Tagged: mena region

January 6, 2022 @ 9:49 pm By Omar Faridi  |  

Bitrefill, a Fintech company that’s supporting digital currency adoption by helping consumers “live on crypto” with gift cards, phone refills, and Lightning Network access, claims that you can now live on crypto in Saudi Arabia. Bitrefill has reportedly added 73 new and popular gift cards… Read More

December 26, 2021 @ 10:44 pm By Omar Faridi  |  

Saudi Arabia-headquartered Arab National Bank has reportedly signed on US-based open-source software provider Red Hat, Inc., for the latter’s open hybrid Cloud technologies. As mentioned in the announcement, the Arab National Bank is planning to enhance its capabilities in virtual banking, open finance and customer… Read More

December 14, 2021 @ 9:49 pm By Omar Faridi  |  

The Arab Monetary Fund (AMF) and Mastercard (NYSE: MA) have announced the signing of a Memorandum of Understanding (MoU). Per the terms of this MoU, Mastercard and Buna (the cross-border and multi-currency payment system owned by the AMF), will “seek strategic interoperability between their respective… Read More

December 13, 2021 @ 10:44 pm By Omar Faridi  |  

Virtual payments solution provider Arab Financial Services says that it intends to acquire $98 million in capital in order to support its revenue growth and strategic expansion efforts. Shareholders of the company have reportedly approved plans to increase the firm’s authorized share capital to $150… Read More

December 11, 2021 @ 3:48 pm By Omar Faridi  |  

Edfundo, the transformative smart money management app for kids and teens living in the United Arab Emirates (UAE), has appointed industry specialists to its advisory board. Joining the board are Saudi-headquartered Fintech & Business Development specialist Saleh AlHammad, UK‘s Finance & Emerging Payments professional David… Read More

December 10, 2021 @ 11:02 am By Omar Faridi  |  

Fintech platform fonYou has announced that it has acquired €7 million in capital from Banco Santander’s Smart Fund, as part of a financing transaction that will aim to support fonYou’s future tech development and market expansion as it introduces its Fintech solutions across different regions… Read More

December 6, 2021 @ 10:15 pm By Omar Faridi  |  

i2c Inc., a provider of digital payment and banking tech, has announced its partnership with BEYON Money, the mobile super app introduced by Batelco Financial Services, which is the Fintech unit of Bahrain’s digital solutions and telecommunications provider. Backed by a recently-secured Open Banking license… Read More

November 26, 2021 @ 11:11 am By Omar Faridi  |  

The National Bank of Kuwait has introduced Weyay, which is reportedly the Middle Eastern country’s first completely digital bank (will focus on serving younger clients). At present, the Fintech and virtual banking app is in beta testing and has been introduced at the pre-registration stage…. Read More

November 22, 2021 @ 8:31 pm By Omar Faridi  |  

GCC-headquartered early-stage VC company VentureSouq has introduced a $50 million MENA region Fintech Fund I. As mentioned in the announcement, the MENA Fintech Fund I is the first sector-wide Fintech-focused fund to be introduced across the Middle East area and Pakistan. The new Fund is… Read More

November 21, 2021 @ 3:27 pm By Omar Faridi  |  

UK-headquartered Nomod, a payments Fintech with a sharp focus on the MENA region, confirmed earlier this week that it has secured $3.4 million via a seed round. Nomod’s latest investment round takes the Fintech firm’s valuation to $50 million. The company has received investments from… Read More

November 15, 2021 @ 10:32 pm By Omar Faridi  |  

The Central Bank of the UAE (CBUAE) and Bank Indonesia (the Central Bank of the Republic of Indonesia) have reportedly entered a Memorandum of Understanding (MoU) in order to expand mutual co-operation. The bilateral MoU will be including three key areas, focusing on digital innovation… Read More

November 15, 2021 @ 10:27 pm By Omar Faridi  |  

Sarwa has confirmed the launch of Sarwa Trade, which is a zero-commission, zero-transfer-fee trading platform. Sarwa customers are able to trade stocks and exchange-traded-funds (ETFs) via an intuitive mobile app — with no commissions, no international transfer fees “from local AED accounts, and no minimum… Read More

November 14, 2021 @ 8:04 pm By Omar Faridi  |  

Bahrain-based digital asset trading platform CoinMENA has acquired $9.5 million via a seed round. @CoinMENA Raises $9.5M Seed Fund #CoinMENA #Blockchain #Cryptocurrency #Crypto #DeFi https://t.co/vVH1vVj6ED pic.twitter.com/V05Ii2CabS — Head of DeFi @Spectrum Search – Blockchain Bully (@JobsBlockhain) November 12, 2021 As mentioned in the announcement, this… Read More

November 8, 2021 @ 7:52 pm By Omar Faridi  |  

India-headquartered software-as-a-service (SaaS) Fintech ClearTax has acquired $75 million in funding via a Series C round. ClearTax’s investment round has been finalized in order to support the firm’s business expansion into the MENA region. The company said it would also enable ClearTax to further diversify… Read More

November 8, 2021 @ 1:04 pm By Omar Faridi  |  

Dubai-based Open Banking firm Tarabut Gateway recently secured $12 million in capital via a pre-Series A round. Tarabut Gateway’s investment round has reportedly been led by Tiger Global. Other investors made contributions as well, including new backers Dubai International Fintech Fund, which is an investment… Read More

November 4, 2021 @ 9:01 pm By Omar Faridi  |  

Saudi British Bank (SABB) has announced the launch of its Instant Cross-Border Transfer Service for the United States Corridor via the blockchain payment tech powered by Ripple. The launch of this service was confirmed during the fifth edition of “The Future Investment Initiative Institute” led… Read More

November 1, 2021 @ 7:52 pm By Omar Faridi  |  

The Qatar Fintech Hub (QFTH) recently shared the list of 16 Fintech firms that will be joining Wave 3 of its incubator and accelerator program. Established by the Qatar Development Bank (QDB), the QFTH is responsible for running an incubator and an accelerator program in… Read More

October 25, 2021 @ 9:46 pm By Omar Faridi  |  

Fintech Galaxy, the UAE-headquartered open innovation platform, has acquired $2 million in seed funding in order to further enhance the development and rollout of its Open Finance platform, as it looks to further expand its reach and support financial inclusion across the MENA region. Fintech… Read More

October 25, 2021 @ 9:42 pm By Omar Faridi  |  

FIS and Money.Jo have teamed up to adapt to significant changes in consumer behavior in the MENA region. Less than a year after establishing business operations in Jordan, Money.Jo (also called Money for Finance) became the nation’s leading consumer loan provider, with €3.9 million in… Read More

October 25, 2021 @ 6:26 pm By Omar Faridi  |  

During the past year, the Fintech sector in Saudi Arabia has experienced steady growth. This, according to the Fintech Saudi Annual Report for 2020/2021. The number of Saudi Arabia-based Fintechs increased by 37% with an investment amount surpassing SAR 1.3 billion (appr. $347 million). Nejoud… Read More