Emirates NBD has concluded the third cohort of its National Digital Incubator (NDTI) programme, aimed at supporting Emirati fintech entrepreneurs. The initiative, developed in collaboration with industry partners such as the DIFC Innovation Hub, Visa, Microsoft, and Dell Technologies, provides participants with access to industry leaders, mentoring sessions, and networking opportunities. For the first time, the programme included insights from Essa Kazim, Governor of the Dubai International Financial Centre (DIFC), reinforcing its alignment with the UAE’s economic strategy. A key feature, Discovery Day, allowed startups to collaborate with industry partners to tailor the programme to their needs. Additionally, participants engaged…
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Ripple has received approval from the Dubai Financial Services Authority (DFSA) to provide regulated crypto payments and services in the Dubai International Financial Centre (DIFC). This marks Ripple’s first license in the Middle East and reflects its focus on regulatory compliance. The approval enables businesses in the UAE to use Ripple’s blockchain-based payments system. Brad Garlinghouse, Ripple’s CEO, said, “We are entering an unprecedented period of growth for the crypto industry, driven by greater regulatory clarity and increasing institutional adoption. Thanks to its early leadership in creating a supportive environment for tech and crypto innovation, the UAE is exceptionally well-placed…
Binance and MGX, the Abu Dhabi-based AI and advanced technology investor, have announced a landmark US$2 billion investment. This transaction, the first institutional investment in Binance to date, marks a significant step in advancing digital asset adoption and reinforcing blockchain’s role in global finance. It is also the largest-ever investment in a crypto company and the biggest transaction paid entirely in cryptocurrency (stablecoin). This investment marks MGX’s entry into the cryptocurrency and blockchain sectors, securing a minority stake in Binance as part of a broader strategy to support blockchain’s transformative impact on society. By partnering with the industry leader, MGX…
Egypt’s financial landscape is undergoing a profound transformation, driven by increasing smartphone penetration, technological advancements, and the rise of fintech. Over the past five years, the country’s fintech sector has expanded substantially, with the number of fintech companies and payment service providers multiplying by a staggering 5.5-fold, according to Entlaq’s latest industry report, produced in collaboration with the Netherlands Enterprise Agency (RVO) and the Embassy of the Netherlands in Egypt. Today, more than 170 ventures are active in the space, addressing financial inclusion by expanding the range of accessible, affordable and convenient financial services and products available to consumers and…
Mastercard and LikeCard, an e-commerce prepaid card platform based in Dubai, have partnered to introduce a family banking solution aimed at improving financial literacy and responsible spending. The initiative provides parents and children with a secure digital banking experience to support better financial decision-making. The solution, which integrates AI-powered financial tools within a smartphone app, enables families to track expenses, set spending limits, and teach children essential money management skills. Parents can monitor transactions in real-time, while children develop financial awareness through interactive learning and reward-based features. “By partnering with LikeCard, we are equipping families across MENA with the knowledge…
Planning to own a property in Sharjah in 2025? If yes, your mind must be filled with many questions. What exactly is happening? Are prices rising? Is it still affordable? So, Here’s everything you should know about Sharjah’s real estate market in 2025. Foreign Investment is at an All-Time High In 2024, foreign property transactions increased by 84.6%. International buyers traded over 5,914 properties in just the first half of the year. Asian investors show increased interest due to improved air connectivity and rising rental yields. Foreign demand will likely remain strong, with FDI surging by 140% and the government…
