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CBE greenlights first digital bank in Egypt
Cairo - Sharikat Mubasher: The Central Bank of Egypt (CBE) granted Misr Digital Innovation (MDI) the preliminary approval to launch Onebank, the first digital bank in Egypt, a recent statement revealed.MDI received the approval after completing the i
Cumulative VC investments in fintech exceed SAR 6.9 bn
Riyadh - Sharikat Mubasher: The cumulative venture capital (VC) investments in the Saudi fintech sector exceeded SAR 6.9 billion in 2023, according to an official report.The Annual Report for the Financial Sector Development Program (FSDP) stated that the number of fintech companies in the Kingdom reached 216 last year, surpassing the targets set by the FSDP and achieving the desired impact of reaching 525 fintech companies by 2030.The fintech sector provided over 6,500 direct jobs in 2023, of which 5,973 jobs were supervised by the Saudi Central Bank (SAMA).The FSDP’s achievements in 2023 also included launching the third edition of the Fintech Accelerator under the umbrella of Fintech Saudi, with the participation of 10 companies. It offered more than 300 job-training opportunities.Additionally, the Kingdom launched the Open Banking Lab that targets enabling banks and fintech companies to improve, test, and license open banking services, ensuring the finance sector’s growth, enabling innovation, and accelerating the development of open banking in the Kingdom.2023 also witnessed the pilot launch of three licensed digital banks, driven by the Kingdom’s dedication to fostering an innovative, dynamic, and competitive financial landscape.These achievements mirror the pivotal role of SAMA and the Capital Market Authority (CMA) in empowering the fintech sector to attract new segments of investors and companies.
PoS sales in Kingdom hit SAR 167 bn in Q1-24
Riyadh - Sharikat Mubasher: The total number of point of sales (PoS) transactions in Saudi Arabia reached 2.4 billion during the first quarter (Q1) of 2024, with sales amounting to SAR 167.1 billion, a recent report issued by the Saudi Cent
EdfaPay to offer financial payment solutions in Tunisia
Riyadh - Sharikat Mubasher: The leading technical payments startup EdfaPay obtained a license to provide financial payment solutions in Tunisia through its arm, WePay, in cooperation with We-Settle, the company announced in a press release.This
Legacy Technologies to manufacture data centers in Kingdom
Riyadh - Sharikat Mubasher: Legacy Technologies, a German company specializing in highly secure modular data centers, plans to launch its regional data center manufacturing factory in Riyadh in early 2025, according to CEO Sem Köksal. The factory