MENA Banking and Fintech Update - February 4th 2024

Banking & Industry News

Themis Brings Financial Crime Risk Management Cloud to Saudi Arabia

Financial crime tech firm Themis launches its risk management cloud service in Saudi Arabia, hosted in Jeddah. The service features advanced AI for crime prevention, stringent security, compliance infrastructure, and high-speed connectivity. CEO Dickon Johnstone expresses commitment to combat financial crime in line with Saudi Arabia's Vision 2030.

Read the full article here

GCC banks will remain profitable in 2024

S&P Global 's GCC Banking Sector Outlook 2024 projects that despite global economic challenges, banks in the The Cooperation Council for the Arab States of the Gulf (GCC) region will maintain profitability, stability, and robust metrics in 2024.

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EFG-Hermes to Close Frontier Businesses, Considers UK Exit

EFG Holding SAE, Egypt's largest investment bank, is set to close its frontier operations, including the shutdown of its Singapore office. The firm plans to fully exit Pakistan after completing its merger with Intermarket Securities. There is also consideration of exiting the UK, according to an internal memo.

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Saudi eyes reviving multibillion dollar Aramco share sale

Saudi Arabia is reportedly considering a follow-on offering in aramco as early as February, aiming to raise at least SAR 40 billion ($10 billion) on the Saudi stock exchange. The potential deal, if successful, could contribute to Crown Prince Mohamed bin Salman's economic diversification plans, four years after the kingdom raised about $30 billion in Aramco's initial public offering.

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Network International Secures Major Payment Institution License from Saudi Central Bank (SAMA) for KSA Expansion

Network International , the leading digital commerce enabler in the Middle East and Africa, has achieved a significant milestone by obtaining a Major Payment Institution (Major PI) license from the Saudi Central Bank – SAMA . Abdulaziz AL dahmash , Managing Director for the Kingdom of Saudi Arabia, expressed gratitude for SAMA's trust, highlighting Network's commitment to expanding the payment landscape in the Kingdom.

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Emirates Development Bank Recognised as Best Regional Development Bank at International Finance Awards

Emirates Development Bank (EDB) has been honoured with the 'Best Regional Development Bank' award at the 11th Annual International Finance Awards, acknowledging EDB's commitment to innovative financing solutions and its significant economic impact through extended tenor patient debt approaches. Ahmed Alnaqbi , CEO of EDB, expressed delight, highlighting the bank's achievements and financing initiatives, positioning it as a regional and global economic leader.

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Citi Bank celebrates 60 years in the UAE

花旗 UAE commemorates its 60th anniversary, marking six decades of serving as the Middle East & Africa regional hub. The bank, initially opening its first branch in Dubai in 1964.

Read the full Linkedin post here

United Arab Bank Advances Towards a Greener Future with SAP and AWS

United Arab Bank (UAB) is set to undergo a digital transformation in collaboration with SAP SE, utilizing Amazon Web Services (AWS) for secure data hosting. The adoption of RISE with SAP and various SAP solutions, led by UAB’s CIO Ayman Alqudsi , will enhance customer and employee services while aligning with environmental and workforce sustainability goals. Shirish Bhide , UAB's CEO, emphasized the move's significance for staying technologically current and preparing for SAP's 'carbon accounting' approach. Sergio MACCOTTA , SVP at SAP Middle East and Africa – South, highlighted the importance of cloud solutions for agility and sustainability.

Read the article here

Sohar International: Pioneering Data Security in Oman with PCIDSS Version 4.0 Compliance

Sohar International becomes the first bank in Oman to achieve "Payment Card Industry Data Security Standard (PCIDSS) version 4.0 Compliance.

Read the LinkedIn post here

KPMG's Qatar Consulting Team Clinches 'Best Digital Transformation Corporate Advisory Firm' Award

KPMG 's consulting team in Qatar receives the prestigious 'Best Digital Transformation Corporate Advisory Firm' award at the International Finance Awards in Dubai. The recognition highlights KPMG's continuous commitment to excellence, innovation, and impactful partnerships. Ahmed Sharkh , Country Senior Partner at KPMG in Qatar, expresses excitement and emphasizes the team's dedication to integrating advanced digital technologies into advisory services.

