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…

The second session of the Joint Economic and Financial Committee between the Ministry of Finance of the State of Qatar and the Swiss Federal Finance Department was held recently in Doha. HE Minister of Finance Ali bin Ahmed Al Kuwari chaired the Qatari side while the Swiss side was chaired by HE Federal Councillor and Head of the Federal Department of Economic Affairs, Education and Research (EAER) of Switzerland Guy Parmelin. A lineup of senior officials from government and private agencies in both countries attended the meeting. The committee discussed a set of proposals and visions to enhance economic and…

Emirates NBD announced a strategic partnership with Silent Eight, a technology company which offers an advanced AI and machine learning platform to identify and prevent financial crime. The partnership is in line with Emirates NBD’s vision to be the most innovative bank for its customers, people, and communities, and follows a successful Proof of Value (PoV) engagement that demonstrated Silent Eight’s ability to automate the alert screening investigation process and improve the efficiency, accuracy and auditability of the bank’s compliance operations. In collaboration with Emirates NBD’s FinTech Partnership and Engagement Team, the PoV involved testing Silent Eight’s solution on alerts…

The Middle East is witnessing a dynamic shift in consumer behavior, preferences and digital adoption, prompting a transition towards online shopping and e-commerce, a new report by RetailX, a UK-based retail and e-commerce research company, says. The report, titled “Middle East ecommerce region report 2023”, provides insight into the retail environment in the Middle East, looking in depth at shopper behaviors and consumer preferences across the region, and exploring the impact of the increasing use of digital channels on brick-and-mortar stores and payment preferences. In particular, the report delves into six countries in particular, namely Iran, Israel, Qatar, Saudi Arabia,…

Governments and tax authorities are driving the need for businesses to adopt E-Invoicing across the globe. As more countries across the Middle East mandate E-Invoicing, tax becomes an integral part of day-to-day finance and commercial operations. In the United Arab Emirates, the Ministry of Finance is set to introduce the “E-Billing System” project, which envisions the implementation of an advanced nationwide electronic billing system. This initiative is expected to incorporate the Peppol CTC mandate, addressing nationwide E-Invoicing and E-Reporting requirements. Additionally, the system will automate tax return filing procedures, enhancing the efficiency of the tax system, promoting tax compliance, and…

On December 20, 2023, Peace Itimi, the host of Founders Connect, a YouTube show that interviews up-and-coming entrepreneurs in the African startup landscape, premiered a new documentary spotlighting the Nigerian tech ecosystem. The documentary, titled “Innovating Africa: The Rise of Tech in Nigeria”, delves into the evolution of the ecosystem over the past 15 years, featuring key insights from prominent industry players including Oo Nwoye, Kola Aina, Odun Eweniyi, Adia Sowho, Tomi Davies, Jason Njoku, and Iyin Aboyeji. It explores the rapid ascent of Nigeria’s tech ecosystem, showcasing its growth and highlighting the most pivotal moments and policies that have…

Though still in their early stages of development compared to Europe and the US, neobanks are playing a growing role in the Middle East and Africa (MEA) region by addressing challenges in accessing traditional financial services. The Fintech Times identified 45 neobanks in the MEA region, comprising mostly of digital banking arms launched by traditional banks. This trend reveals that traditional banks in Africa are adapting to consumers’ changing preferences and technological advancements with digital banking solutions of their own. Examples include Emirates NBD’s Liv, Mashreq Bank’s Mashreq Neo, ADCB’s Hayyak, Leumi Bank’s Pepper, ABC Bank’s ila Bank, Gulf International…

WRISE Group, an independent multi-family office, has appointed Dhruba Jyoti (DJ) Sengupta as CEO of its newly established Middle East subsidiary, located in Dubai. This expansion is part of WRISE’s broader strategy to extend its reach into the United Arab Emirates and the wider Middle Eastern region, following their acquisition of the Category 3C license in 2022. Sengupta brings over two decades of experience in the financial sector, particularly in wealth management across the Middle East and North Africa as he previously held roles at Citibank N.A. and as CEO. WRISE Middle East is part of the group’s broader commitment…

KARTY, an emerging Qatari fintech startup, has announced the successful completion of a substantial seed funding round, amassing over $2 million dollars, which is equivalent to more than 7.3 million Qatari Riyals. This latest infusion of capital, raised from a variety of local investors, signifies a pivotal moment in KARTY’s trajectory towards making a significant impact in the Qatari market. This step precedes its much-anticipated launch, expected as soon as the final approval and licensing from the Qatar Central Bank are attained. Having received in-principle approval for development and demo in strategic partnership with Masraf Al Rayan and in compliance…

The Saudi Central Bank (SAMA) licensed “Network International Arabia” to provide payment services through points-of-sale (POS), and “Barraq” to offer e-wallet services. With the addition of these two companies, there are now 27 licensed companies offering payment services in Saudi Arabia. This decision reflects SAMA’s endeavor to support the payments sector, increase efficiency of financial transactions, and promote innovative financial solutions for financial inclusion in Saudi Arabia. SAMA emphasizes the importance of dealing exclusively with authorized financial institutions. To view licensed and permitted financial institutions, visit SAMA’s official website.

