Technology news and insights in the Middle East, South Asia, and Africa
Technology News and insights in the Middle East, South Asia, and Africa
Morocco has launched the Morocco Fintech Center (MFC) to support fintech startups and enhance its digital economy. The center will offer mentoring, business incubation, and regulatory guidance, aiming to foster the growth of 1,000 certified startups by 2026 and 3,000 by 2030, with a target of raising $696.6 million by 2030.
Paymob has secured a full operating license from the UAE’s Central Bank, boosting its growth potential in the region. The company plans to expand its team and take advantage of the UAE’s standardized infrastructure and instant payment platform, Aani, to streamline merchant onboarding and offer instant settlement for payments.
Paytm is expanding its global presence by establishing new subsidiaries in the UAE, Saudi Arabia, and Singapore through its subsidiary, Paytm Cloud Technologies. The move aligns with its strategy to grow in international markets. Additionally, Mobiquest Mobile Technologies is selling its stake in Xceed IT Solutions.
SAMA has announced a partnership with Google to integrate Google Wallet into Saudi Arabia’s payment infrastructure, allowing users to securely manage and use their cards for purchases in stores, apps, and online. The initiative, set for launch in 2025, supports the country’s goal of a less-cash dependent society.
Morocco has seen a significant rise in e-payments, with one-third of all transactions now digital. The country’s digital transformation includes initiatives like the ‘Digital Morocco 2030’ plan and increased adoption of digital wallets, aiming to reduce cash reliance and make payments more accessible to citizens across the country.
Visa has introduced Apple Pay in Egypt, offering a secure and convenient digital payment solution. The service allows Visa cardholders to make contactless payments using iPhones and Apple Watches, and it supports online and in-app transactions. The launch reflects Visa’s commitment to driving digital payment innovation in Egypt.
Raseedi has acquired Kashat, owner of Pharos Microfinance S.A.E., to expand its product offerings by introducing instant loans for Egypt’s underbanked population. This acquisition enhances Raseedi’s daily fintech app and leverages its credit scoring algorithm to offer quick, digital loans to small business owners, driving financial inclusion.
Finhaat is expanding its financial services with the launch of Finhaat Wealth, a tech-driven wealth management platform for distributors and end users. Building on its success in the insurance sector, the platform aims to provide wealth solutions to India’s aspirational and emerging markets, enhancing financial inclusion.
Cairo Amman Bank has partnered with Mastercard to improve cross-border money transfers for its customers in Jordan using Mastercard Move’s capabilities. This collaboration aims to enhance financial inclusion and facilitate secure, efficient payments to 37 countries. The partnership also includes tailored fraud analytics and risk control services.
JazzCash has revealed a three-year roadmap to accelerate Pakistan’s transition to a cashless society, aiming to integrate the informal economy, boost financial inclusion, and increase tax compliance. With nearly 20 million active users, JazzCash is a key player in driving digital payments and expanding its regional footprint.