Search Results for: Saudi Arabia

February 21, 2025 @ 8:57 am By JD Alois  |  

Artificial intelligence firm and OurCrowd portfolio company Groq has received a $1.5 billion commitment from the Kingdom of Saudi Arabia. According to the offering page, Groq is an energy-efficient, high-performance AI provider. Founded in 2016 by former Googlers, Groq aims to: “…revolutionize the AI industry… Read More

February 5, 2025 @ 9:08 pm By Omar Faridi  |  

Eastnets, a global firm enabling and supporting compliance, payments, and cloud solutions, has launched a SWIFT Service Bureau in the Kingdom of Saudi Arabia (KSA). Designed to empower institutions with compliant solutions, the Eastnets KSA Service Bureau delivers seamless SWIFT connectivity, cloud-enabled operations, and “adherence… Read More

January 6, 2025 @ 8:57 pm By Michael Wong  |  

United International Holding Co. has entered into a memorandum of understanding (MoU) with Fintech firm NowPay Corp. to establish a specialized wage processing company in Saudi Arabia, according to a company announcement. The non-binding agreement, effective for two months with an option to extend, outlines… Read More

December 26, 2024 @ 8:26 pm By Omar Faridi  |  

Zid, Saudi Arabia’s commerce enablement platform, has unveiled ‘Total Commerce’ – which is described as a unified ecosystem redefining digital retail – at Ripple 2024. The development is said to be important for retail innovation in Saudi Arabia and across the region as well. Sultan… Read More

December 11, 2024 @ 5:59 pm By Omar Faridi  |  

Alpaca noted that it is cementing its self-clearing foundation through its DTCC membership and product launches, including Options Trading and High Yield Cash Accounts. Alpaca, a brokerage infrastructure tech firm and self-clearing broker-dealer, delivering execution and custody solutions for Stocks, ETFs, and Options, that support… Read More

December 3, 2024 @ 9:46 pm By Omar Faridi  |  

Themis, a global firm that’s focused on financial crime prevention, announces the official launch of Tathabbat. This reportedly marks an important step in Saudi Arabia’s fast-growing compliance landscape, aligning with Vision 2030 as well as the Middle Eastern nation’s ongoing push to adopt innovative Know-Your-Finance… Read More

September 26, 2024 @ 3:18 pm By Omar Faridi  |  

Chainalysis recently shared key insights from its 2024 Geography of Cryptocurrency Report. According to the Chainalysis research report, the MENA region ranks as the seventh-largest crypto market globally in 2024, with “an estimated $338.7 billion in on-chain value received between July 2023 and June 2024,… Read More

June 17, 2024 @ 10:04 pm By Omar Faridi  |  

barq, a digital wallet for consumers and businesses in the Kingdom of Saudi Arabia, and Thunes, a global money movement innovator, announce the signing of a Memorandum of Understanding (MOU) to expand international money transfer opportunities for barq’s users. In the partnership, Thunes will provide… Read More

April 7, 2024 @ 8:31 pm By Omar Faridi  |  

The Saudi Central Bank (SAMA) announced that the share of retail consumer electronic payments -one of the Financial Sector Development Program’s KPIs- reached 70% of total retail payments in 2023, up from 62% in 2022. This achievement is attributed “to the significant growth of payments… Read More

March 12, 2024 @ 11:19 pm By Omar Faridi  |  

Animoca Brands, the company advancing digital property rights for gaming and the open metaverse, announced that it has entered into a Memorandum of Understanding (MOU) with King Abdulaziz City for Science and Technology (KACST) to collaborate to advance the Web3 and gaming ecosystem in the… Read More

March 12, 2024 @ 10:39 pm By Omar Faridi  |  

Jada Fund of Fun​ds has announced its first investment in Venture Debt and second in the private credit space in Partners for Growth VII, managed by global private credit manager Partners for Growth, “with SAR 3.75 billion (USD 1 billion) in assets under management, to… Read More

March 7, 2024 @ 6:46 pm By Omar Faridi  |  

Rabeh Financial, a Saudi Arabia-based company that claims to be specializing in crowdfunding services and equity exchange, has recently announced during the events of LEAP24 conference, its success in closing a seed funding round of 3 million Saudi Riyals, in collaboration “with Mjalis Investment Company… Read More

March 1, 2024 @ 7:00 pm By Omar Faridi  |  

Mastercard (NYSE: MA) has partnered with Loop, a digital payments technology company licensed by SAMA, to empower businesses and consumers across the Kingdom with greater access to advanced credit card offerings and innovative payment solutions. The partnership will see Loop “expand its portfolio, enhance its… Read More

December 21, 2023 @ 7:41 pm By Michael Wong  |  

Saudi Arabian fintech savings platform Hakbah has successfully raised $5.1 million in a Series A funding round, a substantial boost for the savings platform’s growth and innovation strategies. The round was anchored by venture capital firm VentureSouq and backed by new investors M-Capital and Bunat… Read More

December 19, 2023 @ 9:28 pm By Omar Faridi  |  

Tamara, the 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 funding round. This investment round was… Read More

December 10, 2023 @ 4:55 pm By Michael Wong  |  

Lendo, a Saudi Arabia-based Shariah-compliant debt crowdfunding marketplace, has announced raising about $28 million in its Series B funding round anchored by Public Investment Fund (PIF)’s Sanabil Investments. The round also saw participation from Shorooq Partners, AB Ventures, and other investors, according to the announcement…. Read More

November 30, 2023 @ 4:33 am By Omar Faridi  |  

Hong Kong Exchanges and Clearing Limited (HKEX) is pleased to welcome the listing of Asia Pacific’s first ETF to “track Saudi Arabian equities – the CSOP Saudi Arabia ETF (Stock code: 2830 / 82830).” This ETF, which tracks the FTSE Saudi Arabia Index, “provides investors… Read More

November 23, 2023 @ 7:40 pm By Michael Wong  |  

Lending platform Dnaneer Financing Co, has reportedly received authorization from the Saudi Central Bank (SAMA) to operate a crowdfunding platform in Saudi Arabia. The authorization gives the company the go signal to offer debt-based crowdfunding solutions in the Kingdom, making it the eight fintech firm… Read More

September 17, 2023 @ 2:46 pm By Michael Wong  |  

In a landmark move to fortify commercial ties between Hong Kong and Saudi Arabia, the Saudi Arabia-China Entrepreneurs Association (SCEA) signed a Memorandum of Understanding (MoU) with the Hong Kong Trade Development Council (HKTDC). The MoU was inked during the eighth Belt and Road Summit…. Read More

September 3, 2023 @ 4:48 pm By Omar Faridi  |  

The Saudi Central Bank (SAMA) has reportedly licensed “Alhulul AlMubassatah Financial Company (SiFi)” to provide E-wallet solutions. With SiFi, there are now 25 licensed companies “offering payment services in Saudi Arabia, in addition to 7 companies that have obtained initial approval to operate within SAMA’s… Read More