziz Al Jouf, CEO and Founder of PayTabs Group, stated: “We are excited to take this next step in strengthening our presence in Egypt. This transition allows us to streamline our operations and further enhance the value we offer to local businesses, government initiatives, and consumers. We remain deeply committed to Egypt’s digital payments future,…

Liv, the UAE’s first digital bank launched by Emirates NBD, has introduced a cryptocurrency service within its mobile banking app, Liv X. This offering has been developed in partnership with Aquanow, a global virtual asset service provider licensed by VARA. The new service allows users to buy, sell, and trade cryptocurrencies directly within the Liv X app while managing their daily finances. Crypto infrastructure is operated by Aquanow, with custody services provided by Zodia Custody. Liv has also implemented security measures to ensure secure transactions. Marwan Hadi, Group Head of Retail Banking and Wealth Management at Emirates NBD, stated: “Offering…

The startup ecosystem in MENA experienced a remarkable surge in activity during February 2025, with startups securing a total of US$494 million across 58 deals. This impressive figure marks a nearly fivefold increase compared to the investment raised in the same month last year. According to Wamda, debt financing accounted for 90% of total investment in January. However, February saw a sharp decline in debt financing, which comprised just 15% of the month’s total investment. When excluding debt from both months, February recorded a 371% month-on-month (MoM) increase in investment activity. LEAP propels Saudi Arabia to the top Saudi Arabian…

Saudi Venture Capital (SVC) has announced its investment in the Artal Growth Opportunities Fund, a closed-ended private equity fund regulated by the Capital Market Authority of Saudi Arabia and managed by Riyadh-based Artal Capital. The fund seeks to support high-growth companies by providing capital and leveraging Artal Capital’s expertise in business expansion and corporate governance. It aims to assist portfolio companies in scaling their operations, expanding into new markets, and strengthening governance frameworks to enhance profitability. The fund focuses on companies at the expansion and growth stage across the Gulf Cooperation Council (GCC), with a particular emphasis on Saudi Arabia.…

The Saudi Central Bank (SAMA) has officially granted a license to Tamara Finance, enabling the company to provide consumer finance and BNPL services in the Kingdom. With this latest addition, the total number of finance companies licensed and permitted by SAMA now stands at 65. In July 2023, SAMA granted Tamara a permit to provide BNPL solutions pursuant to Saudi Central Bank Law and Finance Companies Control Law. This step underscores SAMA’s commitment to enhancing the financial sector, improving the efficiency of financial transactions, and fostering innovation to drive financial inclusion in Saudi Arabia. By expanding the number of licensed…

SC Ventures, the innovation, fintech investment, and ventures arm of Standard Chartered, has signed a MoU with Visa to develop solutions supporting SMEs in MENA. The SME sector in the Middle East is evolving, with businesses expanding beyond traditional industries such as trading and construction. This shift, driven by technological advancements and government initiatives, has led to growth in fintech, e-commerce, and healthcare, contributing to broader economic diversification efforts. In the UAE, SMEs account for over 63.5% of the non-oil GDP. The country ranked first globally for fostering entrepreneurship in the Global Entrepreneurship Monitor (GEM) 2023-2024 report. “This partnership represents…

Al Etihad Payments (AEP), a subsidiary of the Central Bank of the UAE (CBUAE), has confirmed the readiness of the financial infrastructure for Jaywan, the UAE’s domestic card scheme, for local and international use. The scheme is intended to offer a secure and efficient payment solution while lowering transaction costs by providing a local alternative. It will also accelerate local payment processing through the UAESWITCH system, support economic growth, encourage innovation in payments, promote e-commerce, and enhance financial inclusion. Jaywan cards will be available in multiple variants, including debit, prepaid, and credit cards, and will be compatible with online transactions,…

Abu Dhabi Global Market (ADGM), the international financial centre (IFC) of Abu Dhabi, saw significant expansion in 2024, with assets under management (AUM) increasing by 245%. This growth coincided with the completion of ADGM’s jurisdictional expansion to Al Reem Island. Ahmed Jasim Al Zaabi, Chairman of ADGM, stated: “The unprecedented expansion and growth we have achieved is a reflection of Abu Dhabi as the ‘Capital of Capital’ – a hub where capital, ideas, and innovation converge.” Asset Management Growth ADGM’s AUM rose 245% in 2024, compared with a 35% increase in 2023. It now hosts 134 asset and fund managers…

Flow48, a fintech company headquartered in UAE, has successfully closed a US$69 million Series A funding round. The investment, a mix of debt and equity, was led by Breega and included participation from 212, Speedinvest, Daphni, Endeavor Catalyst, Evolution Ventures, and Plus VC, among others. With this latest funding, the company aims to further expand its presence in its primary markets while replicating its solutions in Saudi Arabia, the largest economy in MENA, which has a sizeable yet underdeveloped SME sector. Flow48 will also continue enhancing its platform by integrating alternative data sources and advanced risk assessment tools to offer…

