Month: May 2025

Dubai-Based Fintech Qashio Raises $19.8M for Saudi Market EntryDubai-Based Fintech Qashio Raises $19.8M for Saudi Market Entry

0 0

Dubai-based fintech firm Qashio has successfully raised $19.8 million in a strategic funding round comprising both equity and debt. This investment marks a significant milestone in the company’s growth journey as it gears up for expansion into the Saudi Arabian market and aims to scale its operations across the broader Middle East and North Africa (MENA) region.

A Strategic Funding Boost

The funding round was led by Rocketship.vc, a prominent Silicon Valley-based venture firm, with continued backing from existing investors like ABN Ventures, MITAA, and Oneway VC. Notably, new strategic participants also joined the round, including MoreThan Capital from Luxembourg, unnamed regional banks, and family offices from the MENA region.

Qashio’s Fintech Footprint

Founded in 2021 by Armin Moradi, Qashio provides digital corporate cards and embedded financial services tailored for businesses across various sectors including e-commerce, consulting, government, and legal industries. Its platform helps organizations gain better control and transparency over spending, replacing traditional petty cash and manual reimbursement systems.

Qashio currently operates across 22 markets, including the UAE, Europe, and the UK. Over the past three years, the company has consistently recorded over 800% year-on-year revenue growth, with its latest quarter showing a $1.2 million profit—a strong indicator of financial sustainability and product-market fit.

Saudi Market Entry and Beyond

With fresh capital in hand, Qashio is now focusing on:

• Expanding its geographic reach, particularly into Saudi Arabia
• Strengthening regulatory compliance ahead of new market launches
• Launching a new fintech loyalty program across MENA
• Enhancing its digital infrastructure and customer experience

Transforming Corporate Spend Management in MENA

Qashio’s rapid growth and commitment to innovation are reshaping the spend management landscape in the region. By integrating digital payments and automation into enterprise workflows, Qashio aims to empower businesses with smarter financial tools and greater efficiency.

This latest funding not only validates investor confidence but also positions Qashio as a key enabler of digital financial transformation in Saudi Arabia and beyond.

About Post Author

Happy

0 0 %

Sad

0 0 %

Excited

0 0 %

Sleepy

0 0 %

Angry

0 0 %

Surprise

0 0 %

How Fintech is Powering the UAE’s Digital Economy TransformationHow Fintech is Powering the UAE’s Digital Economy Transformation

0 0

The United Arab Emirates is fast becoming a global frontrunner in digital innovation, and at the heart of this transformation lies a thriving fintech sector. According to a recent report by Checkout.com, the nation’s digital economy is gaining momentum, fueled by evolving consumer behaviors, advanced technologies, and forward-thinking regulations.

From Cash to Clicks: The Rise of Digital Payments

Cash-on-delivery—a long-preferred payment method in the UAE—has declined by 53% since 2020. In its place, digital payment solutions are rapidly taking over. Account Funding Transactions (AFTs), which include real-time salary transfers, peer-to-peer payments, and remittances, have surged by 388% year-on-year, reflecting a major shift in how people manage and move money.

Evolving Consumer Trends in E-Commerce

Today’s consumers are digitally empowered:

• 44% compare prices online while browsing in physical stores.
• 42% regularly use digital wallets or apps for money transfers.
• 35% actively invest through fintech platforms.

When it comes to online purchases, food delivery leads at 57%, followed by fashion at 48% and travel at 38%. Moreover, 62% of consumers expect to increase their digital spending in areas such as travel, food services, and even government-related payments.

AI is Redefining the Retail Experience

Artificial Intelligence is transforming how customers interact with brands:

• 46% have engaged with AI chat tools for shopping support.
• 37% have used visual search features to find products.

These innovations are enabling faster, smarter, and more personalized shopping journeys.

The Growing Focus on Cybersecurity

As digital transactions grow, so do concerns around security.

• 57% of users reported encountering online fraud in the last year—up from 35%.
• Nearly 1 in 4 have abandoned online shopping due to security fears.

To address this, financial institutions are deploying cutting-edge technologies like behavioral biometrics and machine learning to detect and prevent fraudulent activities in real time.

Conclusion:
The UAE’s focus on digital growth, backed by robust fintech innovation, is not just reshaping its local economy—it’s positioning the country as a global benchmark for digital transformation. As more consumers and businesses go digital, fintech will continue to be the driving force behind a smarter, faster, and more secure economic future.

