Ihab Ayoub

Paymentology and #Zand will enable fintechs to thrive by offering a range of specialised services, including #BIN-sponsorship, #virtual #IBANs, and Client Money Accounts. These services are designed to help fintechs launch and scale faster, providing them with the infrastructure to bring their solutions to market efficiently. The timing aligns with the #UAE government’s push to establish a strong digital economy through the UAE Digital Economy Strategy, which aims to double the sector’s contribution to the nation’s GDP from 9.7% (April 2022) to 19.4% over the next decade.

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Commercial Bank International partners with areeba to advance FinTech payments in the UAE Commercial Bank International (#CBI) has announced a strategic #partnership with areeba, a global #payment #infrastructure provider in the #UAE. The partnership aims to empower #FinTechs with #scalable, #securecard #management capabilities and accelerate the growth of the country’s #digital payment ecosystem. With the UAE already accounting for 46% of FinTech #startups in the #MENA region, the agreement aims to further support the growth of the local FinTech landscape by enabling businesses to adopt innovative solutions. Source: IBS Intelligence

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Fintech Movers & Shakers - Ex-Tinkoff CEO Oliver Hughes joins Tabby's board as it expands its financial services #uaefintech #fintechuae #fintech #fintechnews #finance #technology #tech #technews #moversandshakers #jobs #fintechjobs #financialservices

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Commercial Bank International (CBI) has entered into a strategic partnership with areeba, becoming the first UAE-based lender to offer areeba's comprehensive card and payment solutions to fintechs across the country. This collaboration marks a great step forward in the UAE's rapidly evolving digital payments landscape. Through this partnership, CBI will leverage areeba's advanced payment platform to provide fintechs with scalable, secure and efficient solutions for launching and managing digital payment products. The initiative is designed to provide UAE-based fintechs with robust card management capabilities, accelerating the growth of the country's digital payments ecosystem. This development is in line with the growing fintech sector in the UAE, where assets under management (AUM) are expected to reach $5.70 billion by 2029. (Image by Areeba) #FinTech #DigitalPayments #Innovation #UAE #CardSolutions #Partnerships

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The Middle East is on the brink of a digital banking transformation. It’s visible everywhere from the billions being invested in cloud infrastructure to become the next AI superpower, to the luminaries who flocked to this week’s Dubai FinTech Summit. Our colleagues from Lab49 attended the event and noted that in addition to a heavy emphasis on AI, there was a lot of focus on how the financial arena is being disrupted. A confluence of events is driving change. There is the diversification of economies beyond oil, the emergence of a growing number of funds and startups, as well as the appearance of foreign competition including neo banks such as Revolut and Alipay. Lab49 established a presence in the UAE a few years ago anticipating the need for large banks to reimagine their customer touchpoints, and in turn their underlying data and services infrastructure. The fintech summit attracted more than 8,000 people from 118 countries, including Charith Mendis, Head of Worldwide Banking Industry at AWS; Michael Demissie, Head of Applied AI and Practice at Bank of New York; Kfir Godrich, Chief Innovation Officer at Blackrock and Alfonso Castillo, President & CEO of Santander’s U.S. Private Bank. One notable speaker was Nik Storonsky, Founder & CEO of Revolut, a bank created in 2015 that has taken Europe by storm. It has attracted 35 million customers in 38 countries by offering digital-native and mobile-first banking services. Storansky said that Revolut is in the process of applying for a banking license in the region and expects to be operational in 2025. The expansion of digital services in the Middle East has led to an unprecedented increase in the number of people with access to financial services. It was that kind of promise that prompted Mashreq Neo to open the first digital bank in the region in 2017. Mashreq Neo offers a mobile-first banking experience, including transactional accounts, savings accounts, person-to-person payments, insurance, and investment products. For the established banks, a lot of the challenge comes down to offering new products and services, and distributing them in new ways for a changing business demographic while rapidly overcoming their legacy constraints.  Young tech-savvy entrepreneurs expect digital native experiences. Even mature businesses want easier and more efficient ways to manage tax payments, treasury operations, cross border payments, and employee compensation. They want the ability to make wire payments without paying exorbitant fees. Neo banks have grown fast worldwide, but many have struggled to reach profitability in the U.S., the world’s largest market. AI will also be a wildcard. Startups benefit from agility, but incumbents have reams of data and analytics that could help them better anticipate and service client needs. For the incumbent institutions there are risks, but also big opportunities.

