Technology news and insights in the Middle East, South Asia, and Africa
Technology News and insights in the Middle East, South Asia, and Africa
Bangladesh leads mobile money adoption in South Asia, with 224.5 million registered users in 2023. Mobile financial services like bKash are driving financial inclusion, facilitating remittances, and offering a range of services. The sector has shown remarkable growth, with mobile money contributing to economic development and financial access for all.
Barq, a Saudi fintech company, has partnered with Alipay+ to enhance cross-border payments, becoming part of Alipay+’s international network. This collaboration supports Saudi Arabia’s Vision 2030 by improving financial transactions and boosting tourism. Barq’s previous partnership with Mastercard in 2024 further strengthens its payment solutions.
Bahrain’s central bank is drafting regulations for stablecoin issuance to reduce transaction costs and expand financial access. The proposed laws aim to regulate digital assets, enhance security, and reduce risks like fraud and money laundering. The central bank will also monitor activities through blockchain tracking tools.
dLocal, a Uruguay-based payment platform, is capitalizing on Egypt’s growing digital commerce market by offering local payment methods like mobile wallets and bank transfers. Despite cash dominance, Egypt’s e-commerce sector saw a 318% revenue increase for dLocal in Q3 2024, positioning the company as a key player in Africa’s fintech space.
Affinity Africa has raised $8 million in seed funding to expand its digital banking services in Ghana. With over 50,000 customers, the startup focuses on financial inclusion, offering free savings accounts and credit services. The hybrid model blends digital banking with offline agents to drive user adoption in underserved communities.
stc pay Bahrain and PLDT Global have signed a strategic partnership at LEAP 2025 to integrate PLDT Global’s services into stc pay’s app. This collaboration will offer the Filipino community in Bahrain flexible digital payment solutions, including mobile wallet top-ups, bill payments, and more, driving digital transformation and business growth.
LuLu Exchange has partnered with Fintech Galaxy to improve cross-border payments in Bahrain by leveraging open banking solutions. This collaboration aims to enhance transaction speed, security, and convenience, aligning with Bahrain’s financial inclusion goals. The partnership positions LuLu Exchange as the first licensed company to integrate open banking for payments.
Saudi Arabia’s Tawakkalna app, initially launched for COVID-19 management, has evolved into a comprehensive digital platform offering over 600 government services. Powered by AI, it exemplifies the Kingdom’s Vision 2030 goals, enhancing accessibility, efficiency, and user experience, while positioning Saudi Arabia as a global leader in digital governance.
Yuze, a UAE-based digital business banking platform, is set to expand into India in Q2 2025. The platform will offer SMEs and freelancers in India tailored financial solutions, including digital accounts, automated invoicing, and expense tracking tools. Yuze aims to support financial inclusion and business growth in India’s digital economy.
Arab Financial Services (AFS) has partnered with Nsano to enhance digital payments across Sub-Saharan Africa. By integrating AFS’s card processing services into Nsano’s mobile money infrastructure, the partnership will enable Visa and Mastercard processing, boosting financial inclusion and providing more payment options for financial institutions and merchants in the region.