Read the Article here

Fintech News & Regional News

Saudi Arabia launches ‘GenAI for All’ initiative

Research into generative artificial intelligence will receive a boost thanks to a new Saudi-led initiative at the?Digital Cooperation Organization (DCO).?The initiative, entitled “Generative Artificial Intelligence for All Initiative for Member States of the Digital Cooperation Organization,” was launched by the Saudi Minister of Communications and Information Technology,?Abdullah Alswaha, during the Third General Assembly of the Digital Cooperation Organization |?Ministry of Communications and Information Technology of Saudi Arabia.

Read the full article at here

UAE’s Central Bank Initiates Historic Cross-Border Digital Dirham Transfer

On January 29, HH Sheikh Mohamed bin Zayed Al Nahyan , Chairman of the Board of the Central Bank of The UAE , marked a historic moment by initiating the first cross-border payment using the UAE Central Bank’s digital currency, the ‘Digital Dirham.’ The Dh50 million transaction occurred via the ‘mBridge‘ platform, connecting the UAE directly with China. The event also featured the launch of Al Etihad Payments .

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Dubai ranks 3rd among top 10 wealthiest cities

In a new report by Henley & Partners - The Firm of Global Citizens? and New World Wealth , Dubai emerges as the 3rd wealthiest city among the BRICS nations, with 72,500 millionaires, 212 centi-millionaires, and 15 billionaires. The UAE's millionaire population has surged by 77% since 2013, reaching 116,500 millionaires.

Read the full article here

Dubai Police and Visa Unite in the Fight Against Economic Crimes

Visa has signed a Memorandum of Understanding (MoU) with Dubai Police HQ to join the Operation Center for Economic Crimes (OCEC). The agreement, undersigned by Lieutenant General Abdullah Khalifa Al Marri, Commander-in-Chief of Dubai Police, and Charles Lobo , Visa’s Regional Risk Officer for CEMEA, reaffirms their commitment to combating fraud and financial crime. Dr Saeeda Jaffar , Group Country Manager for GCC, emphasized the importance of the OCEC in tackling evolving scams.

Read the full announcement here

MISA Strengthens Digital Banking with MoUs: Partners with Gulf International Bank & Bank Albilad

Ministry of Investment SA has signed two significant Memorandums of Understanding (MoUs) with Gulf International Bank and ??? ?????? | Bank Albilad . These agreements focus on providing enhanced facilities, expanding investment opportunities, and fostering a conducive investment environment.

Read the LinkedIn post here

Kuwait launches online part-time work permits

Kuwait introduces an online service for obtaining part-time work permits, following the recent implementation of a second job policy for private sector workers. The Kuwaiti Public Authority of Manpower (PAM) offers this service on the Sahel e-government platform.

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Market study reveals 80% of MENA investors expect Bitcoin halving to significantly impact its price

An extensive market study conducted by Bitget , a prominent cryptocurrency exchange and Web3 company, unveils that 80% of investors in the MENA region anticipate a substantial impact on Bitcoin's price due to the upcoming halving in April.

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Eisler Is Latest Hedge Fund Expanding to Dubai’s Trading Hub

London-based investment firm Eisler Capital is set to open an office in Dubai, as part of a trend of global hedge funds expanding into the emerging hub. The $4 billion multistrategy hedge fund is in the process of incorporation and regulatory approva.

Read the full article here

Fintech Galaxy Launches Open Banking Compliance Solution in the UAE

Fintech Galaxy has introduced 'FINX Comply,' an open banking compliance solution in the UAE. The platform covers regulations such as the UAE's Open Banking Framework (OBF), Saudi Central Bank – SAMA Open Banking Framework, Central Bank of Jordan (CBJ) Regulation of Open Finance Services Operations Procedures, and Bahraini Open Banking Framework?

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Karty Fintech Qatari raised $2 M Seed funding

Qatari fintech startup KARTY has successfully raised over $2 million in seed funding from local investors, marking a significant milestone ahead of its anticipated launch pending approval from the Qatar Central Bank . KARTY has received support from various entities, including the Qatar Foundation , Qatar Development Bank , Qatar FinTech Hub , Masraf Alrayan , and global giant Visa . Mohammed Suleiman , co-founder and CEO of KARTY, expressed enthusiasm about this pivotal achievement: “We are immensely proud of the trust our investors have placed in KARTY.

