Experts are optimistic about the outlook for fintech development in Saudi Arabia, which they claim will be driven by the tech-savvy, young population, and favorable government initiatives and support. Islam Al Bayaa, head of advisory at KPMG Al Fozan & Partners, expects growing investor interest in fintech over time which will transform the Kingdom as the Middle East and North Africa’s (MENA) primary market. Fintech in Saudi Arabia : Regulatory Initiatives Saudi Arabian Monetary Authority’s (SAMA) Fintech Saudi initiative and the recent decision to set up a sandbox regulatory environment will have a positive impact on fintech investment and enable…

E-commerce is set for strong growth in the Middle East and North Africa (MENA) region. The market was worth US$8.3 billion in 2017 and is expected to more than triple by 2022 to reach US$28.5 billion, according to a new research by Bain & Company and Google. According to the E-commerce in MENA: Opportunity Beyond the Hype report, released in February, e-commerce in the region is rising at an annual growth rate of 25%, ahead of the global average. The Gulf Cooperation Council (GCC) and Egypt account for 80% of the e-commerce market, and they have been growing at a…

In the Bahrain Fintech Regulations Report 2019 in parts, produced by the Central Bank of Bahrain, we can see that Bahrain’s track record isn’t too shabby when it comes to holistic regulations. Bahrain’s fintech regulations are under the sole purview of the Central Bank of Bahrain (CBB), the only regulating authority of the Kingdom of Bahrain. Noting the growing importance of fintech to a nation’s growth, the CBB launched the Fintech and Innovation Unit in 2017, dedicated to digitising financial services and providing best practices for both individuals and corporations. The department is responsible for approving regulatory sandbox applicants, supervising…

FundedByMe, an equity crowdfunding platform, has recently launched operations at the DIFC after obtaining full equity crowdfunding license from the DFSA. FundedByMe MENA aims at launching its first campaign on the local platform early in Q2 of 2019. “With the comprehensive review and approval process we went through for our DFSA license, we are proud to say that FundedByMe is the only regulated equity crowdfunding platforms in the region. We have developed a 15-step due-diligence process to ensure that quality is maintained throughout the fundraising cycle. This highly selective process creates confidence and credibility with our investors, in the quality…

Emaar group, the developer behind the iconic Burj Khalifa among others is looking at developing their own crypto token. It plans to offer the Emaar community token for customers and partners by end of this year. According to the press release the token will allow Emaar’s customers and stakeholders to reap the value of a full referral and loyalty system across the entire group. Swiss-based Lykke AG is leading the technology build of Emaar’s community token based on the Ethereum blockchain and the ERC20 token framework. The token will be transferable across the entire global Emaar ecosystem, including real estate,…

Dubai International Financial Centre (DIFC), a fintech friendly financial hub announced the appointment of Middle East Venture Partners (MEVP) and Wamda Capital to manage US$ 10 million of the DIFC FinTech Fund. The DIFC Fintech Fund sized at US$ 100 was initially announced in 2017,  it is targeted at startups from incubation all the way through to growth stage who are seeking to access the Middle East and South Asia Market. The partnership was announced at the Global Financial Forum, where several partnerships were announced to encourage and foster entrepreneurship in the UAE. UAE which home to both DIFC and ADGM…

The Bahrain Fintech Regulations Report 2019, partly produced by the Central Bank of Bahrain, showcases some of the regulations and initatives set up to cultivate the growth of fintech in their regions. Each region with a strong fintech scene has their own way of tackling the burgeoning scene, but based on our own look into the report the United Arab Emirates (UAE) has some catching up to do in holistic regulations—or regulations that can cover all the important global fintech developments Besides the interest of protecting their populace from unmitigated risks, setting clear regulations in stone is important for a nascent fintech scene to…

A combination of changing consumer preferences, competition from fintech startups and changing regulations have been forcing banks around the world to develop their digital capabilities. In the Middle East and North Africa (MENA) region, banks are quickly rising to the opportunities presented by fintech and digital banking. UAE’s Digital Banking takes the lead Banks in the United Arab Emirates (UAE) in particular have taken the lead in adopting digital solutions. In the UAE, a number of banks have undertaken numerous digital banking initiatives, ranging from launching separate digital-only banking platforms, to strengthening existing mobile banking services. Emirates NBD (ENBD)…

As one of the most populous countries in the Middle East topped with a large unbanked population Egypt is fertile for fintech to flourish. Recent report indicates that fintech is one of the fastest growing sector in Egypt. As in stands Egypt’s fintech ecosystem consists of roughly 40 players including 16 startups, 9 financial institutions as well as incubators, hubs, investors and microfinance institution. So who are the top fintech startups in Egypt? As it still a relatively nascent market we feel it would be too pre-mature to say definitely these are the top players but we still feel it…

Apple continues the rollout of its Apple Pay digital wallet service around the world, launching in Saudi Arabia in February, marking its 34th market. In Saudi Arabia, Apple Pay initially launched with support for the Saudi Payments Network (MADA), Alinma Bank, Al Rajhi Bank, Bank Aljazira, the National Commercial Bank and Riyad Bank. The digital wallet also works with any payments card on the VISA and Mastercard network. Apple’s regional Apple Pay webpage lists more than 40 brick-and-mortar stores offering support for Apple Pay transactions, including large chains like Carrefour, Krispy Kreme, IHOP, McDonald’s, Swarovski, Zara and more. Apple…

