Dubai-based ride-hailing service company Careem has announced a collaboration with cross border payments firm iPiD to enhance the international remittance capabilities of its payment platform Careem Pay. This partnership is particularly focused on improving services in India, according to a report by Zaywa. With the integration of iPiD’s technology, Careem Pay users are now required to only input the account number of the recipient. The “Breeze” feature of the service then automatically verifies the account number and displays the recipient’s name for customer confirmation. To utilise this international transfer feature, customers are required to download the Careem app and navigate…

Tamara, a leading fintech platform to shop, pay and bank in Saudi Arabia and the wider GCC region, has achieved the historic milestone of becoming the Kingdom’s first homegrown fintech unicorn by securing $340 million in a Series C equity funding round. This round was co-led by SNB Capital, the leading regional financial institution, and Sanabil Investments, a wholly owned company by the Public Investment Fund (PIF) with participation from Shorooq Partners, Pinnacle Capital, Impulse and others, joining existing investors such as Coatue, Endeavor Catalyst and Checkout.com. It is also among the largest investments in a fintech company in the…

Fundbot, a Fintech startup that automates corporate lending and payments between banks, buyers, and sellers, announced today that it has raised a $1.5 million seed-funding round from MENA-based VC Hambro Perks Oryx Fund, with additional support from Aditum Investment Management Limited, Flat6Labs, Middle East Venture Partners (MEVP), and PlusVC. The company targets expansion in the MENA region, initially in the UAE and Saudi Arabia, and later into Oman, Bahrain, and Egypt. Created to address cash flow problems for startups, Fundbot offers a fully automated, end-to-end embedded solution that enhances the efficiency of supply chain finance and helps banks, FinTechs, and…

Lesha Bank, a Qatar-based investment bank, has upgraded its core banking system to the latest platform offered by banking software company Temenos. This move marks a major step in enhancing the bank’s wealth management and investment banking services. The bank, which has been a client of Temenos for an extended period, will now be able to transition to a modern, API-driven, cloud-native technology platform. This will allow it to access the newest banking capabilities provided by Temenos and its Exchange ecosystem. This upgrade is expected to streamline Lesha Bank’s processes, particularly in offering Shari’a-compliant investment opportunities, and to accelerate its…

Hong Kong’s insurtech OneDegree has secured an investment from the Dubai Insurance Company for its Series B funding round as part of a partnership to offer digital asset insurance in the United Arab Emirates (UAE). The sum was not disclosed. The insurtech had previously announced that it had raised US$55 million for its Series B in June from existing investors Gobi Partners, Sun Hung Kai and Bitrock. This partnership aims to bring innovative insurance solutions to the rapidly evolving digital asset landscape in the MENA region. The partnership will begin by offering commercial liability insurance, specifically professional indemnity and directors…

The Abu Dhabi Finance Week (ADFW) wrapped up its 2023 edition after having successfully hosted more than 18,000 attendees from the financial sector. The event was held under the patronage of His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Member of the Executive Council and Chairman of Abu Dhabi Executive Office, and presented by Abu Dhabi Global Market (ADGM) with the Abu Dhabi Department of Economic Development (ADDED) as the headline partner. This year’s ADFW focused on the theme “Investing in the Transition Era,” exploring the economic, technological, and energy transitions that will shape the global finance landscape…

Project Diamond, a smart contract-powered platform designed by seasoned asset managers for institutions to seamlessly create, buy, and sell digitally native assets, has launched with the execution of the first debt instrument on the platform, in preparation to enter the Abu Dhabi Global Market RegLab sandbox. The platform leverages the Coinbase technology stack and Base to deliver secure, compliant, capital market activity that will continue to unlock institutional adoption of the global cryptoeconomy. Today, less than 0.25% of total global assets are represented on blockchain infrastructure, leaving massive efficiency gains uncaptured. Our goal is to close this gap by enabling…

Lendo, a Saudi Arabia-based shariah-compliant debt crowdfunding marketplace, has raised SAR 105 million ($28 million) in Series B funding led by Sanabil Investments, a wholly-owned company by the Public Investment Fund PIF. The round saw participation from Shorooq Partners, AB Ventures, and other investors. Lendo is a Shariah-compliant, debt crowdfunding marketplace that helps pre-finance outstanding invoices for businesses in Saudi Arabia. The platform is a community of creditworthy borrowers and sophisticated investors looking for alternative investments. The platform is licensed by the Saudi Central Bank (SAMA). Lendo will use the funds to support its fast-growing customer base in Saudi Arabia…

Aramco has entered into a Memorandum of Understanding (MoU) with SBI Holdings, a Japanese-based financial services company. The MoU outlines a potential business alliance between Aramco and SBI Holdings, aiming to explore collaboration in several key areas. These areas include digital assets, co-investments and support for Japanese startups in the digital asset field looking to expand into Saudi Arabia. This MoU allows the companies to discuss additional high-technology business opportunities in digital assets and semiconductors while contributing to Japan-Saudi economic ties. In line with this partnership, SBI Holdings is also progressing towards establishing ‘SBI Middle East’ in Riyadh, expanding its operational footprint…

In Jordan, fintech is emerging as one of the top investment targets for investors, attracting US$26 million in funding between 2018 and 2022 or 10% of all startup investments during the period, a new report by Magnitt, a data platform for investors, founders and corporates in the Middle East, and the Ministry of Digital Economy and Entrepreneurship of Jordan says. The report, titled “The 2018-2022 Jordan Venture Capital Report”, covers a five-year analysis of Jordan’s startup funding landscape, highlighting the country’s growth and development in venture capital (VC) funding, and comparing the country against other nations in the Middle East…