About Post Author

Happy

0 0 %

Sad

0 0 %

Excited

0 0 %

Sleepy

0 0 %

Angry

0 0 %

Surprise

0 0 %

Zand Bank and Mamo Join Forces with Ripple to Revolutionize Cross-Border Payments in the UAEZand Bank and Mamo Join Forces with Ripple to Revolutionize Cross-Border Payments in the UAE

0 0

In a major move for the UAE’s digital finance ecosystem, Zand Bank and fintech startup Mamo have partnered with Ripple to introduce blockchain-based cross-border payment solutions. This collaboration follows Ripple’s recent regulatory approval from the Dubai Financial Services Authority (DFSA), making it the first blockchain-powered payments provider authorized to operate in the Dubai International Financial Centre (DIFC).

Ripple Payments—the core platform behind this initiative—uses blockchain technology, digital assets, and an extensive global network to enable fast, transparent, and secure international money transfers. Currently active in over 90 countries, including the U.S., Brazil, Mexico, Australia, and Switzerland, Ripple has already processed more than $70 billion in global transactions. Its entry into the UAE aims to solve persistent issues in traditional payment systems, such as high fees, slow processing times, and lack of visibility.

Zand Bank, the UAE’s first fully digital bank, plans to adopt Ripple’s infrastructure to modernize its cross-border transfer services. The bank is also preparing to launch an AED-backed stablecoin to further strengthen its digital offering. Chirag Sampat, Head of Treasury and Markets at Zand, emphasized the bank’s focus on leading digital finance innovation in the region.

Meanwhile, Mamo—a rising fintech player in Dubai—is leveraging Ripple’s platform to simplify and reduce the cost of remittances. CEO and co-founder Imad Gharazeddine noted that this integration will make global payments easier and more accessible for UAE-based businesses and individuals.

The UAE’s supportive regulatory framework and openness to digital asset adoption continue to make it a hotspot for fintech innovation. According to Ripple’s 2025 New Value Report, 64% of financial leaders in the Middle East and Africa cite faster transactions as a key driver for using blockchain-based currencies in cross-border payments.

This partnership marks another milestone in Ripple’s Middle East expansion and underscores the region’s commitment to embracing next-generation payment technologies.

About Post Author

Happy

0 0 %

Sad

0 0 %

Excited

0 0 %

Sleepy

0 0 %

Angry

0 0 %

Surprise

0 0 %

UAE Fintech Industry Set to Surge to USD 6.43 Billion by 2030UAE Fintech Industry Set to Surge to USD 6.43 Billion by 2030

0 0

The United Arab Emirates is rapidly emerging as a global fintech powerhouse, with its financial technology sector projected to grow from USD 3.56 billion in 2025 to a staggering USD 6.43 billion by 2030. This marks an impressive compound annual growth rate (CAGR) of 12.56%, highlighting the region’s growing appetite for digital finance and innovation.

Driving Forces Behind the Growth

The robust growth of the UAE’s fintech market is powered by a combination of proactive government initiatives, regulatory support, and a thriving investment ecosystem. Key financial hubs like Abu Dhabi and Dubai have become focal points for fintech development, attracting local and international startups and investors alike.

Regulatory bodies such as the Dubai Financial Services Authority (DFSA), the Virtual Assets Regulatory Authority (VARA), and the Abu Dhabi Global Market (ADGM) have been instrumental in shaping a forward-thinking regulatory environment. These organizations have introduced clear frameworks that not only encourage innovation but also ensure financial stability and consumer protection.

Innovation Platforms Fueling Startups

Programs like the Fintech Hive at the Dubai International Financial Centre (DIFC) and ADGM’s Regulatory Laboratory (RegLab) have played a crucial role in fostering innovation. These platforms provide startups with the resources, mentorship, and regulatory support needed to test and scale new fintech solutions in a controlled environment.

Such initiatives have positioned the UAE as a magnet for early-stage fintech ventures looking to establish a foothold in the Middle East and North Africa (MENA) region.

Payments Sector Leads the Way

Among various fintech verticals, the payments segment stands out as the most dynamic. The UAE is witnessing an exponential rise in digital payment adoption, with payment revenues expected to reach USD 27.3 billion by 2028. Additionally, the volume of payment transactions is anticipated to increase by 78%, far exceeding the global average growth rate of 5%.

This trend reflects a shift in consumer behavior toward cashless transactions, fueled by high smartphone penetration, supportive regulation, and a digitally-savvy population.

