Tagged: mena

Padmini Gupta’s Dubai-based Fintech Firm Rise, which Helps Low Income Migrant Workers, Secures New Investments

Dubai-headquartered Fintech firm Rise has secured funding via an investment round led by Middle East Venture Partners (MEVP). The round was carried out through a partnership with Dubai International Financial Centre (DIFC) Fintech Fund, 500 Startups, Khwarizmi Ventures and Phoenician Funds. The amount invested has… Read More

Fintech Firms, Aion Digital and Qarar, Team Up to Accelerate Development of Online Lending Platforms in the Middle East

Two major Fintech companies, Aion Digital and Qarar, are teaming up in order to accelerate the growth and development of online lending platforms across the Middle East region. According to a press release, the collaboration between the two Fintechs aims to “revolutionize the credit market”… Read More

Digital Transformation: UAE Banking Executive Explains How Fintech, AI, Robotic Process Automation is Transforming Finance Sector

The United Arab Emirates’ (UAE) banking sector has become increasingly competitive due to the significant increase in the number of Fintech firms in the Middle Eastern country. The UAE has also established (for the most part) progressive regulatory guidelines and is in the process of… Read More

Orange Money to Allow Users in Morocco to Make Payments via Digital Wallets Linked to their Mobile Phone Numbers

Orange is launching Orange Money in Morocco. The solution will allow mobile customers, regardless of which telecom operator they use, to perform transactions through a digital wallet linked with their cell phone number.  Orange Money will allow smartphone users to perform everyday financial transactions, pay… Read More

Artificial Intelligence Spending Will Surpass $15 Billion, Mainly for Network Optimization and Preventing Fraud: Research

A study recently published by Juniper Research has revealed that total spending on artificial intelligence (AI)-enhanced platforms and solutions will surpass $15 billion by 2024. Juniper Research’s latest study, titled AI Strategies for Network Operators: Key Use Cases & Monetisation Models 2020-2024, noted that only… Read More

State-Owned Dubai International Financial Centre Adds Over 2,000 Jobs, Records $139 Million in Net Profits

Dubai UAE Beach Camels fredrik-ohlander-unsplash

The financial sector in Dubai will be expanding at a gradual pace and only if there is enough demand for new platforms and services, according to the local financial district’s governor. The state-owned Dubai International Financial Centre (DIFC) began expanding its operations in 2019. It’s… Read More

MENA Region’s Largest Open Banking Platform Tarabut Gateway to Conduct Several Interactive Workshops for Local Fintech Firms and Banks

Tarabut Gateway, MENA region’s biggest Open Banking platform, will be conducting a series of six different Open Banking Interactive Workshops, which have been designed to help individual consumers, banks and Fintech firms learn more about the new policy.  The first workshop will be conducted this… Read More

Former President Trump Advisor Jason Greenblatt Joins OurCrowd as a Partner, Aims to Build Ties in Middle East Region

Following a well-received presentation at the OurCrowd Global Investor Summit held earlier this month, Jason Greenblatt, a former advisor to President Donald Trump, is joining the crowdfunding platform as a Partner building ties in the Middle East region. Greenblatt was previously an Assistant to the… Read More

UAE’s Ministry of Health and Prevention Teams Up with Other Local Agencies to Launch Blockchain Platform for Managing Healthcare Records

The United Arab Emirates’s (UAE) Ministry of Health and Prevention (MoHAP) has teamed up with the nation’s Ministry of Presidential Affairs, Dubai Healthcare City and several other local government agencies in order to launch a blockchain-enabled health data storage platform. The Emirates News Agency reported… Read More

One of Qatar’s Largest Commercial Banks, Doha Bank, Launches New Digital Banking Funds Transfer Service

Doha Bank, one of Qatar’s largest commercial banks (incorporated in 1978 and began offering its services in Doha, Qatar in March 1979), has confirmed the official launch of its domestic and cross-border funds transfer digital service for corporate customers. The domestic and international funds transfer… Read More

