In a special ceremony, Kuwait Finance House (KFH) has announced the launch of its first Shari’a-compliant digital bank in Kuwait, called Tam Digital Bank. The ceremony was attended by KFH Chairman, Hamad Abdulmohsen Al Marzouq, members of the Board of Directors, the Executive Management represented by KFH Acting Group Chief Executive Officer, Abdulwahab Iesa Al Rushood, Chief Executive Officer KFH Kuwait, Khaled Yousef AlShamlan, and the bank’s executive management team. Acting Group Chief Executive Officer, Abdulwahab Iesa Al Rushood said: “We are gathered today to witness a historic moment for KFH by launching Tam, the first shari’a-compliant digital bank in…

Finastra announcesd that CQUR Ban has partnered with Finastra to deliver on its technology strategy. With the implementation of Finastra’s solutions, Trade Innovation and Corporate Channels, CQUR Bank will offer its corporate clients a new online banking portal for a seamless user experience, introduce new digital workflows and provide host-to-host integration solutions. “To truly meet the complex demands of our customers, we needed to upgrade our online banking solution to deliver greater connectivity, faster onboarding experiences and access to sophisticated trade finance services that accelerate growth,” said Oscar Sanz-Paris, Deputy Chief Executive at CQUR Bank. Justin Kenny, Chief Operating Officer…

Riyadh Valley Company, the investment arm of King Saud University and a prominent player in the investment landscape of Saudi Arabia, is delighted to announce its strategic investment in Flat6Labs’ Startup Seed Fund. This investment marks a significant milestone in Riyadh Valley Company’s mission to foster innovation, entrepreneurship, and economic growth within the Kingdom of Saudi Arabia. It is part of the company’s broader strategy to identify and partner with initiatives that have the potential to drive meaningful change in the region. The fund enables startups to receive follow-on funding up to SAR 2.4 million and the support and training…

Dubai Integrated Economic Zones Authority (DIEZ) announced the launch of a venture capital (VC) fund worth AED500 million. Launched in the presence of His Highness Sheikh Ahmed bin Mohammed bin Rashid Al Maktoum, Second Deputy Ruler of Dubai, the fund is designed to finance technology startups and supports the economic objectives outlined in the Dubai Economic Agenda, D33 by promoting the growth of small and medium-sized enterprises (SMEs) in various emerging sectors. The new fund was launched on the sidelines of the Dubai Business Forum and is the first investment programme launched under the name of Oraseya Capital, the venture…

The Registration Authority of Abu Dhabi Global Market (ADGM) officially released the Distributed Ledger Technology Foundations Regulations 2023, marking a significant milestone in the evolution of digital assets regulatory frameworks across the region and at an international level. This newly implemented legislative structure is designed to provide a comprehensive framework for DLT Foundations and Decentralised Autonomous Organisations (DAOs), enabling them to operate and issue tokens recognising the unique needs of the Blockchain industry. This new regime comes in line with ADGM’s strategy to foster initiatives in the broader blockchain and digital asset realm. By setting a global benchmark as the…

With the ever-evolving landscape of financial technology, consumer lending has never been more accessible and efficient – in large part, due to fintech innovation. With a global consumer credit market size of US$11 billion, rapidly growing middle classes in emerging markets, and economic uncertainty affecting us all, the opportunity for lenders to tap into the consumer need for credit is immense. Competition is stiff, so consumers have the luxury of choice for their lending products – it’s up to lenders to provide fast approvals and simplified processes to reduce abandonment and improve customer experience and competitive advantage. With ever-changing regulations…

Ripple announced that the Dubai Financial Services Authority (DFSA) has approved the digital asset XRP for use within the Dubai International Financial Centre (DIFC). Licensed virtual asset firms within the DIFC will now be able to incorporate XRP into their virtual asset services. Since the DFSA opened up external applications, XRP is the first virtual asset to be approved by the regime. XRP joins BTC, ETH and LTC as the assets previously approved under the DFSA’s virtual assets regime. XRP now stands to benefit from legal and regulatory clarity in the DIFC, and will be available for use by institutions…

