The Saudi Central Bank (SAMA) announced granting permit to a new batch of companies; “Lean Technologies” and “Mod5r” to provide Open Banking Solutions; bringing the total number of permitted Fintech companies operating under its Regulatory Sandbox to 38. This step completes a series of actions undertaken to conquer a stack of strategic objectives including activating SAMA’s sandbox environment role to the realization of the Kingdom’s Vision 2030 goals through the Financial Sector Development Program (FSDP). The prominent FSDP is an ambitious program aims at promoting economic growth, savings and investment activities and the financial inclusion. The permit came concurrently with…

Mashreq has appointed Muna Al Ghurair, as its new Group Head of Marketing & Corporate Communications. She brings over 20 years of experience in communications, marketing, sales and business development with an outstanding track record with leading payments and financial institutions in the region. Commenting on her appointment, Ahmed Abdelaal, Group Chief Executive Officer, Mashreq, said: “Muna brings a wealth of insights, experience and industry expertise that will be instrumental in enhancing Mashreq’s reputation and reach during a time of unprecedented change for the world of banking. Her branding and marketing capabilities are essential tools as we enhance the development…

Saudi fintech startup Tamara, a leading payments startup focused on driving financial inclusion across the Middle East, has raised a $100m Series B equity round led by Sanabil Investments, with participation from Coatue, Shorooq Partners, Endeavor Catalyst and a follow-on investment by global fintech Checkout.com. The company – which has seen exceptional adoption with more than 3 million customers, a 10x year-on-year revenue growth and over 4,000 partner merchants including leading global and regional brands like IKEA, SHEIN, Adidas, Namshi and Jarir plus local SMEs – will use the funding to expand its product offering across payments and shopping in…

G42, a leading UAE-based AI and cloud computing technology company, announced the launch of the US$10 billion G42 Expansion Fund, a global technology growth fund formed in strategic partnership with Abu Dhabi Growth Fund (ADG). The fund, which will be managed by a subsidiary of G42, is focused on accelerating the pace of global innovation by investing in late-stage growth companies with disruptive technologies and strong business fundamentals. The G42 Expansion Fund will operate as a private equity investor, with a significant share of investment earmarked for high-growth regions. In addition to providing investment support, G42 will leverage its operational…

Emirates NBD has launched a global accelerator programme for metaverse start-ups to enhance customer experience for the new virtual economy, in partnership with the DIFC Fintech Hive and powered by technology provider Microsoft. Marking Emirates NBD’s first play in the metaverse, the accelerator programme positions the bank as a leader in the next phase of banking innovation in alignment with the Dubai Metaverse Strategy aimed at placing Dubai in the top ten metaverse economies of the world, supporting more than 40,000 virtual jobs by 2030 and adding USD4 billion to Dubai’s economy in five years. With 94% of all financial transactions…

Vyzer, an Israeli-based fintech consumer focused startup, joined hands with Salt Edge, an open banking solutions, to enable high net worth investors to instantly connect and sync their European bank accounts, offering a comprehensive analysis of investment performance and fully digital cashflow tracking in a single dashboard. Our present-day society is at the core of a digital revolution that is being driven by the unprecedented expansion in, and dependence on, electronic data which is quickly turning into a vital commodity. Technology is transforming the way we live, work, learn, and save. Investing feels more accessible than it’s ever been, and…

Remitly Global, Inc., a leading global digital financial services provider for immigrants and their families, today announced that it has signed a definitive agreement to acquire Rewire, an Israeli-based financial services platform for migrant workers. Under the terms of the agreement, Remitly will acquire Rewire for approximately $80 million consisting of a mix of cash and stock. Founded in 2015 with offices in Amsterdam and Tel Aviv, Rewire’s remittance platform builds deep customer relationships and is geographically complementary to Remitly. Rewire’s customers create an account with which money can be stored to be remitted at any time. This approach deepens…

Forbes Middle East has released its selection of 2022’s top 25 fintech companies in the region, recognizing the Middle East’s most successful public and private fintech firms. The list features firms that are applying technology to financial sectors including payments, insurance, blockchain and cryptocurrency, digital banking, investing and wealth management, and lending and personal financing, providing a selection of the most notable fintech companies based on the growth they’ve witnessed over the past year, the volume of transactions they have processed, their customer base, and total funding, among other key criteria. To get a better view of the Middle East’s…

PayRemit, the mobile e-commerce app which allows lower income workers to shop and pay in installments, has selected DIFC-based IDnow Middle East to provide automated identity verification to onboard its customers. Through this agreement, PayRemit will deploy AutoIdent which is IDnow’s automated, AI-powered identity verification. AutoIdent helps businesses quickly verify the authenticity of their customers through their identity documents in just a few minutes, making digital onboarding processes scaleable, secure and highly assured. PayRemit provides an easy-to-use solution for lower income households to purchase items through low-cost installments, from mobile phones to household appliances. Vincent Paul Grey, CEO from PayRemit…

Thunes, a global cross-border payments company, today announced that it is accelerating the expansion of its services in the Middle East and North Africa (MENA) region, setting up an office in the Kingdom of Saudi Arabia, and appointing a new country head – Ahmad Yaacoub. Thunes is also in advanced stages to sign partnerships with local Money Transfer Operators, e-wallets service providers, and banks. Saudi Arabia’s digital payments market is evolving fast to keep pace with the Kingdom’s “Vision 2030”, which aims to increase the number of cashless transactions to 70% in 2025. Thunes is looking to be part of…