Pakistan’s financial platform, NayaPay, has partnered with Alipay+, managed by Ant International, aiming to enhance digital payment solutions and stimulate economic growth. NayaPay states that this collaboration will introduce QR codes compatible with RAAST and Alipay+ partners, enhancing foreign exchange inflows and unifying Pakistan’s cashless payment framework with global markets. The alliance is designed to grant Pakistani businesses, particularly SMEs, access to over 25 Alipay+ global partners and 1.5 billion consumer accounts. NayaPay states that the initiative will ensure efficient and secure transactions, marking significant progress in Pakistan’s digital commerce and aligning with the State Bank of Pakistan’s vision for…

In 2023, Saudi Arabia asserted its dominance in the Middle East and North Africa (MENA) region’s venture capital (VC) landscape, with startup funding surging beyond the US$1 billion milestone for the second consecutive year, data from a new report by startup data platform Magnitt and supported by Saudi investment company SVC reveal. Startup VC funding in Saudi Arabia last year reached US$1.4 billion, marking a remarkable 33% from the previous year. The amount elevated the country’s share of MENA’s overall startup VC funding from 30% in 2022 to a notable 52% in 2023. At the industry level, fintech took the…

The DIFC Innovation Hub, part of the Dubai International Financial Centre, has initiated a collaborative project with Swiss wealth management firm Julius Baer and financial market infrastructure provider Euroclear. The venture focuses on addressing the complexities of estate planning in the digital asset sphere. The project aligns with the UAE’s vision to enhance the economic impact of family businesses, particularly in the realm of managing burgeoning portfolios of tokenised and digital assets. It involves a joint effort by specialists in various fields to develop technological solutions for the effective management of digital asset inheritance. Over a three-month period, experts from…

Standard Chartered’s innovation and ventures arm, SC Ventures, plans to open an office in the Abu Dhabi Global Market (ADGM) to tap into the United Arab Emirates’s (UAE) technology ecosystem. With 30 years in banking technology, Gautam Jain will lead the Abu Dhabi office. His background includes chairing two SC Ventures portfolio companies and various board memberships. He joined SC Ventures in 2018 after roles at Standard Chartered Bank, Barclays, HSBC, and Citigroup in Singapore, London, and India. This move coincides with SC Ventures partnering with SBI Holdings to initiate a digital asset venture in the UAE. SC Ventures sees…

Fintech has penetrated and transformed the Middle East and Africa (MEA)’s financial services landscape, financially including millions of people and enabling growth in other sectors. But despite the growth, new opportunities still exist in each market to create a financial ecosystem that’s convenient, synergistic and secure, a new report by Global Ventures, a venture capital (VC) firm based in the United Arab Emirates (UAE), says. The report, which builds on the learnings from the firm’s first previous report in 2020, provides an overview of the fintech landscape in the MEA region, highlighting key takeaways, trends and developments since the last…

In a recent webinar hosted by Connect Global Group and Temenos, wealth experts and top executives from the banking industry in the Middle East and Africa (MEA) discussed the key trends shaping the wealth management landscape in the region, highlighting technological advancements, cost-conscious investing, and a shift in client preferences towards digital channels as some of the biggest drivers of change in the industry. The webinar, titled “Prospering in the Digital Era: Reshaping Wealth Management in MEA” and hosted in June 2023, featured a panel of experts comprising Eric Mellor, MEA and Asia-Pacific Wealth Specialist at Temenos; Jaysen Nundoosingh, Group…

Silkhaus, a Dubai based proptech startup dedicated to revolutionising short-term rentals across the Middle East and Asia, has announced it has raised a multi-million pre-series A financing from San Francisco headquartered Partners for Growth (PFG). The agreement also provides Silkhaus access to an additional multi-million dollar credit line to support its expansion plans. Headquartered in Dubai, Silkhaus is building for the global short-term rental industry valued at $100B+. The company leverages technology to provide asset owners with infrastructure tools to manage and monetize properties. Properties owners on Silkhaus earn on average 20-40% more income than through traditional rental models. Silkhaus…

The Middle East and North Africa (MENA) region, characterized by a young and tech-savvy population, high Internet penetration rates and economic growth, has witnessed a robust growth of its fintech industry in recent years, with funding increasing by approximately 36% annually from 2017 and 2022, according to McKinsey. By 2025, the consultancy estimates that fintech revenue in MENA and Pakistan could increase almost threefold from US$1.5 billion in 2022 to an amount between US$3.5 billion and US$4.5 billion. That growth will be driven by rising Internet and smartphone penetration, government support and regulatory initiatives, as well as growing usage from…

Maalexi, an UAE-based dynamic risk management platform for SME agri-businesses, announces its completion of a $3 million pre-Series A fund raise. The funding round was led exclusively by Global Ventures – MENA’s leading venture capital firm – which joins existing venture capital investors Rockstart (Amsterdam) and Ankurit Capital (New Delhi). The proceeds will be deployed by Maalexi for: tech development – to enhance its full-stack platform to help SME agri-buyers procure faster, cheaper, and safer from globally placed SME sellers; and to drive customer acquisition – specifically more buyers in the UAE and Saudi Arabia and to add sellers from…

Tabby, a leading shopping and financial services app from Saudi Arabia, has secured up to $700 million in receivables securitization from J.P. Morgan. The deal represents the largest asset-backed facility obtained by a fintech company in the MENA region. In parallel to the securitization financing, Tabby has extended its Series D financing to close $250 million with participation from Hassana Investment Company. The Series D was also joined by US-based Soros Capital Management and KSA-based Saudi Venture Capital (SVC). The financing bolsters Tabby’s balance sheet amidst increasing demand for its core buy now, pay later platform and enables more capital…