Standard Chartered’s fifth cohort of the Women in Tech accelerator programme, launched in partnership with DIFC Innovation Hub, has awarded a total of USD 100,000 in equity-free seed capital to the top three female-led tech startups in the UAE. The first-place winner, Nour Taher, Co-founder and CEO at Intella, whose company bridges the gap between global AI advancements and the Arabic speaking world by building and fine-tuning machine learning models for dialectal Arabic, received USD50,000; second-place winner, Lara Hussein, Co-founder and CEO at The Waste Lab, which specialises in nature-based composting, secured USD30,000; and the third-place winner, Dr. Anushka Patchava,…

Tabby, the MENA’s shopping and financial services app, has raised $200 million in equity financing led by Wellington Management. The equity financing drew additional participation from growth equity investor Bluepool Capital, in addition to existing investors STV, Mubadala Investment Capital, PayPal Ventures and Arbor Ventures. Tabby’s Series D round values the company at over US$1.5 billion making it the region’s first fintech unicorn ahead of its planned IPO in Saudi Arabia. The financing fortifies Tabby’s balance sheet to serve the accelerating demand for its flagship buy now, pay later offering, which now manages over $6 billion in annualised transaction volume.…

The Qatar Financial Centre (QFC) has unveiled the QFC Digital Assets Lab, powered by Qatar Central Bank. The Digital Assets Lab is the inaugural programme to be launched under the Innovation Dome, an innovative platform that fosters transformative initiatives, aiming to position the country as a leader in the digital realm. The Lab will foster open innovation in Qatar. Within this space, innovation, research, and development are focused on cultivating promising digital concepts within the domain of Digital Assets and Distributed Ledger Technology. The aim is to transform these concepts into viable cutting-edge technologies that can be practically applied across…

Provenir announced that Figopara, a Turkish online marketplace for invoice financing, has selected the Provenir AI-Powered Risk Decisioning platform to automate decisioning and accelerate its global expansion. Figopara stands at the intersection of fintech innovation and deep domain expertise in supply chain financing and SME lending. With an expansive database cultivated over years of operation in Istanbul’s fast-growing fintech ecosystem, the company provides robust solutions for businesses across various sectors. Figopara has significant international expansion plans and its risk assessment models needed to scale and adapt to new markets and regulatory environments seamlessly. It also wanted to enhance its risk…

The Open Banking market across Arab Countries to grow by 25% annually over the next five years, The Arab Monetary Fund (AMF) said in a report issued this week, presenting guidelines for an “Effective Open Banking/ Finance Adoption”. The report was produced by members of the Arab Regional Fintech Working Group (WG) in collaboration with 10 Arab Central Banks and regional Open Banking firm Fintech Galaxy. The guide was released in line with the Fund’s endeavours to support Arab central banks in their journey to adopt an effective framework for Open Banking/Finance schemes. The “Guidelines for an Effective Open Banking/…

Amazon.ae announced the expansion of the International Shopping experience to Qatar, allowing local customers to browse and shop hundreds of thousands of eligible products that will be shipped to them from the UAE. Making it easier than ever for customers to get the best of Amazon.ae, customers in Qatar can now choose from products across more than 30 categories, including Beauty, Books, Electronics, Fashion, Health, Home and Kitchen appliances, Sports, and Toys. The International Shopping experience on Amazon.ae is available in Arabic and English, and customizes user’s experience based on their location and shipping address. Customers can easily complete the…

NEO PAY, powered by Mashreq, has entered a strategic partnership with Nymbl. This collaboration aims to provide a comprehensive solution to SME’s, combining both in-store and online payment acceptance within a single platform. By leveraging NEO PAY this partnership aims to establish a Unified SME Commerce Platform empowering merchants with a tool for managing their transactions seamlessly. Nymbl’s Unified Commerce Platform provides merchants with advanced payment processing across certified terminals and an Internet Payment Gateway for online transactions. NEO PAY will integrate Nymbl Pay’s features, allowing its merchants the ability to access the Unified Commerce Platform for all in-store and…

