Back to Blog

Fintech News from the Middle East and North Africa (MENA)

Designed by Freepik

As Finovate prepares for its first conference in the Middle East, here’s a round up of recent fintech news and need-to-knows from the MENA region. Learn more about how to join us in Dubai in February for FinovateMiddleEast.

  • Saudi Arabia’s central bank inks deal with Ripple to use distributed ledger technology to settle payments.
  • Dubai Multi Commodities Centre (DMCC) reports that gold trader Regal RA DMCC is the first company in MENA to gain a licence to trade cryptocurrencies.
  • Honeywell launches Middle East industrial cybersecurity center.

MENA Fintech Fact International Data Corporation reports that  MENA spending on blockchain technology will grow to $80 million this year compared to $39 million in 2017. By 2021, regional blockchain spending is expected to reach $307 million.

  • Monami Tech introduces digital payment service, Lendme.
  • Forbes Middle East profiles MadfooatCom founder Nasser Saleh.
  • Monetary Authority of Singapore and Central Bank of Egypt forge fintech partnership.

Thought Leadership – Global Finance Magazine looks back on investment in MENA startups in 2017, including the $37 million raised by fintechs PayTabs, Emirati Souqalmal, and Wahed Invest.

  • ComputerWorld highlights OneGram in a review of government-sponsored blockchain cryptocurrencies.
  • UAE Securities and Commodities Authority partners with PwC to design regulatory framework for UAE capital markets-oriented regtech.
  • Entrepreneur Middle East features Egyptian fintech Moneyfellows.