Tagged: united arab emirates

UAE’s Spades Dine-in Payment Fintech Acquires $2.5M for Expansion Across MENA Region

UAE Money Currency dirhams

There’s no denying that the Middle East is “growing fast” and its restaurant scene is growing “even faster,” according to an update shared with CI. Dining in the UAE means “exploring one of the most diverse, vibrant, and delicious food destinations on the planet.” Restaurants… Read More

Abu Dhabi Commercial Bank has Reportedly Joined UAE Trade Connect Fintech Consortium

UAE Money Currency dirhams

The UAE Trade Connect (UTC) is pleased to confirm that the Abu Dhabi Commercial Bank (ADCB) has joined its consortium of UAE banks “utilizing its blockchain platform to help de-risk trade finance.” UTC is the Fintech blockchain platform of e& enterprises, from e& (formerly known… Read More

DIFC-based Tarabut Gateway Now a Regulated Open Banking Platform in UAE

Burj Khalifa Dubai United Arab Emirates toa heftiba unsplash

Tarabut Gateway has reportedly been granted a license by Dubai Financial Services Authority (DFSA) to offer money services in and from Dubai International Financial Centre (DIFC). DFSA is the independent regulator of financial services in DIFC, which claims to be “the leading global financial center”… Read More

Investcorp Introduces First International Institutional Blockchain Fund from Abu Dhabi

ryan miglinczy MENA Middle East Grand Mosque Abu Dhabi UAE

Investcorp, a global alternative investments firm, recently announced the launch of eLydian Lion, which is reportedly the first dedicated institutional blockchain fund based in the GCC, with “a global investment mandate.” The Fund – which will be led from Investcorp’s Abu Dhabi office – will… Read More

MENA Region’s Seed Group Teams Up with PayCargo, a Florida based Logistics Payment Platform

Florida Sunset Beach Palm Trees Sun

Seed Group, a subsidiary of the Private Office of Sheikh Saeed bin Ahmed Al Maktoum, recently entered a “strategic” alliance with PayCargo, a Florida-headquartered global logistics payment platform, in order “to bring its tried and tested payment technology to the UAE.” As noted in an… Read More

ADGM Partners with Finastra for International Fintech Hackathon ‘Hack to the Future 4’

Abu Dhabi Global Market ADGM

ADGM will offer participants access to its Digital Lab, which is a “neutral” and “secure” digital environment where Fintech products and services may be tested The Abu Dhabi Global Market (ADGM), an international financial center, has teamed up with financial software firm Finastra for its… Read More

UAE based Mashreq Bank Completes Transition of Payments Division into Wholly-Owned Subsidiary

UAE Money Currency dirhams

Mashreq Bank, a leading financial institution based in the United Arab Emirates, has completed the transition of its payments division into a wholly owned subsidiary, IDFAA Payment Services LLC, with a brand name NEOPAY, supported by Mashreq. NEOPAY, powered by Mashreq Bank, will reportedly leverage… Read More

UAE Now Under Increased Monitoring, FATF Confirms in March 2022 Update

UAE Money Currency dirhams

Jurisdictions under increased monitoring are “actively working” with the Financial Action Task Force (FATF) to address “strategic deficiencies” in their regimes in order to counter money laundering, terrorist financing, and proliferation financing. When the FATF places a jurisdiction under increased monitoring, it “means the country… Read More

DIFC Introduces Suggested Amendments to Real Property Law for Consultation

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The Dubai International Financial Centre (DIFC), a global financial center situated in the MENA and South Asia region, has issued a consultation paper “proposing to amend the Real Property Law, DIFC Law No. 10 of 2018.” The Proposed amendments will aim to “facilitate the administration… Read More

UAE Fintech Alaan Acquires $2.5M to Expand Multi-Currency Spend Management Platform

Burj Khalifa Dubai United Arab Emirates toa heftiba unsplash

Dubai-headquartered Fintech firm Alaan has acquired $2.5 million in capital via an investment round. The firm is now coming out of stealth mode. The multi-currency spend management platform developers noted that they would use the proceeds to hire new talent and scale operations across the… Read More

