National Bank of Kuwait (NBK) announced that it has acquired a majority stake of 51% in Kuwait-based Payment Services Provider, and e-commerce enablement platform, UPayments. This acquisition represents a significant step forward in the digital payments landscape in Kuwait by combining NBK’s extensive banking expertise with UPayments’ innovative capabilities. The collaboration aims to bring about a revolution in the way digital payments are conducted in the country. NBK’s decision to acquire a majority stake in UPayments is based on a strategic integration of expertise and capabilities. NBK, with its established presence in the banking domain, has accumulated a wealth of…
Author: Fintechnews Middle East
Author
Adyen has officially enabled Tap to Pay on iPhone for customers in the UAE, which allows businesses to use an iPhone and supporting iOS app to accept contactless payments without the need to purchase or manage additional hardware. Among the first to implement Tap to Pay on iPhone in stores is the Italian professional cosmetics brand KIKO. Tap to Pay on iPhone allows merchants to accept all forms of contactless payments, including contactless credit and debit cards, Apple Pay, and other digital wallets, using only an iPhone and a supporting iOS app — no additional hardware or payment terminal needed.…
The Saudi Central Bank (SAMA) announced the launch of “Samsung Pay” through the national payment system “mada” in Saudi Arabia. This initiative aims to promote financial inclusion and expand the use of Fintech solutions across the Kingdom. This initiative reflects SAMA’s commitment to developing a robust digital payments infrastructure for transformation into a less cash-dependent society by providing advanced digital payment solutions that align with international standards. The Samsung Pay service offers an advanced and secure payments experience, enabling users to conveniently provision and manage their mada cards and credit cards within the “Samsung Wallet” application. Featured image…
The Abu Dhabi Finance Week (ADFW) is gearing up for its largest edition yet, taking place from 9 to 12 December 2024. This third edition of the event, held under the patronage of His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, will welcome over 20,000 attendees representing more than US$ 42.5 trillion in assets under management. With ADQ as its headline partner, ADFW will feature over 60 events, including the Abu Dhabi Economic Forum, Asset Abu Dhabi, RESOLVE 2024, Fintech Abu Dhabi, and the Abu Dhabi Sustainable Finance Forum. In total, the week…
In the last two years, some large banks have been hit with very public, lengthy – over 10 hours – disruption of their digital banking services. And that’s just the incidents we are aware of. Cases like these highlight the fears bankers may have in moving away from legacy systems in the name of innovation. Such unreliability erodes customer trust, impacts revenue, and perhaps most importantly, raises the ire of regulators. This fear factor also makes it harder for traditional banks to embrace going digital to fight neobanks and other digital-first financial institutions. Thus, many bankers and C-suites take a…
Crypto.com has secured a principal network license from Mastercard, allowing it to issue cards directly on the latter’s network. The collaboration will support the introduction of a new crypto-linked card programme, starting in Bahrain with plans to expand across the Gulf Cooperation Council (GCC) region. The programme will leverage Crypto.com’s recently acquired Payment Service Provider license from the Central Bank of Bahrain. The card will be denominated in USD and can be used at over 150 million locations worldwide where Mastercard is accepted. Users will be able to fund their cards through the Crypto.com app using e-money wallets or traditional…
MontyPay has been awarded the prestigious “Payment Innovation of the Year” accolade at the eCommerce Expo 2024, held on September 18th in London. MontyPay has been contributing to the payment landscape with cutting-edge solutions that meet the ever-evolving needs of global businesses, which culminated in this prestigious recognition. The highly acclaimed eCommerce Awards, launched in 2007, celebrate excellence and innovation in the online retail space. Independently judged by industry leaders, these awards recognize commitment, creativity, and innovation across organizations of all sizes and geography. “Winning the ‘Payment Innovation of the Year’ award reflects our team’s hard work and our relentless…
Adyen announced a change in leadership in its UAE region. Daumantas Grigaravicius will take over the commercial management and strategic planning for Adyen in the region as the new Head of Middle East, replacing Sander Maertens, who’s transitioning to a global commercial role. Grigaravicius brings over 13 years of diverse experience in the fintech industry to his new role. After relocating to the UAE in 2018, Grigaravicius served as the Country Manager for Ebury, a subsidiary of Banco Santander, where he played a pivotal role in securing the first-ever Category 3D license under the DFSA. More recently, he was General…
Under the esteemed patronage of His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi, and Chairman of the Executive Council, Abu Dhabi Finance Week (ADFW) has unveiled a compelling agenda for this year’s event that will take place from 9th to 12th December 2024. ADFW 2024 – ADGM’s flagship event with ADQ as its headline partner – is one of the most anticipated financial gatherings this year, with a lineup of industry-shaping events, influential speakers, and strategic forums that will explore the theme of ‘Welcome to the Capital of Capital.’ This third edition…
IDEMIA Secure Transactions (IST) released the findings of its expansive 2024 Global Survey on consumer payment behavior. The survey, which gathered responses from over 3,100 individuals across 12 countries including UAE residents, sheds light on the evolving consumer preferences that are shaping the future of financial technologies. Respondents ranged in age from 18 to 71 years old, providing a wide demographic insight. IST’s survey aimed to capture a broad spectrum of ages and demographics, examining preferences in payment solutions to enhance accessibility, security, and convenience across the global financial sector. Key findings reveal a rising demand for biometric and metal…
