The Central Bank of the UAE (CBUAE) has issued the Sandbox Conditions Regulation, which aims to attract fintech startups and global fintech businesses and create an attractive environment for financial sector that supports creativity and innovation within a regulatory and supervisory framework. It will also consolidate the financial sector’s competitiveness and support the UAE’s economic growth. The Regulation outlines specific conditions that must be met by participants, including start-ups, fintech and established businesses that are looking to deliver innovative solutions and services within the financial services sector in a regulatory and supervisory framework. It outlines also the criteria to exempt…

Fenergo announced that First Abu Dhabi Bank (FAB) has integrated Fenergo’s software-as-a-solution CLM solution to speed up client onboarding and enhance its anti-money laundering (AML) compliance processes. FAB could start onboarding new small to medium-sized business (SMB) clients within six months of implementing Fenergo’s API and configuration-first solution. In the coming months, FAB will roll out the platform to support corporate and institutional clients. Fenergo will enable FAB to deliver end-to-end digital client onboarding and risk assessment for sanctions, AML and KYC. This will allow FAB to straight-through-process its low-risk customers, enhancing onboarding efficiency and minimising costs. By deploying Fenergo’s…

The combined financial crime compliance costs in the United Arab Emirates (UAE) and Saudi Arabia increased significantly in 2023, reaching an estimated US$1.8 billion last year, a new research commissioned by LexisNexis Risk Solutions found. The findings, shared in a report titled “True Cost of Financial Crime Compliance Study – Europe, the Middle East, and Africa”, underscores the regulatory pressures and challenges faced by financial institutions in these regions. In the UAE and Saudi Arabia, a staggering 98% of the decision-makers polled experienced increased financial crime compliance costs last year, with labor (>70%), technology (>74%) and external costs related to…

The Cairo-based startup, Sahl has raised $6 million in Series A and seed funding to act as a one-stop shop for household bills in collaboration with government entities. Ayady for Investment and Development, a leading Egyptian investment firm with a strong track record in supporting innovative startups, led the Series A round for joining existing investors Egypt Pay, Delta Electronic Systems, and E-Finance on the cap table. Fueled by the recent round of funding, Sahl is set to evolve into a comprehensive financial services provider. The company will leverage these funds to refine and develop new offerings, prioritizing a frictionless,…

Rasmal Ventures LLC, Qatar’s first independent venture capital (VC) company, which was established in 2023, has announced the launch of its inaugural, home-grown venture capital fund, Rasmal Innovation Fund I LLC. A new fund, and the first to be established in Qatar, it will be managed by a highly experienced team of VC experts that have collectively managed more than 100 VC deals, along with impressive exits. The landmark initiative is aiming to reach $100 million in investment commitments. For its first closing of over $30 million, it includes a prestigious institutional investor, family offices and individual high-net-worth investors from…

du Pay, the digital payment arm of du, made a move in advancing digital payments across the UAE by formalizing a partnership with Visa. This collaboration marks du Pay’s entry as a principal member to issue Visa cards, emphasizing its commitment to digital empowerment and financial inclusion. Customers can seamlessly order their du Pay Visa prepaid cards, both digital and physical, via the du Pay app, facilitating access to secure and universally accepted payment solutions. The integration of Visa’s capabilities will help du Pay to expand its financial solutions, striving for greater alignment with consumer lifestyles as well as bring…

Stake, a Dubai based digital platform for real estate investment, announced that they have raised $14 million in funding led byMiddle East Venture Partner along with Aramco’s Wa’ed Ventures, one of Saudi Arabia’s largest VC’s, Mubadala Investment Company, Abu Dhabi’s Sovereign Investor, Al Jomaih Holding, one of Saudi Arabia’s largest family conglomerates, and Republic, a US-based private investing platform. Stake has been making headwinds in the Dubai real estate space over the past 3 years, amassing over 500,000 users, with its eyes now set on Saudi Arabia. Funds to Go Saudi Arabia Stake will be utilizing the funds raised to…

Simplified Financial Solutions Company (SiFi) announced the closing of its $10M seed round. The round was led by Sanabil Investments, a wholly owned company by the Public Investment Fund (PIF), and RAED Ventures, with participation from prominent investors such as anb seed, Rua Ventures, Byld and KBW Ventures. The funding round also includes investors from previous rounds, such as Khwarizmi Ventures, Seedra Ventures, and Tech Invest Com. Founded in 2021, SiFi is on a mission to simplify finance management for all types of organizations. As the leading spend management platform in Saudi Arabia, SiFi offers a comprehensive suite of innovative…

Holo, a direct mortgage platform in the Middle East, announces the completion of an oversubscribed funding round. With Series A funding on the horizon, the company, having surpassed targets, decided to extend an opportunity to investors to further invest in the business through a pre-Series A round. The oversubscribed funding round was headed by DFDF and Oryx Fund, which reaffirmed their commitment with a third investment with the addition of Aditum Investment Management Limited. Michael Hunter, CEO & co-founder of Holo, stated, “Our primary objective from the beginning has been to enable the ecosystem and build a robust platform for…

The Hong Kong Monetary Authority (HKMA), alongside the mBridge project team, has announced that Project mBridge has reached the Minimum Viable Product (MVP) stage. This initiative, aimed at addressing cross-border payment challenges through central bank digital currencies (CBDCs) and innovative solutions, marks a significant step in enhancing the efficiency and security of international transactions. Building on feedback and insights from the 2022 pilot, the project team has developed and enhanced the prototype platform in technology, legal, and governance areas. The four founding central banking institutions—the Bank of Thailand, the Digital Currency Institute of the People’s Bank of China, and the…