Dubai-based Fintech Sarwa Secures $8.4 Million via Series A Round Led by Kuwait Projects Company

Dubai-headquartered Sarwa confirmed on January 27 that it had finalized an $8.4 million Series A investment round, which was led by Kuwait Projects Company (KIPCO). The firm’s hybrid automated investment platform aims to simplify the process of investing while making it more affordable. Sarwa’s platform… Read More

VC Division of World’s Most Profitable Firm Saudi Aramco Invests $5 Million in Blockchain-based Oil Trading Platform, Vakt

The venture capital division of the most profitable firm in the world, Saudi Aramco, has reportedly invested $5 million in a blockchain-enabled oil trading platform, called Vakt. Vakt’s management confirmed the news on January 28, noting that Saudi Aramco Energy Ventures is now among its… Read More

Dubai International Financial Centre Fintech Hive Launches Investment Accelerator Program in Middle East, Africa, South Asia

Dubai International Financial Centre (DIFC) Fintech Hive has announced the introduction of their investment-focused accelerator program for startups and other small companies in the Middle East, Africa and South Asia (MEASA) regions. The Fintech Hive Scale Up program will provide partnership and investment opportunities for… Read More

Qatar Financial Center Records 33% Growth with Over 800 Fintech, IT, Tax, and Investment Consulting Firms Now Part of the Organization in 2019

The Qatar Financial Center (QFC), one of the largest and fastest-growing business and financial centers in the Middle Eastern country, ended 2019 with a significant 33% growth, as nearly 200 companies registered on QFC’s platform. The number of firms establishing operations out of the QFC… Read More

Over 60% of United Arab Emirates’ Adult Working Population Is Still Not Using Modern Financial Services: Report

Dubai UAE Beach Camels fredrik-ohlander-unsplash

The global payments industry is evolving rapidly and will only be developing faster in the coming years according to several reports. From digital transformation efforts to the increasing competition among Fintech firms to innovate, it is becoming more important for companies to upgrade their tech… Read More

Fintech in the Middle East: Saudi Arabia Might Be Shifting Economic Focus from Oil to Financial Technology

Crude oil production in Saudi Arabia slowed down considerably last year, from 10,643 BBL/D/1K in December 2018 to only 9,890 BBL/D/1K in November 2019. Steady and continuous drops in crude oil production may be attributed to several different factors, such as the attendant impact on… Read More

Insurtech: Solidarity Bahrain, a Leading Insurance Technology Platform, Launches New Core Insurance System

Solidarity Bahrain, one of Bahrain’s largest insurance service providers and a subsidiary of Solidarity Group Holding, has reportedly launched its newly developed core insurance system, TCS BaNCS. The TCS BaNCS insurance platform is part of the foundation of Solidarity’s digital transformation plan and has been… Read More

Report: “Virtual Asset Services” Banned in Qatar

International Investment (II) is reporting that Qatar’s financial regulator, the QFC, has banned the use of cryptocurrencies in the region. The ban appears to be comprehensive. It covers, “anything of value that acts as a substitute for currency, that can be digitally traded or transferred… Read More

National Bank of Oman Receives Award for Best Mobile Banking Application by International Finance Magazine

The National Bank of Oman (NBO), the first local bank and one of the largest financial institutions in the Middle Eastern country of Oman, has been awarded Best Mobile Banking Application – Oman 2019 by the International Finance Magazine. The bank has also received various… Read More

Middle East’s Startup Ecosystem Supporter Wamda Co-Leads $3 Million Round in Floranow

Wamda, an established startup ecosystem supporter in the Middle East, recently co-led a $3 million Series A investment round with Global Ventures in Floranow, a business-to-business (B2B) online floral marketplace. Existing investors including Dash Ventures, Jabbar Internet Group, and new investors Sirocco Holdings, Adamtech Ventures,… Read More

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