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Saudi and UAE Central Banks Release Report on Joint Digital Currency Project Aber

The Saudi Central Bank (SAMA) and the Central Bank of the United Arab Emirates (CBUAE) have released the report on their joint central bank digital currency (CBDC) initiative dubbed as Project Aber. The wholesale CBDC used only by the central

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After Banning Crypto Saudi Arabia Plans Central Bank Digital Currency

After banning the trading of cryptocurrencies, Saudi Arabia is now developing a blockchain-based digital currency in collaboration with the United Arab Emirates (UAE). The central banks of the two countries are planning to run a pilot of a shared digital

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Saudi Fintech Tamara Secures Record $100M Series B Round

Saudi fintech startup Tamara, a leading payments startup focused on driving financial inclusion across the Middle East, has raised a $100m Series B equity round led by Sanabil Investments, with participation from Coatue, Shorooq Partners, Endeavor Catalyst and a follow-on

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MENA’s Demand for Payment Hubs Rises as Open Banking Fuels Cross-Border Flows

The accelerated digitalisation that swept the globe in the last two years has led to widespread adoption of digital financial services. Customers – both individuals and businesses – now want their services fulfilled instantly, and that extends to cross-border settlements

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6 Fast-Growing Fintechs from Saudi to Keep a Close Eye on

These past few years have seen Saudi Arabia’s fintech sector gaining strong momentum, a growth that’s been fueled by favorable market conditions, the country’s dynamic startup ecosystem and booming funding activity. Between 2020 and 2021, the number of fintech companies

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Amazon Payment Services Appoints Country Head For Strategy and Growth in Saudi Arabia

Amazon Payment Services, a payment service provider operating across the Middle East and North Africa (MENA) region, has announced the appointment of Mona Alsemayen as the Country Head, Strategy and Growth for Amazon Payment Services in Saudi Arabia. Peter George,

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2022, a Breakout Year for Open Banking in Saudi Arabia

In Saudi Arabia, open banking is taking off, driven by a conducive regulatory landscape, increased competition in the financial sector, and rising investors’ interest. A new report by fintech research firm WhiteSight in partnership with homegrown fintech company Mod5r takes

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Open Banking APIs, AI Among Top Fintech Trends in Bahrain this Year

Bahrain Fintech Bay, a fintech hub spearheaded by the government, has identified open banking APIs, artificial intelligence (AI), customer-centric models, and fintech as infrastructure as the four key trends in the domestic fintech ecosystem expected to boom this year on

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Entrepreneurship Arm of Saudi Aramco to Launch Fintech Accelerator Program

Wa’ed, the entrepreneurship arm of Saudi Aramco, has collaborated with Fintech Saudi as a strategic partner, along with regional seed and early-stage venture capital firm Flat6Labs, to launch a 12-week Fintech Accelerator to expedite the growth and development of promising

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Fintech Digest: Saudi Arabia’s Fintech Space Grows With 16 New Licenses

Saudi Arabia’s fintech sector has broadened, with licenses issued to 16 new fintech companies during the third quarter of this year (Zawya). According to the Saudi Central Bank governor, 13 of these companies come from the payments and electronic wallets

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