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…

Tokinvest, a Dubai-based marketplace for real-world asset tokenisation, and HKVAX, a Hong Kong-based virtual asset trading platform, have announced a partnership aimed at advancing digital asset markets. By linking Hong Kong’s financial infrastructure with Dubai’s growing virtual asset ecosystem, the collaboration seeks to expand opportunities for tokenised investments. The partnership connects Hong Kong, a leading financial hub with a well-established regulatory approach to virtual assets, and Dubai, which has positioned itself as the Middle East’s digital asset centre through its regulatory framework and focus on blockchain technology. By integrating HKVAX’s SFC-regulated platform in Hong Kong with Tokinvest’s VARA-licensed broker-dealer operations…

Dubai Islamic Bank (DIB) has partnered with Qatar Airways Privilege Club, allowing customers to convert their Wala’a Rewards into Avios. This offers more redemption options for DIB customers, providing access to travel and lifestyle benefits. Wala’a Rewards is DIB’s loyalty programme, enabling customers to earn points through various banking activities such as card purchases, bill payments via digital channels, salary transfers, and financing solutions. These points can be redeemed for a wide range of benefits, including travel, lifestyle experiences, shopping, and exclusive offers. Through this partnership, customers can now exchange their Wala’a Rewards for Avios, which can be used for…

Paymentology, a global issuer processor based in the UK, has partnered with Mamo, a financial technology company based in the UAE, to provide enhanced services for SMEs in the UAE. The collaboration will expand Mamo’s existing card program, adding credit card options alongside debit cards, multi-currency functionality, cashback benefits of up to 2%, and improved expense management tools. Mamo was co-founded in 2019 by Asim Janjua and Imad Gharazeddine, both former Google executives. The platform aims to address the banking challenges faced by SMEs in the Middle East, offering a consolidated solution for payment collection, corporate cards, and expense management.…

Checkout.com is expanding its partnership with Visa to introduce the Visa Direct Push-to-Card solution for both domestic and cross-border transactions in the UAE. As the first acquirer in the UAE to offer this service, Checkout.com enables merchants and consumers to make near-instant payments to eligible Visa cards. Visa Direct is a global payments platform that connects over 190 markets and offers access to more than 8.5 billion endpoints, including cards, accounts, and wallets. The Push-to-Card solution simplifies payments for consumers and merchants, providing fast remittances, peer-to-peer (P2P) transfers, and merchant payouts with both local and international coverage. By using Visa’s…

Mashreq, a financial institution in the MENA region, has partnered with NEO PAY, a digital payments provider in the UAE, to introduce a Point-of-Sale (PoS) lending solution for SME merchants in the UAE. This collaboration allows merchants to meet both their payment processing and funding needs through the NEO PAY platform. This initiative follows Mashreq’s recent sale of a majority stake in NEO PAY for US$385 million, as part of the bank’s strategy to enhance its digital financial services. Vibhor Mundhada, CEO of NEO PAY, commented: “We are excited to introduce our PoS lending solution, which offers SME businesses a…

The Saudi Central Bank (SAMA) has granted approval to four new fintech startups to participate in its Regulatory Sandbox. The startups are SpireTech, focusing on open banking, The Lending Hub and Soar, both offering peer-to-peer (P2P) lending, and Ldun, which provides factoring services for MSMEs. This decision reflects SAMA’s ongoing efforts to support the growth of Saudi Arabia’s fintech sector, with a focus on promoting financial inclusion and fostering innovation. The Regulatory Sandbox allows these startups to test their solutions in a controlled environment, which could lead to broader adoption in the future. The Saudi Central Bank’s Regulatory Sandbox currently…

On the sidelines of LEAP 2025, Microsoft Arabia and the National IT Academy (NITA) have announced the establishment of the first Microsoft Datacentre Academy (DCA) in the Middle East, based in Saudi Arabia. The initiative, spanning two years, is aimed at equipping students with practical datacentre skills to improve employability in technical roles and contribute to the country’s economic diversification. The programme seeks to strengthen Saudi Arabia’s national workforce by developing a skilled talent pool capable of leading the region’s datacentre industry, enhancing digital infrastructure, and fostering innovation. By providing specialised training, the Academy aligns with Saudi Vision 2030 and…

Salesforce has announced a US$500 million investment in Saudi Arabia to support innovation and economic growth. The funding will focus on AI skills training and expanding Salesforce’s local partner network to aid businesses. The announcement, made at LEAP 2025, follows Salesforce’s pledge at Davos to strengthen its presence in Saudi Arabia with new regional headquarters in Riyadh. The growing adoption of Agentforce, its digital labour platform, reflects the rising demand for AI-driven solutions in the region. As part of the expansion, Salesforce will introduce Hyperforce, its next-generation platform architecture, in Saudi Arabia through a partnership with Amazon Web Services (AWS).…

RasMal, a cap table management and investment governance platform in the MENA region, has closed its Pre-Series A funding round, securing US$4.8 million (18 million SAR). The investment was led by Syndicate Element Holding Group (SHG), an investment firm, and was finalised during LEAP 2025 in Riyadh. The funding will support RasMal’s expansion, introducing tools and services aimed at streamlining fundraising processes and equity transfers. RasMal provides digital solutions for private companies to automate cap table management, fundraising, and equity transfers. It also supports investors and private funds in managing investment opportunities and investor relations. The platform offers tools for…

