- QNB implements the first Open Banking API in Qatar for corporate clients.
- e& announced a partnership with Payit from First Abu Dhabi Bank (FAB) to offer businesses in the UAE a secure and easy payment method.
- Mastercard collaborates with SingleView, a Riyadh-based provider of Open Banking solutions.
- Qatari bank ahlibank announced the launch of Samsung Pay for its customers.
- The embedded platform ABHI offers its users an EWA product (Earned Wages Access), allowing them to access their salary even on days when banks may not be operational.
- Thimsa, a fintech startup from the UAE aiming to "simplify and speed up payments" through Open Banking, announced the launch of the beta version of its platform in the UAE and Bahrain.
- The payment and BaaS solutions provider BKN301 Group introduces its advanced solution BKN301 BaaS Orchestrator, designed to enable companies of any size to incorporate financial features into their offerings in the MENA region.
- The investment platform eToro, together with Arabesque AI, launched a new Sharia-compliant portfolio for users in the Middle East.
- Emirates NBD, a banking group based in the UAE, has partnered with the Indian fintech company Pine Labs to expand merchant acquiring services for its corporate and institutional clients.
- ?Launched in April 2018, Fintech Saudi has become a key force in promoting the Kingdom as a leading fintech hub in the MENA region. The initiative includes programs such as an accelerator, fintech tour, and summer sessions, contributing to a 20-fold increase in the number of fintech companies in the Kingdom since Fintech Saudi's inception.
- To date, over SR4 billion has been invested in local fintech companies.
- The adoption of a national strategy in May 2022 marked a significant step in the development of the fintech sector. The strategy is built on six pillars: establishing the Kingdom as a regional fintech hub, creating a favorable regulatory environment, providing funding for startups, enhancing skills, accelerating infrastructure development, and fostering local and international cooperation.
- Vision 2030 goals for the fintech sector: creating 525+ fintech companies by 2030 (compared to 200 in 2023), generating 18,000 jobs in fintech (compared to approximately 5,400 in 2023), contributing SR13.3 billion to the country's GDP, and achieving SR12.2 billion in direct venture investments.
- By 2030, the share of cashless transactions is expected to increase to 80% (up from just 18% in 2016). This rapid adoption is expected to be driven by the integration of innovative payment solutions, including digital wallets, local transfers, QR code payments, and the SADAD bill payment system.
- The use of BNPL (Buy Now, Pay Later) has increased from 76,000 customers in 2020 to over 10 million in 2022.
Fintech Times has released its fourth report on the state of the fintech landscape in the Middle East and Africa (MEA) region:
- The region is home to approximately 3,700 fintech companies. Notably, 40% of these are located in Turkey, the UAE, and Israel.
- ? of fintech companies in the region are focused on payments, lending, and the wealth and investment sectors. The sector has significantly diversified compared to the past when up to 85% of fintech companies in the region were focused on payment solutions.
- The region is witnessing the evolution of digital IDs, real-time payment systems, and the integration of services into super apps, providing a seamless user experience.
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