Tagged: mena region

Animoca Brands, the Digital Property Rights Firm for Open Metaverse, to Advance Web3 Ecosystem in Saudi Arabia

Animoca Brands, the company advancing digital property rights for gaming and the open metaverse, announced that it has entered into a Memorandum of Understanding (MOU) with King Abdulaziz City for Science and Technology (KACST) to collaborate to advance the Web3 and gaming ecosystem in the… Read More

MENA Region’s Mashreq Signs MoU with Fintech Fils to Introduce Corporate Carbon Offsetting Offering

Mashreq, which claims to be one of the leading financial institutions in the MENA region, has signed a Memorandum of Understanding (MoU) with the UAE-based fintech firm, Fils, in order to “develop a corporate carbon offsetting offering that helps corporate and institutional clients to integrate… Read More

MENA Region’s Saudi Tadawul Group Holding Company Enters Agreement to Acquire Stake in Dubai Mercantile Exchange

Saudi Tadawul Group Holding Company (STG), a diversified capital markets group in the MENA region, has entered into a binding agreement with existing shareholders of DME Holdings Limited in order to “acquire a 32.6% stake in Dubai Mercantile Exchange (DME), one of the leading international… Read More

MENA Fintech Association Welcomes Regtech SumSub

Regtech Sumsub has reportedly joined the MENA FinTech Association (MFTA) in order to drive business growth in the MENA region, while “raising identity fraud awareness, and fostering innovation in the fintech sector.” This partnership highlights Sumsub’s commitment “to establishing and strengthening key industry connections and… Read More

UAE’s Financial Services Regulatory Authority Makes Revisions to Anti-Money Laundering and Sanctions Rules and Guidance

The Financial Services Regulatory Authority (FSRA) has announced revisions to its Anti-Money Laundering and Sanctions Rules and Guidance (the AML Rulebook). The FSRA has made revisions that “clarify the requirements that previously appeared in the AML Rulebook, reflecting the federal regulatory framework the UAE has… Read More

Digital Banking: Libyan Islamic Bank Teams Up with Fintech Platform Backbase

In an effort to streamline its customer service operations and enhance its customers’ digital banking experience, Libyan Islamic Bank (LIB) has partnered with Backbase, the enabler of engagement banking platform solutions worldwide. Established in 2017 with a primary focus on retail and corporate segments, LIB… Read More

Digital Transformation: Newgen Software, a Provider of Low Code Platform Services, Teams Up with Development Bank in Oman

Newgen Software, a global provider of low code digital transformation platform, announced that the Development Bank (DB) selected Newgen in order “to streamline its Banking Processes and Deliver Transformed Experiences.” The financing arm for the government to “support SMEs based in Oman is dedicated to… Read More

Tabby, MENA Region’s Digital Commerce and Financial Services App, Secures Up to $700M in Receivables Securitization from JP Morgan

Tabby, the MENA’s shopping and financial services app, has secured up to $700 million in receivables securitization from J.P. Morgan. The deal represents the largest asset-backed facility “obtained by a fintech company in the MENA region.” In parallel to the securitization financing, Tabby has “extended… Read More

Tamara, the Fintech Platform to Shop, Pay and Bank in Saudi Arabia and GCC Region, Acquires $340M via Series C

Tamara, the fintech platform to shop, pay and bank in Saudi Arabia and the wider GCC region, has achieved the historic milestone of becoming the Kingdom’s “first” homegrown fintech unicorn by securing $340 million in a Series C equity funding round. This investment round was… Read More

UAE’s Legaltech Clara Acquires BOTH Corporate Services Limited as Part of Business Growth Strategy

UAE-based legaltech Clara announced its acquisition of BOTH Corporate Services Limited (BCS), a provider of corporate services in Abu Dhabi Global Market (ADGM). This deal is a key milestone for Clara as it initiates “an acquisition strategy to expand its customer base and extend its… Read More

Abu Dhabi: Digital Asset Firm Copper to Facilitate Transition of Financial Market Infrastructure to Blockchain-based Rails

Copper will facilitate the transition of financial market infrastructure to blockchain-based rails addressing key goals in Abu Dhabi’s Economic Vision. Integration of blockchain-based services with financial infrastructure “will provide a solid foundation for the expansion of the local capital markets and attract international investors to… Read More

Alternative Investment Management Firm Lunate and BNY Mellon to Invest in Wealthtech Firm

Lunate, a global alternative investment management company with more than $50 billion of assets under management, and BNY Mellon (NYSE:BK), the largest custodian and a leader in wealth management technology are investing in a new company, Alpheya, that “will develop a customized wealth management technology… Read More

Payments Fintech Foodics in Egypt and Suplyd to Automate Procurement, Supply Chain for Restaurants

Foodics, the restaurant management and payment solutions in MENA, announced its collaboration with Suplyd in Egypt, the digital supply chain management and procurement platform. This partnership offers a comprehensive supply chain management solution to restaurants in Egypt, making it easier “for restaurant owners to manage… Read More

Crypto.com Obtains VASP License from Dubai’s Virtual Assets Regulatory Authority (VARA)

Crypto.com announced that its Dubai entity, CRO DAX Middle East FZE, has been granted a Virtual Assets Service Provider (VASP) License “for specified virtual asset service activities by Dubai’s Virtual Assets Regulatory Authority (VARA).” Crypto.com’s VASP License is “subject to the Company fully satisfying select… Read More

Egyptian Fintech MNT-Halan Closes $130M Securitization

MNT-Halan has reportedly closed a $130 million securitization. As Egypt’s “first” unicorn and “fastest-growing” fintech, they’ve now “raised over US$ 400m in 2023, and target US$ 550 by the year’s end.” MNT-Halan has closed five tranches of securitized bond issuances “through its microfinance and consumer… Read More

Copper Acquires Digital Asset Brokerage Firm Securrency Capital Ltd

Copper, an institutional digital asset infrastructure provider, has acquired Securrency Capital Limited, a full-service, regulated blockchain-enabled brokerage firm offering digital securities trading based in the Abu Dhabi Global Market (ADGM). Securrency Capital’s platform, “powered by Securrency’s digital asset infrastructure and compliance aware solutions, provides investors… Read More

SC Ventures, SBI Holdings to Support Digital Asset Initiative in UAE

SC Ventures, Standard Chartered’s innovation, fintech investment and ventures arm, is partnering with SBI Holdings, a Japanese financial conglomerate, to establish a Digital Asset Joint Venture investment company in the United Arab Emirates (UAE). The parties say that they intend “to capitalize the vehicle with… Read More

UAE’s Digital Bank Liv Introduces Instant Personal Loans without Fees via Fintech App

Liv, UAE’s digital bank launched by Emirates NBD, a banking group in the MENAT region, has launched a new digital offering. Till the end of 2023, eligible Liv customers can benefit from instant personal loans without any fees via the Liv app. The digital bank… Read More

MENA Region Fintech Tabby Finalizes $200M Series D at $1.5B Valuation

Tabby, the MENA region’s shopping and financial services app, has raised $200 million in equity financing led by Wellington Management, which claims to be one of the world’s major independent investment management firms. The equity financing drew additional participation “from growth equity investor Bluepool Capital,… Read More

Saudi Central Bank SAMA, Monetary Authority of Singapore to Work on Fintech Initiatives

The Saudi Central Bank (SAMA) signed a cooperation agreement with the Monetary Authority of Singapore (MAS) in Riyadh, in the field of Fintech and innovation. The agreement was signed by Ayman Al-Sayari, Governor of SAMA, and Dr. Vivian Balakrishnan, the Minister for Foreign Affairs of… Read More

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