The Saudi Central Bank (SAMA) permitted “Kadi Pay” to provide Buy Now Pay Later (BNPL) solutions. With Kadi Pay, there are now six authorized companies offering BNPL solutions in Saudi Arabia, bringing the total number of licensed/ permitted finance companies to 56. The other 5 liscenced BNPL companies are, Tabby, Spotii, Madfuu, MIS forward and Tamara. The BNPL solutions provide finance to customers wishing to buy products and services without incurring financing costs. This decision reflects SAMA’s endeavor to support BNPL, finance and Fintech sectors by enhancing operational efficiency and innovative financial solutions to promote financial inclusion in Saudi Arabia.…

GITEX GLOBAL, one of the world’s largest tech show, kicked off its record edition this week in Dubai to a phenomenal international response over its first three days. Its huge scale in 2023 was amplified by the announcement that the mega tech and start-up event will launch in Europe, spearheading the international market expansion impetus of the global tech community. GITEX EUROPE 2025 was announced on 18.October at a signing ceremony at the 43rd GITEX GLOBAL, which this year again surpassed capacity at the Dubai World Trade Centre (DWTC) where it runs from 16-20 October 2023 featuring 6,000 exhibitors, and…

Mashreq joined forces with Al Etihad Payments to introduce the state-of-the-art “Aani Instant Payment Services” on the Mashreq App. The latest service reshapes the payment ecosystem across the board – from individual consumers to luxury outlets, everyday merchants, and beyond. The initiative is endorsed by the Central Bank of the UAE, reinforcing its position as a trusted and reliable payment solution. Key features of “Aani Instant Payment Services” include: Instant Real Time Payments: Customers can enjoy near-instantaneous payment transfers, ensuring that their financial transactions are completed swiftly and securely 24/7 Accessibility: Ensuring customers and merchants can transact anytime. Flexibility: Customers…

Mastercard and Pemo, a UAE-based fintech startup that supports businesses across the Middle East, North Africa and Pakistan (MENAP), have initiated a strategic partnership to promote cashless, flexible expense management for small and medium-sized businesses (SMEs) in the UAE. The move supports the country’s ambitions to strengthen its thriving SME ecosystem. Announced during Fintech Surge at GITEX 2023, the collaboration aims to support the drive towards a cashless economy by providing SMEs with access to digital spend management solutions that empower them to scale and grow. Combining digital and contactless payment technology, Pemo’s physical and virtual corporate cards allow businesses…

The Saudi Central Bank (SAMA) and the Monetary Authority of Singapore (MAS) have agreed to work together on fintech and innovation. The agreement was signed by H.E. Mr. Ayman Al-Sayari, Governor of SAMA, and H.E. Dr. Vivian Balakrishnan, the Minister for Foreign Affairs of Singapore, representing MAS. It aims to provide a robust framework for cooperation between the innovation departments of both central banks. Both regulators also intend to establish effective mechanisms for sharing information regarding fintech and innovation as well as promote their utilisation in the markets. SAMA and MAS also intend to enhance cooperation and foster coordinated efforts…

BENEFIT, a Fintech and electronic financial transactions services company from Bahrain, signs an agreement to acquire Bahrain FinTech Bay (BFB). This agreement seeks to accelerate the sustainable investment in Bahrain’s fintech ecosystem thereby paving the way for a robust, future ready financial services sector. The partnership, which brings together Bahrain’s leading fintech market players to develop a more systematic and institutional framework for collaboration across the ecosystem, comes as part of the long-term roadmap and service expansion plan of BENEFIT, which embraces building key alliances and partnerships locally and across borders to further advance the national payment infrastructure to create…