Abu Dhabi’s sovereign wealth fund Mubadala has made investments in the crypto ecosystem amidst its growing value, Reuters reported. “This is a business that had, what $200 billion worth of crypto value two years ago, and it’s two and a half trillion dollars today and growing,” the report cited Mubadala CEO Khaldoon Al Mubarak as saying. Al Mubarak added that while many people remained sceptical about crypto as an investment, “I don’t fall in that category.” Without disclosing how much the fund expects to plough into crypto investment, Al Mubarak noted that Mubadala was investing in crypto-related infrastructure, such as…

Pakistan-based digital bookkeeping solution CreditBook has raised US$11 million in a pre-Series A round. The round was led by Tiger Global and Firstminute Capital, and marks the first investment in Pakistan for both firms. Participating investors included VentureSouq, Ratio Ventures and i2i Ventures, as well as individual investors. These included angels Julian Shapiro, Turner Novak, and Sriram Krishnan, and operators from Airbnb, Microsoft, Robinhood and Lazada. Funding will be used to bolster the team, and develop value-added features for cash flow management, the company said. Further, CreditBook is also looking to build and test financial products on top of its…

Open banking is one of the top fintech trends to have swept the Middle East. The opportunity for open banking in the Middle East is in integrating financial services with technology in a region that boasts some of the highest smartphone and internet penetration rates in the world, but is still home to a financial services landscape largely ruled by incumbents. Open banking in the Middle East has taken off amidst a proactive regulatory environment, and a robustly growing payments sector. On the one hand, regulators in Bahrain, the UAE, Saudi Arabia and Oman are all cognisant of the opportunities…

Online identity verification for financial services is quickly becoming the standard across all continents and countries. Financial services companies that want to become trustworthy and reputable must combine tech-based security with excellent user experience. However, this is not without its challenges – many users value their privacy and may, in fact, see the identity verification processes as inefficient and time-intensive. In the next sections, we will have a closer look at how financial services companies can improve both security and user experience. What Is Online Identity Verification? Online identity verification refers to a process through which a financial services company…

AI-based Israeli digital bank First Digital Bank has secured US$120 million in a Series A equity round. The 2019-founded digital bank raised the funds from investors including the Swiss wealth management group Julius Baer, the Japanese financial conglomerate SBI and the china-based technology company Tencent, a statement from First Digital Bank said. The round values the company at US$320 million, and follows a US$65 million seed investment by founder Amnon Shashua, who is also the founder and CEO of autonomous mobility company Mobileye. Shashua also participated in the Series A round and remains the majority shareholder of First Digital Bank.…

The payment and ecommerce revolution has been a bit delayed in the Middle East, compared to tech hotspots in the US or Asia, but it is here nonetheless. The MENA region’s ecommerce sector is one of the fastest growing across the world, and is fuelling a tidal wave of paytech adoption in the region. 76% of consumers across the MENA region reported using a fintech app in the past year, for instance, while e-commerce adoption has increased at levels higher than anticipated. In fact, 85% of consumers in the region made online purchases from brands and retailers outside their home…

Israeli payment solution provider and fintech unicorn Rapyd is opening an office in Dubai as it aims to resolve a talent shortage in Israel. The company is setting up shop in the emirate to attract international talent, and also started an advertising campaign this week targeting east Europe-based coders willing to relocate to Dubai, Bloomberg reported. According to Rapyd CEO Arik Shtilman, Rapyd has plans of growing its staff in Dubai to about 100 people in 18 months. Rapyd’s Dubai location will serve as its base for expansion in the MENA region, and will also employ engineers to build the…

The Arab Monetary Fund (AMF) and Mastercard have signed an MoU to allow for interoperability between Mastercard and Buna, the AMF’s cross-border multi-currency payment system. The partnership seeks to boost cross-border payments across the Arab region and international markets, according to a statement by the AMF. Buna and Mastercard Cross Border Services will provide participants with an efficient and secure reciprocal route to increase their footprint in the payment industry. “With 95% of consumers in the Middle East and Africa embracing the power of digital payment technologies, it is crucial that we build infrastructure that enables the seamless movement of…

Global cryptocurrency exchange Binance is likely to soon sign an MoU with the Dubai government for crypto-related activities. The emirate is also in the run to become a location for Binance’s global headquarters, along with France, The Business Times reported. Binance CEO and co-founder Changpeng Zhao has previously described Dubai as “very pro-crypto”. Binance currently does not have a formal headquarter base. Singapore was also previously being considered according to the report, but Binance has since withdrawn its crypto licence application from the country and will shut down operations by February next year. Two months ago, Zhao also met with…

UAE-based lending platform Lnddo has partnered with global SaaS cloud banking platform Mambu to develop a scalable digital lending solution for SMEs. According to a statement, Lnddo’s short-term working capital finance offerings will be enhanced with new features in the coming months, through the partnership with Germany-headquartered Mambu. Lnddo provides five minute 100% digital onboarding and ten minute credit decisioning solutions to SMEs in the UAE. It will be relying on Mambu for cloud-native banking support to drive swift processes and customer engagement, the company said. Lnddo built its first credit product, a Merchant Cash Advance solution, after a six…

