MENA Banking and Fintech Update - April 13th 2024

Banking & Industry News

Sohar International Leads GCC Banking Sector with Unprecedented Growth

Sohar International , a prominent Omani bank, has achieved remarkable growth, topping the charts in Total Assets and Return on Equity (ROE) among GCC banks. Backed by a KPMG report, the bank's 61.9% year-on-year growth in Total Assets showcases its strategic asset management and commitment to expansion. Mr. Ahmed Al Musalmi , CEO of Sohar International, attributes this success to the bank's operational excellence and strategic foresight.

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FAB and Microsoft Forge Strategic Partnership to Reshape Global Financial Services

First Abu Dhabi Bank (FAB) and Microsoft have joined forces to pioneer new AI-driven banking capabilities through a landmark strategic partnership. Hana Al Rostamani, Group CEO at FAB, highlights the bank's commitment to innovation, while Naim Yazbeck , UAE GM at Microsoft Gulf, underscores the potential for groundbreaking capabilities.

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Emirates Development Bank financing boosts UAE Industrial GDP by $2.8bn

The Emirates Development Bank (EDB) has achieved a milestone by contributing to the UAE's industrial GDP through financing amounting to $2.8 billion. Under the strategic guidance of Dr. Sultan Ahmed Al Jaber, Minister of Industry and Advanced Technology, and Chairman of the EDB Board, the bank's three-year performance results have showcased transformative progress, including a substantial increase in financing for SMEs and large corporates.

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stc Bahrain Celebrates stc pay's Role in Driving Fintech Innovation and Growth in Bahrain

With over 300,000 downloads and more than 15 million transactions totaling over BHD 500 million in the past year, stc pay has become Bahrain's leading mobile wallet for digital financial transactions. Supported by the Central Bank of Bahrain , Bahrain Economic Development Board (EDB) , Tamkeen , Khaleeji | خليجي and Mastercard , stc pay aims to bridge the financial inclusion gap and drive Bahrain towards a cashless economy. Nezar Banabeela , CEO of stc Bahrain and Chairman of stc pay, acknowledges the contributions of partners and subscribers.

Read the announcement here

UAE Central Bank Greenlights Brookfield's £2.2bn Acquisition of Network International

The Central Bank of The UAE has granted approval for private equity firm Brookfield 's £2.2bn ($2.7bn) acquisition of Network International , a leading technology-enabled payments solutions provider. Network International, led by Nandan Mer , Rohit Malhotra , and Jay Razzaq , is advised by a consortium including Citi , J.P. Morgan , PJT Partners , Allen & Overy , and Teneo . Brookfield Asset Management is led by Anuj Ranjan .

Read the Linkedin Post here

Central Bank of UAE Launches "The Digital Dirham" CBDC Strategy

The Central Bank of The UAE announces its collaboration with G42 Cloud and R3 to implement its CBDC strategy as part of its Financial Infrastructure Transformation (FIT) Programme. H.E. Khaled Mohamed Balama, Governor of the CBUAE, emphasizes the role of CBDC in enhancing digitalization, financial inclusion, and moving towards a cashless society, positioning the UAE as a leading global financial hub.

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Mercury Secures In-Principle Approval for Retail Payment Services License in UAE

Mercury , a prominent regional payments infrastructure provider, receives in-principle approval for a Retail Payment Services license from the Central Bank of the UAE. CEO Muzaffer Hamid expresses gratitude to the Central Bank for their trust, highlighting Mercury's commitment to technology-driven financial well-being and inclusion.

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PhonePe App Now Accepted at Mashreq’s NEOPAY Terminals in UAE

Mashreq , in partnership with NPCI International Payments Limited (NIPL) , integrates PhonePe and other UPI-enabled apps with NEOPAY terminals, enhancing financial connectivity between UAE and India. Vibhor Mundhada , CEO of NEOPAY at Mashreq, highlights the commitment to innovation and technology, while Ritesh. Pai , CEO International Payments at PhonePe, emphasizes the convenience and smoother transactions for Indian visitors. Anubhav Sharma , from NIPL, emphasizes collaboration to deliver secure cross-border payment solutions.

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Oman to implement IBAN banking system 

The Central Bank of Oman announces plans to introduce the International Bank Account Number (IBAN) standard to modernize the sultanate’s financial system and facilitate seamless domestic and international transactions. The adoption of IBAN aims to simplify financial transactions, increase transparency, and streamline payment processes, ultimately enhancing the overall efficiency of Oman's banking system. 

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RAKBANK Unveils UAE SME Confidence Index: Prosperity Amid Challenges

RAKBANK , in collaboration with independent research company RFI Global , releases the inaugural SME Confidence Index report, showcasing a thriving post-Covid-19 landscape for SMEs in the UAE. The report, based on a survey of over 1,000 SMEs highlights robust growth and optimism among SMEs across key industries. Raheel Ahmed CEO at RAKBANK, emphasizes the bank's commitment to supporting the SME sector through actionable insights. The report forecasts positive economic outlook, but also acknowledges challenges.

