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Visa has launched Google Wallet services in Jordan, enabling cardholders from Arab Bank, InvestBank, and Al Rajhi Bank to make secure, tokenized transactions starting March 12, 2025. This initiative aims to enhance contactless payment options and address security concerns, promoting digital wallet adoption in the country.With mobile phone penetration at 82.3% in Jordan, the introduction of Google Wallet aligns with the growing demand for seamless payment solutions in the MENA region, where digital payments are rapidly expanding.
ProgressSoft has partnered with Fintech Galaxy to enhance Open Banking in the MENA region by establishing national Open Banking hubs. This collaboration aims to improve API connectivity, secure data sharing, and transaction flows among financial institutions, ensuring compliance with regulatory standards and fostering innovation in the financial sector.
ProgressSoft has partnered with Fintech Galaxy to enhance Open Banking in the MENA region by establishing national Open Banking hubs. This collaboration aims to improve API connectivity, secure data sharing, and transaction flows among financial institutions, ensuring compliance with regulatory standards and fostering innovation in the financial sector.
Ajras secures funding to enhance its position in Saudi Arabia's rapidly growing proptech sector, projected to reach $109 billion by 2030. Meanwhile, ORA Technologies raises $1.9 million to expand its digital payment and food delivery services in Morocco, aiming to drive financial inclusion. Talabat acquires InstaShop for $32 million, strengthening its grocery and retail presence across MENA.
Startup Bahrain has partnered with Reboot Coding Institute to enhance technical skills among entrepreneurs, aiming to strengthen Bahrain's digital economy. This collaboration will provide workshops and mentorship, equipping startup teams with essential coding expertise to foster innovation and competitiveness in the tech sector.
Egyptian fintech startup Basata has increased its stake in Jordan’s MadfoatCom to 25%, enhancing its role in promoting digital financial inclusion and improving the digital payments infrastructure in Jordan. This strategic investment aims to expand Basata's network and introduce innovative financial solutions, fostering a more inclusive digital economy in the region.
An emergency Arab summit in Cairo adopted a five-year, $53 billion Egyptian plan for Gaza's reconstruction, emphasizing a two-state solution and rejecting U.S. proposals to displace Palestinians. The plan includes rebuilding infrastructure, housing, and establishing a nonpartisan governance body, while facing challenges from U.S. and Israeli opposition regarding Hamas's role. An international conference in April aims to secure funding and support for the initiative, testing Arab nations' ability to rally international backing amidst ongoing tensions.
Talabat has acquired InstaShop for $32 million, enhancing its grocery and retail division while allowing InstaShop to operate independently. This strategic move aims to improve logistics, customer experience, and market presence in the MENA region's quick-commerce sector. Both companies will leverage their strengths to drive innovation and growth in online grocery delivery.
Arab stock markets experienced steady growth in January, marking a second consecutive month of gains, with the composite index rising by 0.97%. Casablanca's stock exchange led the way with a 9.98% increase, followed by Kuwait and Amman at 5.73% and 5.11%, respectively, driven by strong corporate earnings and supportive monetary policies.While most markets thrived, Egypt, Qatar, Palestine, and Dubai saw modest growth of less than 1%. Notably, the Palestinian market recorded a remarkable 261.4% surge in traded value, contrasting with declines in Dubai, Egypt, and Muscat.
Arab stock markets showed positive performance in January, with a composite index increase of 0.97%, driven by strong corporate earnings and supportive monetary policies. The Bourse de Casablanca led gains at 9.98%, while the Tunisian market faced a significant decline of 71.7%. Despite mixed trading values, investor sentiment improved, reflecting a broader global market rebound.
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