The Central Bank of the UAE (CBUAE) and the Reserve Bank of India (RBI) signed a Memorandum of Understanding (MoU) in Abu Dhabi to strengthen cooperation and enable joint innovation in financial products and services. The two central banks will collaborate on various emerging areas of FinTech, particularly Central Bank Digital Currencies (CBDCs), and will … Continue reading CBUAE, India to collaborate on fintech
Venture Capitals (VCs) love an industry mashup. And their new favorite is climate fintech. More and more fintech investors are looking for climate-related investments — and more climate-focused VC firms are also looking into this intersection. Climate Fintech is a digital financial technology that catalyzes decarbonization. It is simply the intersection of climate, finance, and digital … Continue reading Why is climate fintech a hotspot for VCs right now?
The global investment platform, Investopia, has revealed one of the key outcomes of its annual conference held on 2-3 March 2023 in Abu Dhabi, which is the launch of “The Council”, the first exclusive gathering of the most influential Fintech leaders and experts in the Middle East and North Africa (MENA) region. The Middle East … Continue reading First council for fintech leaders in MENA launched during Investopia 2023
On the occasion of International Women’s Day (IWD), Economy Middle East interviewed Fatma Anwar Sajwani, Senior Partnerships Manager at Amazon UAE. Sajwani is a highly successful Emirati woman in the fintech industry and her role is complex and dynamic, encompassing partnerships, innovation, and technology. In this interview, Fatma talks about her career journey and shares … Continue reading IWD: Fatma Sajwani’s career in fintech is paying off, literally
Investopia, the global investment platform launched by the UAE Government in September 2021, announced a new partnership with iConnections, a fintech platform for alternative investors, during iConnections Global Alts 2023 annual event, which took place in Miami, United States of America from 30th January – 2nd February 2023. The agreement was signed by Mohamed Naser … Continue reading Investopia partners with fintech platform iConnections
In recent years, the GCC has succeeded in positioning itself on the map as a rising hub for fintech. New fintech hubs have emerged across the region, helping fund small businesses, and proving increasing access to the public (via apps). This comes at a time when the digital banking market is accelerating globally. Digital technology … Continue reading Fintech and digital banking: GCC countries reserve their seats
From the outset, the Dubai International Financial Centre (DIFC) has been a significant contributor to the sustainable economic growth of Dubai and the United Arab Emirates. Today, DIFC stands out as one of the world’s most advanced financial centres, as well as the leading financial hub for the Middle East, Africa and South Asia (MEASA) region, an area … Continue reading DIFC: Innovation, Fintech, driving MEASA growth and investment landscape
The Middle East and North Africa (MENA) region has seen significant growth as a fintech hub for investors and tech innovators in the last few years. Recently, a report by Magnitt pointed out that the fintech industry in the region has tripled to around $1.68 billion in H1 2022 compared to the previous year, making … Continue reading Fintech industry in MENA triples to $1.68 bln in H1
The Saudi Central Bank (SAMA) has announced the licensing of two new fintech companies, Lean Technologies, and Mod5r. The two firms will offer open banking solutions across the Kingdom. This brings the total number of fintech companies permitted to operate under the bank’s regulatory pilot environment to 38. The move is part of many taken … Continue reading Saudi central bank grants open banking licenses to fintech firms
Saudi’s Tamara, a payments financial technology company, has closed a $100 million Series B funding round led by PIF-owned Sanabil Investments. The funding will be used to improve the experience of customers and store partners, as well as to support innovation in payment and shopping. Tamara, which was launched in 2020, is the first fintech … Continue reading Saudi fintech Tamara amasses $100 mln led by PIF
During her talk at the Ethereum Community Conference, Kraken Ventures partner Akshi Federici presented a “VC perspective” on FinTech and Blockchain, arguing that financial services and blockchain technology are rapidly converging, and will become indistinguishable in the coming years. The Kraken exchange launched its venture arm in February 2021, with Federici as one of the … Continue reading Fintech and blockchain will become inseparable
Between January and June, fintech investments in Egypt reached an all-time high of almost $167 million in a total of 31 deals, according to a recent report released by FinTech Egypt. The report notes that although the majority of investors are still headquartered in Egypt, an increasing number are from the Middle East and North … Continue reading Fintech investments in Egypt reach all-time high
Amid an upsurge in the cryptocurrency market, the Sultanate of Oman announced serious steps to issue its own digital currency. The official Oman News Agency quoted the Governor of the Central Bank of Oman, Taher bin Salem Al-Omari, as saying: “The Central Bank is developing its own digital currency and open banking services.” This came … Continue reading Oman supports fintech technology services via digital currency
Following a booming Q1 of 2022 which saw many victories for the fintech sector, the Saudi Cabinet on Tuesday granted its approval for the Kingdom’s financial technology (fintech) strategy. This strategy is included as a new pillar within the Saudi Vision 2030’s Financial Sector Development Program (FSDP), which is aimed at developing the national economy, … Continue reading Did Saudi just unleash a fintech boom?
Fintech occupies a large part of our lives nowadays, having become integrated into the smallest financial details and perhaps showing signs it aims to replace the role of traditional banking. But even though this sector is still nascent, the MENA region is poised for significant growth with the emergence of fintech companies and digital banks. … Continue reading The role of fintech growing with Arab youth
In today’s financial world, institutions look at ever more efficient ways to conduct day-to-day operations. Economy Middle speaks to Finastra, a relatively new financial software company that offers a portfolio of products and solutions to the retail banking, transaction banking, lending, and treasury capital markets. The company’s MD for the Middle East & Africa, Serge … Continue reading Fintech and banking: Finastra BaaS solutions for a global world
You may not notice, but you use financial technology (Fintech) every day without even realizing it, simply because you are used to it. Most of us have either transferred money, made payments, or even deposited a check through their smartphones. Financial technology is also included in a wide range of fields including blockchain and cryptocurrencies. … Continue reading The 10 most funded fintech startups in Saudi, UAE
The Central Bank of Saudi Arabia (SAMA) announced licensing of three new companies specialized in finance and electronic payments. These companies are Bawa, Rabet, and Malaa Technologies. This brings the total number of payment companies licensed by SAMA to 35 companies. This came during the Global Entrepreneurship Conference, according to the Saudi Press Agency (SPA). … Continue reading Saudi Central Bank licenses 3 new fintech companies
Regional and international financial technology (fintech) companies have been preparing to launch GCC Open Banking services. It’s taken 3 years, but the region is on the cusp of accelerating a movement to create innovative finance opportunities. Saudi, the region’s biggest financial market, is now poised to launch Open Banking in H1 of 2022. The UK, … Continue reading Open Banking 2022: GCC banks, fintech getting ready
Thanks to an injection of funding and a raft of government-sponsored incentives Jordan now has one of the fastest-growing startup ecosystems in the Middle East. A well-educated workforce and access to local and international funding have helped to create a “dynamic ecosystem” that makes it a strong location for startups, Ibrahim AlSafadi, CEO of Luminous … Continue reading Jordan’s startup ecosystem is one of the fastest growing in region
