Astra Tech given Central Bank of the UAE approvals ahead of launching the Ultra Platform
fintech startups
Latest in fintech startups
digital payments
Where is the finance sector heading in 2023?
It’s a good day to be in tech in the UAE
DIFC
Dubai fintech firms net $545m funding in 2022
Dubai fintech activity is booming, 3,000 applications sent to DIFC
AI-powered payment cards
UAE fintech Xare to unveil a breakthrough in payment cards: Borderless, language-less card checkout
Customers can shop globally with ‘Xare Anywhere’, even if they do not own a credit or debit card by using a card that is shared by a relative or a trusted friend, without having to provide card details
DIFC
DIFC to hold mega global fintech summit in Dubai mid next year
The event, expected to bring together more than 5,000 experts, thought leaders, policymakers from around the world, is to discuss ways to shape a new wave of innovation, enterprise and growth for the international financial industry
BNPL
UAE-based BNPL startup Cashew partners with du to offer device financing to customers
The telecom device financing scheme will spread over a 24-month period
digital banking
UAE fintech startup YAP in talks with global, ME VC funds for raising $20 million
The back-to-back fundraising rounds will take the venture’s Series A to a total of $61 million
banking industry
GCC financial sector to see fierce rivalry with pure-play fintech players like YAP set to enter lending segment
So far, fintech ventures have been majorly confined to challenging traditional players in the financial and banking sector in their digital segments with smarter and faster financial tools
BNPL
UAE-based Cashew hits market raising over $70 million, among the largest by a BNPL startup in the country
The venture is already in negotiations with a couple of family offices in Saudi Arabia and venture capital (VC) firms in the US and Singapore for the proposed fundraising
accelerator programme
Fintech Saudi’s second accelerator programme sees participation of 12 startups
The three winning startups at this year’s programme were awarded a financial grant of SAR 50,000 each by Saudi Aramco Entrepreneurship Center
automobile industry
UAE’s ‘NextGenFDI’ gets its latest catch – US-based fintech Way.com
The Silicon Valley-incubated direct-to-consumer marketplace will offer a basket of services in the auto sector such as car financing, car insurance, breakdown services, car wash and parking assistance to customers in the UAE market
AB In Focus
AB In Focus: Collaboration is crucial to the future of finance
Mashreq Head of Retail Banking, Fernando Morillo, and NymCard CEO and Founder, Omar Onsi, explain how collaboration between fintechs and banks is the key to success
Arif Amiri
DIFC launches region’s first open finance lab
The six-month programme includes banks, fintech players, regulators and the industry with the potential to unlock the next wave of growth for the sector
Buy now Pay later
Saudi-based BNPL startup Tamara expands operations to UAE
The buy-now-pay-later company said it already has Namshi, SHEIN and Swarovski on board and hopes to sign up hundreds more merchants in the coming months
Alhokair Family
Egypt-based fintech firm valU strikes $12.4mn funding deal with Saudi’s Alhokair Family
The latest round of funding will take the valuation of ValU to $247.4 million
Fahad Alidi
Football star Paul Pogba, Aramco’s Wa’ed lead $50mn Series B funding into NY-based fintech super-app
This marks Wa’ed’s second investment in the fintech startup after leading Wahed’s $25 million Series A funding round in 2020
Adnan Haque
UAE-based fintech firm Spades secures $2.5 million in angel funding to spur ‘phygital’ dine-in payment services
The web-based dine-in app allows customers to tap (or scan), split, tip, and pay without app downloads, registrations, setup fees, or commitments