NymCard, an embedded finance platform based in Dubai, has been officially licensed to provide Open Finance services under the Central Bank of the UAE’s Open Finance regulation. With this development, NymCard is among the first entities in the UAE to offer regulated payment functionality within a broader financial infrastructure through a modular platform. Omar Onsi, CEO of NymCard, said: “Open Finance is a pivotal shift in how financial products are built and delivered. This milestone reflects our commitment to advancing the UAE’s financial ecosystem by delivering impactful financial experiences.” NymCard’s approach differs from providers focused only on connectivity. Instead, it…

Dubai’s Department of Finance (DOF) has signed a MoU with Crypto.com to enable the payment of government service fees using digital currencies. The initiative marks a step forward in Dubai’s move towards digital finance. The signing took place during the Dubai FinTech Summit at the Dubai International Financial Centre, where both DOF and Crypto.com are participating. This partnership supports the Dubai Cashless Strategy by introducing cryptocurrency as a digital payment option for government services. It is intended to enable secure and efficient financial transactions and support the transition towards a cashless society. The system will allow payments using stable digital…

eToro, the trading and investment platform headquartered in Tel Aviv, Israel, has collaborated with Google to launch one of the first television and YouTube advertising campaigns created entirely using Veo 2, Google DeepMind’s advanced video generation technology. The partnership represents a notable development in the use of generative AI for large-scale brand storytelling. Veo 2, recently made available to the public, is capable of producing cinematic-quality video based on text and visual prompts. The technology uses artificial intelligence to simulate real-world physics and generate human-like expressions and performances. eToro’s campaign is among the first in the advertising industry to be…

Bybit, the world’s second largest cryptocurrency exchange by trading volume, has signed a MoU with Ghaf Labs, a Web3 advisory and consultancy firm based in the Middle East and North Africa. The agreement outlines a multi year strategic partnership aimed at promoting cryptocurrency adoption, supporting the growth of the digital asset ecosystem, and exploring practical applications for blockchain technology across the region. The partnership reflects a shared intention to support the development of the MENA region as a centre for Web3 innovation by encouraging regulatory clarity and facilitating the integration of blockchain in everyday life. Ghaf Labs, supported by Ghaf…

Japan’s JCB International and Arab Bank have announced the launch of JCB merchant acquiring operations across Jordan. This collaboration will allow JCB cardmembers to make payments seamlessly through Arab Bank’s point-of-sale (POS) terminal network. Yacoub Matouk, Head of Consumer Banking at Arab Bank, stated: “Through this cooperation with JCB, we aim to expand the electronic payment methods in Jordan.” He added: “At Arab Bank, we continue to offer innovative banking solutions and services that meet diverse needs and align with our digital transformation strategy to reinforce the digital banking services both locally and regionally.” Yuichiro Kadowaki, Managing Director of JCB…

The fintech ecosystem across the Middle East, North Africa, and Turkey (MENAT) is experiencing a period of remarkable growth and maturation. According to a recent report by Lucidity Insights, sponsored by SAP, nearly 900 fintech companies in the region have secured funding. Among them, nine have reached unicorn startups, while 26 are so-called “soonicorns,” or ventures on the verge of achieving billion-dollar valuations. The report, released in February, provides an overview of the region’s burgeoning fintech ecosystem, highlighting soaring fintech adoption rates and increased investor interest. 400+ scaleups among which 26 soonicorns MENAT is now home to 898 funded fintech…

IHC, a global investment company based in Abu Dhabi, has announced plans to establish a new artificial intelligence-driven reinsurance platform based in the Abu Dhabi Global Market (ADGM). The platform, which is yet to be named, will provide underwriting services supported by advanced AI technologies. It aims to contribute to the development of capital markets and economic growth in the Gulf region. BlackRock will partner with the platform, offering insurance asset management, advisory services, and its Aladdin technology. Lunate will also be a partner, bringing experience in both private and public markets and a multi-asset investment approach. The platform will…

Emirates Petroleum Company PJSC (Emarat) and Crypto.com have announced a partnership to enable cryptocurrency payments at Emarat service stations, subject to regulatory approval. Emarat operates more than 155 service stations across the UAE. Under this collaboration, Crypto.com’s platform will be integrated into the checkout systems at an initial ten service stations, with plans for wider implementation over time. As part of Project Landmark, Emarat’s initiative offering naming rights for fuel stations, the two companies will launch the Crypto.com Emarat Service Station at Al Ameen Station on Al Wasl Road. This will be the first Emarat station to feature Crypto.com branding…

Standard Chartered has launched the seventh cohort of the Futuremakers Women in Tech UAE Accelerator, in partnership with C3 Companies Creating Change and Village Capital. The programme forms part of the bank’s global Futuremakers initiative, which supports economic inclusion for disadvantaged young people. In the UAE, the accelerator focuses on women-led technology startups, offering training, equity-free funding, and access to professional networks. C3 will lead the programme locally, drawing on its experience in supporting entrepreneurs and building startup ecosystems. Selected startups will be eligible for equity-free funding of up to AED 550,000 (approximately US$150,000) from the Standard Chartered Foundation. Across…

