Tagged: middle east

May 24, 2021 @ 9:46 pm By Omar Faridi  |  

Australian Stock Exchange (ASX)-listed Buy Now, Pay Later Fintech Zip is reportedly expanding its business operations into European markets and the Middle East. Zip says it’s acquiring European BNPL Fintech Twisto and UAE’s Spotii as well. Zip reportedly took part in a €16 million investment… Read More

May 22, 2021 @ 1:17 pm By Omar Faridi  |  

Wholesale banking has been undervalued, however, it has provided consistent results during the COVID-19 crisis, according to a recent report from Oliver Wyman and Morgan Stanley. The wholesale and transaction banking report, titled “Striving to Sustain Returns,” reveals that markets and investment banking were significantly… Read More

May 22, 2021 @ 10:09 am By Omar Faridi  |  

The reserve bank of Bahrain has shared its commentary on the work being done by retail banks to implement the infrastructure for compliance with the Bahrain Open Banking Framework (Bahrain OBF). This work was carried out after a grace period that allowed for implementation which… Read More

May 17, 2021 @ 11:37 pm By Omar Faridi  |  

Dubai-headquartered Fintech firm Mamo has reportedly secured $8 million through a pre-Series A funding round. Mamo offers a digital wallet and payments platform and has previously raised $1.5 million in order to launch a peer to peer payments app. As mentioned in a release shared… Read More

May 17, 2021 @ 3:39 pm By Samantha Hurst  |  

NymCard, a Banking-as-a-Software (BaaS) fintech based in the UAE, announced on Monday it has joined Visa’s Fintech Fast Track program. NymCard reported it has also previously completed the Visa Ready “Issuer Processor” program that ensures the fintech’s commitment to delivering tech solutions that meet Visa’s industry-leading… Read More

May 12, 2021 @ 10:32 pm By Omar Faridi  |  

The reserve bank of Bahrain is reportedly working with J.P. Morgan (NYSE:JPM) and Bank ABC in order to launch a real-time cross-border payments system (as part of a digital currency settlement pilot program). Bank ABC and J.P. Morgan will be conducting tests including the transfer of… Read More

May 12, 2021 @ 9:47 pm By Omar Faridi  |  

ACI Worldwide (NASDAQ: ACIW), a multinational provider of real-time virtual payment solutions, reveals that it has expanded its working relationship with KNET, which is Kuwait’s national digital banking firm. Through the expanded partnership, ACI Worldwide and KNET will introduce several innovative virtual payment services in… Read More

May 11, 2021 @ 10:32 pm By Omar Faridi  |  

Mobiquity, a digital transformation enabler, has teamed up with Kuwait International Bank (KIB), in order to support the institution’s goal of becoming a leading all-digital Islamic or Shariah-compliant financial service provider. Through the partnership, KIB will be working with Mobiquity’s team of experienced professionals –… Read More

May 9, 2021 @ 9:35 pm By Omar Faridi  |  

Kuwait Finance House (KFH), the nation’s first banking institution operating in accordance with the Islamic Shari’a, has introduced a digital wallet service that is being supported through smartphones (and even smart watches). KFH, which is listed on the Kuwait Stock Exchange, with a market cap… Read More

May 9, 2021 @ 2:34 pm By Omar Faridi  |  

Earlier this week, the Central Bank of the United Arab Emirates (UAE) revealed that it had been working cooperatively with SWIFT, an international provider of secure bank-to-bank messaging services. SWIFT and the UAE reserve bank are reportedly working an initiative that will improve the speed… Read More

May 6, 2021 @ 7:47 pm By Omar Faridi  |  

The Arab Monetary Fund, which aims to establish policies of Arab monetary cooperation and promote the development of Arab financial markets, has launched “Finxar,” which is a regional Fintech index for tracking the development of the financial technology industry in Arab nations. The United Arab… Read More

April 24, 2021 @ 9:17 pm By Omar Faridi  |  

Saudi Arabia-based Tamara, a Buy Now, Pay Later (BNPL) service provider, recently confirmed that it finalized a $110 million Series A funding round led by Checkout.com. The funds raised will be used by Tamara to scale its professional team, expand into new markets in the… Read More

April 19, 2021 @ 11:33 pm By Omar Faridi  |  

The Board of Abu Dhabi Global Market (ADGM), the international financial center located in Abu Dhabi, has reportedly approved the formation of the ADGM Authority. ADGM Authority is expected to be led by Mark Nicholas Cutis, who will be serving as the organization’s Chief Executive…. Read More

April 15, 2021 @ 10:17 pm By Omar Faridi  |  

Saudi Arabia-based Cloud-enabled Point-Of-Sale (POS) startup Prexle has reportedly finalized its seed funding round which is valued at 2.5 million Saudi riyals (appr. $670,000). Company CEO and Co-founder, Abdullah Alajlan stated that they’re happy to close their latest investment round. He added that the funds… Read More

April 13, 2021 @ 11:42 pm By Omar Faridi  |  

The reserve bank in the United Arab Emirates (UAE) has issued a license to Al Maryah Community Bank in order to offer services in the Middle Eastern nation. Al Maryah is notably the very first all-digital bank to have been given approval to begin providing… Read More

April 6, 2021 @ 7:56 am By Omar Faridi  |  

Fintech firm Stripe has reportedly launched its business operations in the Middle East with its recent entry into the United Arab Emirates (UAE). Stripe is notably one of Silicon Valley’s most valuable Fintechs. The company chose Dubai, a major MENA region financial hub, for its… Read More

April 5, 2021 @ 10:23 pm By Omar Faridi  |  

The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) has provided an updated set of regulatory guidelines that are meant to serve as a framework to support the operations of Fintech companies. Many of these startups offer third-party services to clients of… Read More

March 31, 2021 @ 7:49 am By Samantha Hurst  |  

  SadaPay, a Pakistan-based fintech startup, has reportedly secured $7.2 million through its latest seed funding round, which was led by Recharge Capital with participation from Kingsway Capital, Raptor Group, Ualá’s founder Pierpaolo Barbieri, Ribbit Capital’s Brian McGrath, former General Catalyst partner Ilan Stern, and Valon Technologies’ founder… Read More

March 29, 2021 @ 11:12 pm By Omar Faridi  |  

Fitch Ratings reports that the Islamic banking ecosystem in Oman is expected to continue growing during 2021-2022 after rather strong momentum last year. This, despite the COVID-19 outbreak and historically low oil prices, Fitch Ratings noted. Islamic financing in the MENA region country expanded by… Read More

March 26, 2021 @ 10:55 pm By Omar Faridi  |  

Qatar’s Islamic or Sharia-compliant Fintech sector is on track to record significant growth in the next 5 years, according to local sources. As digital transformations accelerate Islamic finance ecosystems worldwide, we are happy to share with you the Global Islamic Fintech Report 2021 produced by… Read More