Welcome to this week’s edition of Seamless News Middle East, where we bring you a concise overview of the latest developments in Middle East finance, payments, retail, e-commerce and technology landscape.
1. Funding
Funding for start-ups experienced a notable boost, with TECOM Group PJSC’s incubator in5 reporting a 25% increase in funds raised in 2023, reaching AED 3 billion, a revelation made at the ongoing Step Conference 2024 in Dubai. Simultaneously, Hub71 and Stride Ventures announced a joint effort to provide startups in Abu Dhabi access to capital and mentorship opportunities, aiming to foster innovation.
2. Partnerships
Partnerships continue to play a pivotal role in shaping the region’s development and the latest of those saw retail technology platform 24SEVEN ink a deal with with BILRS to support GCC’s baqalas with embedded finance technology. The collaboration is seeking to empower expat workers in the UAE with enhanced cross-border capabilities, allowing them to handle various bills and prepaid products seamlessly.
Similarly, in Bahrain, stc pay joined forces with the Electricity and Water Authority (EWA) to introduce an in-app payment feature, simplifying utility bill payments for stc pay subscribers and contributing to the nation’s continuing digital transformation.
Abu Dhabi Islamic Bank (ADIB) further strengthened the region’s financial infrastructure by partnering with ProgressSoft to launch a payment hub which will facilitate smoother transfers and expedite cross-border remittances.
3. Launches
In the realm of launches, Yango introduced a new AI-powered entertainment service, consolidating video streaming, music, and mini-games into a single platform. The platform is being billed as the first ‘super app’ in MENA’S entertainment landscape.
4. Appointments
Additionally, notable appointments have been made, with Fuze, a UAE digital asset infrastructure provider, welcoming industry expert Akshay Chopra to its Board of Directors. Chopra’s extensive experience as an angel investor and fintech patent holder positions him to contribute to Fuze’s growth across the region.