Read the full article here

Egypt-based fintech Zeal raised $4 M led by Cur8 Capital, Raed Ventures

Egyptian fintech Zeal , founded by Omar Ebeid,? has successfully raised $4 million in a funding round led by Cur8 Capital and RAED Ventures , along with strategic angel investors. The funds will support Zeal's expansion of its innovative technological solutions throughout the European Union, following its recent entry into the UK market.

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Tamara raised $340 M Series C funding at over $1 B valuation

Tamara , the top fintech platform in Saudi Arabia, founded by Abdulmajeed Alsukhan , Turki Bin Zarah and Abdulmohsen Al Babtain , has achieved unicorn status with a valuation exceeding $1 billion after securing $340 million in a Series C funding round. The round was co-led by SNB Capital and Sanabil Investments and included participation from Pinnacle Capital , Shorooq , Coatue , Endeavor Catalyst , and Checkout.com. The funds will support the company's expansion and development in the banking, shopping, and payments sectors in Saudi Arabia and the wider GCC.

Read the full article here

Startup Roundup

Ezdehar invests $10M Private Equity Funding in Yodawy

Ezdehar Management invests $10M in Yodawy , acquiring a minority stake in the Egyptian healthtech! Yodawy? was founded in Egypt in 2018 by CEO Karim Khashaba , COO Yasser AbdelGawad , and CTO Sherief El-Feky and has been transforming healthcare in Egypt, delivering over 6 million prescriptions since 2018. This strategic partnership aims to boost Yodawy's growth plans, enhancing technology-driven fulfillment capabilities and expanding its customer base.

Read the full article here

LYB (LyondellBasell) is set to acquire a 35% stake in Saudi Arabia-based NATPET?

LyondellBasell is set to acquire a 35% stake in Saudi Arabia-based NSSPC (Natpet Schulman Speciality Plastic Compounds) in a $500 million deal with Alujain Alujain Corp. This strategic move expands LYB's core PP business, leveraging technology and access to advantageous feedstocks.

Read the full article here

Dubai-based travel platform Tumodo raises $35mn in pre-seed funding

Dubai's Tumodo , a business travel platform, secures $35M in pre-seed funding. They plan to expand in the UAE, develop new products, and explore partnerships in MENA.

Read the announcement here

Velar Raises $3.5M in Seed Funding

https://www.finsmes.com/2024/02/velar-raises-3-5m-in-seed-funding.html

Dubai-based Velar , a developer of a Decentralized Perpetual Derivatives Exchange on Bitcoin led by Mithil Thakore , Co-Founder and CEO, and Aravind Sathyanandham , Co-Founder has secured $3.5 million in seed funding. The funding round included backers such as BlackEdge Capital , CMS Holdings, LLC , Bitcoin x Ai Startup Lab , GBV , Cypher Capital Group , Samara Asset Group , Mapleblock Capital , Cogitent Ventures , and more. Velar plans to utilize the funds to accelerate the development of its flagship product, Velar Artha, a Decentralized Perpetual Derivatives Exchange on Bitcoin, aiming to unlock Bitcoin's dormant liquidity for advanced DeFi use cases.?

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Latest FSS News

FSS launches new payments technology platform for banks

India-based paytech company Financial Software & Systems (FSS) has announced the launch of Blaze, a new payments technology platform for banks and financial institutions “designed to meet the growing need for scalability and security among financial institutions

Read the full article here

Regional Industry Events

Family Office Forum Dubai 2024 | 20 - 21 Feb 2024 | Palace Downtown Dubai

The Dubai 2024 Edition of our Family Office Forum Collection will again gather 100+ Family Offices and UHNWIs based in the Middle East and beyond.?

For more information visit https://prestelandpartner.com/familyofficeforumdubai.html

Middle East Banking AI & Analytics Summit 2024 | 29 Feb 2024 | Dusit Thani Dubai

The Middle East Banking AI & Analytics Summit caters to the needs of the banking sector by creating a favourable environment for seamless exchange of critical information to help banks & financial institutions to cut through the complexities & seize the opportunities by getting back to the fundamentals.

For more information visit https://mebankingai.com/ae/

Qatar Economic Forum | May 14-16, 2024 | Doha, Qatar

The Qatar Economic Forum is the Middle East’s leading news-driven event dedicated to global business and investment. The Forum’s three day program, curated by the 彭博资讯 Newsroom, spotlights the Heads of State, notable Ministers and international CEOs who are providing fresh and unique perspectives on the issues driving global boardroom conversations and money markets.

For request an invite visit https://www.qatareconomicforum.com

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