Tagged: saudi arabia

November 7, 2022 @ 11:11 pm By Omar Faridi  |  

SAMA announced the issuance of the Open Banking Framework as one of the key outputs of the Open Banking Program, which “includes a comprehensive set of legislation, regulatory guidelines and technical standards based on international best practices to enable banks and fintechs to provide open… Read More

November 7, 2022 @ 10:27 pm By Omar Faridi  |  

Enjaz Payment Services Company, a Fintech company licensed by the Saudi Central Bank announced a partnership with Thunes, a global player focused on cross-border payments. This agreement will help customers in Saudi Arabia “to make instant international transfers globally to bank accounts and digital wallets… Read More

October 31, 2022 @ 8:48 pm By Omar Faridi  |  

Visa (NYSE: V), which claims to be the world’s leader in digital payments, announced plans to open a state-of-the art Innovation Center in Riyadh, Saudi Arabia “at the Future Investment Initiative.” The facility, that will be operational by the end of 2023, is “being built… Read More

October 17, 2022 @ 7:32 am By Omar Faridi  |  

Dubai-based financial services platform Five FS has officially launched in the United Arab Emirates (UAE) and Saudi Arabia and also secured $3.5 million in seed funding. Five FS’ investment round was reportedly led by Romanian VC firm Zeyshare Ventures “at a $30 million valuation.” As… Read More

September 21, 2022 @ 12:18 am By Omar Faridi  |  

The Saudi Central Bank (SAMA) announces the licensing of two payment financial technology companies, including: Arab Sea Financial Company and Fatoraah in order to provide Payment services for e-commerce. This brings the total number of payment companies licensed by SAMA “to 21 companies, in addition… Read More

August 29, 2022 @ 10:17 pm By Omar Faridi  |  

The Saudi Central Bank (SAMA) recently announced granting permit to a new batch of companies; Lean Technologies and Mod5r to “provide Open Banking Solutions; bringing the total number of permitted Fintech companies operating under its Regulatory Sandbox to 38.” This step completes “a series of… Read More

August 22, 2022 @ 4:56 pm By JD Alois  |  

Tamara, a Saudi Arabia-based buy now- pay later (BNPL) provider, has raised $100 million in Series B funding, according to multiple reports. Tamara operates in Saudi as well as the UAE and Kuwait. Tamara is said to be the first BNPL to make its way… Read More

August 17, 2022 @ 9:47 pm By Omar Faridi  |  

SmartCrowd Holdings, a firm focused on fractional real estate investments, has been issued a Fintech experimental license by the Saudi Capital Markets Authority (CMA). SmartCrowd is now focused on following through with business requirements for the launch of its Real Estate Funds Distribution Platform, making… Read More

August 15, 2022 @ 11:13 pm By Omar Faridi  |  

Virtual payments have reportedly exceeded the use of cash for the very first time in Saudi Arabia in 2021, with these digital transactions accounting for around 94% of payments completed when measured in terms of value. This, according to a recent study carried out by… Read More

August 14, 2022 @ 11:49 am By Omar Faridi  |  

Avelacom, the low latency connectivity, IT infrastructure and data solutions provider for financial markets, recently announced new optimized routes on its network to Istanbul (Bursa Istanbul), Riyadh (Saudi Stock Exchange, Tadawul) and Tel Aviv (Tel Aviv Stock Exchange, TASE). These routes should help with encouraging… Read More

August 12, 2022 @ 9:17 pm By Omar Faridi  |  

Thunes, a cross-border payments company, recently announced that it is accelerating the expansion of its services in the MENA region, “setting up an office in the Kingdom of Saudi Arabia, and appointing a new country head – Ahmad Yaacoub.” Thunes is also “in advanced stages… Read More

August 6, 2022 @ 9:54 pm By Omar Faridi  |  

JP Morgan Payments has introduced a cross-border liquidity solution in Saudi Arabia, enabling customers to connect to liquidity pools in London and other cities across the globe. The service will aim to offer clients with a pipeline to link their balances to liquidity structures globally…. Read More

August 4, 2022 @ 10:17 pm By Omar Faridi  |  

Tabby, which is MENA’s payments and shopping app, has acquired $150 million in debt financing from Atalaya Capital Management and existing investor Partners for Growth (PFG). Based in New York, this facility “marks Atalaya Capital Management’s first deal in the MENA region.” In addition, San… Read More

July 11, 2022 @ 9:31 pm By Omar Faridi  |  

Tarabut Gateway, which claims to be the largest Open Banking platform in the MENA region with a market presence in Bahrain, the UAE and KSA, announced (earlier this week) two new appointments to its senior executive team, Nino Ocampo and Adnan Erriade. Nino joins as… Read More

June 5, 2022 @ 10:28 pm By Omar Faridi  |  

Tarabut Gateway, which claims to be the largest Open Banking platform in the MENA region with a market presence in Bahrain, the UAE and KSA, recently announced four new key banking partnerships in KSA. As part of its expansion in Saudi Arabia, and the developments… Read More

June 3, 2022 @ 7:20 am By Omar Faridi  |  

MoneyGram International, Inc. (NASDAQ: MGI), which claims to be an international “leader” in the evolution of digital P2P payments, and Mobily Pay, a “pioneering” mobile wallet powered by Saudi-based telecommunications and digital service provider Mobily, have announced a partnership “to launch MoneyGram’s leading international money… Read More

May 27, 2022 @ 6:41 pm By Omar Faridi  |  

Mastercard (NYSE: MA), a tech leader in the international payments sector, has announced a strategic partnership Saudi Arabia-based HyperPay, which claims to be the fastest growing e-commerce payments services provider in the MENA region, in order to drive the adoption of digital payment solutions across… Read More

April 14, 2022 @ 10:59 pm By JD Alois  |  

Wa’ed Ventures, the VC arm of Saudi Aramco Entrepreneurship Center, has signed a Memorandum of Understanding (MOU) to provide “ethically focused Fintech startups” with access to investment in the Kingdom of Saudi Arabia.  Maydan Capital, an investment platform based in the UK, has been enlisted to… Read More

March 28, 2022 @ 11:29 pm By Omar Faridi  |  

Saudi Arabia is one of the most vibrant and dynamic nations. And as part of its Vision 2030 plan, the country’s government has “set ambitious goals to digitize and transform its economy.” At Checkout.com, they have the privilege of “being an active participant in accelerating… Read More

March 20, 2022 @ 9:03 pm By Omar Faridi  |  

Having served a key role in the regional cryptocurrency and blockchain sector since 2015, BitOasis claims to have established its reputation as one of the most “trusted” virtual currency trading platforms in the UAE (and MENA region). Being part of a fast-evolving crypto industry, there… Read More