Since 2012, the Middle Eastern digital banking market has experienced sustained growth, rising at a 43% compound annual growth rate (CAGR). Today, the region is home to 25 digital banks which serve a combined 25 million people, according to a new report by the BPC Group, a Swiss software company, and the Fintech Consultancy Group (Fincog), a professional services firm from the Netherlands. The Digital Banking in the Middle East report, released in November 2022, explores the region’s booming digital banking sector, sharing key trends observed and opportunities arising. According to the report, the United Arab Emirates (UAE) currently stands…

Despite a global startup funding pullback, Saudi Arabian fintech industry continued to grow and mature this year. Companies in the sector have, so far, secured a total of US$367 million in financing this year as of September, a sum which, against all odds, represents a 54% increase from 2021’s US$238 million, a new research by Endeavor, a non-profit organization focused on fostering and supporting young entrepreneurs from around the world, found. The Industry Map: Fintech Ecosystem in Saudi Arabia report, released in November 2022, shares findings of an entrepreneurial ecosystem analysis, provides a full mapping of the sector, and explores…

The Saudi Central Bank (SAMA) announced the licensing of Manafa – a finance company specialized in debt-based crowdfunding in the Kingdom. Manafa is a closed joint-stock company with a capital of SAR 40 million. The license was granted to the company after a successful trial run in SAMA’s Regulatory Sandbox; an experimental environment dedicated to innovative financial products and services in Saudi Arabia. This initiative comes as part of the vital role SAMA plays in strengthening the finance sector by encouraging innovative activities and enticing a wider pool of investors and companies that can bring added value. Not to mention,…

Al-Futtaim Malls announced a partnership with Tabby to launch the Tabby Card for shoppers to use across all eligible stores in Dubai Festival City Mall and Festival Plaza, Jebel Ali. Tabby partners with retailers to provide their customers with the flexibility to pay for online and offline purchases in multiple payments, without any interest or financing fees. Over +8,500 global brands and small businesses, including IKEA, Ace, and Marks & Spencer use Tabby to accelerate growth and gain loyal customers by offering easy and flexible payments online and in stores. The Tabby Card is a Visa digital card that allows customers…

Etisalat UAE, branded etisalat by e&, has partnered with Abu Dhabi Global Market (ADGM), the capital’s financial centre, to provide digital solutions and products to all new tenants and startups, accelerating its digital transformation journey and vision to deliver the best-in-class customer experience and become a world-class innovative financial hub. The ADGM has established itself as one of the world’s leading international financial centres, putting Abu Dhabi firmly on the international business map. In just seven years, the financial hub has become home to more than 5000 entities, including international financial institutions, professional services firms, investors and start-ups. Through this…

It is very common in the Gulf Cooperation Council (GCC) part of the Middle East North Africa (MENA) region for expatriate workers to send money back to their native countries to support dependents. If anything, these cross-border remittances are the main focus for a number of migrant groups in the region, with many working in the more affluent GCC countries like the United Arab Emirates (UAE) with the sole intention of sending funds home. Mastercard’s Borderless Payments Report 2021/2022 reported that around 89 percent of consumers around the world made cross-border remittances in the past year, with the express purpose…

IFZA Dubai, an UAE international Free Zone, has entered into a partnership agreement with Wio Bank, the region’s first platform bank, to provide IFZA Free Zone companies with quick and convenient access to digital banking services and financial solutions. Through this partnership, IFZA Free Zone companies will be able to conveniently and efficiently open a business account using Wio Business, the first digital banking app from Wio Bank. Martin G. Pedersen, Chairman of IFZA Dubai signed the agreement with Mr. Prateek Vahie, Chief Commercial Officer at Wio Bank. Commenting on the announcement, Pedersen said: “At IFZA, we are constantly evolving…

Shield, a compliance tech platform based in Tel Aviv, announced its $20 million Series B financing round, which was led by Macquarie Capital and joined by UBS through its venture and innovation unit UBS Next, Mindset Ventures and OurCrowd. This funding follows its $15 million Series A round in early 2022. With more than 100 employees, Shield will use funds from its Series B financing to further grow in existing markets and expand into new ones, including the US. The firm is also opening its second R&D facility in Lisbon, Portugal, and will also use the capital to propel its…

Embedded finance is a booming trend that’s rising all over the world, a phenomenon that’s only expected to increase moving forward as consumer demand for financial services to be delivered at their point of need in an easy and quick manner continues to rise, a new survey conducted in July 2022 and commissioned by digital finance solution provider Additiv shows. The study, which polled 3,512 consumers from the United Arab Emirates (UAE), the UK, Germany, Sweden, Indonesia and the Philippines, found that consumers have little loyalty to traditional financial services providers and are willing to switch to non-financial service providers…

Tweeq International Financial Company, a Saudi Arabian business, has been granted a license to operate as a payment fintech company and provide e-wallet services, the Saudi Central Bank (SAMA) announced on November 22, 2022. The approval is the 11th unveiled this year by the regulator and brings the total number of payment companies licensed by SAMA to 23, in addition to the five that have received in-principle approval. Founded in 2020, Tweeq is building a financial super-app targeting both individuals and small and medium-sized enterprises. The ecosystem will feature a wide range of features and services focusing on personalization and…

