Tagged: middle east

New Instant Payments System “Sarie” Launched in Saudi Arabia to Seamlessly Settle Local Digital Transactions

The reserve bank in Saudi Arabia has introduced an instant payments solution, called the “Sarie” system, in order to carry out low-value transactions within the country. The Saudi reserve bank (SAMA) noted that the new initiative will allow banking customers in the Kingdom to accept… Read More

Fintech, Digital Commerce, Healthtech in Saudi Arabia are Expected to Attract Substantial VC Funding in 2021, Local Sources Reveal

Saudi Arabia’s venture capital funds are increasingly looking to tap into Fintech, digital commerce, and healthcare segments this year. VC activity has increased considerably in the MENA region including Saudi Arabia during the past few years, with local startups recording a 55% year-over-year growth in… Read More

UAE’s BaaS Fintech NymCard Secures $7.6M in Capital via Series A to Accelerate its Expansion Efforts

Abu Dhabi based NymCard, a card issuing and processing platform, has secured $7.6 million in  capital through a Series A funding round. The banking-as-a-service (BaaS) provider confirmed that the investment round was led by Shorooq Partners along with the contributions from OTF Jasoor Ventures and… Read More

LuLu Exchange Partners Global Fintech Ripple and Federal Bank to Enhance Real-Time Payments from UAE to India

The LuLu Exchange in the United Arab Emirates (UAE) has confirmed that they’re teaming up with American Fintech Ripple (which is the subject of a major enforcement action from the US SEC) and Federal Bank in order to enhance real-time payments capabilities from the UAE… Read More

Mastercard, Network Int. to Support MENA Region Digital Payments, as [email protected] Launches Inventory Monetization Platform for MENA Countries

Mastercard has partnered with UAE-headquartered PSP Network International in order to introduce a digital platform with the goal of promoting the adoption of virtual payments across the MENA region. With this new digital platform going live this month, Network International plans to help its customers… Read More

SNGLR, a Digital Advisory and Tech-focused VCs Specializing in Longevity and Smart Mobility, Launch Global Platform

SNGLR Holding AG has confirmed the official launch of its business operations and is now fully operational with its headquarters based in Zug, Switzerland. SNGLR Holding also maintains  business offices in Boston (USA), Berlin, (Germany), Rome (Italy), and Dubai (UAE). The SNGLR Holding team includes… Read More

UAE based Investment Advisory Firm Sarwa Acquires Experimental Fintech Permit to Offer Services in Saudi Arabia

Dubai-headquartered investment advisory firm Sarwa is reportedly expanding its business operations to Saudi Arabia after acquiring a temporary or experimental Fintech license from Saudi’s Capital Markets Authority (CMA). This development has come about a year after Sarwa secured $8.4 million in capital, which was one… Read More

Qatar based Fintech CWallet, which Will Offer Payroll and Remittance Payments Options, Secures $220,000 in Pre-Seed Funding

Qatar-based Fintech firm Cwallet has finalized a $220,000 pre-seed investment round from its founders and MBK Holding, the company’s CEO has confirmed. Michael Javier, who’s also Co-founder at Cwallet, noted that the Fintech company is now working cooperatively with the Qatar Central Bank (QCB) in… Read More

Digital Payments in Saudi Arabia Surged 75% YoY as Consumers Began Shopping Online More Frequently due to COVID

Digital payments in Saudi Arabia surged by 75% last year, as consumers increasingly began shopping online following the COVID-19 outbreak. Meanwhile, cash withdrawals from ATMs and other payment points declined 30% during the same time period. Point of sale (PoS) refers to a location where… Read More

Dubai and UAE Economy Expected to Grow 4% in 2021, Supported by Financial Services and Nascent Fintech Sector

Dubai‘s economy is projected to grow by 4% this year, driven by the government’s (fairly) effective response to the COVID-19 pandemic. The Dubai government has taken several measures to extend support to local businesses and individuals. It also launched four stimulus packages valued at 6.8… Read More

