Tagged: mena

Middle East Fintech Sector Continues to Expand as Bahrain and UAE Move Up in Global Startup Rankings: Report

Bahrain and the United Arab Emirates (UAE) were recently ranked among the world’s top 100 destinations for startups across the globe. A new study published by StartupBlink, called the Startup Ecosystem Rankings Report, determines the score for each country by taking into consideration many different… Read More

In First for the Region, Matrix Exchange Receives License to Operate a Regulated Digital Asset Exchange for Global Users

  Matrix Exchange Ltd., based in Abu Dhabi, has received a license to operate a “global virtual asset MTF and custody service.” The license is known as a “Financial Services Permission” (FSP), that allows holders to operate a regulated virtual asset Multilateral Trading Facility (MTF)… Read More

UAE based Fintech Spotii Introduces Buy Now Pay Later Platform via Partnership with Local Online Merchants

United Arab Emirates (UAE)-based Fintech firm Spotii has introduced its shop now (or buy now) pay later platform. The credit is provided at “no interest, no cost.” Spotii has teamed up with various online merchants, allowing them to provide four “cost-free” installments to customers when… Read More

Qatar Central Bank Is “Actively Working” on Fintech Initiatives, and Exploring Blockchain Use Cases

Qatar’s central bank (QCB) has proposed a second strategic plan which involves establishing clear policies that aim to support venture capital funding and the development of SMEs, according to Sheikh Abdulla bin Saoud al-Thani, the governor at QCB. The Qatar Development Bank (QDB), a local… Read More

Fintech: Bahrain’s Banking Industry Remains Focused on Adopting Innovative Financial Technologies, According to Local Investment Professional

David Parker, co-chief investment officer at the Bahrain Economic Development Board (an organization responsible for attracting inward investment into the Kingdom for key areas such as technology development and supporting the local financial and banking industry), recently confirmed that the country aims to position itself… Read More

UAE’s Authorities Request Financial Service Providers to Use Latest Fintech and Regtech to Help Follow AML Guidelines During COVID-19 Outbreak

The United Arab Emirates’ (UAE) top regulatory authorities have asked local businesses to leverage the latest Fintech solutions to counter anti-money laundering (AML) and other types of illicit financial activities. The advisory was issued by the nation’s reserve bank, Ministry of Economy, Ministry of Justice,… Read More

New MENA Region Fintech Report Released by Dubai-based Global Ventures, a Leading VC Firm

Global Ventures, a Dubai-based venture capital firm that recently finalized a $50 million investment round, has released a new report that discusses the state of Fintech in the Middle East region. Global Ventures’ extensive 59-page report covers the ongoing growth and development of the Fintech… Read More

Dubai-based VC Firm, Global Ventures, Secures $50 Million in Capital, Company’s Managing Partner, Basil Moftah, Confirms

Dubai-based Global Ventures, a venture capital firm established by Noor Sweid who was previously involved with the Dubai Future Foundation and Leap Ventures, has secured $50 million in capital. This, according to Basil Moftah, the firm’s managing partner, who shared the details of the investment… Read More

Dubai-based Fintech Mamo Pay Secures $1.5 Million in Funding to Launch Peer to Peer Payments App

Dubai-based Mamo Pay, a Fintech firm established by former Google employees, has secured  $1.5 million in capital, in order to streamline peer to peer (P2P) payments in the United Arab Emirates and wider Middle East region. As reported by Mena Bytes, Mamo Pay’s seed investment… Read More

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

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