Tagged: mena region

October 22, 2021 @ 9:18 am By Omar Faridi  |  

Payment solutions provider Mastercard (NYSE: MA) has entered into a partnership agreement with Demica in order to introduce a supply chain finance capability within Track Business Payment Service (Track BPS). This should enable improved access to “flexible working capital for buyers and suppliers.” As mentioned… Read More

October 21, 2021 @ 10:36 pm By Omar Faridi  |  

The team at Fintech firm Ripple is pleased to confirm that UAE-headquartered foreign exchange and worldwide money transfer firm, Al Ansari Exchange has joined RippleNet. Via RippleNet Cloud, which is Ripple’s international Cloud-powered financial network tech, Al Ansari Exchange will be connecting with major money… Read More

October 18, 2021 @ 10:07 pm By Omar Faridi  |  

The Central Bank of the UAE (CBUAE) signed an agreement with Dubai International Financial Centre (DIFC), the international financial center in the MEASA region, in order to collaborate on the development and growth of the UAE’s Fintech sector “through joint initiatives and activities.” The agreement… Read More

October 5, 2021 @ 7:19 pm By Omar Faridi  |  

Qatar Fintech Hub (QFTH), established by the Qatar Development Bank (QDB) to support the growth of the Fintech industry in the Middle Eastern country, published its first whitepaper on the current state of the fast-evolving Fintech ecosystem in the MENA region. Titled “From Qatar to… Read More

October 1, 2021 @ 10:33 am By Omar Faridi  |  

Global Processing Services (GPS), the Paytech Pioneer behind major Fintech challengers, reveals that it has established its MENA region office and hired payments professional, Arnav Rath, as Head of Region. Based in Dubai, the team will focus on leveraging its international reach and payments expertise… Read More

September 30, 2021 @ 8:47 am By Omar Faridi  |  

Three Egypt-based banking institutions will be establishing a 1 billion Egyptian pound Fintech fund (appr. $63.6 million) in order to offer support to Fintech firms (starting October 2021). The three banking institutions include the National Bank of Egypt, Banque Misr, and Banque du Caire, along… Read More

September 29, 2021 @ 10:59 pm By Omar Faridi  |  

Veriff, an international ID verification provider, is teaming up with SimpliFi, a Cards as a Service (CaaS) platform for the MENA region and Pakistan, in order to protect SimpliFi clients from identity fraud within their “instant” card issuance programs. Through their partnership, Veriff will be… Read More

September 29, 2021 @ 1:33 am By Omar Faridi  |  

Citi (NYSE:C) has introduced a dedicated technology hub in Bahrain in order to develop its digital-first platforms. Citi’s management confirmed on September 27, 2021 (Monday) that they are establishing an international tech hub at their Bahrain offices. According to a report from Reuters, the tech… Read More

September 26, 2021 @ 6:38 pm By Omar Faridi  |  

Velmie, a Fintech and banking software service provider, has launched an FX and cross-border transfers module that is connected to providers like Currencycloud, Rapyd, and Nium. Velmie’s white-label platform is currently capable of supporting international payments and funds transfers with customized integration. Global payments and… Read More

September 23, 2021 @ 10:02 pm By Omar Faridi  |  

The newly formed financing firm in Saudi Arabia, Positive Facilities Co. Ltd. (Ejabiah), has reportedly entered an agreement with Path Solutions for the introduction of its interest-free Core banking platform. Ejabiah will be providing a unique 0% interest financing product, which is somewhat similar to… Read More

September 20, 2021 @ 10:30 pm By Omar Faridi  |  

Saudi Arabia-headquartered virtual payment and point-of-sale (POS) solutions provider CashIn has reportedly acquired SAR 6 million (appr. $1.6 million) in capital through a seed round. CashIn’s investment round has been led by investor Mine. Saudi venture capital firm BIM Ventures also took part in the… Read More

September 16, 2021 @ 9:30 am By Omar Faridi  |  

dopay, a B2B2C payments platform that aims to serve 1.7 billion unbanked workers in emerging markets, has finalized an $18 million Series A round. As mentioned in a release, dopay intends to address a steady and growing demand from businesses for cashless payroll and from… Read More

September 13, 2021 @ 9:31 pm By Omar Faridi  |  

The total number of point-of-sale (POS) and digital commerce transactions in Bahrain increased by 65% in August 2021 YoY, reaching an aggregate value of almost $744 million during the month, after topping $3.62 billion during H1 2021, the Central Bank of Bahrain has revealed. According… Read More

September 12, 2021 @ 10:22 pm By Omar Faridi  |  

UAE-headquartered healthcare financing platform Klaim has acquired $1.6 million via a pre-Series A round. Klaim’s investment round has been led by Mad’a Investments, a private equity company based in Saudi Arabia. Other investors also made contributions to the round, including Arzan Venture Capital and Wealth… Read More

September 8, 2021 @ 8:27 pm By Omar Faridi  |  

Three private equity funds and a select group of VCs have reportedly invested around $120 million in Egypt-based MNT-Halan, a microfinance lending and payments firm. As noted by its management: “MNT-Halan is Egypt’s largest and fastest growing lender to the unbanked. Founded in 2018, with… Read More

September 4, 2021 @ 6:30 pm By Omar Faridi  |  

Abu Dhabi Islamic Bank (ADIB), an Islamic financial institution, reveals that it has introduced “Amwali,” which is an Islamic digital proposition meant for youth between the ages of 8 to 18. Amwali is described as a unique proposition that aims to bring together a suite… Read More

September 2, 2021 @ 9:40 pm By Omar Faridi  |  

The Abu Dhabi Securities Exchange (ADX) reveals that it has taken an important step towards establishing a derivatives market in 2021 by entering an agreement with Nasdaq (Nasdaq: NDAQ) in order to provide marketplace tech services, such as matching, real-time clearing and settlement technology. Abu… Read More

August 30, 2021 @ 1:57 pm By Omar Faridi  |  

Fintech investments are fueling growth in the MENA region’s digital economy as consumers increasingly begin to conduct cashless transactions, following the Coronavirus outbreak. The region’s financial technology space is also benefitting from updated regulatory guidelines that may be more conducive for growth, according to consultancy… Read More

August 30, 2021 @ 10:01 am By Omar Faridi  |  

We recently connected with James Wo, the Founder and CEO at Digital Financial Group, an investment company empowering Web 3.0 applications and blockchain or DLT -enabled platforms. Wo discussed the different products and services that his company supports. He also discussed the long-term impact that… Read More

August 24, 2021 @ 10:43 pm By Omar Faridi  |  

HSBC Qatar has introduced mobile payments and collections services for its personal and corporate clients, as part of its ongoing investment into digitizing banking services. These recent updates will aim to enable greater financial inclusion for the unbanked sector and  visitors in Qatar, which is… Read More