Tabby, a Riyadh-based financial services and shopping app, has secured US$160 million in a Series E funding round, valuing the company at US$3.3 billion. The round was led by existing investors Blue Pool Capital and Hassana Investment Company, with additional backing from STV and Wellington Management. Since its last funding round in October 2023, Tabby has nearly doubled its annual transaction volume to over US$10 billion while maintaining profitability. The company recently acquired Tweeq, a Saudi-based digital wallet, expanding its product range. It has also introduced the Tabby Card for flexible payments, Tabby Plus, a subscription service, and longer-term payment…

Ant International has opened an office in Al-Olaya, Riyadh, after receiving certification as a Payment Technical Service Provider (PTSP) from the Saudi Central Bank (SAMA). With this expansion, the company aims to collaborate with local partners to enhance payment solutions and financial services, particularly for SMEs. Riyadh’s growing role as a regional business hub aligns with Ant International’s plans to establish a stronger presence in Saudi Arabia’s fintech sector. Antom, one of Ant International’s business pillars, will begin operations in Saudi Arabia later this year. The digital payment platform enables e-commerce acquirers and merchants to integrate multiple payment methods, including…

Saudi Arabia’s banking sector is undergoing to profound transformation, driven by the rise of new digital players. In recent months, the country has seen the debut of its first digital-only banks, marking a significant milestone in the nation’s financial landscape and ushering in a new era of convenience and innovation for customers. In December 2024, D360 Bank became the first-ever licensed digital bank to begin operations in the country after receiving permission by the Saudi Central Bank (SAMA). D360 Bank is a local Shariah-compliant digital bank established through a partnership between companies and investors led by Derayah Financial and the…

LEAP 2025 opened on February 9 in Riyadh, bringing together global technology and innovation leaders to strengthen Saudi Arabia’s role as a key player in digital transformation and a destination for tech investment. On the first day, the event saw the announcement of over US$14.9 billion in AI sector investments. These aim to develop digital skills, support tech startups, and drive innovation, reinforcing Saudi Arabia’s position as the largest digital economy in MENA. The announcement was made by Minister of Communications and Information Technology Abdullah Alswaha, who credited Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud for supporting these…

Al Rayan Bank has chosen Finastra to implement a new Islamic core banking solution. The upgrade aims to enhance efficiency, reduce costs, and improve services for customers in Qatar. Hamad Al Kubaisi, Group Chief HR Officer at Al Rayan Bank, said: “We are undergoing a technology transformation to ensure we continue offering robust, digital Sharia-compliant services that meet our customers’ needs when and where required. Upgrading our core banking system will provide us with the agility, functionality, and technology necessary to keep pace with those needs.” Finastra Essence, the selected solution, supports both conventional and Islamic banking. It is built…

Huawei Cloud has announced a strategic partnership with OFINTECH at LEAP 2025, strengthening its commitment to digital innovation in the financial sector. The MoU marks a major step in leveraging AI-powered analytics and automation to transform financial management for businesses, according to an announcement on LinkedIn. OFINTECH, an advanced financial intelligence platform based in Riyadh, integrates enterprise resource planning (ERP) solutions with real-time cash flow forecasting to optimise financial decision-making. Through this collaboration, Huawei Cloud aims to empower enterprises in the region with cutting-edge technology that enhances efficiency, accuracy, and strategic financial planning. The partnership reinforces Huawei Cloud’s role in…

Dubai’s real estate market recorded a historical sales value over 2024 of $140 billion and continues to go upwards in 2025. The emirate is synonymous with magnificence, architectural marvels, and innovative designs. As the demand for high-end homes continues to surge, property developers in Dubai are rising to the challenge, crafting exceptional living spaces for residents and international investors alike. Top Property Developers in Dubai Creating High-End Homes Here’s a closer look at the top developers setting new benchmarks in comfort living: Imtiaz Developments Imtiaz Developments is one of the most prominent property developers in Dubai. Known for their meticulous…

Hub71, Abu Dhabi’s global technology ecosystem, has admitted 27 startups into its latest Cohort 16 across its three programmes: Access, Hub71+ ClimateTech, and Hub71+ Digital Assets. With this addition, the total number of ventures supported by Hub71 rises to 357. The cohort spans key priority sectors, reflecting Hub71’s broader aim of fostering economic diversification through technology and innovation. The latest group of startups has collectively secured over US$145 million (AED 532 million) in funding, with an average of US$4.9 million (AED 18 million) per company. The selection process was highly competitive, with over 1,300 applications submitted. Of the selected companies,…

Huawei Cloud Middle East has introduced a new suite of AI-powered cloud computing solutions aimed at supporting digital transformation across industries in the MENA region. As part of this initiative, Huawei Cloud has partnered with DaftarPay, a fintech company specialising in Buy Now, Pay Later (BNPL) solutions, to improve cloud-based financial services and digital payment infrastructure. Huawei Cloud’s latest offerings integrate AI with cloud computing to help businesses improve efficiency, automate processes, and enhance decision-making. These solutions provide scalable infrastructure that adapts to different business needs while incorporating security measures that meet international standards. Industry-specific applications have also been developed…

Red Hat, provider of open-source solutions, has partnered with Bank NXT, an Egyptian retail and corporate banking solutions provider, to modernise its digital banking services. By adopting Red Hat’s hybrid cloud technologies, Bank NXT has streamlined its operations, reducing deployment times for new digital services by 40% and increasing the frequency of updates. Founded in 1974 and headquartered in Cairo, Bank NXT operates under the Central Bank of Egypt’s supervision, offering retail and corporate banking services. It supports SMEs and provides investment and treasury services. To meet growing demand, Bank NXT integrated Temenos and Mindgate’s digital solutions with Red Hat’s…