Rasmal Ventures, Qatar’s first independent VC firm, established in 2023, has secured funding from the Qatar Investment Authority (QIA) under its Fund of Funds programme. The investment will support Rasmal Ventures’ first fund, Rasmal Innovation Fund I LLC, which focuses on high-growth startups in fintech, B2B SaaS, health technology, and artificial intelligence. This marks the first funding announcement under QIA’s US$1 billion Fund of Funds initiative, which opened for applications in February 2024. The fund has received backing from QIA, corporate investors, family offices, and high-net-worth individuals, with a target of securing US$100 million in total commitments. It is available…

Meta announced the expansion of its AI assistant, Meta AI, to the MENA region. The tool is gradually rolling out across the region, with full access already available in the UAE, Saudi Arabia, Egypt, Morocco, and Iraq. Integrated into Facebook, Instagram, WhatsApp, and Messenger, Meta AI is accessible via its blue circle icon and does not require prior registration. It can also be used in group chats by tagging ‘@Meta AI’ for quick research, brainstorming, or planning. For example, users organising a family trip can request island destination ideas within a six-hour flight from the UAE, and Meta AI will…

Egypt-based fintech company Khazna has secured US$16 million in a pre-Series B funding round to support its growth, with plans to apply for a digital banking licence in Egypt and expand into the Saudi market. The fundraising was led by SANAD Fund for MSME, anb Seed Fund, Aljazira Capital, Khwarizmi Ventures, Nclude, ICU Ventures, Quona, Speedinvest, and Disruptech Ventures. As part of its expansion into Saudi Arabia, Khazna will form strategic partnerships to ensure a customised approach that aligns with the specific needs of its target users. With the Kingdom witnessing significant growth in its digital economy and attracting key…

Fimple, a provider of composable and cloud-native core banking solutions based in Turkey, has successfully secured US$12 million in Series A funding. This investment was led by DN Capital and Smartfin, with continued support from existing investors APY Ventures and Tera Portfolio. The funds will be used to accelerate product development and expand Fimple’s international footprint, particularly in the MENA and CIS regions. Beyond Turkey, the company serves clients in five other countries, offering tailored financial solutions that help institutions navigate the evolving banking landscape. With flexible deployment options – either cloud-based or on-premise – its platform provides a comprehensive…

Eastnets has introduced its Managed SWIFT Service on AWS Cloud, offering a solution to key challenges such as regulatory compliance, operational complexity, and cybersecurity risks. The service provides institutions with a secure, scalable, and cost-effective alternative to managing SWIFT connectivity internally. Managing SWIFT connectivity requires significant resources and expertise. Eastnets’ cloud-based solution simplifies this process by integrating with existing systems and offering secure access to SWIFT capabilities, such as SWIFT Alliance Access (SAA), SWIFT Alliance Gateway (SAG), and SWIFT API integration, all hosted on AWS. The Managed SWIFT Service offers a comprehensive, fully managed solution that includes SWIFT Alliance Access…

The United Arab Emirates (UAE) has established itself as a major hub for fintech in the Middle East and North Africa (MENA), boasting the largest fintech ecosystem and the highest concentration of fintech startups in the region. This leadership has made the UAE a prime destination for major fintech events, attracting top decision-makers and allowing industry experts to network, stay up-to-date with the latest trends, and showcase their innovative solutions. As we step into 2025, we look today at some of the biggest fintech events taking place this year in the UAE. For this list, we’ve focused on prominent events…

Lendo, a debt crowdfunding platform in Saudi Arabia, has secured a US$690 million (SAR 2.6 billion) warehouse facility led by J.P. Morgan. This deal highlights the growth of the country’s fintech sector and the opportunities in SME financing. The facility is expected to contribute to job creation in the Kingdom, supporting Lendo’s commitment to domestic economic growth. Osama Alraee, CEO and co-founder of Lendo, stated, “This landmark facility represents a transformative moment for Lendo and the Saudi fintech ecosystem. The strong backing from global financial institutions such as J.P. Morgan validates our innovative approach to SME financing and positions us…

