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…

Mashreq, a financial institution based in the UAE, has launched Mashreq Biz, a new online and mobile business banking platform aimed at simplifying financial management for businesses. The platform provides SMEs with tools to manage finances, payments, and transactions remotely. SMEs account for over 94% of active enterprises in the UAE, employing 42% of the workforce and contributing 40% to the national GDP. As of mid-2022, the country had approximately 557,000 SMEs, making up 63.5% of the non-oil GDP. This number is expected to rise to one million by 2030. Mashreq is transitioning more than 70,000 existing NEOBIZ and Business…

RAKBANK, based in UAE, has entered a strategic partnership with Türkiye-based Faturalab, a provider of smart supply chain solutions. This marks Faturalab’s first collaboration outside Türkiye, facilitated by RAKBANK, as it expands into the Gulf Cooperation Council (GCC) region. Faturalab has worked with Turkish conglomerates and financial institutions for over four years in supply chain finance. The partnership integrates Faturalab’s digital technology and analytics into RAKBANK’s wholesale banking operations. Vikas Suri, Managing Director – Wholesale Banking Group-Products at RAKBANK stated: “By embracing innovative technology, we are redefining our business processes to deliver faster, more efficient financing solutions. Our partnership with…

e& enterprise, the digital transformation arm of e& ( formerly Etisalat), has entered a three-year collaboration with PayPal to enhance payment capabilities on its digital payments platform. This partnership aims to provide businesses in the UAE and beyond with expanded payment options. Through e& enterprise’s unified integration APIs, businesses can incorporate multiple payment methods via a single interface. This agreement facilitates the integration of PayPal as a payment option without requiring extensive IT development. Businesses can connect to the e& enterprise Payments Gateway (EPG) to accept and process PayPal transactions efficiently. Miguel Angel Villalonga, Chief Operating Officer of e& enterprise,…

Indina Payments company Cashfree, which processes US$80 billion in transactions annually, has raised US$53 million in funding. A portion of the investment will support its expansion in the UAE and the Middle East region experiencing significant growth in digital payments. The funding round was led by KRAFTON, , the South Korean digital entertainment company behind PUBG, and existing investor Apis Growth Fund II, managed by Apis Partners Group (UK) Limited. Cashfree has been operating in the Middle East through its partnership with UAE-based payments firm Telr, in which it made a strategic investment three years ago. The company stated that…

Visa has signed a MoU with Abu Dhabi Islamic Bank (ADIB) to strengthen cybersecurity in digital payments. The partnership aims to enhance ADIB’s security framework, integrating Visa’s threat intelligence and AI-driven fraud prevention tools. The agreement establishes ADIB’s participation in Visa’s cybersecurity initiatives, including real-time risk assessment technologies to combat emerging threats. “As the cyber threat landscape evolves alongside the digitalisation of financial services, we are committed to strengthening the UAE’s payments ecosystem,” said Dr Saeeda Jaffar, Visa’s Senior Vice President and Group Country Manager for the GCC region. “Visa continues to invest in emerging technologies to support partners in…

IBM and Alinma Bank have announced that Alinma Bank, a financial institution in Saudi Arabia, has adopted IBM’s hybrid cloud and AI integration technologies. This initiative aims to strengthen the bank’s IT infrastructure and introduce an advanced Application Programming Interface (API) platform, supporting Saudi Arabia’s Vision 2030 focus on digital transformation. Alinma Bank has developed a mature, agile integration framework, with its centralised API repository serving as a critical component of its IT architecture. This system supports a wide range of banking channels, from retail to B2B. The collaboration with IBM aligns with Alinma’s 2025 Transformation Strategy, which seeks to…

Dubai International Financial Centre (DIFC) reported record financial results for 2024 as it marked 20 years since its establishment. The Centre now houses 6,920 active companies, a 25% increase from 5,523 in 2023. It registered 1,823 new firms, the highest ever in a year. Revenue for 2024 reached AED 1.78bn (US$484 m), up 37% from the previous year, while operating profit rose 55% to AED 1.33bn (US$ 363 m). DIFC saw continued growth in financial services, technology, and private wealth sectors. The number of technology and innovation firms rose 38% to 1,245. The workforce expanded by 10% to 46,078. New…

MongoDB, a US-based database company, has announced plans to expand its presence in the Middle East following five years of growth in the region. The company aims to increase engagement with customers and organisations while providing local support for modernisation and innovation projects. MongoDB plans to more than double its regional workforce this year, focusing on roles in sales, solutions architecture, channel partnerships, and customer success. This expansion follows the company’s steady growth in the Middle East and North Africa since its regional launch in 2019. The UAE and Saudi Arabia have set ambitious goals to become global leaders in…

In Saudi Arabia, generative artificial intelligence (genAI) has the potential to elevate the country’s gross domestic product (GDP) by approximately US$42.3 billion, a growth which would be driven by increased productivity and automation, a new report by the Saudi Data and Artificial Intelligence Authority (SDAIA) in collaboration with Accenture says. The report, which based on research into the country’s job structures, estimates that genAI could impact 37% of working hours across various jobs by automating 22% of worked hours, and helping employees work more efficiently for an additional 15% of hours. These improvements would provide significant opportunity for workers to…

Dubai International Financial Centre (DIFC) has introduced a new API solution that allows third parties to access data on its real estate market. This initiative aligns with Dubai’s Real Estate Sector Strategy 2033, which aims to boost transactions, attract international investors, and strengthen the city’s position as a key property investment destination. It also supports Dubai’s broader digitalisation strategy. Keyper, a Dubai-based proptech company, is the first to adopt the service. The company is launching a digital platform that will provide real-time data insights on DIFC’s real estate market, offering investors, property owners, and tenants access to information on property…

Fintech funding in Saudi Arabia saw a significant drop of 74% year-over-year (YoY) in 2024, totaling US$182 million, according to a new report by Magnitt, a startup research and data platform, sponsored by the Saudi Venture Capital Company (SVC). The figure marks the lowest level since 2021, when fintech funding stood at US$91 million, and represents a sharp decline from the peak of US$704 million in 2023. These data suggest a reversal in the growth trend observed in the previous years, historical data from Magnitt show. Fintech shows resilient Despite the steep decline in funding value, fintech remained a leading…

Careem Pay, the fintech arm of the Careem Everything App, has expanded its international remittance service by introducing 18 new European transfer corridors. UAE citizens and residents can now send money directly to bank accounts in Austria, Belgium, Croatia, Cyprus, Estonia, Finland, Greece, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Monaco, the Netherlands, Portugal, San Marino, Slovakia, and Slovenia. This adds to existing transfers available to Germany, France, Ireland, Spain, and Italy. Careem Pay had already launched transfers to key remittance destinations, including India, Pakistan, the UK, and the Philippines. With this expansion, it extends its service to more European countries, allowing…