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…
Author: Fintechnews Middle East
Author
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…
myZoi, an UAE based fintech focused on financial inclusion and financial literacy for the underbanked has launched the first inclusive digital wallet. This follows a successful fundraise of $14 million from SC Ventures and SBI Holdings and obtaining two regulatory licenses from the Central Bank of the United Arab Emirates (UAE). “myZoi is thrilled to be the first fintech in the space to provide personalized and affordable financial solutions for the underbanked. The power of technology enables us to innovate and reconnect banking with society’s needs, such as supporting financial inclusion and empowering the underbanked and their families”, said Syed…
The Central Bank of the UAE (CBUAE) and Bank Indonesia (BI) have signed a Memorandum of Understanding (MoU) to enhance bilateral cooperation in payment systems. This agreement was part of a visit to the UAE by Indonesian President Joko Widodo. The MoU was signed by Khaled Mohamed Balama, Governor of the CBUAE, and Perry Warjiyo, Governor of BI. It builds on a previous MoU from November 2023, which facilitated cooperation in payment systems and digital innovation, and supported the use of local currencies in bilateral transactions. The new MoU aims to link the payment systems of the two countries, promoting faster, more efficient, transparent,…
The Saudi Central Bank (SAMA) launched “Naqd,” a government banking services platform that provides easy access for government entities to their accounts at SAMA to conduct financial transactions through a secure digital platform. This initiative is part of SAMA’s strategy to deliver banking services to government entities, as well as supporting digital development. The platform aims to digitize financial transactions of government entities on their accounts at SAMA by offering a unified and secure digital platform. This platform facilitates access to their account information at all times, enables management of their accounts efficiently, and provides instant monitoring of transactions to…
Invest Hong Kong announced that it has signed a Memorandum of Understanding with the Abu Dhabi Chamber of Commerce and Industry of the United Arab Emirates, pledging mutual co-operation on investment promotion exchanges and support. The MOU was signed online by the Director-General of Investment Promotion at InvestHK, Ms Alpha Lau, and the Chief Executive Officer of Abu Dhabi Chamber of Commerce and Industry, Mr Ahmed Khalifa Al Qubaisi to foster a closer relationship for the mutual benefit of Hong Kong and the UAE in terms of investment promotion exchanges, and their co-operation with each other in promoting both inward…
Saudi Arabia has set out ambitious fintech goals as part of its Vision 2030 strategy, striving to considerably boost the number of fintech companies operating in the country, increase the sector’s contribution to the gross domestic product (GDP), and increase the volume of venture capital (VC) investments. But to reach these goals, the country must tackle the key challenges hindering the growth of the sector, including issues related to global positioning, its regulatory frameworks, market conditions and funding levels, talent acquisition, technology infrastructure, and collaboration. These challenges are not just obstacles, but also provide opportunities for innovation and growth, a…
BitOasis, a dubai based virtual assets trading platform, announced a successful acquisition by CoinDCX, a crypto exchange based in India. BitOasis has previously received a strategic investment from CoinDCX in August 2023. The two jining forces marks a first-of-its-kind, transformative deal in the MENA region. Combined with the company’s newly acquired license in the Kingdom of Bahrain and the recent reopening of its platform in Dubai, the acquisition will further empower BitOasis to strengthen and expand its presence across the MENA region as a leading player in the virtual assets ecosystem, licensed and regulated in multiple markets. BitOasis’ brand and…
Artificial intelligence (AI) is expected to significantly boost the Middle East’s economy, injecting an estimated US$320 billion by 2030. This projection is part of a broader global impact of AI, which is anticipated to contribute up to US$15.7 trillion worldwide by 2030 through increased productivity and consumer benefits, according to a report by PwC. The impact of AI in the Middle East will vary across industries, and gains will likely depend on two broad factors: first, the ability to automate processes, and second, sector-level use cases for product enhancement. Labor-intensive sectors, such as retail and health, which have a greater…
Saudi Arabia’s fintech sector is making significant progress towards becoming a regional financial hub. The number of fintech companies in the country has more than doubled in just one year, growing from 89 in 2022 to about 200 in 2023. Non-cash transactions have also surged dramatically, increasing from 18% of all transactions in 2016 to 62% by 2021, according to a 2024 report by management consultancy Arthur D. Little. Key initiatives such as Fintech Saudi, a hub launched in 2018 by the Saudi Central Bank (SAMA) and the Saudi Capital Markets Authority, have helped foster this growth. Programs like the…