The Saudi Central Bank (SAMA) has granted STC Bank,  a licensed digital bank, approval to commence its banking operations within the Kingdom. This initiative aligns with SAMA’s ongoing strategy to accelerate digital transformation and enhance competitiveness in the banking sector while ensuring financial and monetary stability. By fostering innovation and technological advancements, SAMA aims to create a dynamic financial ecosystem that meets the evolving needs of individuals and businesses in Saudi Arabia. In an official statement, SAMA reaffirmed its commitment to strengthening the resilience of the banking industry and enhancing its overall attractiveness. “This milestone reflects our dedication to developing…

Paymob has announced a strategic partnership with Woo (formerly WooCommerce), the open-source e-commerce platform, becoming Woo’s first preferred partner in the region. This integration embeds Paymob’s checkout experience into the Woo Marketplace, giving merchants seamless access to its digital payment solutions. Through Paymob Checkout, Woo merchants can now integrate over 50 global and local payment methods, including Apple Pay, Google Pay, and regional alternatives. The solution is mobile-optimised, featuring embedded 3D Secure and PCI compliance for secure transactions. Merchants benefit from fast payment processing, with next-day settlements (T+1) for most methods and instant settlements in select markets. Features such as…

Careem Pay, the fintech and payments arm of Careem, now offers exclusive exchange rates and zero fees on international transfers for Careem Plus members, making cross-border transactions more affordable. New users can access rates better than Google’s for transfers to India and Pakistan. Careem Pay enables near-instant transfers from the UAE to India, Pakistan, the Philippines, the UK, Europe, and Lebanon, with more destinations to follow. Customers can send up to AED 450,000 per month and AED 150,000 per transaction, with some transfers completing in seconds – the fastest in 2024 took just 11 seconds. Mohammad El Saadi, VP of…

As the ADGM ecosystem has developed over the past nine years, so has the digitisation of finance globally. This growth has fueled the rising interest in and adoption of stablecoins, or fiat-referenced tokens (FRTs). These tokens, pegged to traditional fiat currencies, such as the USD dollar, offer a real alternative means of payment in everyday use due to their stability compared to cryptocurrencies.  They enable real-time, 24/7 cross-border payments without intermediaries, significantly lowering transaction costs. A key advantage of FRTs is their potential to promote financial inclusion for the underserved population without bank accounts.  Within decentralised finance (DeFi), FRTs play…

Arab Financial Services (AFS), a digital payment solutions company in the Middle East and Africa, has announced its expansion into UAE. This follows the acquisition of a Retail Payment Services Licence – Category II from the Central Bank of the UAE by Arab Financial Services L.L.C., enabling the introduction of tailored payment solutions for the UAE market. “This licence acquisition marks a pivotal juncture in our regional expansion strategy,” said Samer Soliman, CEO of AFS. “We are excited to launch our innovative payment solutions in the UAE, a nation renowned for its progressive vision for digital transformation. Our advanced suite…

Trust Smart Solutions, a provider of payment solutions in the MENA region, has formed a strategic alliance with SUNMI, a provider of intelligent hardware. This partnership aims to transform smart payment technology and improve customer experiences across retail, hospitality, and financial services sectors. As part of the collaboration, Trust Smart Solutions becomes SUNMI’s National Partner. With offices in Jordan, the UAE, Bahrain, and Egypt, the company combines its local knowledge with SUNMI’s technology to drive digital change, enhance operational efficiency, and boost customer experiences, contributing to economic growth across the region. Dr. Amer Halawani El-Tamimi, Chairman of Trust Smart Solutions,…

