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…

erad, an alternative financing platform for SMEs based in Riyadh, has raised US$16 million in a Pre-Series A funding round. The investment will support the company’s growth and expansion within Saudi Arabia and other regions. The round saw backing from a range of global and regional funds, including YCombinator, Nuwa Capital, Khwarizmi Ventures, Aljazira Capital, VentureSouq, Oraseya Capital, and Joa Capital. The funding will enable erad to continue offering flexible and rapid financing solutions to underserved businesses through its proprietary, data-driven platform. erad focuses on revenue-generating businesses and provides access to Shariah-compliant financing within 48 hours. Salem Abu-Hammour, Co-founder of…

Zodia Custody, a London-based digital assets platform focused on institutional clients and backed by Standard Chartered, Northern Trust, SBI Holdings, National Australia Bank, and Emirates NBD, has announced it is exploring the acquisition of Tungsten Custody Solutions. Tungsten is a regulated digital asset custodian based in the UAE. The potential acquisition would allow Zodia Custody to expand its operational footprint in the Middle East, making use of Tungsten’s regulatory standing within the ADGM. Tungsten also holds an Initial Approval and No-Objection Certificate from Dubai’s Virtual Asset Regulatory Authority (VARA). Zodia Custody continues to work towards securing its full Virtual Asset…

Alfardan Exchange, a Qatar-based company specialising in currency exchange, financial transfers, and precious metals, has partnered with iPiD, a Singapore-based fintech firm focused on beneficiary validation solutions, to introduce the first real time beneficiary validation service in Qatar’s exchange industry. Through the integration of iPiD Validate, Alfardan Exchange has implemented a system that enables real time verification of payee names and account numbers before a payment is processed. This Know Your Payee (KYP) solution aims to reduce fraud, prevent transaction failures, and improve the reliability of cross-border money transfers. Bashar al-Waqfi, Chief Executive Officer of Alfardan Exchange, said: “Through our…

Animoca Brands, a Hong Kong-based company known for its investments in Web3, blockchain, and digital entertainment, has announced its expansion into the Middle East with a new office in Dubai. The move comes as part of the company’s efforts to support the increasing number of Web3 organisations entering the region. As part of this expansion, Animoca Brands has appointed Omar Elassar as managing director for the Middle East and head of global strategic partnerships. He will be responsible for overseeing the company’s growth and operations in the region, as well as guiding its strategic direction and building partnerships. The Dubai…

The Saudi Central Bank (SAMA) licensed Tamawal company to provide finance aggregation services. With Tamawal, six licensed companies now provide finance aggregation services in Saudi Arabia. In a press release issued by the SAMA, this decision reflects SAMA’s endeavor to support the financial sector, increase the efficiency of financial transactions, and promote innovative financial solutions for financial inclusion in Saudi Arabia. In March, SAMA granted a license to Tamara Finance, enabling the company to provide consumer finance and BNPL services in Saudi.. SAMA emphasises the importance of dealing exclusively with authorised financial institutions. Featured image credit: edited from freepik

The Dubai International Financial Centre (DIFC) is currently hosting the largest gathering of insurance and reinsurance professionals at the Dubai World Insurance Congress. The event, attended by 1,700 delegates from 82 countries, further establishes DIFC’s role as the region’s main centre for insurance and reinsurance. More than 6,000 meetings have been scheduled among participants. Co-hosted by Global Reinsurance (GR), the Dubai World Insurance Congress has grown from 1,300 delegates in 2024, with registration closing a month before the event due to high demand. The Congress has expanded to three days this year, with discussions covering industry trends including climate change,…

RockawayX, a Prague-based global venture capital firm supporting Web3 founders, has announced the launch of its UAE headquarters. The firm also introduced Solana City, a collaborative workspace and ecosystem aimed at positioning Dubai as a centre for blockchain innovation. RockawayX said the decision to move its headquarters to the UAE was strategic, citing the country’s high rate of cryptocurrency adoption. Around three million people, or 30 per cent of the population, are crypto owners. Viktor Fischer, CEO of RockawayX, said Dubai is on course to surpass Europe and rival the US as a major blockchain hub. “With forward-thinking regulation, infrastructure…

UAE-based Resolv Labs has announced a US$10 million seed funding round to accelerate the growth of its yield-bearing stablecoin protocol, Resolv. The round was led by Cyber.Fund and Maven11, with significant participation from Coinbase Ventures, SCB Limited, Arrington Capital, Animoca Ventures, and others, including Gumi Cryptos, NoLimit Holdings, and Robot Ventures. The new capital will be used to diversify Resolv’s yield sources, including the addition of Bitcoin-based strategies, and deepen integration with institutional digital asset managers. The company also plans to expand its reach by launching on additional blockchain networks, aiming to target a broader user base. Resolv’s core innovation…

ruya, UAE’s digital-first Islamic bank, has become the first Islamic bank globally to enable customers to buy and sell virtual assets, including Bitcoin, through its mobile app. This service is part of the bank’s broader investment offering, aimed at promoting ethical Islamic wealth building and long-term financial growth. In partnership with Fuze, a licensed leader in the virtual asset sector, ruya ensures the service is secure, user-friendly, and aligned with Islamic financial principles. The move comes as interest in virtual assets rises globally, with ruya’s offering catering to customers looking to diversify their portfolios while adhering to values of transparency…

