Dubai AI Campus, the largest dedicated cluster of AI companies in the region at the DIFC Innovation Hub, and Google Cloud announced a collaboration agreement aimed at fostering the growth of the startup ecosystem within the Dubai AI Campus. The collaboration seeks to leverage Google Cloud’s expertise and resources to empower startups in the region and accelerate their expansion. The Dubai AI Campus is a dedicated ecosystem for AI and Web3 innovation providing state-of-the-art physical and digital infrastructure at the heart of Dubai International Financial Centre. The Campus includes R&D facilities, accelerator programmes and collaborative workspaces, to attract, build and…
Author: Fintechnews Middle East
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Crypto.com announced the launch of global retail services, including the ability to provide seamless deposit and withdrawal facilities for millions of retail users of the Crypto.com App from over 90 countries. Crypto.com’s global retail services will be offered to users around the world through the company’s regional hub in Dubai. This expansion is powered by Standard Chartered and the regulatory framework established by Dubai’s Virtual Assets Regulatory Authority (VARA). The launch starts with customers across the UAE who, from today, can access Crypto.com’s retail products and services via the Crypto.com App, including the ability to buy, sell and trade more…
Fintech in Pakistan is growing rapidly, driven by increasing Internet and mobile phone penetration. According to Irfan Iqbal Sheikh, the head of the Federation of Pakistan Chambers of Commerce and Industry, the country currently boasts around 269 startups. The State Bank of Pakistan anticipates that the market potential for digital finance services in Pakistan will surpass US$36 billion by 2024, a growth trajectory poised to boost the country’s gross domestic product (GDP) by 7% and create 4 million new jobs. In this dynamic ecosystem, several fintech ventures have emerged as category leaders, recording substantial growth and garnering investor attention. Today,…
The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) has published Consultation Paper No. 7 of 2024 containing proposals to enhance its regulatory framework to allow the issuance of Fiat-Referenced Tokens (FRTs) from the ADGM and invites public feedback and comments on the proposals. FRTs are a category of stablecoins that are backed by high-quality, liquid assets denominated in the same currency as the FRT and that can be liquidated rapidly with minimal adverse price effect. FRTs are intended to be used as a means of payment and share certain characteristics with Stored Value. Since the introduction of…
In H1 2024, fintech funding in Saudi Arabia reached US$62 million, representing a staggering 360% increase compared to the same period last year, a new report by Magnitt and SVC reveals. This significant boost came through nine funding rounds, supporting startups in the verticals of wealthtech, payments and alternative financing, among others. In this article, we look at some of the largest funding rounds secured by Saudi fintech startups in H1 2024, examining their value propositions, recent successes, and growth strategies. Moyasar – US$21 million Moyasar, a digital payment startup, secured US$21 million in a seed funding round in March.…
The United Arab Emirates (UAE) has fostered a thriving fintech sector through a combination of supportive regulations, a buoyant domestic economy, and growing appetite for advanced digital financial services. As a result, the country now hosts the greatest number of fintech startups in the Middle East and North Africa (MENA) region. In 2023, these companies managed to secure US$128.4 million in funding in 2023, bringing the total investment since 2021 to US$567.8 million, according to an S&P Global Market Intelligence report. This substantial financial backing reflects the UAE’s leading role in the fintech sector within the MENA region. Experts predict…
UAE’s RAKBANK has reached an agreement with Austrian’s Bitpanda Technology Solutions to provide a platform that will enable UAE residents to manage digital assets. When fully launched, RAKBANK customers will be able to pursue various digital assets use cases unlocking one of the most complete offerings available in the UAE market. This is however subject to CBUAE approval. Dongjun “DJ” Choi, Group Chief Customer Officer of RAKBANK commented: “We believe digital assets represent one of the future ways for customers to manage their finances more efficiently and securely. This partnership is poised to fill the gap in the market…
ViaCarte, a payment technology company licensed to issue and acquire by Visa and Mastercard, has opened a new office in Nassau, Bahamas. This expansion aims to serve private banks, family offices, retailers, and high-net-worth individuals in the region who require seamless, around-the-clock payment solutions. ViaCarte offers a range of features tailored to meet diverse client needs. These include high card limits of up to US$500,000 per card, prepaid and hybrid cards that offer better functionality and wider acceptance than traditional credit cards, and an extensive loyalty benefit program. The program rewards users with cashback or access to over 300,000 travel…
Aramex, a global logistics and transportation company, announced a strategic partnership with MENA based revenue-financing platform FlapKap. The collaboration aims to support new and existing Aramex merchants, small and medium e-commerce businesses (SMEs) based in the UAE to obtain a fast and flexible funding within 48 hours. SMEs play a critical role in the global economy, especially in fast-paced economic hubs like the UAE. However, obtaining the necessary capital to scale their ventures remains a significant challenge. In fact, according to the International Finance Corp, SMEs in the UAE represent 90 per cent of total businesses. As a total percentage…
Have you ever considered that diving into the world of cryptocurrency in Saudi Arabia could be more than just a financial decision, but a voyage into an emerging frontier? As you commence on this journey, it’s essential to understand the unique regulatory environment and the volatile nature of the market. By starting with a trusted trading platform and learning the ropes of investment diversification, you’ll set yourself up for a more secure experience. But remember, the landscape is constantly evolving, and staying updated with the latest developments could make the difference between success and misstep. What will your next move…
