The Saudi Central Bank (SAMA) licensed “Themar” to provide crowdfunding solutions. With Themar, there are now seven authorized companies offering debt-based crowdfunding solutions in Saudi Arabia. This decision reflects SAMA’s endeavor to support the finance sector, increase efficiency of financial transactions, and promote innovative financial solutions for financial inclusion in Saudi Arabia. Other licensed crowdfunding companies are Lendo, Raqamyah, Forus, Tameed and Manafa Featured image credit: Edited from Themar
Author: Fintech News UAE
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The Saudi Central Bank (SAMA) permitted “Tabby” to provide Buy Now Pay Later (BNPL) solutions. With Tabby, there are now five authorized companies offering BNPL solutions in Saudi Arabia. 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 the Finance and FinTech sectors by enhancing operational efficiency and innovative financial solutions to promote 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. Other BNPL companies are MIS…
The e& enterprise, formerly known as Etisalat Digital, has partnered with UAE-based Tap Payments to create an extensive payment acceptance ecosystem with unique features tailored to regional markets. The partnership aims to empower businesses of all sizes to optimise their payment processes and expand their digital capabilities across the region. It leverages Tap’s extensive network of merchants and financial institutions as well as e& enterprise’s advanced digital payment platforms and technologies to deliver solutions that provide numerous advantages for businesses. These include diverse payment options, seamless integration, enhanced security, and an improved customer experience. Additionally, the partnership also prioritises robust…
Flash, a new cashless payments app in Egypt, has secured a US$6 million seed funding round led by Addition, with participation from Flourish Ventures and other angel investors. The funding will be used to accelerate the startup’s product development as well as customer and business acquisition in Egypt. The firm is also looking to expand its engineering and product teams. Flash is a scan-and-pay service that allows consumers to make purchases with their phones. The app can be used to pay for goods and services in-store or on delivery. Businesses can accept payments directly from consumers without the need for…
Emirates NBD has revamped its digital bank Liv, with a new value proposition targeted at Generation Now empowering them with a better financial future through innovative offerings and a superior digital experience. Reflected in its new tagline, ‘Liv Ahead’, Liv’s differentiated value proposition offers customers a host of new innovative and rewarding products and services. It is the first digital bank to introduce The Bonus Multiplier Account, with a gamified structure and rewarding customers for their loyalty, giving them a 3% increment on their salaries every month. It is also the first digital bank to offer the Money Ahead Deposit,…
Emirates NBD has launched an enhanced and upgraded version of its WhatsApp banking service, providing customers with a convenient, secure and reliable digital banking experience like never before. Emirates NBD WhatsApp banking allows customers to seamlessly avail of 15 everyday banking services on the go. These include checking account balances, receiving a list of last five transactions on account and credit card, generating credit card mini statement, temporarily blocking or unblocking cards, and placing new cheque book requests. Non-customers can also subscribe for WhatsApp banking and enjoy features including applying for new products and services, finding branch and ATM locations,…
Emirates NBD has announced a transformation focused on harnessing the power of generative AI to change Emirates NBD’s operations and enhance productivity across various business functions supported by Microsoft. This collaboration aims to unlock new opportunities for innovation, efficiency, and customer experience within the banking industry. The transformation encompasses three key initiatives that will drive significant advancements in software development, collaboration, and customer engagement. Enabling IT teams at Emirates NBD with Github Copilot X: Emirates NBD recognises the critical role its IT teams play in efficiently delivering robust software solutions to drive business innovation. Supported by Microsoft, the bank’s IT…
The Saudi Central Bank (SAMA) announces the issuance of the Implementing Regulations for the Law of Payments and Payment Services to support the objective of enhancing soundness and efficiency of the payment systems infrastructure in Saudi Arabia. The relevant regulatory and supervisory frameworks enable SAMA to protect and stabilize the financial sector. They also enhance compatibility with comparable international principles and standards, including the Principles for Financial Market Infrastructures (PFMI). In the context of Saudi Vision 2030 with respect to financial inclusion, the implementing regulations should help create an attractive environment for investment, stimulate innovation and competition, and encourage introduction…
The Saudi Central Bank (SAMA) granted “Tamara” a permit to provide Buy Now Pay Later (BNPL) solutions pursuant to Saudi Central Bank Law and Finance Companies Control Law. With Tamara, there are now four authorized companies offering BNPL solutions. SAMA is committed to supporting and enabling the finance and FinTech sectors within the regulatory and supervisory guidelines. By attracting new investors and companies, SAMA seeks to bring added value to the sector and the economy. SAMA is actively engaged in leveraging technology in financial services to support the broader goals of Vision 2030. SAMA’s continuous support for finance and Fintech…
Under the directives of First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance of the UAE, and President of the Dubai International Financial Centre (DIFC) His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, DIFC, announced it will build the ‘Dubai AI & Web 3.0 Campus’, the largest cluster of Artificial Intelligence and tech companies in the MENA region. DIFC is ready and set to build the largest cluster of Artificial Intelligence and tech companies in the MENA region. The Dubai AI & Web 3.0 Campus will open its doors at the DIFC Innovation One premises,…