SmartCrowd Holdings, a regional pioneer in fractional real estate investments, has been granted a FinTech experimental license by the Saudi Capital Markets Authority (CMA). SmartCrowd is currently working on completing business requirements for the upcoming launch of its Real Estate Funds Distribution Platform, making alternative assets accessible to the general public within Saudi Arabia soon. Saudi Arabia’s residential real estate market is an immense untapped sector offering an excellent opportunity for regional and global investors, with forecasted market growth (CAGR) of more than 9.74% between 2022 – 2027. Valued at SAR 156bn in 2021 (Source: Knight Frank), the real estate…

Tabby, MENA’s payments and shopping app, has secured $150 million in debt financing from Atalaya Capital Management and existing investor Partners for Growth (PFG). Headquartered in New York, this facility marks Atalaya Capital Management’s first deal in the MENA region. In addition, San Francisco Bay Area based Partners for Growth (PFG), have upsized their initial $50M commitment under the new facility. In aggregate, this represents the largest credit facility ever secured by a fintech in the GCC. Following Tabby’s Series B extension earlier this year, Tabby’s total capital raised to date amounts to $275 million. The investment fortifies Tabby’s balance…

SC Ventures announced the launch of Appro, a fintech startup that digitises, streamlines and simplifies the retail banking user journey. Backed by SC Ventures, Standard Chartered’s innovation, fintech investment and ventures arm, the bank-agnostic platform aims to reduce the time taken to complete the application processes for retail banking products – such as credit cards and personal loans – from several hours to just three minutes. Appro brings to market a solution that significantly simplifies the application and onboarding process for customers, requiring them to complete just a single application per product. After capturing the required background information and preferences…

Adoption of a broader range of digital payment methods is accelerating in the UAE and the technology fueling the future of payments is already here, according to Mastercard’s New Payments Index 2022. In addition to being aware of solutions like cryptocurrency, digital cards, biometric payments, BNPL (Buy Now Pay Later) and open banking, consumers in the UAE are increasingly and actively using these solutions in their everyday lives. Mastercard’s New Payments Index 2022 found that 88% of people in the UAE have used at least one emerging payment method in the last year. Of these, 39% used a tappable smartphone…

QNB,one of the largest financial institution in the Middle East and Africa, has launched Direct Remittance service for money transfers from Qatar to the Philippines, which makes it the first bank in Qatar to launch the service. To provide this service, QNB will connect with China Bank, one of the leading private universal banks in the Philippines through RippleNet, the financial technology powered by leading enterprise blockchain and crypto solutions provider, Ripple. The new service will provide the Bank’s customers with a convenient remittance experience and a fast cross-border money transfer solution. QNB’s latest first-to-market solution complements the Bank’s efforts…

Cryptocurrency exchange Huobi Group announced that it has been granted a MVP provisional approval by the Dubai Virtual Assets Regulatory Authority (VARA). The license will enable Huobi Investment FZE, Huobi’s UAE-based entity, to offer a full suite of virtual asset exchange products and services, within the parameters set by VARA’s specialised “test-adapt-scale” model. Initially, the company said that itwill target professional investors, and offer spot and Over-the-Counter (OTC) trading services to a limited subset of pre-qualified investors and professional financial service providers. Over time, Huobi may expand its reach to retail investors in the region. With the awarding of this…

In line with the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, launched the Dubai Metaverse Strategy that aims to turn Dubai into one the world’s top 10 metaverse economies as well as a global hub for the metaverse community. His Highness Sheikh Hamdan bin Mohammed underscored the importance of consolidating Dubai’s status as a hub offering the most advanced ecosystem for the metaverse and as a frontrunner in adopting digital…

The Dubai International Financial Centre (DIFC), the city’s financial freezone, is aggressively cementing its position as the top fintech hub in the Middle East, Africa and South Asia (MEASA), unveiling a number of initiatives this year aimed at fostering innovation, attracting foreign fintech startups and nurturing talent. At the DIFC Fintech Week on June 28 and 29, government officials and industry participants reaffirmed the freezone’s status as the region’s fintech powerhouse. DIFC’s new fintech initiatives Highlighting the sector’s growth, Essa Kazim, governor of DIFC, told Euronews at the event that fintech is now the fastest growing sector for DIFC, contributing…

Global analytics software provider FICO and Network International, a provider of payments solutions to merchants and financial institutions across the Middle East and Africa (MEA), announced that they have expanded their partnership to bring lenders enhanced fraud protection and credit management solutions. Network International is also installing FICO® Blaze Advisor® Decision Management System in its data centers, so that it can offer hosted credit management services to lenders. Banks and other credit providers can use these services to make real-time approvals on credit applications while controlling risk, and to manage their portfolio of accounts with highly targeted, risk-aware offers and…

Around the world, financial centers and the organizations that represent them are leading efforts to strengthen their countries’ financial markets, business environments and innovation ecosystems to drive economic growth. Today, these clusters and special economic zones are emerging as fintech powerhouses, building on their strong digital ecosystems, deep international relations, and the openness of their business environments. This is according to a new report, sponsored by the Dubai International Financial Centre (DIFC) and produced by the World Alliance of International Financial Centers (WAIFC) and the Z/Yen Group, which explores how financial centers worldwide are responding to some of the world’s…