Wio Bank and Etihad Guest, the loyalty programme of Etihad Airways, have announced a new partnership introducing a first-of-its-kind offering that allows Wio Personal customers to earn Etihad Guest Miles for every AED deposited into their Saving Spaces. This programme refines traditional banking rewards, as it is the first time a bank has offered miles without linking them to a payment card. The partnership underlines Wio’s commitment to enhancing customer banking experience through innovative offerings and solutions, including rewards that combine saving money with real-life benefits. Under the programme, for every 1 AED deposited in a 12-month fixed Saving Space,…
Aleta Planet, a Singapore-based fintech firm, has secured funding from Dubai’s National Pulse to enhance cross-border payment services for businesses in the Middle East. The sum was not disclosed. The investment, led by His Excellency Mohammad Bin Markhan Al Ketbi, Founder and Group Chairman of National Pulse, will facilitate Aleta Planet’s growth into the UAE, Middle East, and Africa. Following this investment, Aleta Planet will establish its global headquarters in Dubai, with the Singapore office continuing to support its expansion in the Southeast Asia region. Aleta Planet, a principal member of UnionPay International, specialises in secure and cost-effective cross-border payment…
Qatar-based digital wallet Ooredoo Money has introduced a new feature in its app to support its Filipino customers, by enabling direct payments to the Philippines Social Security System (SSS). This development is intended to enhances the app’s functionality for Filipinos in Qatar, in collaboration with DT One, a B2B provider of non-cash micropayments and prepaid digital value services. With this feature, Filipino customers in Qatar can manage their SSS contributions conveniently from their phones, bypassing traditional banking methods. Mirko Giacco, CEO of Ooredoo Fintech, remarked, “The introduction of SSS payments on the Ooredoo Money app, developed in partnership with DT One,…
In H1 2024, startup funding in the Middle East and North Africa (MENA) totaled US$882 million. Among the various sectors, fintech stood out as the second most favored, attracting US$156 million across 50 deals and representing 17.8% of the total funding, according to a new report by Wamda and Digital Digest. As fintech continues to grow and cement its position as a key vertical within the MENA startup ecosystem, a number of fintech events are being organized across the region. These events aims to serve as platforms for networking, knowledge exchange, and the showcase of innovative solutions. Today, we look…
In H1 2024, fintech funding in Saudi Arabia reached US$62 million, representing a staggering 360% increase compared to the same period last year, a new report by Magnitt and SVC reveals. The surge places fintech as the second-biggest startup vertical by funding, capturing 15% of total investment in H1 2024 and trailing only behind e-commerce and retail, which secured 52% of the total funding or US$215 million. The “H1 2024 Saudi Arabia Venture Capital Report”, released in July 2024, provides an overview of the venture capital (VC) landscape in Saudi Arabia, highlighting trends in investor participation, funding distribution, and investment…
Invest Hong Kong (InvestHK) has opened applications for the 7th edition of its fintech programme Global Fast Track (GFT) 2024, accepting submissions until 20 September. The programme invites fintech companies from both local and international markets to pitch their ideas on global platforms, offering mentorship and business matchmaking to help unlock their potential. The global finalists of the GFT’s pitching competition will compete in the grand finale at Hong Kong Fintech Week (HKFW). This year’s programme includes new features aimed at strengthening Hong Kong’s position as the premier international fintech hub. King Leung, Global Head of Financial Services, Fintech and…
The financial sector is on the edge of a major transformation powered by continuous technological advancements. At the recent Huawei HiFS Frontier Forum 2024 in Shenzhen, industry leaders discussed how cloud, network, storage, and computing infrastructures can strengthen financial systems’ resilience. The forum’s theme, “Boost Resilience, Reshaping Smarter Finance Together,” encapsulates the industry’s collective ambition to navigate the challenges of an uncertain future through technological excellence and collaborative innovation. This gathering comes at a pivotal moment. Traditional banking boundaries are dissolving, and the definition of financial services is evolving unprecedentedly. The imperative for digital transformation As we hurtle towards 2030,…
Careem Pay expands its international remittance service to include money transfers to bank accounts in the Philippines. UAE residents can send up to AED 45,000 per transaction and up to AED 135,000 per month, with an average transfer time of just 7 minutes. Transfers reach the recipient within minutes using the recipient’s bank account number and sort code, or IBAN, at competitive exchange rates and speed. Customers receive exactly the amount of money shown on the app after accounting for any back end fees imposed by banks in the Philippines. The launch of near-instant transfers to the Philippines is the latest…
MNT-Halan, Egypt’s first fintech unicorn has raised a total of US $157.5 million. US $40 million from the International Finance Corporation (IFC) and the remainder from DPI (Development Partners International), Lorax Capital Partners, funds managed by Apis Partners LLP, Lunate, and GB Corp. The current round follows raises of US $400 million in January 2023 and US $120 million in September 2021, making the Egyptian native fintech extremely well positioned to further expand regionally. MNT-Halan’s Founder and CEO, Mounir Nakhla, said: “While Egypt remains our primary market, we are committed to revolutionizing access to financial services through technology beyond Egypt’s…
Dopay, a FinTech startup providing a digital payroll and payments platform serving unbanked and underbanked workers in emerging markets, announced the closing of a strategic $13.5 million Series A extension round. This funding milestone tops up a previous $18 million Series A funding round. Dopay, which is part of Hub71, Abu Dhabi’s global tech ecosystem, is an virtual banking platform that digitizes cash payments from employers to workers and other beneficiaries, directly tackling one of the most significant FinTech opportunities in emerging markets. The Series A extension funding, led by Argentem Creek Partners with participation from existing investors, will enable…