Welcome to this week’s weekly news roundup, where we bring you a quick overview of the latest developments in finance, payments, retail, e-commerce and more across the Middle East and Europe regions.
In the Middle East…
- The Ministry of Commerce – Saudi Arabia has reported a significant 17.47% increase in the issuance of existing commercial records for e-commerce in the Kingdom. According to its Q2 2024 Business Sector Bulletin, by the end of the second quarter, 40,697 records were issued, up from 34,645 in the same period of 2023. Riyadh City led Saudi Arabia’s regions in issuing e-commerce records with 16,535, followed by Makkah with 10,325, the Eastern Province with 6,525, Madinah with 1,938, and Al-Qassim with 1,326. Saudi Arabia’s e-commerce market is poised for rapid expansion, with online revenue projected to grow at an annual rate of 13.5% through 2027, outpacing the global average growth of 11.2%. As well as this, its growth trajectory is positioning the country to surpass the UAE, traditionally seen as a more mature e-commerce hub in the region.
- EMX, a leading logistics provider under 7X, has launched “EMX International”, a new service designed to streamline e-commerce parcel delivery across the GCC. By allowing enterprises to use Dubai as a gateway EMX is enabling companies to streamline their logistics and make savings on time and operational costs. In particular, it is seeking to improve the delivery procedures for companies that wish to broaden their reach to customers in Saudi Arabia as well as Oman, Kuwait, Bahrain, Qatar, and Jorda
- Commercial Bank of Dubai (CBD) has inked a new deal for credit and debit cards with Visa with the aim of further accelerating digital payments in the UAE. It will also enable CBD and Visa to establish a ‘Centre of Excellence’ powered by Visa Consulting and Analytics (VCA). As part of the collaboration, there will be a focus on encouraging card usage through engaging and rewarding gamification, the firms said.
- As part of an ongoing collaboration, RAKBANK and Microsoft have inked a deal to leverage AI to transform various facets of operations at the bank. The firms will use large language models (LLM) to help redefine compliance and enhance anti-money laundering, customer interactions and marketing initiatives at the bank.
- Finally, Changelabs has brought its flagship MENA Fintech Accelerator to Egypt for the first time. The Fintech for a Future Accelerator is aiming to identify and scale promising fintech startups in partnership with SANAD Entrepreneurship Academy, FMO, Disruptech Ventures, and InDrive New Ventures. The Program will support 12 innovative SMEs in the fintech sector to develop their products, raise funding, and build new customer partnerships. In particular, it is targeting SMEs in Africa and the MENA region looking to expand their solutions into Egypt.
In Europe…
- Tech giant Apple has reached a deal with EU regulators to open up its mobile payments system to rivals bringing an end to a four-year investigation. The probe had been looking at the terms and conditions Apple sets for integrating Apple Pay in apps and websites as well as concerns around restrictions on third-party access to its tap-and-go payments technology. Significantly, the new agreement means that Apple can no longer have the same stranglehold on the iPhone ecosystem by keeping other mobile wallets out of the market. By opening up the European market to competing wallet developers and new innovations, consumers will also benefit from greater choice.
- Canadian fintech Nuvei has announced a partnership with Mastercard to launch a new off-ramping solution that enables consumers in Europe to seamlessly convert their Digital Assets, including cryptocurrencies, into traditional fiat currency via debit, credit and prepaid cards. The off-ramping process means customers no longer requiring third-party exchanges or money service businesses, to transfer funds in near real-time.
- Alipay+ has been adopted by European taxi app FREENOW, enabling users to pay for taxi cab services in 7 European countries. It means that Asian tourists who book a FREENOW taxi can use one of three e-wallets to pay: Alipay (mainland China app), AlipayHK (Hong Kong), and the Touch ‘n Go eWallet (Malaysia). The eligible countries include Spain, Germany, Ireland, Italy, France, Greece, and Austria.
- Conferma, a virtual card provider, has announced a strategic partnership with Pilant a digital corporate card issuer, aimed at expanding the use of virtual cards in business travel payments.
- On the retail front, Snap Inc. has launched a sports themed augmented reality (AR) Locker Room at Selfridges’ store on Oxford Street, London. It comes as part of Selfridges ‘ bid to attract shoppers by launching a series of immersive experiences this summer. With the Locker Room shoppers can digitally try on sports merch and use a QR code that lets them save and share their favourite looks with friends and family.
- This week it was revealed that the UK currently pulls in a third of Europe start-up funding. According to market researcher DealRoom , UK tech start-ups and scale-ups raised £7.4bn during the first six months of 2024, a 16% year-on-year increase, accounting for a third of all venture capital funding in Europe. Significantly, the UK attracted more money than France and Germany combined, including notable deals such as Wayve , the autonomous vehicles technology firm which raised £861 million in May and online bank Monzo Bank which raised £150 million in the same month.
There you have it! It’s been another eventful seven days of new launches, partnerships and innovations in the world of Seamless Xtra
Till next week!
