The Saudi Central Bank (SAMA) announces granting permits to three innovators to test their Open Banking solutions in the Regulatory Sandbox. These companies are: Tarabut Gateway Company for Information Technology, Umg Alholol Trading Co (known as Single View), and Drahim App for Financial Technology. With these additions, the total number of innovators permitted to operate under SAMA’s Regulatory Sandbox reached 45, where 18 of them have successfully graduated and became licensed by SAMA to provide their solutions to the consumers. This step asserts SAMA’s commitment to support the financial sector and contribute towards the realization of the Fintech strategy objectives…

The Saudi Central Bank (SAMA) granted “Spotii” and “Madfu” permits to carry out Buy Now Pay Later (BNPL) solutions pursuant to Saudi Central Bank Law and Finance Companies Control Law for providing finance to customers wishing to purchase products or services from merchants without incurring term financing cost. This initiative is aimed at enticing a new segment of investors and companies that can bring added value to the sector for more efficient operation, while maintaining full adherence to the regulatory and supervisory guidelines defined by SAMA. SAMA is constantly striving to support the finance sector and FinTech for enhancing operational…

The Central Bank of the United Arab Emirates (CBUAE) and the Hong Kong Monetary Authority (HKMA) is set to enhance collaboration between the financial services sectors of the two jurisdictions. The CBUAE and the HKMA agreed to strengthen cooperation in three major areas; financial infrastructure, financial market connectivity between the two jurisdictions and virtual asset regulations and developments. In addition, the two central banks facilitated discussions between their respective innovation hubs on joint fintech development initiatives and knowledge sharing efforts. A joint working group led by the CBUAE and HKMA, with support from the relevant stakeholders of the two jurisdictions’…

Abu Dhabi Islamic Bank (ADIB) is now offering small and medium-sized enterprises (SMEs) remote account opening services through its mobile app by deploying the Emirates Face Recognition (EFR) technology. Real time verification of trade licenses and customer data, facial recognition, and the use of OCR and NFC technology is used to validate and capture Emirates ID and passport information. Through this technology, ADIB can perform secure identity verification before opening a new account for businesses in less than 24 business hours without the need to visit a branch or submit physical documents or signatures. A dedicated team has been formed…

Builder.ai, a London-based AI-powered composable software platform for app development, announced that it has raised US$250 million in Series D funding round led by Qatar Investment Authority (QIA), the Qatar’s sovereign wealth fund. This brings Builder.ai’s total funds raised to over US$450 million with an up to 1.8x increase in its valuation. The Series D round included participation from additional existing and new investors including Iconiq Capital, Jungle Ventures & Insight Partners. The funds will be used for further investments in talent, partnerships, and technology to improve its AI and automation capabilities. Builder.ai has almost doubled its headcount since January…

The United Arab Emirates (UAE) is home to one of the largest cryptocurrency hubs in the Middle East and North Africa (MENA), an expansive ecosystem which, as of March 2023, comprised more than 1,800 industry organizations encompassing crypto projects and startups, government support agencies, investors and professional services providers, a new report by industry trade group Crypto Oasis shows. The Spring Edition of the Crypto Oasis Ecosystem Report 2023, released in May 2023, showcases the UAE’s sustained leadership in crypto innovation across MENA and the country’s position as “one of the most profound hubs in the world” in the sector,…

Singapore-based private family office Whampoa Group will be establishing the headquarters of its new digital bank in Bahrain according to the Bahrain Economic Development Board (Bahrain EDB). With an intended launch date of end of 2023, the digital bank aims to provide integrated financial solutions to serve institutions, innovators, and investors globally, including digital banking services as well as the trading, custody, and asset management of digital assets. Khalid Humaidan, Chief Executive of the Bahrain Economic Development Board said, “We are delighted that Whampoa Group intends to set up the headquarters of their new digital bank in Bahrain as they…

Visa has appointed Tarek Abdalla as Senior Vice President and Chief Marketing Officer for Central and Eastern Europe, Middle East, and Africa (CEMEA), effective 2nd May onwards. Tarek will be based in Dubai and report to Frank Cooper III who is Visa’s global Chief Marketing Officer. In his new role, Tarek will help Visa expand and grow its presence across the CEMEA region, driving demand for the payment firm’s products, services, and solutions and delivering value through global sponsorships. Tarek was previously the General Manager for the Middle East, Africa, and South Asia at TikTok. He had successfully led teams in…

Beyon has announced a major investment of more than USD 250M in state-of-the-art digital infrastructure helping to support the acceleration of Bahrain’s digital transformation and the growth of the country’s digital economy, in a press conference attended by Beyon Chairman Shaikh Abdulla bin Khalifa Al Khalifa. The Bahrain Telecommunications Regulatory Authority (TRA) General Director Mr. Phillip Marnick and SEA-ME-WE 6 Management Committee Chairperson Mr. Yue Meng Fai were also in attendance at the event, which took place at Centraal, Beyon Campus, Hamala, Kingdom of Bahrain on May 16th, 2023. During the event, Beyon CEO Mikkel Vinter announced that Batelco, part…

In the Middle East, the digital payment landscape is changing at a rapid pace, shaped by the advent of instant payments, booming adoption of new payment methods and the rise of online retail, a new whitepaper produced by Euromonitor International (EMI) and Sixth Factor Consulting, and sponsored by Amazon Payment Services, says. Titled “What’s next for Digital Payments in the Middle East” and released in February, the paper takes a deep dive into the Middle East’s digital payment ecosystem, exploring the key themes and trends emerging the region’s payment landscape. Looking at the three largest digital payment markets in the…

