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…
- UAE-based cryptocurrency exchange Bybit has launched Apple Pay with its Bybit Card. This new feature promises a blend of security, convenience, and better pricing for users purchasing cryptocurrencies through the Bybit app or website. According to the press release, this latest offering enables Bybit’s users to access over 20 fiat currencies to purchase digital assets with Apple Pay,. A promotion, that offers zero transaction fees until July 1st, is aiming to encourage users to easily buy cryptocurrencies with their preferred payment currency directly through Apple Pay.
- The recently launched Du Pay (DU Telecom Home) has unveiled its prepaid card in the UAE via a new partnership with Visa. Customers can now order Du Pay Visa prepaid cards, both digital and physical, via the du Pay app. The integration helps Du Pay to expand its range of financial services and also offers an alternative payment solution for those without access to traditional banking services.
- In partnerships, DOHA BANK and Mastercard have entered a long-term deal which will see the bank expand its business in both cards and digital payments, Doha Bank plans to leverage Mastercard’s expertise in the field of digital solutions to support its strategic transformation process.
- In the UAE, the push for fintech adoption has been strengthened via a new collaboration between ADIB – Abu Dhabi Islamic Bank (ADIB) and DIFC Innovation Hub , home to the first and largest financial technology accelerator in the Middle East, Africa and South Asia (MEASA) region. Under a dedicated programme, DIFC Innovation Hub will hold a series of sessions with key stakeholders from ADIB to identify specific business needs for fintech innovation, both within the ADIB organisation as well as their external offerings.
- Emirates Development Bank (EDB) (EDB) and Commercial Bank of Dubai (CBD) have inked a new deal aimed at enhancing international trade services.As part of the deal, CBD will deliver a suite of trade finance products and operational services to EDB’s clients. Key services will include handling Letters of Credit and Guarantees along with supporting foreign currency payments, ensuring a seamless and efficient trading experience.
- On the funding front, Stake, a digital platform for real estate investment has raised $14 million in a Series A funding round. Stake has been making headwinds in the Dubai real estate space over the past 3 years, amassing over 500,000 users and has its eyes now firmly set on Saudi Arabia. The company plans to use the funds to accelerate its expansion plans into the Kingdom becoming the first platform to offer individuals outside of the country the opportunity to invest into Saudi real estate opportunities.
In Europe…
- Europe continues to be a hotspot for retail innovation. Finnish retailer S-ryhmä / S Group announced it will open a robot-assisted collection centre for online grocery shopping in August. The new centre will include a drive-in option for collection so that shoppers don’t have to get out of their cars. Additionally, they can also pick up their purchases from the take-out box built in the centre’s yard, with round-the-clock contactless transactions.
- Danish retail chain forex has said it will open its first autonomous store in October this year. According to the Salling Group subsidiary the 24-hour forex Go store will introduce new camera technology into the Danish market for the first time. The cameras will be placed on the store’s ceiling and will register items that shoppers pick up before charging customers as they leave the store. The technology will also be able to detect products that shoppers return to the shelf and remove them from the final bill.
- Elsewhere, Dutch supermarket chain, Albert Heijn , has introduced its new AI-powered feature called Scan & Kook. This in-app tool, which is part of the company’s plans to reduce food waste, provides recipe suggestions by analysing images of ingredients that users upload, whether from their refrigerators at home or while shopping in the store.
- The Euro Banking Association (EBA) has released a new report that examines embedded finance and identifies areas where it can have a positive impact. The report further highlights an embedded finance market that is projected to grow significantly, with an emphasis on consumer payments, POS lending, and B2B payments.
- In Germany, Banco Bilbao Vizcaya Argentaria has said it will begin the process of developing a digital bank for its customers in the region. It is currrently focusing on conducting a study and assembling a team for the project.
- Among notable partnerships in Europe, Vipps announced a deal with MobilePay to launch its new P2P payments solution for customers between Denmark, Norway, and Finland. Significantly, it means Vipps and MobilePay customers in these countries can now send money to each other securely and efficiently, by only using a phone number.
- In funding news this week, London-based buy now pay later (BNPL) provider Zilch has raised £100M in a securitisation debt deal led by Deutsche Bank . Zilch offers a BNPL option through a virtual Mastercard, allowing shoppers to split their purchases over six weeks at various UK retailers, with some charging a fee and others free of charge. Through its ad-subsidisation model Zilch focuses on eliminating the high cost of consumer credit whilst enabling consumers to manage their credit limit and payments via its app.
- Elsewhere, France-based Ramify raised €11 million in Series A funding round, to accelerate product development and offer enhanced wealth management services.
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!