Jordan Ahli Bank proudly announces the launch of Qawn, Jordan’s first-of-its-kind social payment app, revolutionizing the way users send and receive money through built-in chat capabilities. One key feature of the Qawn app is its integration with CliQ, a local payment switch in Jordan, enabling businesses to accept payments at a reduced cost. The app also empowers Jordanians to open a bank account remotely without the need to visit a branch, with a streamlined onboarding process that takes only five minutes to complete. Qawn runs on Vault Core, the cloud-native core banking platform built by the banking technology company Thought…
Cisco announced plans to establish a data center for cloud-delivered security in the Kingdom of Saudi Arabia (KSA) to help customers protect their users, infrastructure, and investments against threat actors. The announcement is part of Cisco’s continued effort to empower organizations locally and in the region with flexible security services and data protection for devices, remote users, and distributed locations. The new data center will play a critical role in delivering agile, highly resilient, high-capacity secure access closer to users in KSA. It will support Cisco’s cloud services including its new Secure Service Edge (SSE) solution, Cisco Secure Access. The…
Regulators are turning up the heat on the world’s largest cryptocurrency exchange, slamming Binance, its US-based affiliate and its founder with a new lawsuit. The move is the latest development in an industry-wide crackdown that has seen regulators clamp down harder on large crypto businesses in the aftermath of the FTX collapse. The US Securities and Exchange Commission (SEC) filed a lawsuit against Binance earlier this month, alleging that the company violated a variety of securities laws by operating exchanges, broker-dealers, and clearing agencies without the proper licenses, and misrepresenting trading controls and oversight on its American platform Binance.US. The…
NymCard, a Dubai based payments infrastructure provider, has completed the acquisition of Spotii, a prominent Buy Now Pay Later (BNPL) Fintech operating in key markets including KSA, UAE, and Bahrain. This strategic move positions NymCard to offer its financial services client base a fully customisable BNPL product tailored to their specific needs and local markets. The acquisition marks a significant milestone in democratizing BNPL services in the region. Spotii was originally established as a direct-to-consumer BNPL service with a base of over 1 million registered customers and over 1,500 merchant partners. This acquisition combines Spotii’s technology, risk engine and market…
Mastercard is partnering with Bankiom, a UAE-based lifestyle banking app, to introduce digital payment cards across the UAE, Saudi Arabia, Bahrain, Kuwait, and Oman. This partnership marks a significant stride in Mastercard’s ongoing commitment to advancing digitalization in the payments landscape throughout the region. “As we move into a more digital world, building productive synergies with multi-market, agile fintech partners such as Bankiom is crucial. The GCC alone has one of the world’s highest rates of internet penetration at 98% of the region’s population. Our partnership will help us leverage our innovative payment solutions to drive digital and financial inclusion…
More than three out of four IT leaders surveyed in the UAE (77%) say their existing IT infrastructure is prepared for the demands of artificial intelligence (AI) technology, as the country experiences widespread adoption across industries, according to the Equinix 2023 Global Tech Trends Survey. The UAE scored higher than other countries in preparedness to accommodate AI, with only 58% of global and 51% of EMEA IT leaders believing their infrastructure is prepared for AI. The survey, which examined IT leaders’ responses to AI advances in their organizations, comes after a year of significant AI breakthroughs that saw the technology…
For the fourth year in a row, Israel is being recognized as the largest and most advanced startup hub in the Middle East and Africa (MEA) region, commended for its large startup ecosystem, dynamic funding market and outstanding culture of innovation, a new report by startup ecosystem map and research center StartupBlink (based in Israel) claims. The Global Startup Ecosystem Index Report, is an annual report that ranks the world’s top 100 countries and 1,000 cities, draws on hundreds of thousands of data points to determine the world’s top startup ecosystems and track both momentum and trends within these hubs.…
Technology startups and investors from Singapore and Middle East and North Africa (MENA) nations are pursuing bilateral business opportunities and strengthening their ties through partnerships and financial participation. A new analysis by Magnitt, a startup data platform focusing on the Middle East, and Expand North Star, a startup event series, highlights the growing venture capital (VC) corridor between Singapore and MENA, exploring the main drivers powering the trend and delving into the most notable deals secured so far. According to the report, at least 16 startups from Singapore have scaled to MENA so far, attracted by the region’s strategic geographic…
The Winklevoss twins-owned crypto exchange Gemini announced that it will soon begin the process of acquiring a crypto license to serve customers based in the United Arab Emirates (UAE). The firm said that by applying for a license, it will be taking another step towards making Gemini a truly global company. Gemini has been meeting with stakeholders throughout the region to learn more about local regulatory requirements and the needs of UAE crypto investors. Its Global State of Crypto Report 2022 found that more than 35% of those surveyed in the UAE had purchased crypto, compared to only 20% of…
Tabby, the MENA’s shopping and financial services app, has successfully closed a new financing round resulting in upsizing its debt facility to $350 million, over a 2X increase since its last debt raising announcement. The round involved the participation of key global credit investors, led by San Francisco-based Partners for Growth (PFG), who provided Tabby’s first institutional debt facility and supported the ongoing expansion to include New York-headquartered Atalaya Capital Management, and CoVenture, a multi-strategy asset-management firm from Miami. The upsizing of Tabby’s credit facility reflects the remarkable growth the company is experiencing with over 4 million active customers who…