Paymob, Egypt’s omni-channel merchant financial services platform, announced it has raised US$50 million in a Series B funding round led by Kora Capital, PayPal Ventures, and Clay Point. This Series B funding round brings Paymob’s total funding to over US$68.5 million. Other new participating investors included Helios Digital Ventures, British International Investment, and Nclude. Paymob’s existing investors including A15, FMO, and Global Ventures also participated in the round. The proceeds will be used to expand Paymob’s product range and break into new markets across the Middle East and Africa region. Paymob said that it plans to launch cards for its…

Striving to turn the country into a major fintech hub, the Qatar government has introduced a number of programs and initiatives to support local startups and entice international fintech companies to set up shop domestically and choose the nation as their launchpad for the global market. These ambitions were shared in a 2021 whitepaper by the Qatar Fintech Hub, an initiative by Qatar Development Bank (QDB). The report, titled From Qatar to the World: A report on the state of Fintech in Qatar, provides a holistic review of the local and regional fintech market, delving into the recent developments which…

Dubai’s Virtual Assets Regulatory Authority (VARA) announced its entry into the metaverse with the establishment of its Metaverse HQ in ‘The Sandbox’. VARA MetaHQ will serve as its primary channel to engage Virtual Asset Service Providers (VASPs) across the globe to initiate applications, enable younger licensees enter the metaverse, openly share knowledge and experiences with consumers and peer regulators to raise awareness, enable safe adoption, and drive global interoperability. According to a statement by VARA, it is the world’s first regulator to make its debut in the metaverse. VARA added that it seeks to ensure that the regulator is accessible…

In the Middle East and North Africa (MENA), fintech has emerged into the preferred investment target of investors. Between 2019 and 2021, the fintech sector captured the largest portion of dollars invested across all tech sectors, more than double enterprise software-as-a-service (SaaS), the second biggest tech sector for the period. This is according to The State of Digital Investments in MENA 2019-2021, a report released earlier this month by the Digital Digest and Arabnet that looks at the tech investment landscape in the MENA region. According to the study, tech investments in MENA skyrocketed in 2021, reaching a new record…

His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai, approved the launch of the ‘Venture Debt Fund for Startups’ to bolster and sustain startup projects in the emirate. With a capital of approximately AED370 million, the Fund aims to drive Dubai’s economic growth and fortify its position as a global hub for financial technology (FinTech), innovation, and venture capital. The Fund will come into effect starting June 2022. The Venture Debt Fund was approved during a meeting of The Executive Council held in the Umm Suqeim Majlis,…

Banque Saudi Fransi (BSF) has announced a new partnership with Backbase, an engagement banking platform provider, to transform its digital customer experiences. The bank said in a statement that the Backbase platform will enable a superior customer experience for its retail customers, giving them an immersive journey that will help them onboard instantly – either through the web or via mobile – and digitally apply for other banking products. Moreover, the partnership will empower BSF’s employees so they can digitally assist their customers and offer them digital banking products and services. The partnership comes in line with BSF’s overall strategy…

With over 400 fintech companies, the United Arab Emirates (UAE) is a major hub for fintech innovation in the Middle East and North Africa (MENA) region. Fast growth of the industry has been fueled by a number of fintech initiatives spearheaded by the government as part of the country’s ambition to become one of the world’s top fintech hubs by 2023. As MENA’s largest and most developed fintech ecosystems, it comes with little surprise that some of the region’s most renowned fintech accelerator programs are now based in the country. Today, we look at top ten fintech accelerators to know…

Abu Dhabi Global Market (ADGM) welcomes Kraken to its fast-growing virtual asset community and financial ecosystem. Kraken is the first global cryptocurrency exchange to receive a Financial Services Permission (FSP) license to operate a regulated virtual asset exchange platform in the ADGM to service the needs of the Middle East and North Africa region. Kraken has met all approval conditions from the Financial Services Regulatory Authority (FSRA) of ADGM to operate as a Virtual Asset Multilateral Trading Facility (MTF) and Custodian in Abu Dhabi and the wider UAE. Affirming its commitment to Abu Dhabi and the UAE, Kraken has established its Middle East…

Tarabut Gateway has been granted a licence by Dubai Financial Services Authority (DFSA) to provide money services in and from Dubai International Financial Centre (DIFC). DFSA is the independent regulator of financial services in DIFC, the leading global financial centre in the Middle East, Africa and South Asia (MEASA) region. This licence marks the first time the DFSA has authorised a firm to provide account information services (AIS) and payment initiation services (PIS) activities. By obtaining this licence, Tarabut Gateway further cements its position in the UAE and plans to boost innovation in the sector, set new industry standards, and…

In the United Arab Emirates (UAE), the digital shift brought about the COVID-19 pandemic has introduced new business opportunities to freelancers and small and medium-sized enterprises (SMEs). A new study conducted by online payments giant PayPal, in partnership with British market research and data analytics firm YouGov, found that not only have SMEs and freelancers swiftly changed their business practices to adjust to COVID-19 restrictions, they’ve also successfully capitalized on the new opportunities introduced by booming digital adoption, including the ability to grow their businesses leveraging online channels and digital payments, and expanding into new markets. Conducted between January and…