Egypt, through its Ministry of Finance, has secured a US$2 billion syndicated loan with Emirates NBD Capital and Standard Chartered acting as Global Coordinators, Lead Arrangers, and Bookrunners. The facility aims to diversify Egypt’s funding sources and will primarily support budgetary needs, economic growth, and debt sustainability. It follows the successful settlement of a USD 3 billion facility in November 2024. The transaction was well-received, achieving 2.5 times oversubscription and resulting in an upsized facility of US$2 billion from the initial US$1.5 billion. Ahmed Kouchouk, Egypt’s Minister of Finance, stated: “This US$2 billion syndicated facility underscores Egypt’s resilience and the…

US-based VC firm, 500 Global has announced the launch of 500 MENA, a new fund dedicated to investing in high-growth technology startups across MENA region, both within and outside the current 500 Global portfolio. This move allows 500 Global to support startups beyond the seed stage, with the aim of further catalysing the growth of the MENA region’s expanding tech ecosystem. The Fund will primarily invest in startups that have achieved proven product-market fit and show significant growth potential, addressing the critical funding gap faced by MENA founders, particularly during the expansion stage. 500 Global seeks to actively support these…

AIFT, a global cybersecurity and insurance technology company based in Hong Kong, has strengthened its commitment to the Middle East region with further investment and strategic appointments. In December 2024, AIFT received additional investment from Dubai Insurance Company, which has been a key partner since December 2023. This partnership led to the development of OneInfinity, the region’s first web3 insurance product approved by the Central Bank of the United Arab Emirates. Obaid Buti Almulla of Dubai Insurance has now joined AIFT’s board of directors, further enhancing the partnership. Professor Tony Chan, former President of King Abdullah University of Science and…

Saudi Arabia’s fintech assets under management (AUM) are projected to approach US$64 billion in 2024, indicating substantial growth, according to Jean Pesme, global director of finance at the World Bank. This growth is being fueled by several factors, including Saudi Arabia’s strategic efforts to enhance its global fintech position by establishing a robust regulatory framework and implementing sandbox regimes to facilitate innovation, soaring investment volumes, and growing international collaboration. Looking ahead, this growth trajectory is expected to continue. By 2029, Saudi Arabia’s fintech sector is forecast to expand US$87 billion, while the number of fintech companies is expected to surge…

Paymob, a financial services enabler in MENA, has been granted the Retail Payment Services License by the Central Bank of the UAE (CBUAE). This license authorises the company to offer merchant acquiring, payment aggregation services, and domestic fund transfers within the UAE. Islam Shawky, Paymob’s Co-founder and CEO, stated: “This license reflects the trust CBUAE has placed in Paymob to support the UAE’s vision for a cashless, digitally connected economy. As digital payments accelerate across the UAE, we are committed to equipping merchants with scalable tools that enable them to thrive in this dynamic market.” The RPS license aligns with…

MoneyHash, a payment orchestration platform operating in the Middle East and Africa, has raised $5.2 million in pre-A funding led by Flourish Ventures. This round was also joined by Vision Ventures, Arab Bank Venture Capital, and Emurgo Kepple Ventures. Jason Gardner, founder and former CEO of Marqeta, also joined as an investor. Existing backers, including COTU, RZM Capital, and Tom Preston-Werner, continued their support. This follows a US$4.5 million seed round earlier in 2024. “The payment infrastructure in emerging markets remains underdeveloped, with failure rates three times the global average and fraud rates over 20% higher. Digital payments account for…

In 2024, the fintech industry in the United Arab Emirates (UAE) witnessed remarkable growth, driven by an increase in cashless transactions, a surge in digital banking adoption, and a series of government initiatives. These included the introduction of open finance and stablecoin regulations, as well as a new regulatory sandbox, designed to lower market barriers, foster competition and accelerate innovation in the financial services industry. Looking ahead to the year 2025, the UAE’s fintech sector is set to continue its impressive expansion, with key areas such as payments, corporate financial services, and wealth and investment technology, particularly well-positioned to benefit…