MENA Banking and Fintech Update - September 3rd 2023

Banking & Industry News

Commercial Bank of Dubai taps PwC for adoption of AI technologies

The Commercial Bank of Dubai has partnered with 普华永道 to embrace AI technologies as a key element of its digital strategy, aiming to enhance customer experiences, personalize banking services, and streamline operations, ultimately solidifying its position as a leading regional bank.

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FAB signs agreement to accelerate digital payment services in Saudi Arabia

First Abu Dhabi Bank (FAB) is teaming up with geidea , Saudi Arabia's largest fintech company, and Magnati , a digital payment solutions specialist, to introduce digital payment acceptance services to businesses in Saudi Arabia.

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Abu Dhabi Islamic Bank in the UAE sees increase in remittances

UAE ADIB - Abu Dhabi Islamic Bank bank reports 20% spike in remittances, updates digital banking tech. Approximately 95 per cent of the bank’s remittances occur through digital channels, with most of those transfers directed to the Americas, Europe, the Middle East, and Asia.

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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

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Zafin eyes $5bn market with early AI product launch in Middle East

International banking SaaS company Zafin is introducing AI-based products in the Middle East to capitalize on the growing market opportunity of AI-driven 'pricing and promotion' functions in banks, aiming to secure a portion of the estimated $100 billion market opportunity, with the Middle East accounting for about 5% of this potential.

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UAE Economy Minister on Joining BRICS, US Relations, GDP Growth

The BRICS membership won't represent a pivot from the US, UAE Economy Minister Abdulla Bin Touq says in an exclusive interview on Bloomberg TV. Al Marri tells Manus Cranny that joining the BRICS block will add to the UAE's "multilateralism support to the world" while helping trade relations with the Global South.

What the full video here

GSS Joins UAE's Real-Time Payments Revolution with NPSS - UAE IPP

Global Software Solutions Group GSS, led by Chairman Abdulaziz Binshafar and C.E.O. Mahmoud AbuEbeid have announced to be a key participant in the UAE's FIT (Financial Infrastructure Transformation) program, marking a pivotal moment in the nation's journey towards real-time payments.

Read more information here

Fintech News & Regional News

Dubai-based Fintech Maly Raises $1.6m In Seed Round

Maly the Dubai-based financial wellness platform, has recently wrapped up its pre-seed funding round, amassing an impressive investment of over $1.6m to boost its automated savings app and associated bank-linked card.

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SAMA grants fintech license to SiFi for e-wallet solutions?

In a move to bolster the Kingdom’s fintech landscape, the Saudi Central Bank – SAMA has issued a license to Alhulul AlMubassatah Financial Co, also known as SiFi, allowing it to offer e-wallet solutions in the country.

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Saudi Arabia’s Wadaie raises pre-Seed funding

Saudi fintech Wadaie | ????? has successfully secured pre-seed funding in a round led by RZM Investment , joined by Bunat Ventures and notable Saudi angel investors. Founded in 2022 by Abdullah Alandas , Rayan Altuwayjiri , and Abdulrahman Alhawas, Wadaie's platform connects depositors with all Saudi banks, allowing them to earn competitive returns on Shariah-compliant time deposits without opening new accounts.

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HEDG raises six-figure pre-Seed round

Egyptian fintech firm HEDG has secured a six-figure pre-Seed funding round from undisclosed investors in Egypt and Saudi Arabia. Founded in 2022 by Ahmed Abdel Moaty and Ahmed Eraqi, HEDG specializes in offering pension plans for private sector employees and plans to expand its presence in Egypt while enhancing its B2B services.

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Illuminati Capital raises $50 million to back Web3 startups

UAE-based crypto venture capital fund, Illuminati Capital , founded by Vickaash Agarwal , Dhaval Parikh , Muhannad Abulhasan , and Laura K. Inamedinova , has successfully raised $50 million for investments in early-stage blockchain and Web3 gaming startups, aiming to build a robust Web3 ecosystem and contribute to transformative changes in decentralized technologies.

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Istanbul's Erguvan secures funding at $7.33M valuation

Istanbul-based climate-fintech startup Erguvan has secured funding at a $7.33 million valuation in a seed round led by Emirates NBD and Deniz Ventures . This investment, the first from ENBD's $100 million venture fund, will support Erguvan's efforts in the carbon credits and renewable energy certificate (REC) space and pave the way for international expansion.