Investor Confidence at an All-Time High

Investor interest in the UAE fintech space continues to soar. One recent example is Abhi UAE, a MENAP-focused fintech company, which secured USD 15 million in debt financing from Shorooq Partners and Amplify. Such funding rounds underscore the confidence global investors have in the region’s fintech potential and reinforce the UAE’s status as a key financial innovation hub.

The Road Ahead

With a strategic focus on digital transformation, robust regulatory frameworks, and growing investor interest, the UAE is well on its way to becoming a global fintech leader. The sector’s expected growth over the next five years not only signals strong economic prospects but also cements the country’s role in shaping the future of finance.

About Post Author

Happy

0 0 %

Sad

0 0 %

Excited

0 0 %

Sleepy

0 0 %

Angry

0 0 %

Surprise

0 0 %

Alibaba Cloud, LuLuFin, and Ant Digital Technologies Unite to Drive AI-Focused Fintech Innovation in the UAEAlibaba Cloud, LuLuFin, and Ant Digital Technologies Unite to Drive AI-Focused Fintech Innovation in the UAE

0 0

During the 2025 Dubai Fintech Summit, Alibaba Cloud, the digital tech and intelligence division of Alibaba Group, revealed a new strategic alliance with LuLu Financial Holdings (LuLuFin) and Ant Digital Technologies. This three-way partnership is set to catalyze digital innovation in the financial services industry throughout the UAE and the broader GCC region by harnessing artificial intelligence and cloud computing.

As part of this collaboration, LuLuFin—a leading financial services provider in the UAE—is adopting a multi-cloud strategy built on Alibaba Cloud’s infrastructure. The organization plans to utilize key solutions such as Elastic Compute Service (ECS), Disaster Recovery as a Service (DRaaS), PolarDB, and EMAS (a mobile app testing and optimization platform) to enhance its digital transformation journey. These tools will support the development of personalized financial services and improve business continuity and operational efficiency.

Furthermore, LuLuFin is working on launching an AI-powered internal tool called Treasury AI, leveraging Alibaba Cloud’s proprietary large language model, Qwen. This intelligent agent is designed to streamline internal treasury functions, particularly in areas such as fund allocation and movement, by delivering smart, data-driven insights.

In parallel, Ant Digital Technologies—an affiliate of Ant Group known for its digital tech solutions—has also partnered with Alibaba Cloud to introduce its ZOLOZ digital identity verification and mPaaS SuperApp development platform in the UAE. These innovations are aimed at empowering financial institutions in the region to accelerate their digital transformation securely and efficiently.

The collaboration signifies a concerted effort by the three organizations to provide cutting-edge fintech infrastructure and AI applications, aligned with the UAE’s ambition to become a regional hub for digital innovation and financial technology.

About Post Author

Happy

0 0 %

Sad

0 0 %

Excited

0 0 %

Sleepy

0 0 %

Angry

0 0 %

Surprise

0 0 %

Why the UAE is a Prime Destination for Fintech StartupsWhy the UAE is a Prime Destination for Fintech Startups

1 0

The UAE has become a thriving hub for fintech innovation, attracting startups from around the world. With government-backed initiatives designed to foster growth, it offers a supportive ecosystem for emerging financial technologies.

One of the key drivers of fintech success in the UAE is its regulatory flexibility. Programs like regulatory sandboxes allow startups to test their solutions in a controlled environment, minimizing bureaucratic obstacles. Additionally, business-friendly policies, including free zones with tax advantages and streamlined licensing, make launching a fintech company remarkably efficient.

Beyond regulations, consumer readiness plays a vital role. The UAE’s population is highly tech-savvy, with widespread adoption of digital banking, cryptocurrency, and cashless payments. This creates a fertile ground for fintech startups to introduce new financial solutions with a built-in audience eager for innovation.

Financial hubs like Dubai International Financial Centre (DIFC) and Abu Dhabi Global Market (ADGM) provide access to investors, industry experts, and global fintech networks. These ecosystems foster partnerships and funding opportunities, accelerating the growth of emerging fintech players.

With its strategic location, advanced infrastructure, and forward-thinking policies, the UAE is fast becoming one of the world’s leading fintech destinations. Whether focused on blockchain, AI-driven finance, or next-generation payment solutions, startups have the perfect environment to innovate and scale.

About Post Author

Happy

0 0 %

Sad

0 0 %

Excited

0 0 %

Sleepy

0 0 %

Angry

0 0 %

Surprise

0 0 %