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ACI Worldwide's 2024 Prime Time for Real-Time report has revealed that the Middle East is the FASTEST growing market for real-time payments for the SECOND year running 👏 🏛 💸 Governments in the region are implementing real-time payment schemes where businesses and consumers are REAPING the benefits; and is propelling the region into a NEW ERA of financial transformation 🤯 📈 The Middle East ALSO saw a remarkable YoY growth of 33.6% in 2023 with 855 million real-time payment transactions and last year marked a significant milestone as Oman, Kuwait and Qatar each launched their OWN national real-time payment schemes, 👨‍💻 “Real-time payments eliminate payment friction, inject greater liquidity into the system, and promote economic growth and financial inclusion. Yet, their full potential can only be realized when banks transcend legacy silo systems. With real-time payment schemes now operational in every GCC nation, local banks are at a pivotal juncture where they must harness technological evolution as the catalyst for innovation. The path to innovation lies in modernizing and future-proofing their infrastructure, enabling them to fully leverage the potential of real-time payments,” said Santhosh Rao, Senior Vice President, Sales at ACI Worldwide MEASA. “Active collaboration is the cornerstone of a thriving real-time payment ecosystem, fostering an environment where banks must navigate a delicate balance of competition and cooperation with emerging market players. The world’s most successful real-time payment schemes, exemplified by India’s achievements, showcase a myriad of real-time payment methods via QR codes, mobile apps, or online accounts, pushing the boundaries of innovative use cases. With the Middle East leading the world in real-time payments growth, financial institutions should seize the opportunity to carefully study these successes and extract valuable insights to inspire the launch of their own pioneering real-time payment solutions.” Read the report on the link below! 👇 #aciworldwide #payments #middleeast #realtimepayments #gcc #digitaleconomy #mobilepayments #paymentsolutions

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Mastercard and UAE-based fintech Fundbot are joining forces to transform business-to-business (B2B) payments across the UAE and Saudi Arabia. This collaboration aims to streamline payment processes, enabling faster and more secure transactions while addressing critical financial challenges in various industries. The initial rollout of the partnership will focus on early claim settlements in the healthcare sector, targeting significant payment delays that have long been a pain point for the industry. Fundbot’s dynamic discount product will incentivize quicker payments, allowing suppliers to convert receivables into cash faster and significantly reduce days sales outstanding (DSO). Fundbot’s dynamic discount product integrates easily with leading ERP systems, ensuring broad compatibility and ease of adoption for businesses of all sizes. The product also features AI-driven tools that recommend the optimal discount rates for transactions, customized to specific industries and regional trends. Buyers benefit from early payment discounts, while suppliers gain faster access to funds, alleviating cash flow challenges - a key issue for SMEs in the MENA region. The collaboration also leverages Mastercard’s In Control for Commercial Payments (ICCP) solution to issue virtual cards for suppliers in partnership with regional banks. Buyers will be onboarded onto the platform and can initiate digital payment campaigns for their suppliers. Automated onboarding ensures the cost-effective inclusion of small suppliers, while customer support in Arabic, English, and French ensures accessibility for businesses across regional markets. This innovative platform not only simplifies the complexities of B2B payments but also strengthens buyer-supplier relationships, enhances financial stability, and unlocks new opportunities for businesses across the region. (Image by Mastercard) #DigitalPayments #FinTech #B2BInnovation #HealthcareFinancing #SupplyChainFinance #MENA

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🔜 The Saudi Central Bank – SAMA has announced an agreement with Samsung to launch Samsung Pay in Saudi Arabia 🇸🇦 🇸🇦 during the fourth quarter of 2024. 🟣 The agreement was signed at the inaugural 24 Fintech conference held in Riyadh. 🔴 This strategic step is part of SAMA’s ongoing efforts to enhance the digital payments ecosystem in Saudi Arabia, aligning with the objectives of the Financial Sector Development Program (FSDP), a key initiative under Saudi Vision 2030. 🔵 This initiative reflects the central bank’s commitment to continue developing a robust digital payments infrastructure through the national payments system “Mada," thereby transforming towards a less cash-dependent society by providing advanced digital payment solutions that align with international standards. 💠 As per Visa's study, Saudi has one of the highest share of Contactless payments in the world.

