Author: Fintechnews Middle East

Leading shareholders in Gulf Islamic Investments (GII), plus new investors, have added an additional $100 million growth capital to the group’s balance sheet to develop private equity opportunities across the Kingdom of Saudi Arabia and the GCC. The new raising, which was oversubscribed, brings additional growth capital for promising private equity and private credit projects across the GCC. Contributors to the fund raising included one of the largest Saudi institutions, the Al Nahdi family office, Shurooq (the Sharjah Investment and Development Authority) and existing GII stakeholders. A Shari’ah-compliant global alternative investment group with over US$4.5 billion of assets under management…

Seven fintech companies have been named in LinkedIn’s annual Top Startups list in the United Arab Emirates (UAE), recognized by editors as among the ten fast-growing and most innovative companies in the country. Released last month, the 10 Top Startups in the UAE list showcases the top ten emerging companies in UAE, celebrating these ventures for exceptional growth, innovation, and their appeal to investors, jobseekers, and industry leaders. These businesses are not only scaling quickly but are also pioneering advancements that are shaping the future of the UAE’s booming tech sector. With six of the ten companies on the list…

Interest in business incorporation continues to rise across Asia and the Middle East, fueled by government initiatives in locations such as Singapore and Dubai to attract foreign businesses and talent, while adapting to global economic shifts. While both locations have managed to cultivate thriving business ecosystems by offering distinct advantages, they also present unique challenges, which business owners and entrepreneurs must consider carefully. A new report by Statrys, a Hong Kong-based provider of business accounts and incorporation services for small and medium-sized enterprises (SMEs) and entrepreneurs expanding internationally, provides a comparative analysis of the economic landscapes and regulatory frameworks of…

Mala, a Saudi-based B2B platform, has successfully closed a $7 million (26.25 million Saudi Riyals) pre-seed funding round. The investment was led by VentureSouq, with pan-regional investment firm Shorooq Partners, as well as M Capital, BECO Capital, Access Bridge Ventures, Waad Investment, Palm Ventures, and Silicon Valley-based fund D Global Ventures (“DGV”). Founded in 2024 by seasoned entrepreneur Musaab Hakami, Mala is revolutionising the B2B landscape through its unique “Procure-Now, Pay-Later” (PNPL) solution. Designed specifically for the region’s SMEs, the platform offers buyers flexible credit terms while ensuring suppliers receive immediate cash payments. By leveraging state-of-the-art technology, Mala provides a…

PayTabs Group, a MENA-based payment processing company, has appointed Mohamad Abbas as its new Chief Sales & Operations Officer. The move is part of the company’s strategy to enhance its payment orchestration platform operations and achieve its profitability goals in key markets such as Saudi Arabia, the United Arab Emirates, and Egypt. With over 22 years of experience in sales, business development, and operations in the fintech and digital payments sectors, Abbas will lead efforts to drive revenue growth and improve operational efficiency across the region. His extensive experience includes being part of the founding team at Amazon Payment Services…

Telr , a Dubai based payment gateway provider, announced expansion into Jordan and Bahrain. This strategic move reflects Telr’s unwavering commitment to driving digital transformation and supporting the growing e-commerce ecosystems in the MENA region. With Telr’s comprehensive payment solutions, businesses in Jordan and Bahrain can now seamlessly accept online payments, streamline transactions, and expand their customer base locally and globally. Jordan and Bahrain are vital players in the MENA region’s digital economy, driven by high internet penetration and increasing reliance on e-commerce. Jordan’s entrepreneurial spirit and Bahrain’s tech-savvy population make both markets ideal for Telr’s advanced payment solutions, enabling…

Saudi Arabia’s fintech sector has experienced significant growth over the past years, exceeding targets in areas such as the number of fintech companies, job creation, investment, and contributions to the nation’s gross domestic product (GDP), according to data from Fintech Saudi, a government initiative supporting the development of fintech in the country. At the end of 2023, Saudi Arabia boasted 216 active fintech companies, marking a staggering 140% increase from 90 companies in 2021. This figure surpassed the initial target of 150 companies set for 2023 by 44%, underscoring the sector’s surge as well as its increasing importance within the…

GITEX GLOBAL 2024 concluded on Friday, underscoring AI’s pivotal role as a transformative tool that will continue to reshape industries and drive business and economic growth globally. For the final time this week, 6,500 exhibitors, 1,800 startups, and 1,200 investors, alongside governments from more than 180 countries—marking the highest-ever international participation—gathered in Dubai. This 44th edition of GITEX GLOBAL, held under the theme of ‘Global Collaboration to Forge a Future AI Economy’, not only set new benchmarks for innovation and business opportunities but also reinforced the event’s critical role in shaping a technology landscape increasingly defined by AI adoption. Over…

Dubai Taxi Company today announced it has signed a strategic partnership with Bolt, the global shared mobility platform, to launch its e-hailing platform in Dubai. The strategic partnership with Bolt, which is launching in the UAE for the first time, will provide e-hailing solutions whilst enhancing customers’ digital mobility experience and expanding smart transportation services throughout the Emirate, in line with DTC’s ambitious growth strategy. Bolt, will be DTC’s strategic partner for the provision of e-hailing services in the Emirate. The company, which was founded in 2013, has experienced rapid growth in recent years and operates in over 600 cities…

ADGM has announced enhancements to its Real Property Regulation, introduced new off-plan development regulations and launched a unified digital platform, AccessRP, following its strategic expansions to Al Reem Island. The new regulatory framework and the digital platform aim to support the growth and innovation in the real estate sector and reinforce ADGM’s global position as a business-friendly real estate environment, as well as a reliable and attractive destination for global and local investors. Both will drive digital transformation, and the platform will provide a full range of unified real estate services, including transaction services and other integrated services for developers…