The United Arab Emirates (UAE) has one of the fastest-growing cryptocurrency ecosystems in the world, home today to over 1,400 industry stakeholders comprising startups, professional services firms, academia and government offices that employ more than 7,000 people, a new report by Crypto Oasis says. The Crypto Oasis Ecosystem Report 2022, an annual report by the industry trade group produced in partnership with Roland Berger, provides insights into the state of the crypto and blockchain industry in the UAE, delving into the sector’s dynamism and taking a deep look into some of the most notable blockchain initiatives and organizations. According to…

The International Finance Corporation (IFC) has launched a new US$225 million venture capital platform to invest in early stage companies in Africa, Middle East, Central Asia, and Pakistan. According to the IFC, these regions collectively received less than two percent of the US$643 billion in global venture capital funding in 2021. Furthermore, tech ecosystems outside of the region’s more established markets such as Egypt, Kenya, Nigeria, Pakistan, Senegal, and South Africa are either nascent or nonexistent. Through the new platform, the IFC will make equity or equity-like investments in tech startups and help them grow into scalable ventures that can…

Saudi British Bank (SABB) has partnered with Visa’s Cybersource to enhance its payment solutions and network uptime, and supplement the bank’s payment gateway proposition. According to a 2021 Visa survey, more than 60% of consumers surveyed in Saudi Arabia said they prefer to shop and pay online, rather than in store. As such, SABB will leverage Visa’s Cybersource payment gateway and risk platform to support businesses in meeting the increasing demand for digital payment options online. SABB previously partnered with Geidea to launch contactless payments in Saudi Arabia, as well as Ripple to enable its blockchain-based cross border payments system.…

Insurance broker CFS DIFC has secured a license from the Dubai Financial Services Authority (DFSA) to advise on financial products and investments related to long term insurance contracts. The DFSA license also sees the company joining the Dubai International Financial Centre (DIFC), where it hopes to offer its services to global high net worth clients. CFS DIFC is part of Continental Group International, an insurance group founded in 1994. The company has 250 staff operating from 10 offices in the UAE, India, Switzerland and Mauritius. The number of fintech companies in the DIFC rose 23 per cent year-on-year from 406…

In the Gulf Cooperation Council (GCC), the open banking phenomenon is evolving at a rapid pace. Across the region, regulators are embracing the imperative aggressively, having acknowledged the potential of data sharing to improve customer experience and increase financial inclusiveness. A new analysis by Whitesight, a research firm focused on the global fintech space, looks at the state of open banking in the GCC, delving into the region’s frontrunners and how they’ve approached the trend. According to the report, three jurisdictions, namely Saudi Arabia, Bahrain and the United Arab Emirates (UAE), have emerged as open banking leaders in the GCC,…

Historically, the United Arab Emirates has seen significantly less financial innovation than the west. In part because most of the leading companies worldwide are based in the US and London, two countries that have a closer relationship with each other than with the UAE, have been causing the UAE to fall behind. However, as the size of UAE’s internationally-focused economy grows, new efforts have been placed on financial innovation. Through capitalizing on the increasing role ESG is taking in investment, along with open banking and virtual assets, the UAE is accelerating innovation and attracting financial leaders. Abu Dhabi Global Market…

Emirates NBD has expanded its portfolio in the payments space with the launch of Emirates NBD Pay. Launched in collaboration with Network International, NBD Pay will offer card acceptance solutions to the bank’s existing and potential institutional banking clients in the UAE. Emirates NBD Pay will enable clients to accept card payments across multiple channels including Point of Sale (POS) machines, payment gateway, Pay By Link, unified commerce, soft POS along with unattended kiosks. The bank will also offer value added services including buy-now-pay-later (BNPL), attractive POS lending solutions for Network International merchants, business-to-business payments, and sector specific integrated payment…

UAE venture capital firm AUM Ventures has launched its first US$30 million fund that aims to invest in early and pre-growth stage tech and consumer-focused Indian startups. The fund, which is regulated by the Abu Dhabi Global Market (ADGM), was formally launched during the inaugural Abu Dhabi Finance Week which was hosted by ADGM from 14-18 November 2022. With offices in Abu Dhabi, Bangalore and Mumbai, AUM Ventures seeks to bridge Indian startups with global markets, and bring ideas from India’s large technical diaspora back to India. The firm has invested in 11 Indian companies to date, including an investment…

Private equity firm Gulf Capital has opened its new global headquarters in the Abu Dhabi Global Market (ADGM) and obtained in-principle approval for an asset management license from the ADGM Financial Services Regulatory Authority (FSRA). The company is also pursuing a full asset management license from the FSRA, which would allow it to carry out regulated asset management activities in or from the ADGM. Founded in 2006 in Dubai, Gulf Capital has US$2.5 billion in assets under management and has made 37 investments to date including an investment in Saudi payment solution provider Geidea. The opening of the new Abu…

UK business payments platform Berg announced that it will be introducing its multi-currency and cross-border transaction services to SMEs in the UAE. Using Berg’s platform, SMEs will be able to manage their finances digitally on a mobile app, access multi-currency IBANs, make cross-border payments, and manage employee cards. Founded in 2022 and headquartered in London, Berg aims to target the growing ecommerce segment, as well as businesses with cross-border trade and transaction needs. The company is founded and headed by Dennis Nemerov, who previously co-founded sharia-compliant business account startup Rizq and digital banking app Maneta. “We aim to onboard and…