ProgressSoft, a Jordan-based payments solutions provider, has announced a partnership with Fintech Galaxy, a UAE-based financial innovation company, to advance Open Banking adoption across the financial sector. Under the agreement, both companies will work on establishing national Open Banking hubs. These hubs aim to provide regulatory bodies with a scalable financial infrastructure to support sector-wide innovation. The collaboration will focus on improving Application Programming Interface (API) connectivity, secure data sharing, and transaction flows among financial institutions, including banks, fintech firms, and payment service providers. Mirna Sleiman, Founder and CEO of Fintech Galaxy, stated: “The financial industry is evolving rapidly, and…
Visa has introduced “Tap-to-Add Card” in Egypt, a feature designed to facilitate the addition of Visa contactless cards to digital wallets with a simple tap on a mobile device. The solution aims to enhance security and streamline the process by eliminating manual card entry, which can lead to errors and fraud risks. With this feature, card credentials are securely provisioned through a unique one-time code validated by Visa’s Chip Authenticate service. This method offers a faster and more secure alternative to manual input. Malak El Baba, Egypt’s Country Manager and Vice President at Visa, stated: “We are always keen to…
Careem Pay, the payments platform within the Dubai-based Careem app, has expanded its remittance service to Egypt, enabling UAE residents to transfer money directly to bank accounts in Egypt at competitive rates. Careem Pay supports money transfers to major remittance corridors, including India, Pakistan, the UK, Europe, and the Philippines, providing a straightforward option for financial support, investment, or personal fund management abroad. Egypt is among the top five recipients of remittances from the UAE, with an estimated market size of approximately US$10 billion in recent years. The UAE is home to a large Egyptian expatriate population, many of whom…
Fawry, a Cairo-based e-payments platform, has signed a Mutual Collaboration Agreement (MCA) with Ottu, a Kuwait-based online payment management system provider. This partnership marks Ottu’s first collaboration in Egypt, aiming to enhance the country’s online payment infrastructure. By integrating Fawry’s payment network with Ottu’s Online Payment Management System (OPMS), businesses operating in Egypt will have access to more secure and flexible payment solutions. Fawry’s local market expertise will support companies in optimising payment processes, improving efficiency, and reducing operational costs. Heba El Awady, Chief Business Officer – Acceptance at Fawry, stated: “Our partnership with Ottu strengthens Fawry’s position as Egypt’s…
Riyad Bank’s digital innovation branch, Jeel, has announced a collaboration with Google Cloud to enhance digital services in Saudi Arabia. The partnership focuses on AI, data analytics, and scalable cloud computing solutions. The collaboration aims to support digital transformation across both financial and non-financial sectors. By combining Jeel’s financial expertise with Google Cloud’s AI-driven technology and cloud infrastructure, financial institutions will be able to modernise their operations, scale efficiently, and introduce new services more rapidly. Additionally, the partnership will help institutions meet regulatory requirements set by the Saudi Central Bank (SAMA) while maintaining innovation. George Harrak, CEO of Jeel, stated:…
Klaim, a Dubai-based healthcare payment acceleration company, has secured US$ 10 million in Series A equity funding along with an additional US$ 16 million in financing to support its regional expansion and improve cash flow access for medical providers. The investment will help the company accelerate medical insurance claim payments in the MENA region. Founded in 2019, Klaim provides a payment platform for the healthcare sector, using AI and data analytics to predict insurance payment behaviours and streamline claims processing. With the new funding, the company plans to expand further in the UAE and enter markets such as Saudi Arabia…
Mastercard and Dubai-based Mashreq have signed a multi-year strategic agreement to support Mashreq’s launch as a digital bank in Pakistan. The collaboration will focus on Mashreq’s card portfolio across consumer, affluent, and business market segments. The State Bank of Pakistan has granted Mashreq Pakistan a restricted license for pilot operations as part of the government’s efforts to expand digital financial services. Mashreq and Mastercard aim to introduce digital banking solutions in Pakistan. The partnership seeks to promote digital payment adoption, financial inclusion, and the broader digital economy. “Our strategic collaboration with Mastercard exemplifies the strong synergy between our two organisations…
