Though fintech remains a relatively nascent sector in Qatar, the industry is growing at a rapid pace. A new report by Switzerland Global Enterprise (S-GE), the official Swiss organization for export and investment promotion in the country, explores the key drivers of this growth and the emerging trends shaping the sector. The report highlights the remarkable growth of the Qatari fintech industry. It emphasizes the dominance of digital payments in this ecosystem, fueled by Qatar’s high internet penetration rates and widespread smartphone usage. Notably, 99% of the 2.7 million overall population in Qatar is using Internet, contributing to a robust…

Finastra has announced the successful implementation of its Kondor treasury trading system, supported by DXC Technology’s cloud-based managed services, at Vision Bank, a Sharia-compliant digital bank in Saudi Arabia. This enabled Vision Bank to launch the pilot phase of its banking operations. The system enhances the bank’s asset and liability management, liquidity management, trading and investment, foreign exchange, capital adequacy, and reserve management. Deploying the solution on the cloud aligns with the bank’s strategy to improve user experience and adapt to evolving demands. “Our mission is to be a pioneer in the Saudi banking sector, relying on innovation and technology…

NymCard, a Dubai-based embedded finance platform, has secured US$33 million in a Series B funding round led by US-based QED Investors. This marks QED Investors’ largest investment in MENA and its first in the Gulf region. Existing investors, including Lunate, Dubai Future District Fund, and Mashreq Bank, along with Knollwood, Reciprocal, and FJLabs, participated in the round. Shorooq Partners also contributed, while new investor Oraseya Capital joined the funding. With this investment, NymCard aims to expand its presence in MENA and enhance its payment infrastructure for banks, enterprises, fintech firms, and telecom providers. The company operates in three main areas:…

Contact Financial Holding, Egypt’s non-banking financial services provider, has signed an agreement with Fawry, a fintech company in Egypt, to expand their partnership. The deal enables Contact’s Buy Now, Pay Later (BNPL) service across Fawry’s payment network, which includes over 370,000 points of sale and its online platform. The agreement builds on the existing collaboration between the two companies, aiming to offer Contact’s customers more payment flexibility through Fawry’s digital payment solutions. In addition to BNPL, the partnership includes services such as e-payment gateway integration and bill payment aggregation. This initiative aligns with Egypt’s efforts to advance digital transformation and…

Forbes Middle East has unveiled its Top 40 Asset Managers list, spotlighting the region’s most influential leaders shaping the investment landscape. Collectively, they managed more than US$439 billion in assets in 2024, spanning local and international equities, debt funds, discretionary portfolios, real estate investments, REITs, and private equity. To compile this list, Forbes Middle East ranked asset managers handling public money on a fiduciary basis, excluding sovereign wealth funds and private/family offices. The ranking was determined using a weighted evaluation of assets under management (AUM), AUM growth (2023-2024), leadership experience, tenure, key achievements over the past year, and a preference…

Forbes Middle East has unveiled its annual Fintech 50 list, recognising the region’s leading innovators in digital financial services as they adapt to evolving consumer expectations in an increasingly digital landscape. The ranked companies have collectively processed over US$240 billion in transactions and secured more than US$3.8 billion in total funding. The ranking was determined based on external investment, total transaction volume, app downloads, active users, consumer impact, geographic footprint, and achievements in innovation, growth, and expansion over the past year. Fintech entities affiliated with exchange houses, traditional banks, or government institutions were not considered. After securing US$160 million in…

The Dubai Financial Services Authority (DFSA), the independent regulator of the Dubai International Financial Centre (DIFC), is inviting firms to express their interest in participating in the DFSA’s Tokenisation Regulatory Sandbox. This initiative is designed for firms seeking to offer tokenised investment products and services, enabling them to test their solutions within a controlled regulatory environment. As part of the DFSA’s Innovation Testing Licence programme, a licensed sandbox that facilitates the testing of innovative financial products and services, the Tokenisation Regulatory Sandbox provides a structured pathway from experimentation to full authorisation. The DFSA’s Innovation Testing Licence has already played a…

Checkout.com, a global digital payments solutions provider headquartered in London, has partnered with Tabby, a financial services and shopping app based in Riyadh, to offer flexible payment solutions to merchants in the UAE and Saudi Arabia. This partnership integrates Tabby’s BNPL services into Checkout.com’s platform, enabling merchants to provide consumers with alternative payment options at checkout. As part of the agreement, Checkout.com has incorporated Tabby’s BNPL services into its platform, allowing merchants to meet growing consumer demand for flexible payment methods. The integration is expected to enhance conversion rates, increase average order values, and improve the overall shopping experience. The…

Emirates NBD has concluded the third cohort of its National Digital Incubator (NDTI) programme, aimed at supporting Emirati fintech entrepreneurs. The initiative, developed in collaboration with industry partners such as the DIFC Innovation Hub, Visa, Microsoft, and Dell Technologies, provides participants with access to industry leaders, mentoring sessions, and networking opportunities. For the first time, the programme included insights from Essa Kazim, Governor of the Dubai International Financial Centre (DIFC), reinforcing its alignment with the UAE’s economic strategy. A key feature, Discovery Day, allowed startups to collaborate with industry partners to tailor the programme to their needs. Additionally, participants engaged…

Ripple has received approval from the Dubai Financial Services Authority (DFSA) to provide regulated crypto payments and services in the Dubai International Financial Centre (DIFC). This marks Ripple’s first license in the Middle East and reflects its focus on regulatory compliance. The approval enables businesses in the UAE to use Ripple’s blockchain-based payments system. Brad Garlinghouse, Ripple’s CEO, said, “We are entering an unprecedented period of growth for the crypto industry, driven by greater regulatory clarity and increasing institutional adoption. Thanks to its early leadership in creating a supportive environment for tech and crypto innovation, the UAE is exceptionally well-placed…

