Oman Housing Bank (OHB), a primary financier of housing in Oman, has partnered with banking software company Temenos for upgrading its core banking systems to a cloud-based platform. This collaboration aims to expedite the development of new financial products and expand housing finance accessibility to a broader segment of the Omani population. OHB, recognised for its role in Oman’s economic growth, facilitates government-subsidised housing loans, primarily targeting individuals with low to moderate incomes. In the initial half of 2023, the bank successfully processed over 2,000 housing loans, amounting to more than 86 million Omani Rials (approximately US$ 223 million). The…

Qatar Islamic Bank (QIB) introduced a new Prepaid Card “Himyan”, the first Qatari national prepaid card, to all existing customers, residents, and visitors of Qatar allowing secure payments within Qatar. The first Qatari national prepaid card is an initiative of the Qatar Central Bank with its own trademark in Qatar, as part of its efforts to develop electronic payment services and enhance financial inclusion in the country. The name of the card comes from the moneybag used by merchants in ancient Arabia. As part of QIB’s efforts to support the national vision and enhance financial inclusion, QIB customers and non-banking…

The Abu Dhabi Chamber of Commerce and Industry (ADCCI) announced the establishment of a working group for startups and small and medium-sized Enterprises (SMEs), which will represent the interests of startups and SMEs registered in Abu Dhabi. This is a strategic step that seeks to achieve the Abu Dhabi Chamber’s vision of making the Emirate the first choice for doing business in the Middle East and North Africa (MENA) region by 2025. The Startups and SMEs Working Group will operate under the umbrella of ADCCI and is dedicated to empowering businesses, increasing their role in the economic development of Abu…

Global payments platform Adyen announced that it has expanded its partnership with Cleeng into the United Arab Emirates (UAE). Cleeng, known for its Subscriber Retention Management (SRM) software in the media and entertainment sectors, marks its entry into the UAE, enhancing its services for broadcasters in the Middle East and North Africa (MENA) region. This strategic expansion is in response to the needs of TOD, a major sports and entertainment streaming service under the beIN Media Group in the MENA region, underscoring the growing demand for Cleeng’s services in new markets. The partnership addresses the challenge of revenue loss due…

The banking industry stands at the brink of a major transformation, driven by rapid technological advancements and changing customer expectations in a dynamic digital landscape. This transformation is not without its challenges, as banks grapple with the critical task of bridging the gap between traditional banking services and the demands of a digital-first customer base.  Factors such as the unbanked population, system outages, cybersecurity threats, and the rise of fintechs pose significant barriers to this connection, underscoring the urgent need for banks to fortify their operational resilience (OpRes) and Information Technology resilience (ItRes).  In this context, the notion of resilience…

Africa and the Middle East boast 12 prominent e-wallets. These platforms are primarily provided by telecom companies, enable users to varied operations from the mobile phones, including payments, money transfers and remittances, and are gaining ground at a fast pace, a market analysis by financial data company FXC Intelligence reveals. The report, titled “The state of e-wallets: Africa and the Middle East”, looks at the e-wallet market in Africa and the Middle East, identifying the main players and exploring their offerings. It highlights the region’s significant population of unbanked individuals alongside the increasing prevalence of mobile phones, which is fueling…

Vis has joined the Dubai FinTech Summit organised by Dubai International Financial Centre (DIFC), as a Founding Partner & Co-Host underscoring its dedication to support innovative and future thinking businesses on a global scale. Visa has cemented its partnership with DFS through a strategic three-year agreement, demonstrating a strong commitment to the fintech ecosystem. Through initiatives like the Fast Track programme, Accelerators and Visa Everywhere, Visa is at the forefront of empowering Fintechs, providing them with the necessary resources and personalised tools to create innovative solutions needed to enhance the digital economy for consumers and businesses. Mohammad Alblooshi, CEO at…

bolttech, an international insurtech company, has announced a partnership with stc Group, a key player in telecommunications and digital transformation in the Middle East. This partnership marks bolttech’s expansion to several new markets, leveraging stc Group’s established presence in the Middle East. This strategic collaboration is poised to offer stc’s clientele device protection services, integrating advanced technology into the customer experience. The partnership will not only focus on mobile device protection but also intends to broaden its scope to include IoT-enabled solutions for a comprehensive range of products such as home appliances, health electronics, and cybersecurity for personal assets. Rob…

Kigali International Financial Centre (KIFC) and Abu Dhabi Global Market (ADGM) have signed a Memorandum of Understanding (MoU) establishing a comprehensive framework for collaboration between the two financial centres. The strategic collaboration was inked in ADGM’s Authority Building with an esteemed delegation from Rwanda. The partnership aims to foster cooperation within both financial centers including but not limited to promotion and international development, mutual recognition, capacity building and skills development, sustainable finance, and Islamic finance. Furthermore, the regulatory authorities of the IFCs will explore mutual recognition agreements for regulated entities based in either country with a view to opening opportunities in…

Bahrain’s sovereign wealth fund Mumtalakat announced an investment in Singapore Gulf Bank (SGB), a new digital bank founded by Whampoa Group. This investment will support SGB’s launch and growth in Bahrain, following the bank’s recent licensing approval from the Central Bank of Bahrain. SGB will offer a digital banking platform for global investors, institutions, and innovators, providing access to conventional and digital assets, real-time settlements, and asset management. The bank aims to bridge the gap between Asia and the Middle East and North Africa (MENA) region, facilitating cross-border trade and promoting financial connectivity. Bahrain’s established financial hub, growing economy, and…