PayTabs Group, a Riaydh-based payment orchestration company, has acquired a majority stake in PayTabs Egypt, reinforcing its presence in the country’s digital payments sector. The acquisition enables PayTabs to provide tailored payment solutions for Egyptian merchants, expand financial inclusion efforts, and strengthen its regional footprint. Abdulaziz Al Jouf, CEO and Founder of PayTabs Group, stated: “We are excited to take this next step in strengthening our presence in Egypt. This transition allows us to streamline our operations and further enhance the value we offer to local businesses, government initiatives, and consumers. We remain deeply committed to Egypt’s digital payments future,…
Liv, the UAE’s first digital bank launched by Emirates NBD, has introduced a cryptocurrency service within its mobile banking app, Liv X. This offering has been developed in partnership with Aquanow, a global virtual asset service provider licensed by VARA. The new service allows users to buy, sell, and trade cryptocurrencies directly within the Liv X app while managing their daily finances. Crypto infrastructure is operated by Aquanow, with custody services provided by Zodia Custody. Liv has also implemented security measures to ensure secure transactions. Marwan Hadi, Group Head of Retail Banking and Wealth Management at Emirates NBD, stated: “Offering…
The startup ecosystem in MENA experienced a remarkable surge in activity during February 2025, with startups securing a total of US$494 million across 58 deals. This impressive figure marks a nearly fivefold increase compared to the investment raised in the same month last year. According to Wamda, debt financing accounted for 90% of total investment in January. However, February saw a sharp decline in debt financing, which comprised just 15% of the month’s total investment. When excluding debt from both months, February recorded a 371% month-on-month (MoM) increase in investment activity. LEAP propels Saudi Arabia to the top Saudi Arabian…
Saudi Venture Capital (SVC) has announced its investment in the Artal Growth Opportunities Fund, a closed-ended private equity fund regulated by the Capital Market Authority of Saudi Arabia and managed by Riyadh-based Artal Capital. The fund seeks to support high-growth companies by providing capital and leveraging Artal Capital’s expertise in business expansion and corporate governance. It aims to assist portfolio companies in scaling their operations, expanding into new markets, and strengthening governance frameworks to enhance profitability. The fund focuses on companies at the expansion and growth stage across the Gulf Cooperation Council (GCC), with a particular emphasis on Saudi Arabia.…
The Saudi Central Bank (SAMA) has officially granted a license to Tamara Finance, enabling the company to provide consumer finance and BNPL services in the Kingdom. With this latest addition, the total number of finance companies licensed and permitted by SAMA now stands at 65. In July 2023, SAMA granted Tamara a permit to provide BNPL solutions pursuant to Saudi Central Bank Law and Finance Companies Control Law. This step underscores SAMA’s commitment to enhancing the financial sector, improving the efficiency of financial transactions, and fostering innovation to drive financial inclusion in Saudi Arabia. By expanding the number of licensed…
SC Ventures, the innovation, fintech investment, and ventures arm of Standard Chartered, has signed a MoU with Visa to develop solutions supporting SMEs in MENA. The SME sector in the Middle East is evolving, with businesses expanding beyond traditional industries such as trading and construction. This shift, driven by technological advancements and government initiatives, has led to growth in fintech, e-commerce, and healthcare, contributing to broader economic diversification efforts. In the UAE, SMEs account for over 63.5% of the non-oil GDP. The country ranked first globally for fostering entrepreneurship in the Global Entrepreneurship Monitor (GEM) 2023-2024 report. “This partnership represents…
Al Etihad Payments (AEP), a subsidiary of the Central Bank of the UAE (CBUAE), has confirmed the readiness of the financial infrastructure for Jaywan, the UAE’s domestic card scheme, for local and international use. The scheme is intended to offer a secure and efficient payment solution while lowering transaction costs by providing a local alternative. It will also accelerate local payment processing through the UAESWITCH system, support economic growth, encourage innovation in payments, promote e-commerce, and enhance financial inclusion. Jaywan cards will be available in multiple variants, including debit, prepaid, and credit cards, and will be compatible with online transactions,…