Abu Dhabi owned Mubadala Investment Company’s venture arm has successfully completed its first investment of their US$ 400 Million European Fund into Berlin based insurtech startup WeFox. Mubadala was the lead investor in WeFox’s series B round which raised US$ 125 Million in funding. WeFox who runs a digital marketplace said they will be using these funds to further expand into the European market and strengthen their “advanced data analytics” capabilities to deliver better personalisation to its user base. In its previous statement, Mubadala expressed that the European Fund is also set up to facilitate European startups to establish operations…

Fintech continues its momentum in the Middle East with fintech companies attracting 12% of all digital startups deals in 2018 in the Middle East and North Africa (MENA) region, according to the latest report from Magnitt, a Dubai-based entrepreneurs’ network. MENA fintech, which barely existed a few years ago, is now a US$2 billion market. Some of 2018’s major fintech deals in the region include an US$8 million capital injection in Dubai-based financial comparison platform Yallacompare, Jordanian cloud-based, point-of-sale (POS) software provider POSRocket’s US$1.5 million round, Dubai-based automated investment-advisory platform Sarwa’s US$1.3 million funding round. As the Middle East pursues…

Qatar is being prepped to become a leading fintech hub in the Middle East. The Qatar Financial Centre (QFC), a business and financial center located in Doha providing legal and business infrastructure for financial services, has been working with major stakeholders in the sector, including Brussels-based European fintech platform B-Hive to further the country’s ambitions. The partnership with B-Hive, announced in October 2018, aims to facilitate cooperation on several aspects based on the promotion of business opportunities and knowledge sharing. The two entities have committed to working closely to discuss the latest trends in disruptive technologies, legislation and other data,…

MEFTECH, the longest running Banking & Financial Technology event in the MENA region, has announced its lineup of industry expert speakers on Fintech from across the world ahead of the two-day conference at the Four Seasons, Riyadh from 24th – 25th February 2019. Industry experts confirmed to speak at MEFTECH 2019 include: Chris Skinner renowned independent commentator on the financial markets and fintech; Yasar Yilmaz, Head of Financial Services Industry, Middle East & Africa, Turkey, Pakistan, Microsoft; Janti Abdallah, General Manager, STS PayOne; Mirna Sleiman, Founder & CEO Fintech Galaxy; Eleni Kitra, Head of Financial Services, Facebook; and Dr Fadi Chehaye,…

Sheikh Saeed Al Maktoum’s The Private Office has been on the hunt for a blockchain investment as part of the Emirates Blockchain Strategy 2021, and the company has finally landed on a recipient—Liechtenstein-based Invao, that will serve as an exclusive international partner for blockchain investments. With this investment, Invao will be playing a core role in the implementation of the Emirates Blockchain Strategy 2021. That is no small mantle to take on, with a market that has seen an 80% decline, the public’s cooling sentiment on crypto-assets, and by extension, the general realm of blockchain (which may be an unfair situation,…

The pinpricks of a vibrant startup scene in the middle east have begun to emerge. Despite known problems on the SME loan front in UAE, the MENA region still managed to cultivate 366 deals amounting to US$893 million of total investment, according to Magnitt’s annual MENA Venture Investment Report. And the UAE is responsible for the biggest chunk of that number: pulling in 30% of transactions, with 70% of the total funding Venture capitalist money has begun to flow region in a real way, which in turn is a great boon for a startup with a scalable idea and some market…

Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, is rallying FinTech and innovative firms who are ready to test their innovative financial solutions, services or business models across more than one country or jurisdiction to apply to the global sandbox via ADGM ADGM, together with 29 members of the Global Financial Innovation Network (GFIN), has jointly launched a pilot phase of cross-border testing of innovative ideas in a live market environment. The objective of this pilot project in a global sandbox setting is to develop a more efficient framework for innovative firms to engage regulators across…

The Capital Markets Authority of Saudi Arabia recently granted Falcom Financial Service Co a Financial Technology Experimental Permit — or better known as a sandbox license — to create an equity crowdfunding platform. Falcom is described as a full fledged investment banking group — with the new sandbox license, the group will be able to create a platform for investors to participate in funding small and medium size enterprises in exchange for shares. Following the conditions laid on in the Financial Technology Experiment Framework, Falcom’s testing period for the equity crowdfunding platform will not exceed 2 years from when the permit was granted.…

Mobile payments are on the rise in the United Arab Emirates (UAE) as the country’s young population is eager to embrace the latest technologies. Mastercard registered in record number of secure mobile transactions in 2018, which it credited to the UAE’s largely young population and high mobile penetration rate of 173%, the highest in the world.“The increase in the adoption of secure mobile payments in the UAE is a positive indicator of the country’s rapid shift towards a cashless society and firmly puts the spotlight on mobile technologies as the future of payments,” said Girish Nanda, Mastercard’s general manager for…

Standard Chartered today announced the start of the second phase of its digital-only retail bank across Africa. In response to growing consumer demand for innovative banking services on the continent, the Bank will launch its digital solution in four key markets during the first quarter of 2019 starting in Uganda in January, followed by Tanzania in February, with Ghana and Kenya to follow. Following the successful launch of Standard Chartered’s first digital retail bank in Côte d’Ivoire last year, the second phase builds on the original CDI platform that onboards clients in under 15 minutes and provides 70 of the…