Riyad Bank’s digital innovation branch, Jeel, has announced a partnership with Eastnets, a global provider of anti-financial crime solutions. The collaboration will integrate Eastnets’ advanced anti-financial crime technology into Jeel’s cloud platform, enhancing protection against financial threats. This initiative aligns with Saudi Arabia’s Vision 2030, which emphasizes digital transformation and a robust financial infrastructure. Amer Rajkhan, CEO of Jeel, said, “By partnering with [Eastnets], we’re strategically expanding our digital platform with cutting-edge anti-fraud capabilities. This collaboration aligns perfectly with our unwavering commitment to delivering secure, innovative solutions that exceed industry benchmarks and ensure the utmost protection for our customers.” Mohammed…

The National Bank of Bahrain (NBB) has officially announced the second edition of the NBB Digital Banking Challenge in partnership with the Bahrain FinTech Bay. The announcement was made during a signing ceremony at Fintech Forward 2024, where key representatives from both organizations gathered to formally launch the program. Building on the success of the inaugural cohort, the NBB Digital Banking Challenge 2024 invites aspiring innovators aged 18 to 24 to develop sustainable banking solutions. The initiative provides attendees with the chance to win prize money, secure internships at the two entities, and benefit from a three-month incubation program at…

Egypt’s national airline, Egyptair, Amazon Payment Services and Banque Misr have established a strategic partnership. Through this partnership, Egyptair’s travel product will be combined with Amazon Payment Services’ range of online payment processing services, with the support of Banque Misr, to improve the online payment experience for travellers worldwide. Facilitating seamless online transactions through this partnership, Amazon Payment Services is extending its core online payment processing services to enable all Egyptair  travellers across the MENA region to conveniently and securely book and pay for their tickets online. As part of this collaboration, customers will also be able to leverage Amazon Payment Services’…

Ripple has secured in-principle approval from the Dubai Financial Services Authority (DFSA) to expand its services from the Dubai International Financial Centre (DIFC). This milestone significantly strengthens Ripple’s global footprint as a regulated entity and enables the introduction of seamless cross-border payment services, including Ripple Payments Direct (RPD), in the United Arab Emirates (UAE). With DFSA Authorisation, Ripple is set to roll out its enterprise-grade digital asset infrastructure to a broader customer base in the UAE. This expansion is aligned with Ripple’s mission of providing businesses with faster, cost-effective and more efficient cross-border payment solutions, by combining robust regulatory compliance…

The Iraqi government is intensifying efforts to foster fintech innovation, introducing a series of regulatory initiatives aimed at expanding the country’s digital financial services ecosystem. Earlier this month, Prime Minister Mohammed Shia Al-Sudani directed new measures to develop electronic payment systems and modernize Iraq’s financial infrastructure. A government source revealed to the Iraqi News Agency (INA) some these directives. Among the priorities is a directive for the Ministry of Planning, in partnership with the Central Bank of Iraq (CBI) and the World Bank, to create a national budget to support and develop digital payment systems, the source said. In addition,…

Indian based Banking Infrastructure company M2P Fintech announced the first close of its Series D financing, raising $100 million through a mix of primary and secondary share capital. The financing was led by Helios Investment Partners and places the company’s valuation at over $785 million. The funds will be utilized to cement M2P’s market leadership in India, besides helping grow its international franchise, particularly in Middle East and Africa. The round also saw participation from marquee Banks across Asia, with existing Investor Flourish Ventures doubling down on the company. Global Expansion with MENA Focus Over the past few years, M2P…

Amplify Growth Partnership has announced the launch of its growth debt fund. The $100 million fund aims to provide debt capital to technology focused companies across the Middle East, North Africa, and Turkey (MENA) region. The Fund is also announced that it has successfully closed its first transaction, deploying capital to fund the growth capital requirements of an innovative fintech company in the Kingdom of Saudi Arabia. Amplify seeks to bridge the existing debt capital gap and accelerate the growth of technology-driven businesses in the Series A to Series C stages. Sharaf Sharaf will lead Amplify, overseeing origination, deal evaluation…

The Virtual Assets Regulatory Authority (VARA) has announced an important update to its marketing regulations, aimed at strengthening the regulatory framework for Virtual Asset Service Providers (VASPs) operating in the Emirate of Dubai. Alongside these updates, VARA has introduced a comprehensive Marketing Guidance Document to provide clear and actionable insights for VASPs engaging in marketing activities within the region. The new regulations will come into effect on October 1st 2024. Marketing Regulations for Virtual Assets and Related Activities 2024 are designed to enhance the integrity and transparency of marketing practices within the virtual assets sector in Dubai. The updated regulations…

Between 2015 and 2023, more than US$350 billion of venture capital (VC) funding was invested in the fintech sector globally, with the US and Canada alone accounting for 39% of total fintech funding. North America also has much higher funding per capita than other regions, highlighting the concentration of fintech funding activity. But in recent years, fintech funding in the Middle East and North Africa (MENA) and Latin America and the Caribbean (LAC) has experienced significant growth on the back of booming fintech innovation and soaring adoption of digital financial services. Despite this growth, there is still a mismatch between…

The Abu Dhabi Finance Week (ADFW) 2024 is set to bring together over 300 global financial leaders, including CEOs and chairs from 50 major financial institutions, from 9 to 12 December 2024. The event, hosted by Abu Dhabi Global Market (ADGM), is under the patronage of His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Executive Council. Confirmed speakers include high-profile figures such as Sergio Ermotti, Group CEO of UBS; Bill Huffman, CEO of Nuveen; David Hunt, President and CEO of PGIM; and Ray Dalio, founder of Bridgewater. The event…