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Our founder and CEO, Abdulla Almoayed, recently caught up with Benjamin Ensor and Hasan Kazmi in the latest episode of Fintech Insider 🎙 Together, they discussed how Open Banking and Open Data have transformed access to financial services in Bahrain. They also delve into the impact of Open Banking to date, the challenges, and how innovation and regulation can co-exist to foster a thriving financial ecosystem. Watch the full episode here 👉 https://lnkd.in/dx6HBUdU

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Abu Dhabi Finance Week (ADFW) is the perfect place to connect with forward-thinking CEOs, CTOs, CIOs, and heads of digital banking and innovations. If you’re looking to quickly launch a new digital bank, wallet, BNPL, or online lending solution, Trigger Neobank Engine might be just what you need for lightning-fast time-to-market, dramatically reduced costs, and limitless innovations. All this is possible thanks to our 5️⃣ cutting-edge innovations: 1️⃣ No-code Interface Engine: Launch polished, user-friendly interfaces in minutes — no coding required. 2️⃣ Low-code Middleware Engine: Set up complex business logic, workflows, and integrations using a simple drag-and-drop interface — no developers needed. 3️⃣ Trigger API Gateway: Create APIs on top of databases, file storage, and other APIs in minutes, with zero development effort. 4️⃣ Engine as an SDK: Embed our engine into your existing solution and build or migrate user flows one-by-one, minimizing risk. 5️⃣ TriggerAI: Offer your customers the world’s first AI-driven, conversational banking experience with on-premises LLM models, so your data is safe. 🤔 Sound intriguing? Let’s meet at the event and discuss how we can help you deliver better digital products, faster 🚀 #adfw #abudhabifinanceweek #fintech #innovations #trigger #neobank #engine #tnbe #software #banking #banks #loans #wallet #digital #solutions #lending #bnpl

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Over the past few years, the country has strategically positioned itself as a leader in FinTech within the MENA region. In 2023 alone, FinTech companies in the UAE secured a staggering US$128.4 million in funding, contributing to a total of US$567.8 million raised since 2021. This influx of capital is a clear indication of the confidence investors have in the UAE’s FinTech landscape. But what drives this confidence? Find out in my latest article following the UAE series — the link is in the comments below.

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So excited to share Quona Capital's investment in #UAE based #fintech OCTA alongside Sadu Capital. The solution that co-founders Jon Edward Santillan, Nupur Mittal and Andrey Korchak are creating with OCTA automates the process of collecting payments for SMEs, improving cash flow management and reducing the pain of accounts receivable. “Ask any business owner, and they’ll tell you: collecting payments isn’t just a finance problem; it’s a business problem,” says Santillan. “Late payments, managing multiple tools for invoicing, customer follow-ups, disputes, accessing finance, and recovering debt—these are the things that slow down growth.” On average, 60% of B2B invoices in the UAE are paid late, and businesses spend 40 days chasing overdue payments. “Imagine trying to grow your business while constantly worrying about cash flow, handling disputes, or trying to recover money you’re owed,” Santillan says. “It’s absolutely crippling to business growth.” “Our investment in OCTA marks our growing interest in a region that has been very intentional about creating an enabling environment for innovative and inclusive fintech,” notes Monica Brand Engel, co-founder and managing partner of Quona. “We could not be more excited about the potential of OCTA to streamline accounts receivable collections, using a sophisticated AI-driven platform that frees up business customers to focus on growth.” The news is out today in Wamda ومضةL https://lnkd.in/gngjgZ2B

