Tagged: saudi arabia

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 18, 2021 @ 6:47 pm By Omar Faridi  |  

MENA region startups secured $170 million in capital during March 2021, which is reportedly a 6% increase month-over-month, across 43 different deals, according to local sources. This notably takes the total funds raised during Q1 2021 to $396 million across 125 different deals, which is… 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

March 23, 2021 @ 12:27 am By Omar Faridi  |  

Islamic or Sharia-compliant Fintech services are being increasingly adopted in Saudi Arabia, the United Arab Emirates (UAE) and internationally as well, according to a report from Arabian Business. As reported by the news outlet, the largest transaction volumes have come from Saudi Arabia, the UAE,… Read More

February 22, 2021 @ 9:57 pm By Omar Faridi  |  

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

February 7, 2021 @ 7:36 pm By Omar Faridi  |  

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

January 11, 2021 @ 9:27 pm By Omar Faridi  |  

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

December 31, 2020 @ 6:58 pm By Omar Faridi  |  

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

December 21, 2020 @ 10:19 pm By Omar Faridi  |  

A Dubai-based real estate-focused Fintech firm is planning to offer local investors an opportunity to invest in the property market with as little as 2,000 AED (appr. $544). UAE-headquartered Stake, which is supported by a Saudi national, is currently based in the Fintech Hive which… Read More

December 17, 2020 @ 12:27 am By Omar Faridi  |  

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

December 2, 2020 @ 10:11 pm By Omar Faridi  |  

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

November 27, 2020 @ 7:04 pm By Omar Faridi  |  

The Kingdom of Bahrain and Saudi Arabia’s capital city Riyadh were recently chosen as the top Fintech ecosystems to watch closely, according to a report from research organization Startup Genome. The researchers at Startup Genome analyzed the economies and deal activities of several different countries…. Read More

November 22, 2020 @ 1:38 pm By Omar Faridi  |  

Western Union (NYSE: WU) has reportedly acquired a 15% stake in Saudi Arabia’s Telecom’s digital payment division. Western Union, which is notably the largest money transfer company in the world, has confirmed that it has purchased a $200 million (or 15%) stake in the online… Read More

October 20, 2020 @ 10:01 pm By Omar Faridi  |  

Dr. Ahmed Abdulkarim Alkholifey, the Governor of Saudi Arabian Monetary Authority (SAMA), the nation’s reserve bank, says that central bank digital currencies or CBDCs seem to be promising and are worth further exploration. Dr. Ahmed’s comments came during a recent webinar held by the International… Read More

October 3, 2020 @ 7:32 am By Omar Faridi  |  

Fintech Saudi, an initiative that’s supported by startup accelerator, Flat6Labs, has announced that it’s launching a 3-months-long innovation and entrepreneurship program. The program will aim to bring together Fintech Saudi’s extensive MENA region market reach and Flat6Labs’ resources, in order to provide up to 10… Read More

September 24, 2020 @ 11:09 pm By Omar Faridi  |  

The Middle Eastern country of Saudi Arabia has become a more active player in the global economy as it focuses on diversifying its economy. The Saudi government and local businesses have been adopting the latest technologies to streamline operations. The MENA region country has also… Read More

September 7, 2020 @ 10:00 pm By Omar Faridi  |  

Kokila Alagh, Founder of KARM Legal and a member of the MENA Fintech board, recently shared the latest updates from the Middle East region, including the United Arab Emirates (UAE) with Crowdfund Insider. Alagh works closely with the Arab Monetary Fund (AMF), the Dubai International… Read More

August 18, 2020 @ 11:37 pm By Omar Faridi  |  

Fintech Saudi, an initiative that aims to transform Saudi Arabia into an innovative Fintech Hub with “a thriving and responsible” financial technology ecosystem, has been supporting the Kingdom’s economy by establishing an ecosystem directory and an online jobs portal dedicated to Fintech professionals. Fintech Saudi… Read More

August 1, 2020 @ 2:34 pm By Omar Faridi  |  

IFN Islamic Fintech, a “one-stop-shop” for industry knowledge, networking, and communication in the global Islamic financial technology space, revealed on July 30, 2020, that there are now at least 142 Fintech firms globally that reportedly provide Shariah-compliant products and services. As reported in late June… Read More