Magnati, a payment solutions provider in the Middle East, has partnered with Wio Bank . Magnati’s platform integrates real-time Point of Sale (POS) payment data to offer financial solutions to merchants. Businesses can access credit facilities through the Wio Business digital banking platform, and benefit from the platform’s range of services, including business loans, invoice financing, equipment financing, POS financing, receivables financing, and insurance—all tailored to support SMEs and larger enterprises. Wio Business, the bank’s first digital banking application, caters to businesses of all sizes from small and medium enterprises (SMEs) to larger corporates and freelancers. This partnership enables Wio…

du Pay, the digital financial services arm of du, announced an partnership with Emirates NBD. The partnership offers every du Pay user a unique virtual IBAN, streamlining the process of sending and receiving funds within the UAE directly through the du Pay application. In addition to the conventional method of using the du Pay physical card for cash withdrawals at any ATM across the UAE, du Pay customers will now enjoy the added convenience of cardless withdrawals from any Emirates NBD ATM in the country through this partnership, further enhancing their digital banking experience. Nicolas Levi, CEO of du Pay,…

The United Arab Emirates has rapidly positioned itself as one of the Middle East’s most prominent fintech hubs, attracting both regional powerhouses and global financial technology leaders. With a robust regulatory framework, cutting-edge infrastructure, and a government deeply committed to fostering innovation, the UAE has become a critical base for high-growth fintech enterprises operating on both regional and global scales. These firms are not only reshaping the financial landscape in the region but also positioning the country as a beacon for fintech innovation across the world. As the fintech ecosystem continues to flourish, companies are increasingly recognizing the need for…

American Express Middle East has partnered with online payment gateway Telr to increase its acceptance across the Middle East and North Africa (MENA) region. As part of this agreement, American Express will become one of Telr’s aggregation payment service providers. This collaboration will allow American Express cardholders to use their cards at thousands of online merchants within Telr’s network, significantly expanding the number of locations where American Express cards can be used. This partnership also benefits Telr merchants, who gain access to a global customer base of American Express cardholders. Merchants will be able to accept payments in over 120…

Riyad Bank’s digital innovation branch, Jeel, has announced a partnership with Eastnets, a global provider of anti-financial crime solutions. The collaboration will integrate Eastnets’ advanced anti-financial crime technology into Jeel’s cloud platform, enhancing protection against financial threats. This initiative aligns with Saudi Arabia’s Vision 2030, which emphasizes digital transformation and a robust financial infrastructure. Amer Rajkhan, CEO of Jeel, said, “By partnering with [Eastnets], we’re strategically expanding our digital platform with cutting-edge anti-fraud capabilities. This collaboration aligns perfectly with our unwavering commitment to delivering secure, innovative solutions that exceed industry benchmarks and ensure the utmost protection for our customers.” Mohammed…

The National Bank of Bahrain (NBB) has officially announced the second edition of the NBB Digital Banking Challenge in partnership with the Bahrain FinTech Bay. The announcement was made during a signing ceremony at Fintech Forward 2024, where key representatives from both organizations gathered to formally launch the program. Building on the success of the inaugural cohort, the NBB Digital Banking Challenge 2024 invites aspiring innovators aged 18 to 24 to develop sustainable banking solutions. The initiative provides attendees with the chance to win prize money, secure internships at the two entities, and benefit from a three-month incubation program at…

Egypt’s national airline, Egyptair, Amazon Payment Services and Banque Misr have established a strategic partnership. Through this partnership, Egyptair’s travel product will be combined with Amazon Payment Services’ range of online payment processing services, with the support of Banque Misr, to improve the online payment experience for travellers worldwide. Facilitating seamless online transactions through this partnership, Amazon Payment Services is extending its core online payment processing services to enable all Egyptair  travellers across the MENA region to conveniently and securely book and pay for their tickets online. As part of this collaboration, customers will also be able to leverage Amazon Payment Services’…

Ripple has secured in-principle approval from the Dubai Financial Services Authority (DFSA) to expand its services from the Dubai International Financial Centre (DIFC). This milestone significantly strengthens Ripple’s global footprint as a regulated entity and enables the introduction of seamless cross-border payment services, including Ripple Payments Direct (RPD), in the United Arab Emirates (UAE). With DFSA Authorisation, Ripple is set to roll out its enterprise-grade digital asset infrastructure to a broader customer base in the UAE. This expansion is aligned with Ripple’s mission of providing businesses with faster, cost-effective and more efficient cross-border payment solutions, by combining robust regulatory compliance…

The Iraqi government is intensifying efforts to foster fintech innovation, introducing a series of regulatory initiatives aimed at expanding the country’s digital financial services ecosystem. Earlier this month, Prime Minister Mohammed Shia Al-Sudani directed new measures to develop electronic payment systems and modernize Iraq’s financial infrastructure. A government source revealed to the Iraqi News Agency (INA) some these directives. Among the priorities is a directive for the Ministry of Planning, in partnership with the Central Bank of Iraq (CBI) and the World Bank, to create a national budget to support and develop digital payment systems, the source said. In addition,…

Indian based Banking Infrastructure company M2P Fintech announced the first close of its Series D financing, raising $100 million through a mix of primary and secondary share capital. The financing was led by Helios Investment Partners and places the company’s valuation at over $785 million. The funds will be utilized to cement M2P’s market leadership in India, besides helping grow its international franchise, particularly in Middle East and Africa. The round also saw participation from marquee Banks across Asia, with existing Investor Flourish Ventures doubling down on the company. Global Expansion with MENA Focus Over the past few years, M2P…