South Africa will be launching a new regulatory framework for cryptocurrencies in early 2022 (Bitcoin.com). The country’s Financial Sector Conduct Authority (FSCA) announced that it would be unveiling a crypto regulatory framework for the trading of crypto coins. “What we want to be able to do is to intervene when we think that what is provided to potential customers are products that they don’t understand that are potentially highly risky. We must be very careful to not just legitimise them,” said Unathi Kamlana, a commissioner with FSCA. The regulatory body, which remains sceptical of legitimising highly risky products, is also…

Digital payment solutions provider Arab Financial Services plans to raise US$98 million to boost revenue growth and strategic expansion. Shareholders of the company approved plans to increase the company’s authorised share capital to US$150 million, and its issued and paid-up share capital to US$ 98 million, according to a statement by the company. The decision is subject to approval by the Central Bank of Bahrain approval. Arab Financial Services is majority-owned by Bank ABC. “We are excited to embark on this new journey in our growth trajectory. Aided by this funding, [Arab Financial Services] will strengthen its digital payments and…

US-Israeli payables solution provider Tipalti has secured US$270 million in a Series F round. The round values the fintech unicorn at US $8.3 billion, with its total funding pool now standing at over US$550 million, the statement said. The funding will enable the company to accelerate its product roadmap and customer operations, and expand globally. The round was led by G Squared, with participation from new investors Marshall Wace and funds and accounts managed by Counterpoint Global (Morgan Stanley). Existing backers Zeev Ventures, Durable Capital Partners, and 01 Advisors also participated, among others, the statement said. “This latest investment will…

A “unified open finance framework” holds significance in the Arab region, according to the latest from the MENA FinTech Association (MFTA). A new report on open finance by the MFTA highlighted what different countries were doing to encourage open finance innovation regionally. For instance, Bahrain has an open finance framework in the works, while the UAE’s Abu Dhabi Global Market (ADGM) has broader the scope of open banking into insurance and investments. The benefits of open finance lies in the ability to layer enhanced functionality on top data capabilities through a shared framework, the report said. “Whether looking to improve…

Arab Bank Egypt has concluded the first edition of its fintech bootcamp for Egyptian startups, with cash funding provided to three winning fintech startups. The one-week bootcamp took place between the 21st and the 25th of November this year, according to a statement. Shortlisted startups participate in bootcamp workshops that were led by fintech entrepreneurs, investors, and experts from the fintech industry and Arab Bank Egypt. Enrolled startups pitched their solutions to a judging panel, comprising Arab Bank senior management and independent investors, at a demo day. Three winning startups received cash rewards of up to EGP 100,000. These were…

Dubai’s DIFC FinTech Hive saw its largest cohort graduate from its accelerator since the launch of the free zone in 2017 A total of 44 startups graduated from DIFC FinTech Hive’s acceleration programme at a virtual Investor Day, the largest cohort in its five-year history, according to a statement by the Dubai International Financial Centre (DIFC). Selected startups participate in one of two innovation sprints, with a one-month curriculum for growth-stage start-ups. Startups were selected from across the UAE and the GCC, as well as Africa, Asia, Europe, and North America, the statement said. This year’s programme also covered a…

The new year brings a host of exciting new fintech events to attend. While some of these Middle East fintech events are sticking with a fully offline arrangement, some others are continuing the trend of live and virtual hybrid formats. These events act as a hotspot for networking opportunities, and also create space for insight-driven dialogue on emerging fintech trends across the region by local and global fintech experts. As the year 2021 closes out, here’s a look at some of the top Middle East fintech events you can attend in the first quarter of the next year. Middle East…

Fintech funding is at an all-time high in the MENA region. This year, investors have ploughed much needed investment monies into fintech startups in the MENA region, with fintech claiming one in every four deals in the region went to fintech startups. A total of 29% of funds raised went to these fintech startups for a total of US$600 million across 52 deals as of August this year. Meanwhile, the UAE and Saudi Arabia were responsible for 60% of total fintech funding in the MENA region this year. The pace is picking up for fintech companies in the region, and…

Saudi Arabia’s fintech sector has broadened, with licenses issued to 16 new fintech companies during the third quarter of this year (Zawya). According to the Saudi Central Bank governor, 13 of these companies come from the payments and electronic wallets sector, while the remaining three firms were engaged in insurance and finance. The news comes on the heels of a Fintech Saudi report published in October this year, which suggested that Saudi Arabia’s fintech companies grew by 37% in number this year, attracting record investments to the tune of SAR 1.3 billion (US$347 million). Further, payments companies secured 93% of…

Pakistan-based ecommerce fintech company PostEx has closed a US$8.6 million seed funding round, one of the largest early-stage funding deals to be seen in Pakistan. The Lahore-based startup raised the funding in multiple tranches, with the latest led by Global Founders Capital, according to Bloomberg. The latest tranche also included participation from new investors FJ Labs and RTP Global, as well as MSA Capital, VentureSouq, Alma Capital and Zayn Capital. Founded in April this year, PostEx helps to solve capital-related issues for ecommerce business through a unified payment and logistics solution. Funding will be used to expand to up to…