HSBC has partnered with Geidea, a Saudi-based fintech company to launch a new e-commerce digital payment platform, Omni Collect, in the UAE. Omni Collect, available to corporate customers through HSBCnet, aims to simplify and streamline the collection of digital payments for goods and services sold across multiple payment channels, including credit and debit cards and e-wallets such as Apple Pay and Samsung Pay. Geidea will integrate a merchant acquiring facility within Omni Collect, allowing HSBC’s business and corporate clients to access card receivables solutions and better understand their collections data. The HSBC and Geidea partnership was unveiled at a signing…

In line with the 3rd Financial Sector Strategy, the FinTech Strategy, and Qatar Central Bank’s (QCB) ongoing efforts to regulate and develop the financial sector, QCB announced Thursday the launch of the “Express Sandbox,” the first of its kind in the Middle East. The Express Sandbox is an expedited program designed to facilitate quicker market entry for solutions or innovations that demonstrate product readiness and potential. It offers a faster track through the usual regulatory assessment while maintaining high standards of risk management, consumer protection, and system integrity. QCB said that financial institutions, licensed Fintech companies, startups, and technology companies…

Qatar Central Bank (QCB) announced on Sunday the completion of the development of the infrastructure for the Central Bank Digital Currency Project (CBDC). This initiative will serve as a proactive step to keep pace with the rapid global developments in this field. Qatar Central Bank confirms that, after successfully completing the comprehensive study conducted in this field, it will proceed with testing and developing selected applications for the CBDC to settle large payments with a group of local and international banks in a trial environment designed according to the latest advanced technologies. The project will focus on the applications of…

Deloitte has announced its annual selection of the top technology companies headquartered in the Middle East and Cyprus, recognizing and celebrating the 50 fastest-growing tech firms in the region. Among these 50 companies, ten are fintech companies operating across verticals including payments, wealthtech and regtech. The Deloitte Technology Fast 50 Program is a ranking that identifies high-growth companies with technological advancements that were founded before January 01, 2019 and with annual revenue of at least US$50,000 in 2019 and US$250,000 in 2022. It ranks the fastest-growing technology companies in the region based on percentage revenue growth over the last four…

PayTabs Group, a Saudi Arabian payment processing company, has announced a new partnership with NuMetric, a financial management and accounting solutions company. This collaboration aims to improve online invoice collection and automation for NuMetric users, enhancing their overall platform experience. NuMetric users will gain direct access to PayTabs’ payment orchestration platform, ensuring seamless integration of services. This initiative will enable users to fully leverage PayTabs’ platform and dashboards, ensuring a smooth, secure, and efficient transaction process. NuMetric aims to empower small business owners to manage their finances effectively, fostering the growth of new ventures and supporting existing businesses. This aligns…

In the Middle East, banking incumbents recognize the need for digital transformation to improve customer experience, enhance operational efficiency, and stay competitive against new, digital entrants, a new survey conducted by IT business solution provider Comarch found. The study, which polled nearly 30 decision makers of financial institutions in the Middle East region, revealed that all of the respondents polled acknowledge the necessity for their institutions to undergo digital transformation in the next three years, with 90% of them seeing the next year as critical for making significant decisions and taking radical steps in this area. Respondents identified increasing competitiveness…

The banking and financial services industry has long been interested in the potential value of artificial intelligence. Indeed, AI technology has been used as a means of pursuing efficiency gains and cost reductions in the sector for some years already. What’s changed more recently is that AI has suddenly become much more sophisticated in terms of its potential use cases, across a wide range of industries. For financial service firms specifically, the potential upsides in deploying AI are becoming more obvious, with efficiency gains still very much on the agenda, but product innovation and new business models also now an…

Swiss Fintech Crealogix and Estonian Tuum, a core banking provider, announced a strategic partnership aimed at revolutionizing the banking and financing landscape in the GCC region. The alliance will bring together the strengths of both companies to deliver an unparalleled end-to-end banking experience. Customers will benefit from a comprehensive suite of services including accounts, cards, payments, cash financing, microfinancing, and car financing solutions. The signing took place at Seamless Middle East 2024 event in Dubai World Trade Center. This partnership is particularly timely given the UAE’s recent announcement of its groundbreaking Open Finance Regulation, which leapfrogs the open banking framework…

UAE Proptech company Keyper, announces a pre-series A capital raise of US$4 million in equity. This round was led by top regional venture capital firms BECO Capital and Middle East Venture Partners (MEVP), with participation from existing investors; Vivium Holding, Jabbar Group, Signature Developers, and new investors; Annex Investments, Pin Investment, Al Qahtani Investment, among other strategic angels. The company also signed a term sheet agreement for an additional US$30 million in Shariah-compliant Sukuk financing from global asset manager Franklin Templeton Investments (ME) Ltd bringing its cumulative capital raised to-date to over US$40 million. Keyper will invest the fresh funds…

The United Arab Emirates, renowned for its strategic location and diverse economy, is a vibrant hub for entrepreneurs. With sectors ranging from renewable energy to advanced technology, the UAE offers broad opportunities for business ventures. This article serves as a comprehensive guide to initiating a business in the UAE, discussing everything from legal frameworks to the latest business developments, including the rise of blockchain technology and Austrian Crypto Platform Bitpanda’s expansion into the UAE. Understanding the UAE Business Environment The UAE’s economy is dynamic and highly diversified, minimizing reliance on oil revenues. The government’s forward-thinking policies promote economic expansion in…