Tagged: saudi arabia

Saudi Fintech Firm EdfaPay Secures Discover Global Accreditation

Saudi Arabia-based fintech firm EdfaPay announced that it has secured a vital technical accreditation from Discover Global Network, which includes prestigious entities like Diners Club International. This accreditation marks EdfaPay as a partner of one of the world’s most advanced payment networks, which serves over… Read More

Animoca Brands, the Digital Property Rights Firm for Open Metaverse, to Advance Web3 Ecosystem in Saudi Arabia

Animoca Brands, the company advancing digital property rights for gaming and the open metaverse, announced that it has entered into a Memorandum of Understanding (MOU) with King Abdulaziz City for Science and Technology (KACST) to collaborate to advance the Web3 and gaming ecosystem in the… Read More

Jada Fund of Fun​ds in Saudi Arabia Announces Investment in Venture Debt, Private Credit Space in Partners for Growth VII

Jada Fund of Fun​ds has announced its first investment in Venture Debt and second in the private credit space in Partners for Growth VII, managed by global private credit manager Partners for Growth, “with SAR 3.75 billion (USD 1 billion) in assets under management, to… Read More

Rabeh Financial, a Saudi Arabia-based Fintech, Reports New Funding Round

Rabeh Financial, a Saudi Arabia-based company that claims to be specializing in crowdfunding services and equity exchange, has recently announced during the events of LEAP24 conference, its success in closing a seed funding round of 3 million Saudi Riyals, in collaboration “with Mjalis Investment Company… Read More

Regtech: uqudo and Tamara to Enhance Identity Verification in BNPL Transactions

uqudo, the digital identity company in the MEA region, has entered into a collaboration with Tamara, a fintech platform in Saudi Arabia and the GCC region. This strategic partnership represents “a significant milestone in the financial landscape of the GCC, poised to elevate digital transactions… Read More

Salla Reports $130 Million Pre-IPO Funding Round

Salla, which claims to be among the leading SaaS e-commerce enablers in Saudi Arabia, has raised $130 million in a Pre-IPO funding round which has been “co-led by Investcorp and Sanabil, and with the participation of STV as the largest investor.” This new investment is… Read More

GCC Lending Surges with $1.9t in Gross Loans Despite High Interest

Despite the tightening of monetary policy by the US Federal Reserve, the banking sector in the Gulf Cooperation Council (GCC) countries experienced sustained growth in lending during the second quarter of 2023, according to a recent report by Kamco Invest. This growth was largely driven… Read More

Mastercard and Loop to Launch Payment Solutions in Saudi Arabia

Mastercard (NYSE: MA) has partnered with Loop, a digital payments technology company licensed by SAMA, to empower businesses and consumers across the Kingdom with greater access to advanced credit card offerings and innovative payment solutions. The partnership will see Loop “expand its portfolio, enhance its… Read More

Hashgraph Association Partners with Saudi Ministry of Investment

The Hashgraph Association (THA) has announced a partnership with the Ministry Of Investment Of Saudi Arabia (MISA) to launch a DeepTech Venture Studio. The entity aims to help local Saudi firms, as well as other portfolio companies, establish operations in the country while leveraging technology… Read More

MENA Region’s Saudi Tadawul Group Holding Company Enters Agreement to Acquire Stake in Dubai Mercantile Exchange

Saudi Tadawul Group Holding Company (STG), a diversified capital markets group in the MENA region, has entered into a binding agreement with existing shareholders of DME Holdings Limited in order to “acquire a 32.6% stake in Dubai Mercantile Exchange (DME), one of the leading international… Read More

Hakbah, a Fintech Savings Platform, Partners with Tarabut, MENA’s Open Banking Provider

Hakbah – the KSA-based fintech savings platform – announces a new partnership with Tarabut – MENA’s open banking platform, and an investor in the region’s digital transformation. The partnership has several benefits for Hakbah as it “simplifies and expedites various tasks.” It will enable streamlined… Read More

Saudi Central Bank SAMA Seeks Public Consultation on Amendments to Principles of Governance for Financial Institutions

The Saudi Central Bank (SAMA) seeks public consultation on draft amendments to the “Key Principles of Governance in Financial Institutions under the control and supervision of the Saudi Central Bank.” In this context, SAMA invites stakeholders to “provide suggestions and observations on the draft by… Read More

Saudi Arabia: Fintech Savings Platform Hakbah Raises $5.1m in Series A Funding

Saudi Arabian fintech savings platform Hakbah has successfully raised $5.1 million in a Series A funding round, a substantial boost for the savings platform’s growth and innovation strategies. The round was anchored by venture capital firm VentureSouq and backed by new investors M-Capital and Bunat… Read More

Tabby, MENA Region’s Digital Commerce and Financial Services App, Secures Up to $700M in Receivables Securitization from JP Morgan

Tabby, the MENA’s shopping and financial services app, has secured up to $700 million in receivables securitization from J.P. Morgan. The deal represents the largest asset-backed facility “obtained by a fintech company in the MENA region.” In parallel to the securitization financing, Tabby has “extended… Read More

Tamara, the Fintech Platform to Shop, Pay and Bank in Saudi Arabia and GCC Region, Acquires $340M via Series C

Tamara, the fintech platform to shop, pay and bank in Saudi Arabia and the wider GCC region, has achieved the historic milestone of becoming the Kingdom’s “first” homegrown fintech unicorn by securing $340 million in a Series C equity funding round. This investment round was… Read More

Saudi Central Bank Announces New Regulatory Framework for BNPL Services

The Saudi Central Bank (SAMA) has officially introduced a set of rules aimed at regulating “Buy Now, Pay Later” (BNPL) services, marking a significant step in overseeing and controlling this rapidly growing sector. This development, as stated in a recent SAMA press release, is part… Read More

Saudi Arabia: Debt Crowdfunding Marketplace Lendo Scores $28m in Series B Funding

Lendo, a Saudi Arabia-based Shariah-compliant debt crowdfunding marketplace, has announced raising about $28 million in its Series B funding round anchored by Public Investment Fund (PIF)’s Sanabil Investments. The round also saw participation from Shorooq Partners, AB Ventures, and other investors, according to the announcement…. Read More

Hong Kong Exchanges and Clearing Limited (HKEX) Introduces Listing of ETF to Track Saudi Arabian Equities

Hong Kong Exchanges and Clearing Limited (HKEX) is pleased to welcome the listing of Asia Pacific’s first ETF to “track Saudi Arabian equities – the CSOP Saudi Arabia ETF (Stock code: 2830 / 82830).” This ETF, which tracks the FTSE Saudi Arabia Index, “provides investors… Read More

Saudi Arabia: Lending Platform Dnaneer Gets Crowdfunding License

Lending platform Dnaneer Financing Co, has reportedly received authorization from the Saudi Central Bank (SAMA) to operate a crowdfunding platform in Saudi Arabia. The authorization gives the company the go signal to offer debt-based crowdfunding solutions in the Kingdom, making it the eight fintech firm… Read More

Saudi Central Bank SAMA, Monetary Authority of Singapore to Work on Fintech Initiatives

The Saudi Central Bank (SAMA) signed a cooperation agreement with the Monetary Authority of Singapore (MAS) in Riyadh, in the field of Fintech and innovation. The agreement was signed by Ayman Al-Sayari, Governor of SAMA, and Dr. Vivian Balakrishnan, the Minister for Foreign Affairs of… Read More