The Dubai Land Department (DLD) has released data from its AI-powered Real Estate Advertising Governance Platform, first introduced during GITEX 2024. The platform is part of broader efforts to improve transparency and credibility in property advertisements across major platforms, including Property Finder, Dubizzle, and Bayut. These efforts coincide with the goals of Dubai AI Week, which began on Monday, 21 April, and continues until 25 April. Since its launch, the platform has reviewed over 279,000 real estate listings, with AI automatically modifying 29% of these advertisements. Ali Abdullah Al Ali, Director of the Real Estate Control Department at the Real…

The Innovative Startups and SMEs Fund (ISSF), the largest investment fund of its kind in Jordan, has announced an investment of US$3 million in the Antler MENAP Fund LP. The US$60 million early-stage venture capital fund, launched by Antler, targets investments from pre-seed to Series A stages across the MENA region. The fund operates with a sector-agnostic approach. Antler, which was established in Singapore, is one of the most active early-stage investors globally and is recognised for its “Day Zero” investment model, which involves working with founders from the outset of their ventures. Commenting on the partnership, ISSF CEO Mohammed…

Pay10, a Dubai-based Alternative Payment Method (APM) provider, has become the first fintech firm to go live in production under the Central Bank of the UAE’s (CBUAE) Open Finance Framework. This marks the first operational launch of regulated Open Finance infrastructure in the country, ahead of any financial institution or fintech. The authorisation allows Pay10 to offer payment initiation services, including variable recurring payments. This development adds to Pay10’s existing regulatory licences in the UAE under the Retail Payment Services and Card Schemes (RPSCS) and Stored Value Facilities (SVF) frameworks. The Central Bank’s approval enables secure, real-time access to bank…

Emirates Integrated Telecommunications Company PJSC, known as du, announced on April 22, a deal worth 2 billion dirhams (US$544.54 million) with Microsoft to develop a hyperscale data centre in the UAE. According to Reuters, the data centre, set to be built and operated at an estimated cost of around 2 billion dirhams, will have Microsoft as its principal tenant, with capacity rolled out in stages, du stated. Hyperscale data centres are expansive facilities designed to offer large scale data storage and cloud computing services to enterprises. The agreement, unveiled during Dubai AI Week, “represents a pivotal leap in our strategic…

PayPal has opened a new regional hub in Dubai, marking its first physical presence in the Middle East and Africa. Located in Dubai Internet City, the site aims to support the company’s customers and partners in the region and increase access to the global digital economy for consumers and businesses alike. The expansion will bring PayPal’s international commerce capabilities to the region, including seamless payment services, enhanced security features, and wider access to global payment networks. These offerings are expected to support both large enterprises and small businesses in conducting cross-border transactions. Speaking at the Dubai AI Festival 2025, Suzan…

The stars emerge one by one as Dubai’s skyline transforms into a constellation of human-made lights. You’re floating. The world shrinks to just two souls, adrift between sky and sea. This is romance redefined. Imagine it: drifting gently across glassy waters as the Arabian sun makes its dramatic exit, painting the sky in impossible gradients of amber and rose. No clattering dishes from nearby tables. No hovering waitstaff. Just you, your beloved, and the gentle percussion of waves against the hull. Candlelight flickers erratically in the evening breeze, casting golden shadows across a table set for two. Some experiences, such…

Pemo, a Dubai-based spend management platform, has officially entered the Saudi Arabian market. Backed by US$19 million in funding from international investors, the company is introducing its suite of financial tools aimed at businesses of all sizes. These include smart corporate and virtual cards, automated receipt collection, and AI-powered accounting to support expense tracking and invoice management. With a growing number of Saudi companies looking to digitise their financial operations in line with Vision 2030, Pemo hopes its entry will contribute to Saudi’s evolving fintech sector. The company has partnered with neoleap, a subsidiary of Al Rajhi Bank, to integrate…

IFX Payments, a London-based service-led alternative banking partner, has expanded its operations in the UAE following the grant of a category 3C license by the Dubai Financial Services Authority (DFSA). This license enables the company to provide money and custody services locally, allowing clients and partners to streamline cross-border transactions, reduce currency risk, and simplify their financial operations. After 12 years of operating as a representative office in Dubai, IFX Payments has relocated to a larger office within the Dubai International Financial Centre (DIFC), with plans to invest further in its team. Wasan Zaini, who has previously led the company’s…

Standard Chartered has expanded its product offering in the Middle East with the launch of direct custody services in Saudi Arabia. The service will be provided through Standard Chartered Capital Saudi Arabia, a wholly owned subsidiary of the group, licensed by the Capital Market Authority of Saudi Arabia. The new service allows clients to safekeep their financial assets and adds to the bank’s post-trade product capabilities in the region. A team of local specialists will handle the direct custody services, working alongside Standard Chartered’s global processing hubs. Sarah Al Khelaiwi, Chief Executive Officer and Head of Capital Markets at Standard…

Emirates NBD has announced its decision to join Kinexys Liink, a peer-to-peer data-sharing network operated by Kinexys by J.P. Morgan. Kinexys Liink is described as the world’s first bank-led network of its kind, designed to support the secure and efficient exchange of global account validation information. As part of the integration, Emirates NBD will adopt the ‘Confirm’ application, a tool within the Kinexys Liink network intended to validate bank account information prior to cross-border payments being processed. Through this application, the bank will be able to verify account details for UAE-based accounts on behalf of other financial institutions participating in…