Fintech Rise Founder Padmini Gupta Discusses Challenges Experienced by Migrant Workers when Sending Remittance Payments

The Covid-19 pandemic has been a major global disruptor as it has fundamentally changed how people conduct their daily lives. In 2020, we saw many more consumers using online platforms while cash usage dropped considerably in some parts of the world. In developed countries like… Read More

Digital Transformation: Many More Consumers in Saudi Arabia are Using Online Platforms following COVID Outbreak, Industry Exec Reveals

The digital commerce sector in Saudi Arabia has undergone a major (digital) transformation and there have been noticeable changes in consumer behavior, particularly when it comes to using online platforms in a post COVID world. Ibrahim Mohammad Al-Saad, Founder of Ajda, has stated that the… Read More

Cashaa Joins Forces With United Multistate Credit Cooperative Society to Launch Unicas Crypto Bank in India

  UK-based next-generation banking platform Cashaa announced on Monday Unicas has opened its first physical branch in Jaipur, India. Unicas is notably a join venture between Cashaa and the United Multistate Coop Society and allows users to transact in cryptocurrency and fiat from one account…. Read More

Asian Countries like Bahrain and India Continue to Develop Financial Infrastructure to Support Payments Processing and other Fintech Services

Dalal Buhejji, the Director of Business Development, Financial Services at the Bahrain Economic Development Board, has noted that there are currently around 400 financial institutions based in Bahrain. Buhejji pointed out that these companies are offered a “stable, predictable and proven” regulatory and business environment… Read More

Over 80 New Fintech Initiatives Joined Dubai International Financial Centre in H1 2020, a 75% YoY Increase

Although Dubai’s economy is projected to contract by 6.2% this year, with the travel and hospitality industries hit really hard due to the COVID-19 pandemic, the country saw a significant increase in bank financing for its communications, storage, and transport sectors. There was also solid… Read More

Saudi Arabia has Seen an “Explosion” of Fintech Firms because of Support from Nation’s Authorities, Industry Professional Reveals

Fintech is expected to play an important role in Saudi Arabia’s efforts to further diversify its economy, according to commentary from the nation’s Budget 2021 report. Padmini Gupta from Fintech Rise notes in an update published by Arab News that sustained support this year from… Read More

Abu Dhabi Securities Exchange Signs Memorandum of Understanding With The Tel Aviv Stock Exchange

  Abu Dhabi Securities Exchange (ADX) and the Tel Aviv Stock Exchange (TASE: TASE) announced on Wednesday they have signed a memorandum of understanding (MOU). The duo claims this is the first time an Arab exchange has entered into a commercial relationship with the state… Read More

US and Qatar Business Initiatives Now Valued at Around $200 Billion, Supported by Smart City Projects, Fintech, and Other Digital Technologies

The US-Qatar Business Council (USQBC), the Silicon Valley Forum and the Embassy of the State of Qatar in Washington DC recently held a discussion during a virtual event on December 8, 2020, titled “Qatar in Focus: Smarter Countries & Thriving Communities in the Digital Age.”… Read More

Governor of Saudi Arabian Monetary Authority Emphasizes Importance of Fintech Innovation while Supporting Competitive Businesses

The Middle East focused Fintech Tour 20 officially began on November 29, 2020. The event will provide key insights on the evolving financial technology sector in Saudi Arabia and aims to bring together local and international industry professionals. Ahmed Alkholifey, Governor of the Saudi Central… Read More

Dubai International Financial Centre’s Fintech Hive and Israel’s Fintech Aviv to Work Cooperatively to Expand Financial Tech Ecosystems

The Dubai International Financial Centre (DIFC) Fintech Hive, the largest Fintech hub in the MENA region, entered into an agreement with Israel-based Fintech-Aviv on Saturday, November 28, 2020. Founded in 2014, Fintech Aviv aims to cater to the needs or requirements of the Israeli Fintech… Read More

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