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Paysky, a leading digital fintech solutions provider, has secured $6.75 million to enhance Africa's fintech infrastructure. Recognized among Forbes Middle East’s Top 50 Fintech Companies for the third consecutive year, the company operates in 18 countries and processed over $3.9 billion in transactions in 2024. Its innovative offerings include national payment systems, the Yalla Super App, and various digital payment solutions aimed at driving financial inclusion and digital transformation across the region.
Dubai has launched a pioneering real estate tokenization pilot, becoming the first property registration authority in the Middle East to utilize blockchain for property title deeds. This initiative, part of the city's 2033 real estate strategy, aims to enhance market liquidity and accessibility through fractional ownership.Officials project that tokenized real estate could represent 7% of total property transactions, potentially reaching 60 billion dirhams ($16 billion) by 2033. Despite operational challenges, the Dubai Land Department is optimistic about revolutionizing property transactions and is collaborating with tech firms to refine the system.
Ripple has secured full regulatory approval from the Dubai Financial Services Authority (DFSA) to offer cross-border crypto payment services in the UAE, becoming the first blockchain payments provider in the Dubai International Financial Center (DIFC). This license enables Ripple to deliver secure blockchain-based payment solutions, catering to the rising demand for efficient financial transactions in the region. The company is also collaborating with the Central Bank of the UAE to comply with upcoming stablecoin regulations, further enhancing its presence in the MENA fintech market.
UAE-based fintech startup Klaim has raised $26 million to enhance healthcare payment processes, including $10 million in Series A equity and $16 million in debt financing. Founded in 2019, Klaim's AI-driven platform aims to resolve delayed insurance claim payments, allowing providers to receive funds within 24 hours. With this funding, the company plans to expand in the MENA region, particularly in Saudi Arabia and Oman, while strengthening partnerships across the healthcare sector.
ClearGrid, a UAE-based fintech, has raised $10 million in funding, including a $3.5 million pre-seed round and a $6.5 million seed round, with participation from notable investors. Founded in 2023, the company offers an AI-powered platform for automating debt collection, achieving profitability in its first year and significant improvements in borrower engagement and recovery rates. With the new funding, ClearGrid plans to enhance its AI systems and expand into the Saudi market by 2025.
The UAE Central Bank has introduced a new Dh100 banknote ahead of Eid Al Fitr, featuring advanced security measures and made from durable polymer, which lasts significantly longer than traditional paper notes. Additionally, the banknote includes Braille symbols to assist blind and visually impaired users in identifying its value.
Gulf sovereign wealth assets are projected to reach $18 trillion by 2030, marking a 50% increase and reinforcing the region's financial dominance. With around 40% of global SWF assets, key players like Saudi Arabia’s PIF and Abu Dhabi’s ADIA are expanding investments, particularly in Asia and Africa, while facing rising competition and the need for enhanced performance standards.
Masdar has expanded its global clean energy initiatives with $12.5 billion in projects across nine countries, including $8.1 billion in equity investments. The company aims for 100GW of renewable energy capacity by 2030 and plans to grow its portfolio to 51GW by the end of 2024, with significant projects in Europe and North America. Recent achievements include financial closures on six projects, such as the 1.1GW Al Henakiyah Solar Power Plant in Saudi Arabia and solar projects in Azerbaijan.
Dubai's RERA has introduced measures to assist property owners struggling with rising service charges, as defaults on these payments have surged. New regulations now restrict owners from selling their properties until all outstanding dues are settled, aiming to enforce accountability in the market.
The Dubai Land Department has launched a pilot phase of its Real Estate Tokenisation Project, becoming the first in the Middle East to implement tokenisation on property title deeds. In collaboration with the Dubai Virtual Assets Regulatory Authority and Dubai Future Foundation, the initiative aims to simplify real estate transactions and attract diverse technology firms, potentially reaching a market value of AED 60 billion by 2033. This project promotes fractional ownership through blockchain technology, enhancing investment opportunities and supporting innovation in Dubai's real estate sector.
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paysky secures recognition and funding to enhance fintech infrastructure in africa
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