Digest 11 | January 2024

What companies are telling us

• Saudi Arabia-based fintech startup Spare has raised $3 million. The company operates in Saudi Arabia, Kuwait, and Bahrain and specializes in providing Open Banking solutions for businesses.
• Oman has introduced a sustainable financing program. The initiative will issue green, social, and sustainable bonds, as well as loans and sukuk (bonds compliant with Islamic law), the proceeds of which will be used to finance and refinance renewable energy projects.
• The UAE Central Bank has introduced a framework for regulating BNPL solutions.?
• stc pay has announced a strategic partnership with Mastercard. It builds on stc pay and Mastercard's joint commitment to develop Bahrain's digital payment landscape by simplifying card transactions and providing a seamless, secure, and efficient payment process. It will also enable stc pay to introduce new card products.
• Mastercard has partnered with MDP, a leading financial services provider in Egypt, to introduce a carbon counting tool.

New product launches and startups

UAE-based Qashio has teamed up with embedded finance platform CredibleX to launch Qashio Financing, a financial solution that makes it easier to obtain financing and improves operational efficiency for SMEs of all sizes.

UAE-based financial institution Mashreq has launched Mashreq UAE, a mobile app designed to provide customers with an enhanced digital experience.

The app is an amalgamation of the Mashreq and Mashreq NEO apps and provides a unified platform with a single sign-on, allowing customers to control all their financial relationships across products and services. It provides a personalized experience with customized credit and debit card offers displayed on the app's dashboard.?

The launch of the Mashreq UAE app is expected to increase user engagement and transform the digital banking experience for users.?

Market Analytics

Investments in the UAE fintech market grow 92% through 2023

According to Innovate Finance, fintech investments in 2023 totaled $51.2 billion, down 48% from $99 billion in 2022. The total number of deals also dropped significantly by 61% to 3,973 in 2023.

However, despite the overall decline, there was one prominent region on Innovate Finance's list that managed to perform surprisingly well - the UAE. Total investment in the UAE grew by 92% in 2023, thanks in part to more fintech-friendly regulations and the increased use of digital banking and other tools in the region. The UAE also made the top 10 list of the most funded fintech centers in 2023 for the first time.

Bahrain Fintech Bay Fintech Strategy 2024

• BFB aims to take Bahrain's fintech sector to the next level by supporting BENEFIT in research and development, acceleration programs, and encouraging innovation.?
• The BFB also plans to establish a world-class Fintech Academy in collaboration with international academic players, offering exclusive courses and programs on AI, data analytics, entrepreneurship, and other relevant topics. The fintech academy will train highly skilled professionals, foster innovation, and position Bahrain as a talent hub in the region.?
• BFB to expand fintech events to include cryptocurrency and InsurTech summits.

red_mad_robot is a digital partner for major businesses in the fields of fintech, telecom, retail, insurance, e-commerce, medicine, and industry. The expertise of red_mad_robot covers the entire cycle of creating digital products: from conducting market research and consulting to direct development and launch on the market. The company creates marketplaces, ecosystems, mobile applications, and web portals for millions of people, as well as supports technological startups.

Subscribe and stay tuned for these and other updates in our digest.