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CBUAE Introduces Framework for the Regulation of BNPL
Acknowledging the global shifts in consumer financial trends and the increasing demand for “Buy-Now, Pay-Later” and similar credit products and services, the Central Bank of the UAE (CBUAE) announces the issuance of the newly amended Finance Companies Regulation. Under the
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UAE’s Business Expense Solution Qashio Partners With Emirates Skywards
Qashio, a UAE-founded fintech company, has recently announced a new partnership with Emirates Skywards, the award-winning loyalty programme of Emirates, and flydubai. This collaboration will enable customers to convert Qashio Points into Skywards Miles, opening doors to a wide range
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Saudi Digital Lending Platform Tameed Platform Closes USD 15 Million Series A Funding
Tameed Digital Lending Platform, which offers shariah-compliant Government Purchase Orders Financing for SMEs in Saudi Arabia, announced that it has successfully closed a funding round (Series A) amounting to SAR 56.75M (USD 15M) lead by Alromaih Investments. Tameed plans to
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Islamic Banks in the UAE Embrace Digital Innovation
In the wake of the COVID-19 pandemic, the financial sector, including Islamic banks in the United Arab Emirates (UAE), has swiftly adopted digital innovations including artificial intelligence (AI), e-learning and blockchain. These technologies are now playing a critical role in
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Saudi Open Banking Startup Spare Closes $3 Million Funding Round
Spare, a Saudi based open banking services provider, announced the close of a $3 million funding round led by Vision Ventures with participation from Wa’ed Ventures, Seedra Ventures, global investment firm 500 Global, and notable angel investors. Spare was established
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Saudi Wealthtech Hakbah Closes US$5.1 Million Series A
Hakbah, a Saudi-based fintech savings platform, announces its successful $5.1 million Series A fundraise. The funding round was led by VentureSouq – the MENA-based venture capital firm with a global portfolio. Also participating were new investors M-Capital and Bunat Ventures;
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Saudi Central Bank Issues Rules for BNPL Companies
The Saudi Central Bank (SAMA) announces the issuance of the “Rules for Regulating Buy Now Pay Later (BNPL) Companies,” as part of its role in supervising and controlling the BNPL companies. This decision reflects SAMA’s continuous efforts to develop the
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ADQ and Azerbaijan Sovereign Wealth Fund Form Joint Investment Platform
ADQ, an Abu Dhabi-based investment and holding company, and Azerbaijan Investment Holding (AIH), a strategic sovereign wealth fund located in Baku, have announced the formation of a joint venture with the aim of investing in sectors of mutual priority and
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Careem Pay Taps Payments Firm iPiD to Expand Remittance Options to India
Dubai-based ride-hailing service company Careem has announced a collaboration with cross border payments firm iPiD to enhance the international remittance capabilities of its payment platform Careem Pay. This partnership is particularly focused on improving services in India, according to a
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Saudi’s Tamara Is Now a Fintech Unicorn
Tamara, a leading fintech platform to shop, pay and bank in Saudi Arabia and the wider GCC region, has achieved the historic milestone of becoming the Kingdom’s first homegrown fintech unicorn by securing $340 million in a Series C equity
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