Across the Middle East and Africa (MEA) region, a range of digital offerings are emerging and growing rapidly, striving to tap into the growth of Internet and smartphone penetration, the shift to digital channels and the rise of e-commerce to become the next super-app platform. A report produced by Economist Impact and supported by Mastercard identifies at least seven super-apps in the region with considerable userbases and large digital ecosystems. An additional six digital platforms are rapidly gaining scale and poised to become super-apps, showcasing the traction these digital ecosystems and apps have received from consumers for the convenience and…

Emirates NBD Bank has publicised a pioneering partnership with PWC and digital asset custodian Fireblocks, inaugurating its Digital Asset Lab. Both PWC Middle East and Fireblocks are set to serve as foundational council members. Emirates NBD declared on LinkedIn, “This signifies a novel landmark in our journey of innovation, and we are eager to collaboratively shape the digital asset sphere in this region.” Through the establishment of the Digital Asset Lab, the platform will facilitate the co-creation and exploration of innovation within financial services, concentrated solely on digital assets. The platform seeks to globally connect subject matter experts, promoting education…

Against all odds, venture capital (VC) investments in Saudi Arabia reached a new all-time high last year, growing by a staggering 72% year-on-year (YoY) to reach US$987 million in 2022, data from the 2022 Saudi Arabia Venture Capital Report show. The report, produced by venture data platform Magnitt and sponsored by Saudi Venture Capital Investment Company (SVC), shows that 2022 was a blockbuster year for venture funding in the country. Saudi Arabia achieved the highest annual growth rate of VC funding value among top three VC markets in the Middle East and North Africa (MENA) and maintained its position as…

Emirates Islamic has launched the new Emarati Absher Business Account designed exclusively to provide a comprehensive suite of premium banking solutions for Emarati startups in the UAE. The new business banking proposition aligns itself with the UAE’s strategy to support small and medium-sized businesses owned by citizens through special support programmes and initiatives. Going beyond essential business banking services, the Emarati Absher Business Account is created to support startups in their initial phase with no minimum balance requirement for the first six months, instant account opening with one of the lowest monthly average balance requirements in the business banking sector,…

TWIG Solutions (TWIG), a financial technology startup based out of Dubai International Financial Centre (DIFC), has received an Innovation Testing License (ITL) from the Dubai Financial Services Authority (DFSA). The ITL enables TWIG to test and develop their products and services in a controlled regulatory environment. In addition to obtaining DFSA’s ITL, TWIG has secured an undisclosed pre-seed round exceeding US$1 million, backed by Phoenician VC, MMK Capital, Soul Ventures, regional family offices and angel investors. TWIG said that the funding will be used to support the company’s ongoing expansion efforts and accelerate the growth of its savings platform in…

IFZA Dubai, an UAE international Free Zone, announces the signing of a memorandum of understanding (MoU) partnership with Mashreq, one of the leading financial institutions in the MENA region, to provide IFZA Free Zone Licensees and Professional Partners quick and priority access to banking services and financial solutions. Under the terms of the agreement, Mashreq will provide NEOBiz Connect API  integration with IFZA. This integration allows IFZA to offer a full SME NEOBiz account application service from its own platform, reducing turnaround time by up to 80 per cent. In other words, an IFZA Licensee will soon be able to…

The National Bank of Ras Al Khaimah (RAKBANK) has rolled out a new digital on-boarding solution that allows customers to apply for its credit card digitally. Any UAE resident over the age of 18 can apply for a credit card through the RAKBANK App by uploading necessary documents. RAKBANK said that new customers will receive a virtual card instantly on completion of all checks, followed by delivery of a physical card. Customers who apply for a credit card through the RAKBANK app will get cashback up to AED 1,000, free subscriptions to online streaming services, various travel, hospitality and dining…

Standard Chartered signed a memorandum of understanding (MoU) with Dubai International Financial Centre (DIFC) to collaborate on digital assets, including digital asset custody. Subject to regulatory approval, Standard Chartered plans to launch digital asset custody services, starting in DIFC and to cater to institutional clients around the world. As a market leader in the Securities Services industry, Standard Chartered is an early mover in developing services to provide custody of digital assets, including cryptocurrencies. Drawing on its own international expertise in traditional custody, its new services will be powered by its subsidiary Zodia Custody, which has best-in-class operational and technical…

Cross border payments firm Airwallex has officially launched its operations in Tel Aviv, Israel as the first step of its Middle East expansion plans and appointed Or Liban as its Head of Israel and the Middle East. The company already serves many of Israel’s leading technology businesses, including Papaya Global and OurCrowd as well as global companies such as Shein, Qantas, Plum and Navan (formerly TripActions). “Setting up local operations in Israel is just the first step in our ambitious plan for expansion across EMEA in 2023. Israel is at the forefront of tech innovation and a global hub for…

DBS Bank’s CEO Piyush Gupta said that the financial firm is mulling expansion plans in Dubai, according to a Bloomberg report detailing his interview with Yousef Gamal El-Din at the Dubai Fintech Summit. He added that the bank is “revisiting the thesis that there is real opportunity to do more stuff out of Dubai and this region”. DBS‘ presence in the Middle East is currently limited and the bank sees this as an “opportunity to scale it up”. Gupta went on to remark that “hubs like Dubai can act as a neutral player in a multipolar world, being able to intermediate flows…