Bahrain has emerged as a regional financial hub in the Gulf Cooperation Council (GCC) region, propelled by a burgeoning fintech ecosystem, government support and pioneering initiatives such as the regulatory sandbox, cryptocurrency regulations and open banking rules. A new report produced by Bahrain Fintech Bay, supported by the Bahrain Economic Development Board (Bahrain EDB) and the Central Bank of Bahrain (CBB), highlights how these key drivers have cemented the country’s reputation as a leading financial innovation center. It also explores the remarkable development of Bahrain’s fintech ecosystem and offers insights into emerging trends and the future outlook of the landscape.…
Zand Bank ,a fully licensed all-digital bank in the United Arab Emirates, has announced its collaboration with Alibaba Cloud and Ant Digital Technologies in the Middle East region through a signed MoU. The collaboration will focus on Generative AI use cases and Fintech solutions including Real World Assets, E-Wallet, mPaas and other services. Michael Chan, CEO at Zand commented: “We are thrilled to collaborate with Alibaba Cloud and Ant Digital Technologies to accelerate the applications of Generative AI, Blockchain and Payment Technology. This partnership represents a step forward in our journey to use generative AI to build Zand Bank’s AI…
Lean Technologies, a Riyadh-based fintech infrastructure platform, has secured $67.5 million in Series B funding led by General Catalyst. The round also saw participation from Bain Capital Ventures, Stanley Druckenmiller’s Duquesne Family Office, Arbor Ventures, and JIMCO, among others. This brings Lean’s total funding to over $100 million to date. With a mission to enable the next generation of financial innovation in MENA, Lean Technologies provides businesses with secure access to critical financial infrastructure, allowing them to embed more personalized financial services into their platforms. The company believes in making financial data and payments more accessible, transparent, and beneficial for…
The market for embedded finance is experiencing significant growth, with the total addressable market (TAM) reaching US$185 billion in 2024, marking a 25% increase from US$150 billion in 2022. According a new report by Dutch payment firm Adyen and Boston Consulting Group (BCG), this rise is being fueled by the favorable interest rate environment and an expansion of banking revenue pools. The report, released on October 28, explores the state of embedded finance for software-as-a-service (SaaS) platforms in 2024, drawing on quantitative and qualitative research involving approximately 30 leading platforms and about 2,000 small and medium-sized enterprises (SMEs) across North…
Careem Pay expands its international remittance service to include transfers to Spain, Italy, France, Ireland, and Germany. The service also introduced a new remittance feature enabling secure transfers to businesses abroad, starting with India. UAE residents can now transfer money to bank accounts in Spain, Italy, France, Ireland, and Germany in minutes through Careem Pay. More European corridors will launch in the coming months. Through a Single Euro Payments Area (SEPA) instant bank transfer, customers can now send up to AED 150,000 per transaction and up to AED 450,000 monthly directly to any valid IBAN within the five European corridors.…
Cross-border payment hub Tranglo has expanded its services into the Gulf Cooperation Council (GCC) region by launching in Oman, Qatar, and Bahrain. This move aims to address the rising need for efficient remittance services in the GCC region, a major player in the global remittance market. With this expansion, Tranglo’s payment solutions will be available to over 31 million migrant workers, mainly from South and Southeast Asia, who rely heavily on remittances to support their families. Tranglo’s new services include a cash pick-up option, allowing near-instant collection in Omani Rial (OMR), Qatari Riyal (QAR), and Bahraini Dinar (BHD). This option…
Two fintech companies, Tamara and Mozn, have been named in LinkedIn’s annual Top Startups list in Saudi Arabia, earning recognition as among the ten fastest-growing and most innovative companies in the country. Released end of September, the Top 10 Startups in Saudi Arabia list showcases the most promising tech startups in the country, celebrating these ventures for their exceptional growth, innovation, and their appeal to investors, jobseekers, and industry leaders. These companies are not only being recognized for scaling quickly, they are also pioneering advancements that are shaping the future of Saudi Arabia’s tech sector and which are reflective of…
Jeel, the digital innovation arm of Riyad Bank, and audax Financial Technology, backed by Standard Chartered, have announced a strategic partnership to modernise Saudi Arabia’s banking sector. This collaboration combines Jeel’s technological expertise with audax’s digital banking solutions, aiming to enable digital transformation for financial institutions that operate in Saudi. The partnership will enable Saudi banks and financial institutions to rapidly transition from outdated legacy systems and embrace flexible business models such as Banking-as-a-Service (BaaS), digital banks, and open banking solutions. It also offers adaptability for non-bank entities, extending the benefits of digital transformation beyond traditional banking. By leveraging audax’s…
The Public Investment Fund (PIF) of Saudi Arabia and the Hong Kong Monetary Authority (HKMA) have signed a MoU to create an investment fund with a target size of US$1 billion. The fund will focus on investments in sectors such as fintech, manufacturing, renewables, and healthcare. It aims to support the localisation of key industries in Saudi Arabia by investing in companies connected to Hong Kong and the Greater Bay Area, fostering local growth and creating skilled jobs. This initiative is intended to contribute to economic growth and strengthen Hong Kong’s role as a financial hub, drawing on its talent…
Hong Kong Exchanges and Clearing Limited (HKEX) announced plans to open a new office in Riyadh, Saudi Arabia in 2025. This move is intended to strengthen HKEX’s presence in the Middle East and foster connections between China and the Gulf region. The new Riyadh office aims to support HKEX’s engagement with investors and businesses in this economic center, facilitating access to Hong Kong’s financial products. The move builds on HKEX’s recent activities in the region, which include partnerships and collaboration with the Saudi Tadawul Group and the launch of the first Saudi-focused Exchange-Traded Fund (ETF) in Hong Kong last year.…