The UAE’s fintech sector contributes 8.7% to the country’s GDP, with plans to increase this to 12% by 2031. The country is also focusing on the space economy and agricultural innovation, driving growth in new sectors. Additionally, 200,000 new business licenses were issued in 2024, boosting economic activity.
Fawry has made strategic investments totaling EGP 80 million in three Egyptian tech companies—Dirac Systems, Virtual CFO, and Code Zone. These investments expand Fawry’s “Fawry Business” suite, enhancing its ERP, financial management, and digital payment solutions for businesses, driving Egypt’s digital transformation and contributing to its cashless economy.
Basata has increased its stake in MadfoatCom to 25%, strengthening its role in advancing digital payments and financial inclusion in Jordan. The partnership, backed by Jordan Kuwait Bank and the Social Security Investment Fund, focuses on enhancing digital payment solutions, money transfers, and supporting SMEs through financial tools.
Saudi Arabia, Indonesia, Malaysia, and the UAE account for more than half of the global Islamic fintech firms. The market, valued at $161 billion in 2023/24, is projected to grow to $306 billion by 2028. Saudi Arabia leads as the dominant hub, with challenges like capital access impacting growth.
Visa has launched the Tap-to-Add Card technology in Jordan, allowing users to securely add Visa contactless cards to digital wallets with a tap. This innovation simplifies digital payment processes, enhances security, and encourages the adoption of digital wallets in Jordan, benefiting both consumers and the payments ecosystem.
Entlaq, in collaboration with the Netherlands Enterprise Agency (RVO) and the Embassy of the Netherlands, launched a Fintech Report highlighting Egypt’s growing financial technology sector. The report outlines key trends, challenges, and opportunities, positioning Egypt as a leader in MENA’s fintech space and emphasizing the importance of financial inclusion.
PLDT Global has partnered with stc Pay Bahrain to offer enhanced digital financial services to Filipinos in Bahrain. The collaboration integrates PLDT Global’s digital vouchers, bill payments, and mobile top-up services into stc Pay Bahrain’s app, expanding the range of services available to the Filipino community.
omnispay, a UAE fintech, has raised $1.5 million in seed funding led by Mercatus Capital. The company offers an all-in-one platform to simplify SME cash flow management, combining collect, pay, and borrow features. The funds will accelerate its mission to drive digital adoption and empower SMEs in the GCC region.
Visa introduced its Tap-to-Add Card feature in Jordan, allowing cardholders to add their Visa contactless cards to digital wallets by tapping their mobile devices. This feature enhances security, reduces manual input errors, and has gained adoption with over 542 tokens enabled. It also benefits financial institutions and digital wallet providers.
Basata Holding has increased its stake in MadfoatCom to 25%, enhancing digital payment services in Jordan. The strategic acquisition, in partnership with major Jordanian financial institutions, aims to expand financial inclusion and improve digital infrastructure. The collaboration focuses on enhancing payment solutions, particularly for small and medium-sized enterprises (SMEs).