Amazon Web Services (AWS) today announced it will launch an AWS infrastructure Region in the Kingdom of Saudi Arabia in 2026. The new AWS Region will give developers, startups, entrepreneurs, and enterprises, as well as healthcare, education, gaming, and nonprofit organizations, greater choice for running their applications and serving end users from data centers located in the Kingdom of Saudi Arabia, ensuring that customers who want to keep their content in-country can do so. As part of its long-term commitment, AWS is planning to invest more than $5.3 billion (approx. 19.88 billion Saudi riyal) in the Kingdom of Saudi Arabia.…

MoneyHash, an USA and Egypt based payment orchestration platform has successfully raised $4.5M in a seed funding round. The round was co-led by COTU Ventures and Sukna Ventures, with participation from RZM Investment, Dubai Future District Fund, VentureFriends, and a group of strategic investors and operators. This funding will enable MoneyHash to further invest in its technology and expand its business growth initiatives across the region. Addressing Challenges in The MEA Payments Landscape The payments landscape in the MEA is highly fragmented. Each country has tens of payment providers and methods, developing payment regulations, limited economic integration with other markets,…

Responding to growing demand for Finance-as-a-Service propositions in the Middle East, Swiss embedded Finance Fintech additiv, has announced that it is expanding its presence in Dubai, UAE by opening a new, fully operational office location in the heart of Dubai International Financial Centre (DIFC), the Innovation One building. In addition to bolstering its executive team on the ground, additiv reiterates its commitment to hire key personnel from the local market across research and development, customer delivery and sales to ensure the continued implementation of industry-leading wealth, credit and insurance solutions and fulfill the growing ambitions of its customers and partners.…

Bahrain based EazyPay, a financial institute specialized in Point-of-Sale (POS) and online payment gateway acquiring services, has joined forces with Visa, to enable Visa Direct for EazyPay’s customer base. This first-of-its-kind collaboration in Bahrain marks the initial deployment of Visa Direct Account Funding Transaction (AFT) solution within the nation, empowering consumers with seamless and secure fund transfers to accounts both within Bahrain and across the globe. Upon integration of Visa Direct capabilities into EazyPay’s service offerings, customers will gain the ability to fund their accounts domestically, encompassing multiple currencies, through Visa’s expansive network of local banking partners. Malak Alsaffar, Visa’s…

Abu Dhabi Global Market announced the signing of a Memorandum of Understanding with Etihad Aviation Group, aiming to spearhead initiatives that build on ADGM’s value proposition and further strengthen Abu Dhabi’s position as a preferred destination for regional and global companies to expand and grow their business operations. The strategic MoU was signed on 26 February 2024 between Abdulla Al Qubaisi, Chief Support Services Officer at ADGM Authority and Dr. Nadia Bastaki, Chief People & Corporate Affairs Officer, Etihad Airways. Key areas of collaboration under the MoU will bring together ADGM and Etihad Airways by offering discounts and exclusive offers…

In the financial services industry, generative artificial intelligence (AI) is poised to usher in a myriad of opportunities, promising enhanced job productivity, improved efficiencies and hyper-personalization. But despite these prospects, the technology is also expected to introduce a number of risks and challenges which necessitate cross-industry cooperation, experts said during a recent webinar hosted by London-based identity verification specialist Sumsub. The webinar, titled “Generative AI in Fintech: How It is Changing the Game in MENA” and hosted on February 20, featured top executives from banking group Citigroup, venture investment firm 237 Ventures, and Sumsub. These industry experts came together to…

The Middle East and North Africa (MENA) region is experiencing significant growth in its fintech sector, with several cities located in Gulf Cooperation Council (GCC) nations in particular emerging as globally recognized fintech hubs. But in order to sustain this momentum, greater efforts must be put forth to fill both the talent and the capital gaps, a new report by Strategy&, the strategy consulting business unit of Big Four consultancy PricewaterhouseCoopers (PwC), says. The paper, titled “Fintech in the Middle East: Building on the Momentum”, looks at the rise of fintech in MENA, showcasing the sector’s growth over the past…

Qatar Central Bank (QCB) has called on the local banks to adjust their status as part of its preparations to launch the instant payment service (Fawran) in March 2024. The service is within the QCB’s pioneering and innovative initiatives in the fields of payment and digital transformation in Qatar. It is in alignment with the 3rd Qatar Financial Sector Strategy (FSS) and a complement to the QCB’s efforts aimed at upgrading the payment infrastructure systems and keeping up with the latest developments in electronic payment and funds transfer system. On this occasion, Assistant Governor, Financial Instruments and Payment Systems at…

Personetics, a global provider of data-driven personalisation solutions, announced that it has named Udi Ziv as its new Chief Executive Officer. Ziv, who brings a wealth of experience from previous leadership roles, including at SAP, NICE, and Earnix, will replace David Sosna, the company’s co-founder. Sosna, who has been at the helm for 13 years, having led Personetics through its global expansion plans, will step down but remain involved to offer support as needed. Ziv’s appointment is seen as a strategic move to guide Personetics through its next growth phase, building on the momentum established under Sosna’s leadership. “Personetics thrives…

Hub71, Abu Dhabi’s global tech ecosystem, and Stride Ventures, a venture debt fund, have partnered to support startups in Abu Dhabi. Through this partnership, Hub71 will leverage Stride Ventures’ expertise, to provide startups with access to capital and mentorship opportunities required to scale their ventures to new heights. In parallel, Stride Ventures will be a valuable capital partner for Hub71, offering alternative financial solutions and support through venture debt, which complements traditional equity funding. Stride Ventures will also provide comprehensive mentorship programs, offering startups with the guidance they need to navigate the complexities of business expansion. Hub71 and Stride Ventures…