Technology news and insights in the Middle East, South Asia, and Africa
Technology News and insights in the Middle East, South Asia, and Africa
Saudi Arabia is advancing its Vision 2030 goal to become a global FinTech hub. With robust investments in digital payments, alternative financing, and regulatory frameworks, the Kingdom is witnessing rapid growth in FinTech startups, driving innovation and financial inclusion across various sectors.
Network International and ruya have partnered to revolutionize digital Islamic banking in the UAE. This collaboration will integrate advanced payment technology with Shariah-compliant services, enhancing the customer experience with faster transactions, security, and convenience in digital banking.
Barq, a Saudi fintech leader, has partnered with Mastercard to enhance payment solutions in the Kingdom. Leveraging Mastercard Gateway, the collaboration aims to provide businesses and consumers with secure, efficient, and innovative payment systems, boosting fraud prevention and processing efficiency for Barq’s customers.
BankDhofar partners with Entrust to implement Digital Card Solution (DCS), enabling Tap to Pay and tokenization services through its Dhofar-Pay app. This makes BankDhofar one of the first in Oman to launch such services, with plans to expand into digital wallets like Apple Pay and Samsung Pay soon.
Gulf Strategic Solutions and Festipay have partnered to enhance cashless payment technology for events across the Middle East. This collaboration focuses on developing integrated cashless solutions for major events, following their success at the Bahrain Grand Prix and other prominent events.
Tam Bank, Kuwait’s first Sharia-compliant digital bank, showcased its innovative services for youth during a workshop hosted by KFH’s PR Academy. The bank highlighted its digital offerings, seamless mobile application experience, and rewards programs, aiming to enhance the banking journey for young customers.
Dubai-based fintech startup Ziina has raised $22 million in a Series A funding round to accelerate its growth and expand product offerings. The company, known for its innovative payment solutions, plans to use the funds to develop new features and explore market expansion in the UAE and beyond.
Tarabut, the MENA region’s largest open banking platform, has acquired UK-based Vyne, enhancing its real-time payment capabilities. This acquisition enables Tarabut to expand its reach and offer seamless, account-to-account payments across the region, starting in Bahrain and soon in Saudi Arabia and the UAE.
Tabby, a leading buy now, pay later platform, has acquired Saudi-based mobile wallet Tweeq.
Barq, a Saudi fintech led by Ahmed Alenazi, has garnered over 1 million users in just three weeks following its public debut. Licensed by SAMA, the startup offers extensive features including digital personal accounts, Visa cards, and international money transfers, rapidly positioning itself as a major player in the fintech sector.