- Commercial Bank International (UAE) has become the main investor for Tajik fintech startup zypl.ai. The bank tested zypl.ai's solution, "zypl.score" for automated retail loan disbursement, which uses synthetic data and GenAI. Commercial Bank International was pleased with the results: with minimal data on loan applications, the bank was able to reduce the level of non-performing loans by ?.
- UAE-based telecommunications company du will launch du Pay, a suite of digital financial and payment services ranging from international transfers and P2P transfers to mobile top-ups and bill payments.
- Digital wallet and fintech platform Careem Pay will expand its international money transfer services by adding "fast payments" to the UK for UAE residents.
- STC pay has received approval from the Saudi Arabian Central Bank (SAMA) to move to the next stage of transformation into STC Bank. This confirms SAMA's commitment to playing a key role in digital transformation and empowering digital players. This is in line with the goal of the national Vision 2030 program to transition to a cashless society by increasing the share of digital financial transactions.
- Dubai-based startup Fortis, a provider of fintech solutions for SMEs, has announced the successful completion of its Series A funding round, raising $20 million.
- Ruya Bank, a hybrid Challenger Bank, plans to launch in the UAE soon - will provide a virtual as well as physical presence for people who are financially underbanked.
- Cashee, a mobile banking app for children and teenagers, is getting ready to launch in Saudi Arabia. The company describes itself as a financial education platform that helps build good money habits for young people.
- Keytom, a neobank focused on operations with digital assets, has launched operations in the UAE. Now the project allows clients to make transactions with cryptocurrencies and USDT and also offers savings and investment products.
- The Central Bank of Kuwait aims to promote innovation in the financial sector by improving the efficiency and security of online payments. Recently, five companies have been registered with the Kuwait Central Bank to offer electronic payment solutions: Myfatoorah, Tap Payments, Payzah, Kashier, and K-Net.
Endeavor shared an analysis of the fintech market in Saudi Arabia:
- The majority of Saudi fintech startups target existing banking customers, while only 16% target unbanked users.
- The total monthly transaction volume of $443 million, with 97% of that coming from high-performing companies.?
- The key technologies used in fintech are open platforms and APIs, mobile applications, cloud computing, and big data.
- Regulatory challenges, high capital requirements, and a lack of management talent are barriers to fintech development.
Forbes Middle East has unveiled its Fintech 50 ranking, which recognizes the region's leading players who are revolutionizing the fintech sector:
- UAE-based Wio topped the year-end rankings with its digital banking apps for corporate and retail customers - Wio Personal and Wio Business.
- Egypt leads the ranking among countries with 13 companies, followed by the UAE and Saudi Arabia.?
- By category, the list is dominated by companies developing payment solutions and BNPLs. In turn, BNPL platforms such as Tabby, Tamara, and MNT-Halan have achieved unicorn status in 2023.
- Morocco-based HPS, founded in 1995, is the oldest company in the ranking with a market capitalization of $434 million. In contrast, UAE-based Wio Bank and Qlub are the youngest companies — founded in 2022.
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