Author: Fintechnews Middle East

Singapore-based Orbit Startups, and Riyadh-based Sanabil Investments have launched the Sanabil Accelerator by Orbit, a program aimed at supporting early-stage startups from Saudi Arabia, the MENA region, and global startups looking to expand into the region. The program focuses on sectors such as fintech, healthcare, e-commerce, mobility, and logistics. The program will offer startups an initial investment of USD $100,000 and access to follow-on funding. It includes a four-month program focused on sales, marketing, and product development, with ongoing support through Orbit’s network. Startups will also participate in an in-person market orientation in Riyadh. William Bao Bean, Managing General Partner…

Hong Kong-based HashKey Group announced that its subsidiary, HashKey MENA FZE, has received In-Principle Approval (IPA) from the Dubai Virtual Assets Regulatory Authority (VARA) for a Virtual Asset Service Provider (VASP) license. Upon final approval, the license will enable HashKey MENA FZE to provide Virtual Asset Exchange Services and Virtual Asset Broker-Dealer Services in Dubai to retail, qualified, and institutional investors. This milestone also supports the expansion of HashKey OTC, the Group’s over-the-counter trading arm, in the Middle East. HashKey Group holds licenses in Hong Kong, Singapore, Japan, and Bermuda, is registered as a VASP in Ireland, and is pursuing…

Mashreq Bank has completed the sale of a majority stake in NEOPAY, a UAE digital payments company. The stake was acquired by DgPays, a financial infrastructure technology provider in the EMEA region, and Arcapita Group Holdings, a global alternative investment firm, as announced on September 13, 2024. Mashreq retains a minority stake in NEOPAY. Launched by Mashreq in 2022, NEOPAY provides a range of solutions, including point-of-sale (POS) software, inventory management tools, card processing systems, merchant acquiring services, and payment gateway technology. The partnership is set to support NEOPAY in scaling operations, expanding into new markets, and enhancing its services…

Global payment solutions provider, Checkout.com, headquartered in London, has partnered with Dubai-based payment gateway and financial service provider, noqodi, to improve digital payments for businesses and consumers in the UAE. Through this partnership, Checkout.com will integrate with noqodi’s digital platform to make payments faster, more secure, and efficient for merchants across various industries. This collaboration aims to simplify the payment process, reduce delays, and enhance overall user experience. For consumers, the integration means quicker transaction times, more payment method options, and strong fraud prevention measures to ensure secure payments. Businesses and government entities using noqodi will also benefit from Checkout.com’s…

Abu Dhabi Islamic Bank’s (ADIB) innovation arm, ADIB Ventures, partnered with the DIFC Innovation Hub to launch the Generative AI (Gen AI) Innovation Challenge, aimed at advancing banking through cutting-edge AI solutions. The challenge invited global startups and tech innovators to present Gen AI-driven products capable of enhancing banking services, optimising operations, and improving customer experiences. Winning participants earned the opportunity to collaborate with ADIB to pilot their solutions in real-world banking environments, with potential for long-term partnerships. DeepOpinion, an Austria-based AI platform specialising in natural language understanding (NLU) and document intelligence, emerged as the winner. Their solutions, which automate…

Riyadh-based Zension Technologies has raised US$30 million in a Series A funding round led by Wa’ed Ventures, the US$500 million venture capital arm of Saudi Aramco. This funding also saw participation from Japan’s Sumitomo Corporation and Dubai-based Global Ventures. Zension offers protection plans, extended warranties, and guaranteed buy-back services for mobile devices and consumer electronics. Its services are integrated with major retailers, telecom providers, and manufacturers across Saudi Arabia and the UAE. With this fresh funding, the company is introducing Zaam, a new service that allows customers to subscribe to personal tech devices rather than buying them outright. Instead of…