Private equity (PE) dealmaking in the Middle East and North Africa (MENA) region has slowed significantly this year, owing to challenging market conditions. In H1 2024, PE investments in the region totaled US$5.9 billion through 49 deals, representing a significant decline from the US$15.4 billion deployed in 159 deals throughout 2023, and marking MENA’s weakest performance in the past two years, new data released by PitchBook show. PE investments refers to the practice of investing in private companies or buying out public companies to take them private, with the goal of generating significant returns. These investments are typically made by…

Saudi Arabia‘s financial sector, once reliant on cash because of underdeveloped digital payment infrastructure and cultural preferences, has undergone a remarkable transformation. The implementation of the Fintech Strategy, along with recent government and regulatory initiatives and the entry of local and global payment providers, has driven significant progress and innovation. Furthermore, the growth in venture capital (VC) investment has boosted the domestic fintech sector. A new report by KPMG looks at the rise of the fintech sector in the country, providing an overview of the state of fintech in Saudi Arabia and highlighting emerging trends. According to the report, the…

The third edition of Abu Dhabi Finance Week (ADFW), hosted by ADGM, unveiled an extravagant plan of 50 events and sub-events. Under the theme ‘Welcome to the Capital of Capital’, which will run from 9th December to 12th December 2024 and will explore the multiple facets that contribute to Abu Dhabi’s position as the ‘Capital of Capital’ focussing on financial, human, cultural, environmental and technological facets of the capital. With the event line-up for this year, ADFW is ready to take it up a notch and deep dive into another set of trending global topics within the financial industry throughout…

Crypto.com has received full approval to provide payment service provider (PSP) services from the Central Bank of Bahrain through its subsidiary registered in the Kingdom of Bahrain under the commercial name “FORIS GFS BH B.S.C. CLOSED”, adding to the company’s significant regulatory milestones in the region. The PSP licence will allow Crypto.com to expand its offerings of e-money and fiat-based payment services regionally, including the launch of its world-renowned prepaid cards. “With its extensive international presence and an earned reputation for regulatory compliance, we are delighted that Crypto.com has chosen the Kingdom of Bahrain as a destination for investment, which…

Qatar Financial Centre (QFC) has activated the QFC Digital Assets Lab with twenty-four participants who have successfully cleared a meticulous screening process. This cohort will benefit from a comprehensive support system for developing, testing and commercialising their digital solutions and services. The participants will develop transformative solutions tailored to a variety of use cases across different industries. By leveraging distributed ledger technology, these innovators seek to address industry challenges and drive digital transformation in their respective sectors. Among the 24 successful candidates are ALT Realtech, Bladelabs, Polygon, and Partior. To bolster the capabilities of the Digital Assets Lab, QFC has…

The Hong Kong Monetary Authority (HKMA) and the Dubai Financial Services Authority (DFSA) have signed a MoU to deepen their strategic partnership and strengthen collaboration on sustainable finance. The agreement will facilitate cross-border dialogue, joint research, and shared efforts to address climate finance challenges. Formalised during their inaugural Joint Climate Finance Conference on 16 September in Hong Kong, this event marked the first of its kind between the two authorities. The conference, which brought together over 240 participants from financial institutions, industry associations, and international organisations, focused on the theme ‘Building a Net-Zero Asia – Middle East Corridor.’ Discussions addressed…

The financial services industry has undergone significant transformations over the past decade, largely driven by the rise of financial technology, or fintech. In wealth management, fintech innovations are reshaping how advisors and clients interact, making services more efficient, personalized, and accessible. This technological revolution is not just a trend; it’s a fundamental shift that is redefining the entire landscape of wealth management. How Fintech is Revolutionizing Wealth Management Enhanced Client Experience Fintech solutions have vastly improved the client experience in wealth management. From personalized investment portfolios to AI-driven financial advice, clients now enjoy tailored services that were once reserved for…

Abu Dhabi’s sovereign wealth fund, Mubadala, has made its first investment in global neobank Revolut, as part of a share sale that valued the company at US$45 billion. The transaction, reported to have taken place in August, involved the sale of US$500 million worth of shares by Revolut employees. Mubadala, alongside other key investors like Coatue, D1 Capital Partners, and Tiger Global, participated in the deal, according to sources cited by Financial Times. While the specific size of Mubadala’s investment remains undisclosed, Revolut’s founder and CEO, Nik Storonsky, reportedly sold US$200 million to US$300 million of his own shares during…

Hub71, Abu Dhabi’s global tech ecosystem, has welcomed 21 startups in Cohort 15, increasing the total number of ventures it supports to 243. Following a rigorous selection process, these startups will enter Hub71’s Access program and the specialist ecosystems of Hub71+ Digital Assets and Hub71+ ClimateTech. Collectively, the startups in Cohort 15 have raised USD 134.9 million in funding, which underlines Hub71’s success in attracting high-potential startups poised to drive technological innovation across the priority sectors of Abu Dhabi’s diversified economy. Cohort 15 was selected from over 1228 applications, with 17 startups founded in international markets, including the USA, United…

Paymob, an Egypt based financial services enabler, announces a $22 million Series B extension round – taking the Company’s total Series B funding to $72 million.  The funding was led by EBRD Venture Capital with participation from Endeavor Catalyst. Existing investors PayPal Ventures, BII, FMO, A15, Nclude and Helios Digital Ventures participated in the round, reaffirming their endorsement of Paymob’s business model, strategy and leadership in the regional fintech sector.  The Company remains focused on expanding its market lead in Egypt, while scaling operations in newer penetrated markets to reinforce its position as the leading payments provider in the region.…