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Paymob Partners with MID Takseet to Expand Consumer Finance Solutions in Egypt

Paymob a financial services provider in the MENAP region, collaborates with Mogo , a consumer finance company, to broaden access to consumer finance solutions in Egypt. Mahmoud El-Ghawass , CEO of MID Takseet, highlights the commitment to leveraging technology to enhance client capabilities, while Gillan Shaaban , CCO of Paymob, emphasizes the potential for increased sales conversions and business growth through offering flexible payment options.

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Fintech News & Regional News

Alaan and Visa Forge 5-Year Alliance to Propel UAE and KSA Toward Cashless Future

Alaan , UAE's leading corporate card solution, and Visa , have inked a landmark 5-year deal aimed at advancing the cashless agendas of the UAE and KSA governments. Parthi Duraisamy , CEO and cofounder of Alaan, and Dr Saeeda Jaffar , Senior Vice President and Group Country Manager for GCC at Visa, spearheaded the agreement.

Read more here

SDAIA Empowers 600k Young Saudis with AI Training Initiatives

The SDAIA | سدايا has been instrumental in raising awareness about AI through global training programs, benefiting over half a million young Saudis. Collaborating with academic partners and global technical institutions, SDAIA's short-term and long-term training camps and programs have reached over 590,000 beneficiaries, enhancing cognitive skills and optimizing the use of data and technology among teachers and the workforce.

Read more here

Celebrating the UAE's Fintech Innovators on Forbes Middle East Fintech 50

Forbes Middle East Fintech 50 highlights the UAE's leading role in fintech, with Wio Bank topping the list. Other notable UAE-based companies include Optasia , Sarwa ثروة , Telr , and Beehive Fintech . Middle Eastern fintechs remain resilient, with Egypt, UAE, and Saudi Arabia leading representation. Wio Bank, backed by ADQ , Alpha Dhabi Holding , e& , and First Abu Dhabi Bank (FAB) , leads the charge with its digital banking applications. Payment companies dominate the list.

Find the full list here

ORA Technologies Raises $1.5M Seed Round for Moroccan Super App Expansion

Morocco-based super app ORA TECHNOLOGIES has secured $1.5 million in seed funding. Founded in 2023 by OMAR ALAMI , ORA offers a multifaceted mobile app with features like P2P transactions, e-commerce, on-demand services, chat, social networking, and soon-to-be-launched digital wallet. This new investment will activate ORA's e-wallet, facilitating instant money transfers through a partnership with M2T SA , a subsidiary of Banque Centrale Populaire. 

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Mamun Concludes Oman's First Equity Crowdfunding Campaign with Zameeli

Omani Fintech firm mamun has successfully concluded Oman’s first equity crowdfunding campaign for Zameeli , a platform connecting Omani freelancers with SMEs. Mamun's COO, Mohammed Al-Tamami , emphasizes building trust and financial empowerment, while Zameeli's CEO, Tariq Al Habsi , commits to empowering freelancers and fostering community-driven success. 

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Rakeez Capital closes $2 million Seed round led by Core Vision

Saudi Arabia-based B2B fintech startup Rakeez Capital | ركيز المالية has closed a $2 million Seed investment round led by Core Vision Investment . Founded in 2023 by Saeed AlAhmari , Rakeez Capital specializes in debt and investment instruments, providing financing options for investors and companies through Sukuk issuance. Core Vision Investments' CEO, Faisal Al-Abdulsalam , highlighted the significance of Sukuk and bonds markets.

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Tumodo's Ambitious Saudi Expansion in Travel Tech

Tumodo , a UAE-based travel tech startup, sets its sights on rapid expansion into Saudi Arabia. With plans to achieve $100 million in sales by 2026, Tumodo aims to establish a strong presence in major Saudi cities and navigate regulatory compliance. Under the leadership of co-founder Vladimir Kokorin , Tumodo emphasizes strategic partnerships, automation, and customer satisfaction as key drivers for success. 

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Startup Roundup

Bahraini Ahlan App Raises USD 3 Million for Market Share Expansion

Bahraini loyalty program Ahlan App has secured a significant boost with a $3 million investment led by Hope Ventures , valuing the company at $15 million in its first funding round. Alongside Hope Ventures, notable private sector investor Al Rajhi Holdings . Founded in 2021, Ahlan App has rapidly grown its user base, serving over 200,000 clients and partnering with more than 1,400 vendors, resulting in $10 million in cashback credit issued

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Mojo's Seven-Figure Seed Round Propels Kuwaiti Social Commerce Venture to New Heights

Mojo a Kuwait-based social commerce platform focusing on beauty, skincare, and wellness products, has successfully raised a seven-figure Seed round. Led by pre-Seed investors Joa Capital and Emkan Capital , alongside new backers such as Plus VC (+VC) , SHARPUDEEN SHAMSUDEEN , and WAHED INVEST (WAHED TECHNOLOGIES SDN BHD) , this investment marks a significant milestone for the company. Founded in 2022 by Aziz Albahar and Nadia Al Hamad , Mojo aims to revolutionize the beauty and wellness industry by offering users a unique blend of social networking and online shopping experiences. 