Dubai based ICICB Group to Offer Digital Banking Services in Brazil

Rio De Janeiro Brazil by Davi Costa Unsplash

The ICICB Group claims that it has an established track record of launching innovative businesses and propositions with consistency. The Group is known for reviewing the scope of possibilities, from initial strategy to technical development. As mentioned in an update shared by the ICICB Group,… Read More

$50M MENA Region Fintech Fund I Launched by Early-Stage VC Firm VenturesSouq

ryan miglinczy MENA Middle East Grand Mosque Abu Dhabi UAE

GCC-headquartered early-stage VC company VentureSouq has introduced a $50 million MENA region Fintech Fund I. As mentioned in the announcement, the MENA Fintech Fund I is the first sector-wide Fintech-focused fund to be introduced across the Middle East area and Pakistan. The new Fund is… Read More

OurCrowd is First Israeli VC Approved by Abu Dhabi Global Market

Jon Medved OCSummit18 b

Online investment platform OurCrowd has become the first venture capital firm to be approved by Abu Dhabi Global Market (ADGM) to operate as a find manager in the United Arab Emirates (UAE). OurCrowd said in a statement that it hs incorporated a wholly-owned subsidiary, OurCrowd… Read More

UK based Payments Fintech Nomod, which Focuses on MENA Region, Secures $3.4M via Seed Round

MENA Middle East Grand Mosque North Parking Lot Abu Dhabi United Arab Emirates jonathan takle unsplash

UK-headquartered Nomod, a payments Fintech with a sharp focus on the MENA region, confirmed earlier this week that it has secured $3.4 million via a seed round. Nomod’s latest investment round takes the Fintech firm’s valuation to $50 million. The company has received investments from… Read More

Central Bank of UAE and Bank Indonesia Sign MoU, Focusing on Digital Innovation in Payments

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The Central Bank of the UAE (CBUAE) and Bank Indonesia (the Central Bank of the Republic of Indonesia) have reportedly entered a Memorandum of Understanding (MoU) in order to expand mutual co-operation. The bilateral MoU will be including three key areas, focusing on digital innovation… Read More

UAE’s Personal Finance and Investment Platform Sarwa Announces the Launch of Sarwa Trade

UAE Money Currency dirhams

Sarwa has confirmed the launch of Sarwa Trade, which is a zero-commission, zero-transfer-fee trading platform. Sarwa customers are able to trade stocks and exchange-traded-funds (ETFs) via an intuitive mobile app — with no commissions, no international transfer fees “from local AED accounts, and no minimum… Read More

India’s SaaS Fintech ClearTax Acquires $75M via Series C to Fuel MENA Region Business Expansion

Rupee Money Coin India 2002

India-headquartered software-as-a-service (SaaS) Fintech ClearTax has acquired $75 million in funding via a Series C round. ClearTax’s investment round has been finalized in order to support the firm’s business expansion into the MENA region. The company said it would also enable ClearTax to further diversify… Read More

Tiger Global Leads $12M Round in MENA Region’s Open Banking Fintech Tarabut Gateway

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Dubai-based Open Banking firm Tarabut Gateway recently secured $12 million in capital via a pre-Series A round. Tarabut Gateway’s investment round has reportedly been led by Tiger Global. Other investors made contributions as well, including new backers Dubai International Fintech Fund, which is an investment… Read More

UAE based Fintech Galaxy Secures $2M in Seed Funding to Support its Open Finance Platform

UAE Money Currency dirhams

Fintech Galaxy, the UAE-headquartered open innovation platform, has acquired $2 million in seed funding in order to further enhance the development and rollout of its Open Finance platform, as it looks to further expand its reach and support financial inclusion across the MENA region. Fintech… Read More

Al Ansari Exchange Leverages RippleNet Cloud to Streamline Cross-Border Remittance Payments to Malaysia with MoneyMatch

Malaysia Money Ringgit

The team at Fintech firm Ripple is pleased to confirm that UAE-headquartered foreign exchange and worldwide money transfer firm, Al Ansari Exchange has joined RippleNet. Via RippleNet Cloud, which is Ripple’s international Cloud-powered financial network tech, Al Ansari Exchange will be connecting with major money… Read More

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