Amazon Payment Services, a payment service provider operating across the Middle East and North Africa (MENA) region, has announced the appointment of Mona Alsemayen as the Country Head, Strategy and Growth for Amazon Payment Services in Saudi Arabia. Peter George, Managing Director of Amazon Payment Services, commented: “We are excited to welcome Mona into our team. In this critical role, Mona will lead the Amazon Payment Services business in Saudi Arabia during our next ambitious period of expansion in the country, enabling the digitization of businesses across all sectors of the economy by offering a fast, safe and seamless digital…

Quadrant Knowledge Solutions announced today that it has named CR2  as a 2022 technology leader in the SPARK Matrix analysis of the global digital banking platform market. The Quadrant Knowledge Solutions SPARK Matrix™ includes a detailed analysis of global digital banking platform market dynamics, major trends, vendor landscape, and competitive positioning. The study provides competitive analysis and ranking of the leading digital banking platform vendors in the form of its SPARK Matrix™, providing strategic information for users to evaluate different vendor capabilities, competitive differentiation, and market position. A digital banking platform enables banks to drive their digital transformation initiatives and…

Binance, a global blockchain ecosystem and cryptocurrency infrastructure provider, received its in-principle approvals to be a regulated virtual asset service provider in Abu Dhabi. The company received the in-principle approval from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) to operate as a broker-dealer in virtual assets. Upon the successful completion of its ADGM FSRA application, Binance will then be able to offer its services regarding virtual asset offerings to customers across the Middle East and North Africa region, through its subsidiary Binance (AD) Limited. ADGM, the international financial center in the capital of the United Arab Emirates…

Dubai International Financial Centre (DIFC) announced the launch of the world’s first venture studio platform exclusively focused on ubiquitous finance and digital asset technologies. $ The initiative is a key part of DIFC’s efforts to achieve the goals of its 2030 strategy by attracting the best minds and companies from around the world to Dubai by providing them with all the necessary support to develop, test and launch new start-ups, scale-ups and corporate ventures on an unprecedented scale, time to market and quality. To power this vision, DIFC is launching a dedicated unit called the Studio Launchpad, which is supported…

Global payments provider Checkout.com debuted its Demystifying Crypto: Shedding light on the adoption of digital currencies for payments in 2022 report, pointing to increasingly positive trends in the adoption of and appetite for using digital currencies for eCommerce. The comprehensive report independently surveyed a total of 30,000 consumers and 3,000 merchants in 11 countries including the UAE, looking at behaviors and sentiments regarding commercial activity using cryptocurrencies. According to the findings, crypto is rapidly gaining in appeal among younger demographics in particular, with 40% of 18-35 year old consumers globally wanting and planning to use cryptocurrencies to pay for goods…

Codebase Technologies, a Dubai-based open API banking solutions provider, announced that it is rolling out a white-label Buy Now, Pay Later (BNPL) solution. Leveraging Codebase Technologies’ digital banking platform, DigibancTM, the new BNPL component allows for banks, fintechs, lenders, and retailers to create and launch their own branded BNPL offering. Codebase Technologies DigibancTM BNPL component is ready-made and can be fully customised to allow anyone to launch a BNPL offering in just a few months. Taking a component-based approach to building your BNPL offering can be up to 50% faster than building from scratch and can be on average 40%…

The Abu Dhabi Global Market (ADGM) announced that it has partnered with financial software company Finastra for its global fintech hackathon Hack to the Future 4. The hackathon, which kicked off on March 8th and will run throughout the month until April 10th, is designed to spur collaborative action in high-impact fintech segments. This year’s edition focuses on three key themes – Environmental, Social and Governance (ESG), Embedded Finance and Decentralised Finance (DeFi) – with the goal of rewarding best in class solution ideas that tackle pressing challenges in finance today. ADGM is supporting participants in building their solutions by…

In Saudi Arabia, open banking is taking off, driven by a conducive regulatory landscape, increased competition in the financial sector, and rising investors’ interest. A new report by fintech research firm WhiteSight in partnership with homegrown fintech company Mod5r takes a closer look at open banking in Saudi Arabia, outlining the key factors driving the movement. According to the report, 2022 will be a breakout year for open banking, building on a series of developments observed over the past year. In 2021, the Saudi Arabian Central Bank (SAMA) launched a framework for open banking that sets out the regulator’s ambitions…

Mashreq Bank announced that it has appointed Alexander Raiff as its new Group Head of Technology, Transformation and Information, effective 1st April 2022 onwards. Alexander is a seasoned technology professional with over 30 years of experience; noteworthy is his role as Chief Information Officer in Abu Dhabi Commercial Bank from 2012 to 2020. More recently, he has been an advisor and angel investor for digital banking, fintech, regtech as well as crypto asset platforms. Alexander was also associated with Daimler Financial Services and Mercedes Benz from 2003 to 2012 as CIO across their Offices in Europe, China and Japan. Speaking…

The Saudi Central Bank (SAMA) announced granting “Bwatech”, “Rabet”, and “Mala’a”, the permit to operate under its Regulatory Sandbox, bringing the total number of its permitted FinTech companies to 35. The announcement came during the Global Entrepreneurship Congress sponsored by His Royal Highness Prince Mohammad bin Salman, the Crown Prince, Deputy Prime Minister and Minister of Defense. The conference held from 27 to 30 March 2022 AD in Riyadh, under the slogan “Reboot, Rethink and Regenerate.” was organized by the Small and Medium Enterprises General Authority (Monshaat) in cooperation with the Global Entrepreneurship Network (GEN). SAMA clarified that this batch…