Credit automation platform Liquidity Group has joined the Abu Dhabi Investment Office (ADIO) Innovation Programme and will establish an R&D center in the city, making it the first Israeli company to do so. Liquidity’s R&D center will focus on developing machine learning-enabled lendtech solutions for its underwriting business, while ADIO will support its initiatives through the innovation programme. Liquidity will also engage local universities and build an enterprise machine learning centre of excellence to support other startups in Abu Dhabi in applying its modelling methodologies. Support provided by the ADIO Innovation Programme includes financial incentives as well as non-financial incentives…

The inaugural Abu Dhabi Finance Week (ADFW) is taking place from 14 to 18 November with the participation of 500 high-level investors from around the world across 30 separate events. The ADFW is organised by the Abu Dhabi Global Market (ADGM) in collaboration with the Abu Dhabi government, UAE technology group G42, and Emirati-based telco Etisalat by e&. The ADFW also witnessed the sixth edition of the Fintech Abu Dhabi Festival, the city’s flagship fintech festival, organised in partnership with First Abu Dhabi Bank (FAB). This year’s Fintech Abu Dhabi Festival focused on key challenges and opportunities in global payments,…

Digital bank Wio has partnered with the Abu Dhabi Global Market (ADGM) to support small and medium-sized enterprises (SMEs) in the UAE with banking services. The partnership, which was announced during the Abu Dhabi Finance Week (ADFW), will see Wio extending the Wio Business platform to SMEs registered with ADGM and provide them with fast-tracked application submission. ADGM SMEs will be able to open a Zero Balance account with a one-month free trial, free debit card and cheque book, virtual debit cards, invoicing, and foreign currency conversion features. The API integration between ADGM and Wio Business also means that SMEs…

UK payments platform Checkout.com has launched a new research and development hub in Israel as part of its international growth plans and to allow the company to tap into new technical talent pools. Checkout.com says that the new office will serve as a hub for the development of several product lines and as such it will be hiring “in the double digits” across its product and engineering functions. In line with this, the company’s Chief Product Officer Meron Colbeci has relocated to Tel Aviv where he joins Ido Lustig, the new Vice President of Product for Risk & Identity and…

Bahrain money app Beyon Money has partnered with P2P payments company MoneyGram to enable its users to send money in near real-time to over 200 countries around the world. Beyon Money, which describes itself as a “financial super app”, allows users to connect their local bank accounts to the app to review their transactions and spending habits in one place. The company also offers a prepaid card as well as remittance services which will be enhanced by the partnership with MoneyGram. The partnership comes after MoneyGram recently acquired a stake in Dubai-based mobile payment app Jingle Pay, and launched its…

UAE digital wallet startup Pyypl has closed a US$20 million Series B funding round from a group of new and existing investors, and says that it is considering opening a second tranche for further investment. Founded in 2017, Pyypl is based in Hub71, Abu Dhabi’s tech hub. The company has raised at least US$31 million to date, having closed its US$11 million Series A in early 2022. Pyypl’s blockchain-enabled app includes features such as a multi-currency digital wallet, a Mastercard virtual prepaid card, domestic user-to-user transfers, and mobile airtime top ups. The company says that it has grown by over…

Egyptian consumer credit platform Blnk has raised US$23.7 million in equity and debt funding, and US$8.3 million in securitised bond issuance underwritten by National Bank of Egypt and Banque du Caire. The US$12.5 million equity round was led by Abu Dhabi’s Emirates International Investment Company (EIIC) and Egypt’s Sawari Ventures, while the US$11.2 million debt funding was from local banks. Launched in October 2021, Blnk’s digital lending platform enables merchants of all sizes to instantly underwrite and finance their customers’ purchases at the point of sale. With only a National ID and in as little as three minutes, consumers can…

Fintech is one of the most dynamic and fastest evolving industries in the world, driven by advances in technology, continuous innovation in the space, and investors’ bullishness in the prospect of digital tools and technology to solve some of the biggest challenges in the banking and financial sector. To keep up with the fast-growing space, large-scale fintech events are being held around the world to allow industry professionals, innovators, investors, policymakers and other stakeholders to meet, share and build meaningful business connections. As 2022 is about to come to a close, we’ve compiled a selection of the most highly-anticipated fintech…

Saudi Arabia’s fintech industry has continued to grow at a rapid pace in the last 12 months according to the recently published Fintech Saudi Annual Report 2021/2022. According to the report, the number of active fintech companies in Saudi Arabia rose by 79% during the period, with funding inflows exceeding US$400 million (SAR 1.50 billion). This uptrend was seen in almost all fintech areas, especially open banking. For example, the Saudi central bank added two batches of open banking startups to its regulatory sandbox this year. The central bank also updated its regulatory sandbox framework for local and international fintechs,…

Saudi Arabia’s central bank “SAMA” announced recently the issuance of the Open Banking Framework as one of the key outputs of the Open Banking Program, which includes a comprehensive set of legislation, regulatory guidelines and technical standards based on international best practices to enable banks and fintechs to provide open banking services in the Kingdom. The first version of the open banking services focused on the Account Information Service (AIS), and the second version will focus on the Payment Initiation Service (PIS). SAMA is also tracking the development of banks and fintechs to ensure their readiness to launch open banking…

