Welcome to this week’s Middle East weekly news round-up where we bring you a concise overview of the latest developments in the Middle East finance, payments, retail, e-commerce and technology landscape.
Launches
This week marked further developments in the Middle East’s financial and shopping sectors. Tabby, the popular shopping and financial app, expanded its services with Tabby+, a subscription option at 49 AED per month that enables users to Pay in 4 wherever Visa is accepted. Groceries, utilities, fuel, or food deliveries – the possibilities are now more extensive.
Meanwhile, Hubpay in the UAE introduced its Digital Global Currency Account, streamlining money transfers across 38 currencies with just one IBAN number. It means no more currency confusion – just efficient transactions.
Banking convenience also took a step forward when Qatar National Bank (QNB) introduced a 24×7 smart card machine, automating card replacement and renewal for customers outside of conventional banking hours.
Partnerships
Continuing the BNPL theme, PayTabs Egypt teamed up with consumer finance firm Souhoola to expand online payment methods for merchants.
In Saudi Arabia, Nium partnered with Enjaz Banking Services, the remittance division of Bank Albilad to enhance cross-border transactions and provide an alternative to more traditional systems like SWIFT.
On the retail front, BTC Fashion and MarTech company WebEngage came together as the retailer ramps up its efforts to drive customer engagement via more ‘personalised’ experiences
Reports
The region’s financial landscape gained insights this week through two whitepapers. The London Institute of Banking & Finance (LIBF) MENA provided a roadmap for developing sustainable financial services. It’s not just about progress; it’s about tangible steps towards a more sustainable future for financial institutions.
Prepay Nation‘s annual report on digital cross-border transfers revealed a shift in the remittance sector, particularly in Saudi Arabia and the UAE. The report highlighted a growth spurt, shedding light on the changing dynamics of cross-border financial interactions in the region.
Funding
Finally, fintech start-up MoneyHash secured a substantial $4.5 million in funding. With a suite of products, including a unified API, customisable checkout experiences, and a centralised transaction reporting hub, MoneyHash is planning to use the funding to accelerate its growth in the MENA region so watch this space
