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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.
Saudi Nayla Finance has raised $4 million to support micro-enterprises, while Paysky, a digital fintech leader, has been recognized among Forbes Middle East’s Top 50 Fintech Companies for the third consecutive year. Founded in 2017, Paysky operates in 18 countries, offering innovative digital payment solutions, including the Yalla Super App, which has processed over 17 million transactions since its 2022 launch. The company continues to focus on expanding financial inclusion and driving digital transformation across emerging markets.
Saudi Nayla Finance has raised $4 million to support micro-enterprises, while Paysky, a digital fintech leader, has been recognized among Forbes Middle East’s Top 50 Fintech Companies for the third consecutive year. Founded in 2017, Paysky operates in 18 countries, offering innovative digital payment solutions, including the Yalla Super App, which has processed over 17 million transactions since its 2022 launch. The company continues to focus on expanding financial inclusion and driving digital transformation across emerging markets.
UAE-based PlaysOut has secured $7 million in a seed funding round led by KBW Ventures to expand its mini-game ecosystem, valuing the company at $70 million. The funding will enhance its blockchain-powered mini-game engine, targeting growth in the US, MENA, and Asia.Meanwhile, ORO Labs raised $1.5 million to transform gold into a yield-generating asset through blockchain technology, allowing users to earn yield and trade gold-backed assets. The startup aims to bridge traditional gold markets with Web3 finance, leveraging the UAE's robust gold trade environment.
UAE-based PlaysOut has secured $7 million in a seed funding round led by KBW Ventures to expand its mini-game ecosystem, valuing the company at $70 million. The funding will enhance its blockchain-powered mini-game engine, targeting growth in the US, MENA, and Asia.Meanwhile, ORO Labs raised $1.5 million to transform gold into a yield-generating asset through blockchain technology, allowing users to earn yield and trade gold-backed assets. The startup aims to bridge traditional gold markets with Web3 finance, leveraging the UAE's robust gold trade environment.
Botswana's central bank has called for regulatory frameworks for the country's underdeveloped crypto markets, which currently pose minimal risks to financial stability. However, as these markets become more integrated with the financial system, potential systemic risks may arise. The bank also highlighted concerns over digital payment instruments, particularly regarding money laundering and terrorist financing, necessitating enhanced market surveillance and collaboration with law enforcement.
Botswana's Central Bank is advocating for proactive regulations in the crypto sector to address emerging risks as the global market integrates with traditional finance. While the local crypto market poses minimal risks currently, the bank emphasizes the need for oversight to combat potential money laundering and terrorist financing facilitated by transaction anonymity. The call for a robust regulatory framework reflects a broader global trend among regulators to enhance financial stability and curb illicit activities as cryptocurrency adoption increases.
Botswana's central bank has called for the establishment of crypto regulations to address potential systemic risks as the interconnectedness between the crypto market and traditional finance grows. While the local cryptocurrency market is currently underdeveloped and poses minimal risks, concerns about money laundering and terrorist financing linked to digital payment instruments necessitate proactive regulatory measures. Enhanced market surveillance and collaboration with law enforcement are recommended to combat illegal activities in the sector.
Botswana's central bank has assessed the current risks of its underdeveloped crypto market as "minimal," but emphasizes the need for proactive regulation to prevent future systemic risks as integration with traditional finance increases. The report highlights ongoing misconduct in the crypto space and calls for effective oversight frameworks, particularly to combat money laundering and terrorist financing linked to digital payment instruments. While cryptocurrencies are not seen as a significant threat to financial stability now, the potential for exploitation necessitates robust anti-money laundering measures and collaboration with law enforcement.
Botswana's central bank has identified minimal risks from local crypto markets to financial stability, attributing this to their underdevelopment. However, it emphasizes the need for regulatory frameworks to address potential future risks, particularly concerning money laundering and terrorist financing linked to digital payment instruments. The bank calls for compliance with anti-money laundering regulations and enhanced market surveillance to mitigate these security threats.
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paysky secures recognition and funding to enhance fintech infrastructure in africa
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