The Dubai Financial Services Authority’s (DFSA) Crypto Token regime comes into force with immediate effect. This regime forms the second phase of the DFSA’s work in this area following the introduction of a regime in the Dubai International Financial Centre (DIFC) for the Regulation of Investment Tokens in October 2021. The intention of the Crypto Token regime is to foster innovation in a measured, responsible and transparent manner while still meeting the DFSA’s regulatory objectives. The DFSA has taken a balanced approach in the development of this regime and will consider, as the sector develops, further changes and amendments to…

Abu Dhabi-based Wio Bank announced that its digital banking services is now enabled by Mambu’s API-driven cloud banking platform. Wio Bank first launched Wio Business, a subscription-based digital business banking application, in the UAE in September 2022 to serve startups, freelancers, and SMEs The app includes services such as account opening, expense tracking and management, and invoicing and payment services. According to Mambu research, UAE consumers are the most likely to pay a premium for financial services that offer greater flexibility (74%) and that save them time (68%). Headquartered in Amsterdam, Mambu opened its office in Abu Dhabi in 2020…

The Dubai International Financial Centre (DIFC) says that Dubai has continued to attract exceptional interest from financial technology firms, making fintech the centre’s fastest growing sector. The number of fintech and innovation firms joining DIFC in the first nine months of 2022 exceeded the total that established operations during the whole of 2021. DIFC-based fintech firms also secured over US$559 million (AED 2 billion) in funding during the period. The segment previously raised US$ 998 million in 2021, a 78 per cent increase from 2020. According to DIFC Fintech Hive’s 2022 Fintech Report, the segment attained a value of more…

Crypto investment platform Q9 Capital announced that it has received provisional approval from Dubai’s Virtual Asset Regulatory Authority (VARA) to establish a regional hub in the UAE. Q9 is also in the process of applying for a full operating license which, once received, will allow it to extend products and services to qualified investors and financial service providers. Founded in 2020 and headquartered in Hong Kong, Q9’s platform offers cryptocurrency trading and investment services, as well as white label solutions for institutions. Q9 Capital joins other VARA provisional asset licensees such as Huobi and Crypto.com, as well as Binance which…

The Gulf Bank of Kuwait (GBK) and Mastercard have partnered to enable local merchants to utilise Click to Pay, a payment method that allows online shoppers to checkout without entering their card information and password. The new embedded checkout experience, available via Mastercard Payment Gateway Services’ Hosted Checkout technology, is expected to result in improved approval rates and increased conversion rates. Once registered, shoppers can start the checkout process and Click to Pay will retrieve card information stored in their profile to complete the payment, thereby eliminating the need to remember passwords. GBK has partnered with Kuwaiti digital payment platform…

According to the Ardent Partners market research study: ‘The State of ePayables 2022’, 70% of mid-market companies have made Accounts Payable (AP) automation a priority. While this positive trend represents a 48% increase over that of the previous year, many companies are still hesitant to adapt the technology, especially in the UAE. Why? Ihab Hashwa, CEO at ISTA, mentions : “In the Middle East, people have the idea that it is too long and too complex to implement an AP automation software(…). People are not even sure what are the benefits of AP Automation because it is new to this…

The Tel Aviv Stock Exchange (TASE) has published its new strategy for the years 2023-2027, including plans to venture into cryptocurrencies and create a new blockchain-enabled digital asset platform. The bourse says it will promote the implementation of innovative technologies such as distributed ledger technology and the tokenising of digital assets and smart contracts. TASE also plans to upgrade its digital and distribution channels, export its proprietary knowhow to foreign exchanges, and increase its revenue CAGR by 10% to 12% over the next five years. To this end, TASE will take the bourse private and create a new publicly-traded holding…

UAE cryptocurrency platform BitOasis and Mastercard have launched a crypto card programme to facilitate day-to-day usage of cryptocurrencies at points of sale and across e-commerce platforms. The partnership enables BitOasis to issue virtual and physical cards that allow customers to convert cryptocurrency to fiat currency to make payments at Mastercard merchant locations. BitOasis customer card transactions will also be protected by Mastercard provisions for dispute resolution and refunds – protections which do not currently exist for crypto payments. The first BitOasis cards are expected to launch in early 2023 in markets with regulatory approvals. “We are delighted to partner with…

The Dubai International Financial Centre (DIFC) has entered a year-long partnership with the Global Ethical Finance Initiative (GEFI) ahead of next year’s United Nations climate change conference, better known as COP28. The partnership aims to drive commitment and action ahead of COP28 which will be held hosted by the UAE government on November 6-17, 2023 in Dubai Expo City. DIFC and GEFI will seek to engender change in areas such as net zero, islamic finance, financing nature and biodiversity, and financing the sustainable development goals. As host financial centre for GEFI’s Path to COP28 programme, DIFC will also support a…

Gulf alternative investment manager Aliph Capital has secured a US$125 million investment for its maiden fund from Abu Dhabi investment and holding company ADQ. The firm was founded by Huda Al-Lawati, a private equity professional with over 20 years of experience in emerging markets. Founded in 2021 and based in Abu Dhabi Global Market (ADGM), Aliph Fund I (LP) aims to raise US$250 million to invest in mid-sized companies in the UAE and the larger Middle East region. Abu Dhabi’s fintech sector has been growing rapidly in recent years with the backing of organisations such as ADQ. The sovereign wealth…