Yuno, a global payment orchestration platform, has signed a MoU with Snoonu, a rapidly growing super app in Qatar, at Web Summit Qatar. The agreement aims to enhance Snoonu’s payment infrastructure, focusing on innovation, security, and efficiency in digital transactions. The MoU follows Yuno’s announcement of its new regional headquarters in Qatar, established with the support of Invest Qatar. This expansion is part of Yuno’s strategy to contribute to the country’s digital economy and strengthen its presence in the Middle East. Through this partnership, Yuno will integrate its payment orchestration technology into Snoonu, which facilitates deliveries of food, groceries, electronics,…

Uber has released the findings of its Economic Impact Report for the Kingdom of Saudi Arabia, outlining the company’s contribution to the economy and its influence on mobility, local businesses, and earning opportunities in 2023, as well as over the past decade since its entry into the market. Conducted by independent consultancy Public First, the report estimates that Uber contributed SAR 1.1 billion to the Saudi economy. The event also featured a panel discussion on Uber’s impact in Saudi Arabia, emphasising its role in enhancing connectivity, empowering entrepreneurs, and supporting the Kingdom’s digital transformation in line with Vision 2030. Economic…

The Dubai Financial Services Authority (DFSA), the financial services regulator of the Dubai International Financial Centre (DIFC), has announced the appointment of Mark Steward as Chief Executive, effective 19 May 2025, for a three-year term. He will also join the DFSA Board of Directors on the same date. Mark succeeds Ian Johnston, who will step down following two successful terms as Chief Executive. Mark brings over thirty years of international regulatory experience across financial services in Australia, the UK, and Hong Kong, offering a strong understanding of the global regulatory landscape. Previously, he served as Executive Director of Enforcement and…

Circle Internet Group, a fintech company based in the US, has announced that the Dubai Financial Services Authority (DFSA) has approved USDC and EURC as recognised crypto tokens within the Dubai International Financial Centre (DIFC). This marks the first instance of stablecoins being approved under the DIFC’s crypto token regime. With this approval, financial institutions and fintech firms operating in the DIFC can incorporate USDC and EURC into digital asset services, payments, treasury management, and other financial applications. Only recognised crypto tokens are permitted for use and promotion within the DIFC, which hosts over 6,000 firms and provides a regulatory…

Telr, a Dubai-based payment gateway, has partnered with Bank AlJazira, a Saudi Arabian financial institution, to enhance digital payment solutions for businesses in Saudi Arabia. This collaboration aims to support the country’s transition towards a cashless economy by improving transaction efficiency, security, and accessibility. Through this partnership, businesses will have access to various payment solutions, including payment links, recurring payments, e-invoicing, and Buy Now, Pay Later (BNPL). Telr’s technology will be integrated with Bank AlJazira’s banking infrastructure to streamline digital transactions and enhance fraud protection. Khalil Alami, Founder and CEO of Telr, said, “At Telr, we believe that digital payments…

Yuno, a global payment orchestration platform, has partnered with Invest Qatar to establish its regional headquarters in Qatar, expanding into the Middle East. Announced at Web Summit Qatar 2025, the move aligns with Qatar’s Third National Development Strategy, which focuses on economic diversification and fintech growth. Invest Qatar will support Yuno’s operations by facilitating connections with key stakeholders and providing resources to aid its expansion. The partnership also aims to attract skilled professionals and enhance local talent through knowledge exchange and joint initiatives. Sheikh Ali Alwaleed Al-Thani, CEO of Invest Qatar, stated: “This partnership with Yuno exemplifies our dedication to…

omnispay, a UAE-based fintech focused on SME payments, has raised US$1.5 million in a seed funding round led by Singapore-based venture capital firm Mercatus Capital, with participation from regional and international investors. The funding will support the company’s efforts to provide SMEs with a platform for collecting, paying, and managing cash flow, contributing to the GCC’s digital transformation agenda. The company seeks to address a gap in the GCC’s B2B payments landscape, where less than 5% of transactions are digitised despite a market opportunity exceeding US$1.5 trillion annually. Omnispay integrates collection, payment, and borrowing functions to reduce transaction costs and…

Palm Ventures, a VC firm based in Riyadh, has announced the initial close of Palm Ventures Fund I, a US$30 million fund dedicated to investing in early-stage startups across the MENA region, with a strategic allocation for AI opportunities in the US. The announcement was made during LEAP 2025. With a sector-agnostic approach, the fund will focus on high-growth opportunities in AI, fintech, and B2B solutions, sectors undergoing significant transformation across the region. The fund is backed by more than 40 investors and advisors, including CEOs of corporations, serial entrepreneurs, and investment experts. This network provides founders with access to…