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Digital Turkish Lira: Turkey Completes First CBDC Pilot Transactions
In the scope of the first-phase studies of the Digital Turkish Lira Project, conducted under the leadership of the Central Bank of the Republic of Türkiye (CBRT), the first payment transactions on the Digital Turkish Lira Network were executed successfully.
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Jordan, Iraq, Egypt Central Banks Collaborate With Buna for Pension Payments
The central banks of Iraq, Jordan, and Egypt has leveraged Buna, a cross-border payment system operated by Arab Regional Payments Clearing and Settlement Organization (ARPCSO) owned by the Arab Monetary Fund, to make pension payouts easier. The initial phase will
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Central Bank of UAE Plans New Instant Payment Platform
His Excellency Khaled Mohamed Balama, Governor of the Central Bank of the UAE (CBUAE), chaired a meeting with the UAE banking sector CEOs and representatives of Foreign Exchange and Remittance Group in the UAE. The meeting highlighted the financial sector
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Top 15 Most Well-Funded Fintech Companies in Middle East
In 2022, technology startups in the Middle East and North Africa (MENA) region continued to attract funding, securing a total of US$1.8 billion in the first half of the year, a sum that represents a 46% year-over-year (YoY) increase, data
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Temenos Partners With NdcTech to Expand Its Market Reach in the Gulf Region
Banking software company Temenos announced that it will be granting license rights to NdcTech, a wholly owned subsidiary of Systems Limited and one of its largest regional system integrators partners. This will allow NdcTech to further develop and market the
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Egypt’s New Financial Inclusion Strategy
The Central Bank of Egypt (CBE) has launched its Financial Inclusion Strategy 2022-2025, a national development plan focusing on expanding access to financial services, developing financial literacy and facilitating the introduction of innovative financial products that meet consumers as well
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Middle East Digital Banking Sector Growing at a 43% Annual Rate
Since 2012, the Middle Eastern digital banking market has experienced sustained growth, rising at a 43% compound annual growth rate (CAGR). Today, the region is home to 25 digital banks which serve a combined 25 million people, according to a
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Saudi Arabia Fintech Funding Jumped 54% This Year
Despite a global startup funding pullback, Saudi Arabian fintech industry continued to grow and mature this year. Companies in the sector have, so far, secured a total of US$367 million in financing this year as of September, a sum which,
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Mastercard Brings Apple Pay to Kuwait
Mastercard brings Apple Pay to its cardholders in Kuwait Customers simply hold their iPhone or Apple Watch near a payment terminal to make a contactless payment. Every Apple Pay purchase is secure because it is authenticated with Face ID, Touch
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Saudi Central Bank Licenses New Fintech Company Specialized in Debt-Based Crowdfunding
The Saudi Central Bank (SAMA) announced the licensing of Manafa – a finance company specialized in debt-based crowdfunding in the Kingdom. Manafa is a closed joint-stock company with a capital of SAR 40 million. The license was granted to the
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