Zand, UAE’s digital bank, has partnered with Klickl International, a UAE-based Web3 Open Finance platform. Together, they aim to improve operations and spark new innovations in the Web3 space. By using Zand’s range of financial products, Klickl aims to simplify its processes, improve financial management, and promote innovation within the Web3 space. Zand recently became the first bank in the country to offer highly secure digital asset storage for institutions, fully licensed and approved by the Virtual Asset Regulatory Authority. This service provides top-level security, allowing clients to safely manage and grow their digital assets while ensuring compliance with regulations.…

Saudi Venture Capital (SVC) has announced its investment in Global Ventures III, an early-stage venture capital fund managed by Global Ventures, which has a fund size surpassing $150 million. In a press release, SVC revealed that the fund will focus on investing in technology and tech-enabled sectors across Saudi Arabia, the MENA region, and Sub-Saharan Africa. Key sectors of interest include supply chain technology, agritech, enterprise SaaS, and emerging fields such as artificial intelligence and deep tech. Dr. Nabeel Koshak, SVC’s CEO and Board Member, stated, “Our investment in the Global Ventures fund aligns with SVC’s Investment in Funds Program…

Purpl announced its partnership with Careem Pay to provide instant, and cost-effective money transfer solutions for the Lebanese community in the UAE. This collaboration addresses the challenges associated with traditional international money transfers, such as high fees and delays. Funds sent via Careem Pay are delivered within seconds to Purpl wallets in Lebanon, ensuring instant access for recipients. Users benefit from low, transparent fees with no hidden costs, while recipients in Lebanon can withdraw funds without incurring any additional charges, making the process affordable and hassle-free. Wissam Ghorra, Co-founder and CEO of Purpl, said, “Our partnership with Careem Pay represents…

Qi Card, a part of Iraq’s fintech sector, together with Ant International have launched their latest third-generation app, SuperQi. Powered by Alipay+ Wallet Tech solutions, SuperQi integrates a digital lifestyle super app with a fully functional digital bank. Since its launch in July 2024, SuperQi has fused Western digital banking models with the best practices from Asia’s leading super apps. Bahaa Abdulhussein, Chairman of Qi, said, “At Qi, our vision is to build a cashless Iraq by bringing financial services to every corner of our society. He added: “Our collaboration with Ant International is not just about advancing digital finance;…

ADGM has announced an updated fee schedule for obtaining and renewing an ADGM commercial licence.  Effective from January 1, 2025, fee reductions of 50% or more apply to non-financial and retail businesses within the ADGM jurisdiction. Under the updated fees schedule: Non-Financial Category Initial registration fees are reduced from USD 10,000 to USD 5,500. Annual licence renewal fees are reduced from USD 8,000 to USD 5,000. Retail Category Initial registration fees are reduced from USD 6,000 to USD 2,500. Annual licence renewal fees are reduced from USD 4,000 to USD 2,000. These fee revisions align with the conclusion of the…

Have you ever found yourself at a crossroads, unsure whether to buy online insurance vs offline? With online tools for buying insurance, traditional problems are met with modern solutions. But which one is the best fit for you? Understanding the pros and cons of each option can make it easier to find online insurance in the UAE. The Rise of Online Insurance Buying insurance online has become a popular option in the last decade, with the rise of online platforms that let you compare multiple providers online and make easy purchases, and the addition of an online insurance section by…

Abu Dhabi Finance Week (ADFW) 2024 wrapped up on 12 December after a successful week of events, drawing over 20,000 participants from across the globe. Held under the patronage of His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, the event solidified Abu Dhabi’s position as one of the world’s leading financial centers. With the theme “Welcome to the Capital of Capital,” ADFW 2024 explored the multifaceted nature of capital, encompassing economic, human, cultural, technological, and environmental aspects. The event featured over 350 sessions and 60 events, including new additions like the UBS Investor…