Wio Bank was created to reboot banking in the UAE for both businesses and consumers. In alignment with the UAE’s Year of Sustainability, Wio Bank has integrated the Carbon Calculator into its Wio Personal application, setting a new standard for sustainable banking practices in the region. By understanding their carbon footprint, Wio Personal users are equipped to make meaningful changes that combat climate change, conserve resources, and encourage a sustainable lifestyle. As part of this initiative, Wio Personal customers can also directly donate to support the Emirates Nature – WWF project, aimed at restoring 50,000 mangroves over 10 Hectares in…

The Bank Indonesia (BI) and Central Bank of the United Arab Emirates (CBUAE) have signed a Memorandum of Understanding (MOU) to enhance collaboration in various central banking sectors, including Islamic finance. This agreement, signed by BI Governor Perry Warjiyo and CBUAE Governor Khaled Mohamed Balama, builds on a 2021 pact focusing on payment systems and digital financial innovation. The MOU aims to deepen ties and facilitate the exchange of information in areas like monetary policies, macro-prudential regulation, financial stability, anti-money laundering, and counter-terrorism financing. It also extends to digital financial innovations and Islamic economic finance. The commitment follows a meeting…

Coinciding with the UAE’s hosting of COP28, the Central Bank of the United Arab Emirates (CBUAE), in cooperation with the COP28 Presidency, organised an event to facilitate global climate finance solutions and progress towards a sustainable future. During this global event, the UAE Banks Federation announced a significant initiative from the UAE banking sector to collectively mobilise over one trillion dirhams in sustainable finance by 2030. Held on Finance Day at COP28, the event is aligned with the CBUAE’s strategy to lead sustainable finance efforts to enable climate action. Bringing together global leaders of key international financial institutions to address…

Qatar Central Bank (QCB) has started to receive the applications for licensing and regulating the loan-based crowdfunding service providers in conformity with the strategy of financial sector and fintech in Qatar. The bank is permanently committed to regulating and developing the financial sector and spurring innovation in fintech, pointing out that the approval of the license applications will continue until Feb. 3, 2024. The loan-based crowdfunding service is one of the innovative financial activities that help debtors communicate with various investors to receive short-term funding, such as small and medium enterprises which cannot access to traditional financial services to receive…

In Arab countries, open banking is rapidly evolving into the more comprehensible model of open finance, expanding from payment accounts and related services, to a larger variety of financial services, including investments, pensions, insurance and consumer credit. With so many Arab nations actively progressing towards the movement and as awareness and demand for digital financial services continue to grow across these countries, the regional open finance market is poised to increase by an average compound annual growth rate (CAGR) rate of 45% between 2022 and 2027, rising from US$1.65 billion last year to a forecasted US$11.74 billion through 2027, a…

Abu Dhabi Global Market (ADGM), one of the principal climate finance partners of COP28, announced it will be the home of the newly launched catalytic climate vehicle ALTÉRRA established by Lunate. It will be the world’s largest private climate investment vehicle. This historic initiative, which saw the United Arab Emirates commit a USD30 billion in catalytic capital, positions ALTÉRRA to mobilise USD 250 billion globally by 2030, focusing on transforming emerging markets and developing economies. As the principal climate finance partner of COP28, ADGM has played a pivotal role in shaping the global dialogue on climate finance and aligning international…

Abu Dhabi Global Market (ADGM) announced during this week’s Abu Dhabi Finance Week not less then 14 major financial institutions representing a total AUM of USD 452bn have committed to establishing new operations in ADGM. A year into Abu Dhabi’s “Falcon Economy”, these announcements, coinciding with the second edition of Abu Dhabi Finance Week (ADFW). In a resounding signal of confidence in the financial centre’s pivotal role across the global and regional financial landscapes, the world’s largest bank, JP Morgan, reiterated its commitment to the capital in an upgraded licence, to operate its payment and banking business. Jamie Dimon, Chairman…

Abu Dhabi Global Market introduces Numou, a digital platform tailored to bridge the funding gap faced by SMEs. This digital platform marks a pivotal step in empowering small and medium-sized businesses in the UAE. Numou aims to connect SMEs and lenders through its seamless digital platform with features that have been designed to financially empower and support the growth of the SME ecosystem across the UAE. Built-in collaboration with OneConnect Financial Technology, the fintech arm of PingAn Group. The  digital platform delivers value to each participant, providing key features like: For SMEs: Efficiently collecting data from various sources to create…

Flow48, a Dubai-based SME lending startup, announces $25 million in pre-Series A funding. The round, comprising a mix of equity and debt, includes notable investors such as Speedinvest, Daphni, 212, Blockchain Founders Fund, Unpopular Ventures, Endeavor Catalyst, and TLG, as well as angel investors, among them Scott Sandell from NEA. “What Flow48 is bringing to the table is not just innovative; it’s essential for SME growth in the region’s economic landscape. As we look ahead, the potential for Flow48 to expand beyond Revenue Based Financing is very exciting. The team is on track to become a full-service fintech solution for…

CredibleX, an embedded finance platform in the middle east, has announced its launch after being granted regulatory licences in Abu Dhabi Global Market (ADGM) from the Financial Services Regulatory Authority (FSRA). These licences provide a robust regulatory framework to its launch, bringing confidence and trust to CredibleX’s partners and customers. It has also announced partnerships with ADGM as the first fintech partner of its SME financing platform, Numou; as well as with partners in FMCG and financial services. CredibleX enables businesses to provide their SME customers with instant access to lending solutions. Salem Mohammed Al Darei, ADGM Authority, CEO said,…