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Sprints Secures $3 Million Bridge Round to Fuel Expansion into 10 New Markets

Egypt-based edtech startup Sprints has successfully raised a $3 million bridge round led by DisrupTech Ventures , with investments from EdVentures and CFYE , among others. Co-founded by Ayman Bazaraa and Bassam Sharkawy in 2020, Sprints focuses on bridging the tech talent gap in the MEA region through its innovative platform, offering guaranteed hiring programs and agile-based learning journeys. 

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Oneness Revolutionizes Gaming Landscape with $4M Seed Funding

Oneness Labs has secured a $4 million seed funding round, signaling a paradigm shift in gaming that bridges the gap between Web2 and Web3. With substantial backing from the Dubai Ruling Family and Finewill , Oneness Labs is poised to introduce the Oneness Matrix, a Modular Gaming-Intent BTC Layer 2, revolutionizing how games are played and transactions are conducted. Led by a stellar team including MIT's Professor Harald Quintus Bosz Vera , Oneness Labs aims to redefine gaming through innovative solutions like the zk-VRP protocol, ensuring fairness and high performance. 

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Omani adtech Mubashir secures investment from ITHCA

Oman-based adtech company Mubashir has secured an undisclosed investment from ITHCA GROUP , a dedicated supporter of 4th industrial revolution technologies. Founded in 2015 by Ali Al Raisi , Khalid Al Khalifa , Khalid Al Awad , and Raif Al-Harthy , Mubashir specializes in digital out-of-home (DOOH) advertising solutions. Ameer S. Al-Alawi , Group Director Investments at ITHCA, emphasizes the importance of innovative AdTech companies like Mubashir, which leverage data analytics, automation, and AI to deliver targeted advertising campaigns. 

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Garbaliser Secures $436,000 Investment for Expansion into UAE

Lebanon-based agritech startup GARBALISER received a $436,000 investment from Shark Tank Dubai, granting the investor a 12% stake in the company. Founded by Hanan Ismail and Eng. Zeinab Ismail in 2020, Garbaliser focuses on converting organic waste into liquid, eco-friendly fertilizer to combat pollution.

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dKilo Raises $3.2M Seed Funding to Revolutionize Out-of-Home Advertising

Egyptian ad-tech startup dKilo has secured $3.2 million in seed funding to enhance its online platform, expand into the Saudi market, and revolutionize out-of-home advertising. Founded in 2020 by Mohamed Mousa and Sherif Abdelaty , dKilo aims to connect brands with audiences beyond traditional digital spaces, offering new avenues for e-commerce businesses to boost awareness and conversions. The funding round was led by Upturn Ventures.

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Kitchenara Secures USD 380k From Angel Investors for Tech-Driven Food Delivery Platform

Leading food delivery platform, Kitchenara , has successfully secured USD 380,000 in funding from UAE angel investors, signaling a growing interest in tech-driven food delivery solutions. CEO Umair Khalid عمير خالد expressed gratitude for the support from UAE investors, highlighting their shared vision of transforming the food delivery landscape and innovating to deliver exceptional value to users and restaurant partners.

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ClusterLab Secures Pre-Seed Funding Led by InstaDeep CEO

Tunisian AI startup, Clusterlab , headquartered in the UAE, has raised $600,000 in pre-seed funding led by Karim Beguir , CEO of InstaDeep . This investment will drive the development of next-gen large language models, enhancing ClusterLab's natural language processing capabilities. Founded by Haithem kchaou and Chehir Dhaouadi , ClusterLab is dedicated to leveraging AI for positive societal impact, as evidenced by its collaborations and selection for the Nvidia Inception Program.

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Regional Industry Events

Blockchain Life 2024

April 15-16, 2024 | Dubai Festival City, Dubai, UAE

Blockchain Life 2024

Istanbul Fintech Week 2024

April 16-17, 2024 | Fisekhane, Istanbul, Turkey

Istanbul Fintech Week 2024

World Blockchain Summit Dubai

April 22-23, 2024 | JW Marriott Hotel Marina, Dubai, UAE

World Blockchain Summit Dubai

Finnovex East Africa 2024

April 24 – 25, 2024 | Nairobi, Kenya

Finnovex East Africa’s 23rd edition

Dubai Fintech Summit 2024

May 06 – 07, 2023 | Madinat Jumeirah, Dubai, UAE

Dubai Fintech Summit 2024

Qatar Economic Forum

May 14-16, 2024 | Doha, Qatar

Qatar Economic Forum

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