MENA Banking and Fintech Update - May 27th 2023

Banking & Industry News

Dubai Watchdog Warns of Global Regulatory Gaps in Crypto

Dubai's financial regulator warned that global watchdogs need to step up talks to avoid "bad actors" exploiting gaps in crypto rules. The Dubai Financial Services Authority (DFSA) plans an update to rules on crypto tokens that may come out later this year.

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Goldman Sachs opens office in Abu Dhabi, signaling move past 1MDB scandal

高盛 is opening an office in Abu Dhabi, and the move is seen as a sign that the bank is moving past the 1MDB scandal. Goldman Sachs was one of several banks that were involved in the scandal, and it paid $2.9 billion in fines. The opening of the Abu Dhabi office is a sign that Goldman Sachs is still committed to the Middle East.

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Adnoc Logistics & Services IPO Oversubscribed

Adnoc Logistics & Services, a unit of Abu Dhabi National Oil Company , drew orders worth $125 billion for its $769 million initial public offering. The IPO valued the company at $4.05 billion and was oversubscribed by 163 times, making it the largest IPO in the Middle East this year - a sign of investor confidence in Abu Dhabi's economy and ADNOC Group 's business prospects.

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Amazon Payment Services Expands to Bahrain

Amazon Pay ment Services has expanded its services to Bahrain. Merchants can now accept payments made through Benefit, Bahrain’s electronic network for financial transactions while continuing to get support for global payment methods.

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NEOM Secures SAR 3BN in Debt Financing from Riyad Bank for the Development of Sindalah

NEOM has signed an agreement with Riyad Bank for SAR 3 billion in debt financing to help fund the development of Sindalah, a group of islands expected to start welcoming guests to enjoy its bespoke nautical experiences, exquisite facilities and exclusive offerings from early 2024.

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Emirates Development Bank Named 'MENA SME Bank of the Year'

Emirates Development Bank (EDB) has been named the 'MENA SME Bank of the Year' at the MEED | Middle East Economic Digest Banking Excellence Awards. The bank has deployed AED813 million in Credit Guarantee Scheme capital to SMEs and approved a further AED2.12 billion in SME financing since April 2021.

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Commercial Bank of Dubai (CBD) Mobile Banking App Awarded 'Best Mobile Banking Services'

Commercial Bank of Dubai 's Mobile Banking App was awarded the 'Best Mobile Banking Services' Award at the MEA Finance Magazine Banking Technology Awards 2023.

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RAKBANK Wins Two Awards at MEA Finance Magazine Banking Technology Summit & Awards 2023

RAKBANK QuickApply Digital loans was awarded the 'Best Innovation in Corporate Banking and Digital SME Finance’. Skiply, RAKBANK's mobile payment service for school fees, was crowned the 'Best User Experience Solution Provider'.

Read more here

Fintech News & Regional News

Beyon Money Receives Class 2 Investment License from Central Bank of Bahrain

Beyon Money a leading mobile fintech company in Bahrain, has been granted a new license by the Central Bank of Bahrain. This will allow the company to offer new services to its customers, such as investment products.

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Majid Al Futtaim Partners with Sympl to Offer Interest-Free Pay Later in Egypt

Majid Al Futtaim has partnered with Sympl , Egypt's first ‘Save Now, Pay Later’ services, to offer its visitors an interest-free pay later solution. The partnership will allow customers to split their purchases cost using their debit or credit card with zero interest and no pre-registration required. The service is available at all of Majid Al Futtaim's malls in Egypt.

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UAE’s Business Payments Fintech Mamo Selects Checkout.com to Enable Startup Growth across MENA

Mamo has selected Checkout.com to be its payments provider of choice for its flagship product Mamo Business, allowing Mamo to offer its SME customers a wider range of payment methods, faster payment processing, and more secure transactions.

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JoPACC, Rainmaking collaborate to launch fintech incubator in Jordan

In cooperation with Startupbootcamp MENA , The Jordan Payments & Clearing Company (JoPACC) has launched the JOIN Fincubator, a fintech incubator that will support the development of fintech startups in Jordan, aimed to support the development of fintech startups in Jordan. The JOIN Fincubator will provide fintech entrepreneurs with a centralised environment for testing and developing their fintech ideas.

Tarabut Gateway raises $32m in Series A funding and joins Forces With Visa to Enhance Open Banking Capabilities Across MENA

Tarabut and Visa will collaborate on developing new products and solutions using open banking capabilities. The initial focus will be on creating data-driven offerings such as credit risk assessments, advanced analytics, and insights. Additional solutions anticipated will involve cross-border payments and lending.

Tarabut Gateway has also raised $32m in Series A funding in a round led by Pinnacle Capital Inc , an alternative investment firm that focuses on KSA investments to provide unique alternative investment opportunities.

Read more here and here

Startup Roundup

Qatar's Snoony raises $12 million in Series B funding

Qatar-based e-commerce startup Snoonu has raised $12 million in a Series B round led by the Qatar Development Bank to accelerate Snoonu's growth and the development of its product's in-house technology, expanding its services and strengthening its marketing efforts. Snoonu aims to revolutionize the Qatari market by providing the country's fastest and most diverse delivery services.

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Morocco-based B2B e-commerce platform Chari secures second round of funding from Plug and Play

Morocco-based B2B e-commerce platform Chari has secured a second round of funding from Plug and Play Tech Center . The investment will be used to expand Chari's operations in Morocco and Tunisia, and to develop new products and services. Chari is a mobile app that enables small retailers to order products from FMCG multinationals and local manufacturers.

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Regional Industry Events

FINNOVEX Qatar | June 13, 2023 | Qatar

FINNOVEX is a series of summits bringing together thought leaders from the financial services industry, academia, and government to discuss the potential impact of these innovations and the challenges and opportunities they present.

For more information visit https://qa.finnovex.com

FiNext Awards & Conference | 21 - 22 June 2023 | Le Meridien Dubai, UAE

FiNext Conference & Expo was started because the traditional finance industry needed a space where the smartest, inventive and ambitious people could come together, interact and build meaningful alliances.

For more information visit https://finextcon.com

Article recommendation

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