Saudi Arabia’s fintech sector has witnessed remarkable growth over the past years. In early 2024, the number of active fintech companies in the country reached 216, representing a staggering 140% increase from 90 in 2021. This growth has been accompanied by a significant increase in fintech-related employment. In early 2024, the number of direct jobs in fintech hit 6,726, marking an impressive fourfold increase from 1,640 in 2021. Investment in the sector has also skyrocketed, with total cumulative funding climbing to SAR 6.9 billion (US$1.8 billion) by the end of 2023. The sum surpasses the initial goal of SAR 742…

Mastercard, in collaboration with the Central Bank of Egypt (CBE) and Egyptian Banks Company (EBC), brings Apple Pay to users in Egypt. To pay in-store, customers simply double-click the side button and hold their iPhone or Apple Watch near a payment terminal to make a contactless payment. Every Apple Pay purchase is secure because it is authenticated with Face ID, Touch ID, or device passcode, as well as a one-time unique dynamic security code. Apple Pay is today accepted in grocery stores, pharmacies, taxis, restaurants, coffee shops, retail stores, and many more places. Customers can also use Apple Pay on…

Despite economic uncertainties and global fundraising challenges, fintech in the United Arab Emirates (UAE) continued its robust growth in 2024, driven by regulatory advancements, digitalization efforts from the government, and a dynamic fintech startup ecosystem, a new report by Fintech News Middle East says. The UAE Fintech Report 2024, released in December and supported by PayTabs Group, highlights this growth trajectory, offering a comprehensive analysis of the UAE’s thriving fintech ecosystem by exploring fintech funding trends and key developments over the past year. According to the report, the UAE has emerged as a leading fintech hub in the Middle East…

Bitpanda is accelerating its global growth by obtaining an in-principle approval from the Virtual Assets Regulatory Authority (VARA) in under 8 months from submission. Once officially licensed Bitpanda will be able to to commence operations in the UAE as Bitpanda Broker MENA DMCC, marking its official entry into markets beyond Europe and solidifying its position as a trusted, global player in the digital assets space. With the UAE emerging as a premier hub for digital finance and cryptocurrency trading, Bitpanda’s in-principle approval by VARA underscores its ambition to lead the global adoption of regulated virtual assets. The expansion follows a…

The E-Invoicing Exchange Summit will return to Dubai from 10 to 12 February 2025, as the Middle East and Africa experience a rapid shift towards e-invoicing and VAT reporting. Building on the success of its previous edition, the summit will address the region’s specific needs and advancements in digital transformation, highlighting the UAE’s leading role in e-invoicing adoption. The UAE’s ambitious plan to expand e-invoicing compliance by 2026 underscores its commitment to innovation and a digitally-driven economy. The summit will provide practical guidance on achieving e-invoicing compliance, improving efficiency, and managing tax compliance risks. Experts will discuss the integration of…

Fintech Abu Dhabi 2024, Middle East’s largest fintech festival, has concluded its eighth edition as part of Abu Dhabi Finance Week (ADFW). Notable speakers included Paul Kayrouz, Chief Fintech Officer at the Central Bank of the UAE; H.R.H. Prince Khaled bin Alwaleed bin Talal Al Saud, Founder and CEO of KBW Ventures; Lord David Cameron, former Prime Minister of the UK; Richard Teng, CEO of Binance; and Jeremy Allaire, CEO of Circle Internet Financial. Panel discussions addressed topics such as the sustainability of fintech unicorns, the building of robust digital asset ecosystems, and the transformative potential of AI across finance…

Crypto.com has acquired Orion Principals Limited, a brokerage firm regulated by the Abu Dhabi Global Market (ADGM), as part of its efforts to broaden its range of financial products. Orion, based in Abu Dhabi, is licensed by ADGM to provide investment and ancillary services related to various financial instruments. This acquisition will enable Crypto.com to offer eligible users a broad suite of financial products, including securities, options, futures, contracts for difference, and more. Details on the rollout of these services are expected in the coming weeks. This move aligns with Crypto.com’s recent expansion efforts, which include acquiring Fintek Securities, Charterprime,…