Binance and MGX, the Abu Dhabi-based AI and advanced technology investor, have announced a landmark US$2 billion investment. This transaction, the first institutional investment in Binance to date, marks a significant step in advancing digital asset adoption and reinforcing blockchain’s role in global finance. It is also the largest-ever investment in a crypto company and the biggest transaction paid entirely in cryptocurrency (stablecoin). This investment marks MGX’s entry into the cryptocurrency and blockchain sectors, securing a minority stake in Binance as part of a broader strategy to support blockchain’s transformative impact on society. By partnering with the industry leader, MGX…

Egypt’s financial landscape is undergoing a profound transformation, driven by increasing smartphone penetration, technological advancements, and the rise of fintech. Over the past five years, the country’s fintech sector has expanded substantially, with the number of fintech companies and payment service providers multiplying by a staggering 5.5-fold, according to Entlaq’s latest industry report, produced in collaboration with the Netherlands Enterprise Agency (RVO) and the Embassy of the Netherlands in Egypt. Today, more than 170 ventures are active in the space, addressing financial inclusion by expanding the range of accessible, affordable and convenient financial services and products available to consumers and…

Mastercard and LikeCard, an e-commerce prepaid card platform based in Dubai, have partnered to introduce a family banking solution aimed at improving financial literacy and responsible spending. The initiative provides parents and children with a secure digital banking experience to support better financial decision-making. The solution, which integrates AI-powered financial tools within a smartphone app, enables families to track expenses, set spending limits, and teach children essential money management skills. Parents can monitor transactions in real-time, while children develop financial awareness through interactive learning and reward-based features. “By partnering with LikeCard, we are equipping families across MENA with the knowledge…

Planning to own a property in Sharjah in 2025? If yes, your mind must be filled with many questions. What exactly is happening? Are prices rising? Is it still affordable? So, Here’s everything you should know about Sharjah’s real estate market in 2025. Foreign Investment is at an All-Time High In 2024, foreign property transactions increased by 84.6%. International buyers traded over 5,914 properties in just the first half of the year. Asian investors show increased interest due to improved air connectivity and rising rental yields. Foreign demand will likely remain strong, with FDI surging by 140% and the government…

ProgressSoft, a Jordan-based payments solutions provider, has announced a partnership with Fintech Galaxy, a UAE-based financial innovation company, to advance Open Banking adoption across the financial sector. Under the agreement, both companies will work on establishing national Open Banking hubs. These hubs aim to provide regulatory bodies with a scalable financial infrastructure to support sector-wide innovation. The collaboration will focus on improving Application Programming Interface (API) connectivity, secure data sharing, and transaction flows among financial institutions, including banks, fintech firms, and payment service providers. Mirna Sleiman, Founder and CEO of Fintech Galaxy, stated: “The financial industry is evolving rapidly, and…

Visa has introduced “Tap-to-Add Card” in Egypt, a feature designed to facilitate the addition of Visa contactless cards to digital wallets with a simple tap on a mobile device. The solution aims to enhance security and streamline the process by eliminating manual card entry, which can lead to errors and fraud risks. With this feature, card credentials are securely provisioned through a unique one-time code validated by Visa’s Chip Authenticate service. This method offers a faster and more secure alternative to manual input. Malak El Baba, Egypt’s Country Manager and Vice President at Visa, stated: “We are always keen to…

Careem Pay, the payments platform within the Dubai-based Careem app, has expanded its remittance service to Egypt, enabling UAE residents to transfer money directly to bank accounts in Egypt at competitive rates. Careem Pay supports money transfers to major remittance corridors, including India, Pakistan, the UK, Europe, and the Philippines, providing a straightforward option for financial support, investment, or personal fund management abroad. Egypt is among the top five recipients of remittances from the UAE, with an estimated market size of approximately US$10 billion in recent years. The UAE is home to a large Egyptian expatriate population, many of whom…

Fawry, a Cairo-based e-payments platform, has signed a Mutual Collaboration Agreement (MCA) with Ottu, a Kuwait-based online payment management system provider. This partnership marks Ottu’s first collaboration in Egypt, aiming to enhance the country’s online payment infrastructure. By integrating Fawry’s payment network with Ottu’s Online Payment Management System (OPMS), businesses operating in Egypt will have access to more secure and flexible payment solutions. Fawry’s local market expertise will support companies in optimising payment processes, improving efficiency, and reducing operational costs. Heba El Awady, Chief Business Officer – Acceptance at Fawry, stated: “Our partnership with Ottu strengthens Fawry’s position as Egypt’s…

Riyad Bank’s digital innovation branch, Jeel, has announced a collaboration with Google Cloud to enhance digital services in Saudi Arabia. The partnership focuses on AI, data analytics, and scalable cloud computing solutions. The collaboration aims to support digital transformation across both financial and non-financial sectors. By combining Jeel’s financial expertise with Google Cloud’s AI-driven technology and cloud infrastructure, financial institutions will be able to modernise their operations, scale efficiently, and introduce new services more rapidly. Additionally, the partnership will help institutions meet regulatory requirements set by the Saudi Central Bank (SAMA) while maintaining innovation. George Harrak, CEO of Jeel, stated:…

Klaim, a Dubai-based healthcare payment acceleration company, has secured US$ 10 million in Series A equity funding along with an additional US$ 16 million in financing to support its regional expansion and improve cash flow access for medical providers. The investment will help the company accelerate medical insurance claim payments in the MENA region. Founded in 2019, Klaim provides a payment platform for the healthcare sector, using AI and data analytics to predict insurance payment behaviours and streamline claims processing. With the new funding, the company plans to expand further in the UAE and enter markets such as Saudi Arabia…