Fuze has received approval from the Central Bank of the UAE for a Retail Payment Services and Card Schemes license. This allows the company to offer advanced payment solutions, including AI-driven compliance, virtual IBANs, and real-time transactions, aligning with the UAE’s Digital Economy Strategy to drive financial innovation.
Visa has launched Visa+ in Bahrain, allowing users to send money across the GCC using only a mobile number. The service, available through Benefitpay and supported by Bahrain Islamic Bank and Khaleeji Bank, simplifies cross-border transfers, enhances security, and paves the way for further expansion across the region.
Mylo, a fintech company from B.TECH, has received approval from Egypt’s Financial Regulatory Authority (FRA) to offer fully digital onboarding services. This service eliminates the need for in-person KYC verifications, providing instant access to financial services. Mylo is expanding nationwide, with services available in key Egyptian cities.
Al Baraka Bank Egypt has launched a new mobile banking app and revamped its internet banking service to enhance user experience and expand its digital ecosystem. By 2027, the bank aims for 50% of its customers to be digitally active, reinforcing its leadership in modern banking solutions.
Sohar International has launched its fully digital E-Mandate Direct Debit solution, streamlining recurring payments for individuals and businesses. This initiative enhances efficiency, security, and convenience while promoting sustainability by reducing paper usage. The new service reflects the bank’s commitment to financial innovation and aligns with Oman’s digital transformation efforts.
PayTabs Egypt has partnered with Ollin to enhance consumer financing by integrating advanced payment technologies. This collaboration aims to streamline digital transactions across sectors such as auto loans, healthcare, education, and travel, aligning with Egypt’s push for a more digital economy.
Bahrain is set to host the Fintech Revolution Summit in 2025, aiming to advance the country towards a cashless society as part of Bahrain Vision 2030. Over 500 BFSI and fintech professionals will explore trends and investment opportunities in financial technology.
Arab Financial Services and Lune Technologies partner to enhance financial data services, offering advanced analytics and data enrichment to improve decision-making and user experiences in the financial sector.
Kuwaiti FinTech Kem has secured a $3 million investment from digital asset leader Tether to enhance P2P payments in the Gulf. The funds will drive the regional adoption of USD₮ and expand Kem’s real-time payment services, supporting economic stability in the Middle East and reflecting a growing trend towards digital financial frameworks.
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.
