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Tarabut Gateway Raises US$32 Million to Expand in Saudi Arabia
Tarabut Gateway announced the completion of a US$32 million Series A fundraise. The funding round was led by Pinnacle Capital with the participation of Aljazira Capital, Visa, Tiger Global and other existing investors. The proceeds raised bolster Tarabut Gateway‘s footprint
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Saudi Licenses 24th Fintech Company
The Saudi Central Bank (SAMA) licensed “Rasid Payments Company for Financial Technology” to provide payment solutions through point of sales (POS). This addition brings the total number of payment companies licensed by SAMA to 24, in addition to six companies
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MENA Open Banking Pioneer Bahrain Moves Towards Open Finance
In the Middle East and North Africa (MENA) region, Bahrain is the undeniable leader when it comes to open banking, a position the country earned thanks to its financial regulator’s proactiveness in introducing formal regulations and implementing technical standards. Now,
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Saudi Licenses Two Additional Debt-Based Crowdfunding Fintech Startups
The Saudi Central Bank (SAMA) announced the licensing of two finance companies specialized in debt-based crowdfunding, namely: Forus and Tameed. The licenses were granted to the companies after successful testing of their solutions in SAMA’s Regulatory Sandbox; an experimental environment
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VC Funding Soars in Saudi Arabia, Propelled by Fintech
2022 was a record-breaking year for venture capital (VC) investment in Saudi Arabia. Startups in the country secured a total of US$987 million across 144 deals, representing a staggering 72% increase in funding volume compared with 2021, according to a
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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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Fintech Licence Overview in Saudi: All the Players You Have to Know
Tweeq International Financial Company, a Saudi Arabian business, has been granted a license to operate as a payment fintech company and provide e-wallet services, the Saudi Central Bank (SAMA) announced on November 22, 2022. The approval is the 11th unveiled
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Bahrain, UAE and Saudi Arabia Recognized as Open Banking Leaders in the GCC
In the Gulf Cooperation Council (GCC), the open banking phenomenon is evolving at a rapid pace. Across the region, regulators are embracing the imperative aggressively, having acknowledged the potential of data sharing to improve customer experience and increase financial inclusiveness.
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Canada’s Salt Edge Expands Its Open Banking Offering to Saudi Arabia
Canadian open banking solutions provider Salt Edge is expanding to Saudi Arabia to enable financial institutions to share their transactional data, initiate payments, and meet compliance requirements. The company hopes to help Saudi banks comply with SAMA’s new open banking
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Spare Launches Open Banking Payment Options in Bahrain With EazyPay
Kuwaiti open banking platform Spare has partnered with Bahraini payment services provider EazyPay to enable Spare merchants in Bahrain to accept open banking payments. Customers of Spare’s merchants in Bahrain will be able to make payments directly from their bank
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