Omani fintech startup Mamun Crowd Financing has surpassed RO1 million in Sharia’a-compliant funding within a year of its launch. The platform supports various sectors in Oman by connecting investors with businesses in need of financing. Mamun plans to expand its offerings with new investment products, continuing to fuel economic growth.
Kuwaiti fintech startup Kem has secured a $3 million investment from Tether, raising its total funding to $4.5 million. Kem’s platform enables QR code-based P2P payments, simplifying transactions. Tether’s investment aims to promote the adoption of USD₮ and expand digital financial services in the region.
Kem, Kuwait’s fast-growing P2P payment app, has received a $3 million investment from Tether to boost regional adoption of USD₮. This partnership aims to enhance digital financial services in the Gulf, supporting economic stability and broadening access to financial systems for underserved businesses and individuals.
AfICTA and EiTESAL are supporting Egyptian and African IT firms to join the 24 Fintech conference in Riyadh, Saudi Arabia, from September 3 to 5. This event, crucial for financial technology across Asia, Europe, Africa, and the Middle East, aligns with Saudi Arabia’s Vision 2030 for digital transformation and offers substantial networking and showcasing opportunities.
Mastercard has partnered with Scale to accelerate fintech growth across Africa and the Middle East. The collaboration aims to eliminate technical and commercial barriers for fintechs, PSPs, and telcos, enabling them to focus on core business and launch new products efficiently. The partnership benefits financial institutions, merchants, governments, and consumers by enhancing financial inclusion and access to digital services.
Tether has invested $3 million in Kuwait’s Kem App to expand digital financial services in the Middle East. This partnership aims to boost regional adoption of USD₮ and enhance access to decentralized finance. The collaboration marks a significant step in transitioning the Gulf region into a digital cash economy, promoting financial inclusion and stability.
Gulf Bank has introduced the “WAMD” service, allowing customers to transfer money quickly and securely using a phone number via the bank’s mobile app. This new feature, implemented by KNET under the Central Bank of Kuwait’s supervision, enhances Gulf Bank’s digital services, making banking more convenient and accessible for its customers.
The DIGI Nepal Fintech Challenge, launched by the Swiss Agency for Development and Cooperation (SDC) and True North Associates (TNA), aims to promote digital innovation in Nepal’s fintech sector. The challenge offers an accelerator program with technical assistance, mentorship, and potential co-funding grants for selected participants to pilot their innovations.
Huawei Cloud, in collaboration with Fintech Saudi, hosted the Huawei Cloud Fintech Day Saudi Arabia 2024, highlighting innovative cloud solutions for the Kingdom’s fintech industry. The event introduced the Fintech Pioneer Program, offering exclusive support to fintech companies, and emphasized the partnership’s role in driving digital transformation and fostering a robust fintech ecosystem in Saudi Arabia.
Egyptian fintech Lucky ONE has raised $3 million in a convertible note, aiming for profitability by Q1 2025. The funds will expand its credit lending services, aligning with Egypt’s financial inclusion goals. Co-founders Momtaz Moussa and Ayman Essawy emphasize sustainable growth, with plans for regional expansion and a comprehensive financial services offering.