The startup ecosystem in the Middle East and North Africa (MENA) saw a significant rise in investment in April 2025, securing US$228.4 million across 26 deals. This represents a 105% increase from the funds raised in March and nearly a 300% surge compared to April last year. Notably, the absence of debt financed deals in April underscores growing investor confidence in equity based funding, a trend that reflects a healthier capital environment, as highlighted by Wamda. Saudi Arabia led MENA startup funding in April, attracting US$158.5 million across eight deals, largely driven by iMENA Group’s US$135 million pre IPO round.…

Venture capital (VC) investment in the Middle East and North Africa (MENA) continues to rebound this year, driven by a rise in smaller funding rounds, strong investor focus on Saudi Arabia and the United Arab Emirates (UAE), and sustained support for fintech. According to new data from Magnitt, a financial data platform focused on emerging markets across MENA, Pakistan, and Turkey, VC funding in the region reached US$678 million in Q1 2025, representing a 58% year-over-year (YoY) increase and marking the region’s highest-funded quarter since Q4 2023. Small rounds below US$100 million led VC investment activity, accounting for 76.4% of…

The Mastercard Center for Inclusive Growth and Bahrain’s Labour Fund (Tamkeen) have announced a strategic partnership to explore the introduction of the Mastercard Strive programme in Bahrain. If adopted, it would mark the initiative’s first implementation in the Middle East. The proposed collaboration is aimed at strengthening financial and digital capabilities among SMEs in Bahrain. It also seeks to establish a scalable framework for cooperation between Mastercard and Bahraini institutions in supporting enterprise growth. Since its launch in 2020, the Mastercard Strive programme has supported over 12 million small businesses globally by improving access to capital, digital infrastructure, and knowledge…

The Dubai Financial Services Authority (DFSA) has released its 2024 Annual Report, highlighting key regulatory developments, supervisory activity, and engagement with stakeholders over the past year. The report outlines the DFSA’s continued focus on maintaining transparent, proportionate, and effective regulation, aimed at supporting the development of the financial services sector within the DIFC while safeguarding market integrity. As of the end of 2024, the DFSA supervised 902 regulated entities, an increase of 14% compared to the previous year. This growth was largely driven by a 75% rise in licenses issued to the wealth management sector, which includes fund managers, private…

BitGo, a US-based digital asset infrastructure provider, has announced that its Dubai-based subsidiary, BitGo Custody MENA FZE, has received a Virtual Assets Service Provider (VASP) operating license from the Dubai Virtual Assets Regulatory Authority (VARA). The license permits the company to offer Virtual Asset Custody Services and Staking to Institutional and Qualified Investors in the UAE. This follows the in-principle approval granted in January 2025. With this authorisation, BitGo Custody MENA FZE is now able to provide secure cold storage custody services in the UAE. Ben Choy, General Manager of BitGo Custody MENA FZE, said: “Receiving authorisation from VARA reinforces…

Istanbul-based venture capital firm Revo Capital has announced the first close of its third fund at US$86 million, with a target final close of more than US$100 million, according to information shared with Vestbee. The fund will support early-stage technology startups with Turkish origins, placing particular emphasis on global growth and AI-related innovation. Established in 2013, Revo Capital is currently the largest tech-focused VC firm in Turkey and has played a significant role in developing the country’s startup ecosystem. Its portfolio includes two unicorns, Getir and Builder.ai, as well as other notable firms such as Midas, ikas, and Param. “Over…

The Dubai Financial Services Authority (DFSA) has released a new explainer guide for its Innovation Testing License. This initiative aims to support the development of innovative financial services within or from the DIFC. The Innovation Testing License, launched in 2017, functions as the DFSA’s regulatory sandbox. It is a restricted financial services license that allows eligible firms to test new financial products, services, or business models in a controlled environment. Temporary modifications to existing regulatory requirements are permitted during the testing phase, which takes place under close supervisory oversight. The sandbox continues to be a key part of the DFSA’s…

Fuze, a digital assets infrastructure firm operating in the Middle East and Turkey, has closed a US$12.2 million Series A funding round. The round was led by Galaxy, a global digital assets and data centre infrastructure company, and e& capital, the investment arm of technology group e&. Founded in 2023, Fuze provides Digital Assets-as-a-Service infrastructure to financial institutions and businesses in the MENA region and Turkey. Its offerings include regulated digital asset services, an over-the-counter (OTC) trading desk, and a recently launched suite of stablecoin infrastructure products. The firm has also expanded into the payments sector through its FuzePay platform.…

Hong Kong’s Ant Digital Technologies hosted the first RWA REAL UP Dubai Summit 2025 on Wednesday, April 30. The event brought together over 500 participants, including financial institutions, regulators, blockchain developers, and other industry stakeholders, to discuss developments shaping the future of fintech. Following the recent establishment of its international headquarters in Hong Kong, Ant Digital Technologies selected Dubai as a strategic location to expand into the Middle East. The move reflects the company’s intention to participate in the region’s fast adoption of Web3 and artificial intelligence (AI) technologies. A key focus of the summit was the tokenisation of real-world…

The Saudi Central Bank (SAMA) has granted a license to Nayla Finance to operate in microfinance activities. According to a press release issued by SAMA, this brings the total number of finance companies licensed by the central bank in Saudi Arabia to 66. The statement highlighted SAMA’s commitment to supporting the finance sector, enhancing the efficiency of financial transactions, and encouraging innovative financial solutions that promote financial inclusion across the Kingdom. Recently, SAME licensed Tamawal company to provide finance aggregation services. SAMA also underscored the importance of dealing solely with authorised financial institutions and directed individuals to consult its official website…