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As international e-commerce soars and workforce mobility reshapes businesses, #MENA stands at a critical juncture. Traditional #crossborderpayments have long challenged regional growth with high costs, frustrating delays, and opaque processes. 𝐓𝐨𝐝𝐚𝐲, 𝐭𝐡𝐚𝐭 𝐜𝐡𝐚𝐧𝐠𝐞𝐬. With global cross-border payments projected to reach $𝟐𝟗𝟎 𝐭𝐫𝐢𝐥𝐥𝐢𝐨𝐧 𝐛𝐲 𝟐𝟎𝟑𝟎, Mastercard and Buna (The Arab Regional Payments Clearing and Settlement Organization) are unleashing MENA's business potential through a first-of-its-kind public-private partnership. 📍Key advantages: ✅ Lightning-fast payments through Mastercard Move's single connection ✅ Seamless access to global markets for Buna participants ✅ Enhanced security with real-time compliance monitoring This collaboration brings Mastercard's massive reach (𝐬𝐩𝐚𝐧𝐧𝐢𝐧𝐠 𝟏𝟖𝟎+ 𝐜𝐨𝐮𝐧𝐭𝐫𝐢𝐞𝐬, 𝟏𝟓𝟎+ 𝐜𝐮𝐫𝐫𝐞𝐧𝐜𝐢𝐞𝐬, 𝐚𝐧𝐝 𝟗𝟓% 𝐨𝐟 𝐭𝐡𝐞 𝐰𝐨𝐫𝐥𝐝'𝐬 𝐛𝐚𝐧𝐤𝐞𝐝 𝐩𝐨𝐩𝐮𝐥𝐚𝐭𝐢𝐨𝐧) to MENA's doorstep. The best part? Banks can tap into this powerful network without major infrastructure investments. This partnership delivers precisely what businesses need: 𝐟𝐚𝐬𝐭𝐞𝐫, 𝐜𝐡𝐞𝐚𝐩𝐞𝐫, 𝐚𝐧𝐝 𝐦𝐨𝐫𝐞 𝐭𝐫𝐚𝐧𝐬𝐩𝐚𝐫𝐞𝐧𝐭 𝐜𝐫𝐨𝐬𝐬-𝐛𝐨𝐫𝐝𝐞𝐫 𝐩𝐚𝐲𝐦𝐞𝐧𝐭𝐬. Whether you're paying into or out of MENA, you're now part of a more connected, efficient financial ecosystem that's ready for tomorrow's global #trade opportunities. Thank you to everyone for such a brilliant collaboration! Alan Marquard Mehdi Manaa Rasika Raina Will Lear Malik Dhanani Njekwa Mwamba Giang Nguyen Brendan McGrath Helen Stoner Peter Reynolds Paul Francis Walvik-Joynt

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Lean Technologies: Shaping the Future of Payments in KSA: What Phase 2 of the Open Banking Framework Means for Merchants Blog: https://lnkd.in/d6fytz6Z

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At Paymentology, we have some great news for fintechs in the UAE who are looking to bridge the gap between their impressive tech stack and launching their solution to market! We have announced our partnership with Zand to empower fintechs by enabling them to issue payment methods and pave the way for new initiatives. Together, we are providing fintechs with a powerful suite of specialised services. These include BIN-sponsorship, virtual IBANs, and Client Money Accounts, equipping fintechs with the essential infrastructure needed to launch and scale faster. This partnership marks a significant step towards reinforcing our commitment to supporting the next-generation infrastructure that fintechs require to thrive, and contribute to the growth of the UAE’s digital economy. https://lnkd.in/eDzzDKp9 #Fintech #Innovation #Partnership #UAE #DigitalEconomy #Paymentology #Zand

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#BreakingNews: The Central Bank of the United Arab Emirates (#CBUAE) has successfully launched the Minimum Viable Product (MVP) platform for wholesale cross-border payments and settlement under Project #mBridge! This marks a significant milestone in the world of cross-border payments. CBDCs are gaining traction: The mBridge project highlights the growing acceptance of CBDCs as a viable solution for cross-border payments. Successful implementation of cross-border CBDC projects requires strong collaboration between central banks and financial institutions. Benefits for all: mBridge offers the potential for faster, cheaper, and more transparent cross-border transactions, benefiting businesses and individuals alike. The mBridge project is a groundbreaking development in the financial services industry. Its progress will be closely watched by everyone interested in the future of cross-border payments.

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How much could your business save with lower #interchange fees? The Central Bank of the UAE is capping interchange fees, potentially saving businesses significant money on #transactions! My article at Finance Middle East breaks down the new regulations and what they mean for your bottom line. What impact do you think this will have on businesses in the UAE? 👇 #CBUAE #payments #fintech #savings #costreduction #CentralBankUAE

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