Salam, fintech friends!
It has been a while since I’ve had this much to write about in a single issue and honestly, it feels great.
While the war continues in the background, our industry is showing some real weight.
S&P Global ranks the UAE third globally for fintech funding in Q1 this year, behind only the US and UK. This positioning is also being reinforced by institutional validation: Capital Group is opening its first Middle East office in ADGM later this year, and the world’s largest listed hedge fund, Man Group, applies for its Category 3A license in Abu Dhabi. When asset managers of that size make structural commitments to a market, it says something about where they believe the next decade of returns is being built.
CredibleX closes its $15 million Series A led by Mubadala and Further Ventures. Sarwa crosses $1 billion in client assets under management, proving that, against all odds, the wealth management thesis in this market is working.
Last but not least, Syria’s Central Bank allows Syrian banks and local payment companies to partner with global payment networks, like Visa and Mastercard, for cross-border and domestic transactions. A small regulatory update that carries outsized significance for a country re-entering the global financial system after years on the periphery.
A lot happened in the last two weeks. Here’s all of it.
💸 Fundraises and Exits
🇦🇪 As part of its $15 million Series A round, CredibleX raises funding led Mubadala Investment Company and Further Ventures
🇸🇦 Saudi’s Stream raises $5.2 million in a seed extension round led by BECO Capital
🇶🇦 HASIF, a Qatar-based accounting SaaS paltform, receives an investment from Snoonu.
In other (exciting) news…
🇦🇪 Sarwa, an Abu Dhabi-based investment and personal finance platform, crosses $1 billion in client assets under management!
🇦🇪 The UAE is the third largest recipient of fintech funding in Q1 2026, after the US and the UK!
💰 Funds
🇦🇪🇺🇸 The US’ Capital Group shares plans to open its first Middle East office in ADGM later this year
🇦🇪🇬🇧 World’s largest listed hedge fund, Man Group, applies for its Category 3A license in Abu Dhabi
🇸🇦 Khwarizmi Ventures introduces its second fund, with a first close exceeding $70 million, to invest in Seed to Series A start-ups across fintech, consumer and AI
🇶🇦🇺🇸 General Atlantic secures a $500 million commitment from the Qatar Investment Authority.
🚀 Partnerships & Product Launches
🇦🇪 Ripple expands its regional presence with a new HQ at the DIFC
🇦🇪 Dubai-based payment gateway, Telr, introduces Google Pau across its regional operations
🇸🇦 Saudi’s barq partners with Alipay+ to launch outbound cross-border QR payments
🇦🇪 botim money works with Mastercard on digital-first payment services and ongoing platform development
🇦🇪 Geidea, a payments tech provider, rolls out a dual-card routing capability in partnership with UnionPay
🇸🇦 Banking technology provider, Temenos, supports FAB in delivering Shariah-compliant banking services
🇸🇦 Yuno partners with tabby to enable interest-free installment payments at checkout for merchants across Saudi and the UAE
🇦🇪 The Bank of New York partners with Finstreet and the ADI Foundation to provide custody for Bitcoin and Ethereum for clients in Finstreet’s digital market ecosystem
🇦🇪 Mastercard and Yellow Card work together to develop stablecoin payment products, including cross-border remittances, B2B settlements, loyalty programs and treasury management, across Eastern Europe, the Middle East and Africa
🇦🇪 AE Coin, the AED-backed stablecoin, brings Nephos Group onboard for stablecoin acceptance
🇦🇪 Telr integrates its digital payment gateway with Geidea’s physical POS terminals, allowing businesses to manage online and in-store transactions in a single set-up
🇦🇪 Codebase Technologies partners with Ovanti to launch an Agentic Digital Asset Bank
🇸🇦 Mawarid Finance and NymCard launch Lynq: a financial management platform allowing SMEs to consolidate corporate cards, manage spending and payments
🇪🇬 Egyptian proptech, Byit, enters the UAE with a suite of AI tools to simplify cross-border property transactions
🇦🇪 ADI Foundation and SettleMint partner to build digital securities infrastructure on the ADI Chain, allowing the issuance and management of tokenized assets within ADGM
🇦🇪🇲🇺 Kudotrade, Mauritius-based multi-asset CFD trading platform, opens a regional HQ in Dubai and receives initial approval from the UAE’s Capital Market Authority.
🏛 Licensing & Regulations
🇦🇪 The Central Bank of the UAE (CBUAE) launches a new service allowing non-resident visitors to open digital bank accounts on arrival using the Tourist Identity initiative
🇦🇪 CBUAE grants Reem Finance a community banking license. The company is now Reem Bank and offers BaaS infrastructure, embedded finance and API-ready fintech partnerships
🇸🇦 The Saudi Central Bank (SAMA) approves an e-wallet license for Lite
🇦🇪 The Dubai Financial Services Authority proposes updates to its Islamic Finance regulatory framework
🇦🇪 Crypto.com receives a SVF license from the UAE Central Bank, allowing UAE residents to pay government fees using virtual assets
🇪🇬 Valu, CFH, Beltone Holding, Cairo Capital Securities, Al Ahly Pharos and Orient Insurance receive approval for non-banking financial activities using financial technology, under the Egyptian FRA’s regulatory sandbox for motor insurance damage assessment
🇸🇾 Syria’s Central Bank authorizes Syrian banks and local electronic payment companies to partner with global payment networks to facilitate cross-border and domestic transactions
🇸🇦 SAMA grants Drahim a license to conduct payment services through open banking
🇸🇦 SAMA grants Madark a BNPL license.
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Until next week,
Salam ✌🏼