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Startup Roundup

Egypt’s Buguard raises $500,000 Seed round

Egyptian cybersecurity startup Buguard has successfully raised $500,000 in a seed funding round, led by A15 and featuring participation from angel investors. Founded in 2021 by Youssef Mohamed, Buguard specializes in offensive security services, including penetration testing, vulnerability assessment, phishing simulation, compromise assessment, threat intelligence, and red teaming.

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Saudi Arabia's TAWAL raises $1.42 bln

Saudi Arabia's TAWAL has secured $1.42 billion in Islamic financing funded through a shariah-compliant bank loan provided by The Saudi National Bank - SNB , Dubai Islamic Bank , and First Abu Dhabi Bank (FAB) .

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Egyptian AI recruitment startup Talents Arena raises $750k pre-seed round?

Egyptian AI recruitment startup Talents Arena, founded in 2019 by Aya E. , has secured a pre-seed funding round of $750,000 to fuel its expansion into Saudi Arabia and the GCC region. The funding round was led by UI Investments and included prominent Saudi and regional angel investors.

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Rewaa Raises US$27M in Series A Funding

Riyadh-based omnichannel inventory management system provider Rewaa has raised $27 million in a Series A funding led by Wa'ed Ventures , with participation from STC’s Corporate Innovation Fund (CIF), Graphene Ventures , Sadu Capital , Vision Ventures (VV) , Khwarizmi Ventures , RZM Investment , Derayah Financial . Rewaa, founded in 2018 by Mohammed Alqasir and Abdullah Aljadhai, FRM , offers a cloud-based solution that connects online and physical store inventory, helping companies manage inventory, sales, and payments.

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Golden Scent Secures Undisclosed Investment from Tenami Capital

Ecommerce platform GoldenScent has received an undisclosed revenue-based investment from Tenami Capital. Founded in 2014 by Malik Al-Shehab and Ronny Froehlich , Golden Scent aims to use the capital to improve its product offerings. The company currently operates in Saudi Arabia and the UAE, with deliveries to over 80 countries worldwide.

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Saudi Edtech YaSchools Raises $600K in Seed Round for Expansion

Saudi Arabia-based edtech startup YaSchools has successfully secured a $600,000 Seed round from a group of angel investors. Founded in 2021 by Mohamed Zohair , Ahmed Mahdy, and Yasser Nasr Aldin , YaSchools specializes in educational management solutions and offers a platform that connects all members of the educational community.

Regional Industry Events

SEAMLESS Saudi Arabia | September 4th-5th, 2023 | Riyadh Front Riyadh

Seamless Middle East & Saudi Arabia?is Saudi Arabia’s biggest, boldest and best event covering the latest innovation in payments, fintech, retail and e-commerce.?

For more information visit?https://www.terrapinn.com/exhibition/seamless-saudi-arabia/

FINNOVEX Middle East | September 5th-6th, 2023 | Conrad Dubai, UAE

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

Global Tech Innovation Summit | September 26th-27th 2023 | Dubai, UAE

The Global Tech Innovation Summit is an annual event that brings together industry leaders, entrepreneurs, investors, and other stakeholders to explore the latest trends and developments in technology.?

For more information visit https://globaltechinnovationsummit.com/?

FUTURE Blockchain Summit | October 15th-18th 2023 | Dubai Harbour, UAE

Future Blockchain Summit, is the MENA region’s most immersive large-scale?blockchain event, revamping with a new concept designed to embolden the disruptors, empower the change-makers, and inspire the innovators of the Web 3.0, Blockchain, Crypto, NFT, Metaverse, and Gaming community.

For more information visit?https://www.futureblockchainsummit.com

Latest Article

How innovations in Issuing are changing how merchants accept payments

Innovation and technology are driving transformative changes in the financial sector, particularly in card control systems, through advancements like biometric authentication, virtual cards, and real-time fraud prevention, shaping a future of secure, efficient, and personalized financial transactions.

Read the full article at: https://www.dhirubhai.net/pulse/how-innovations-issuing-changing-merchants-accept-payments-xavier-1f%3F/

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Newsletter curated by?Benedict Xavier?- For tips and to be featured kindly?send me a direct message?on LinkedIn.