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Web Summit Qatar concluded with the QRDI Council announcing the winners of the Rising Innovators Award, celebrating student projects that showcase innovation. The first place was awarded to the Modular Automatic Sorting Hub (M.A.S.H) from Doha University, while the AI-powered Sharia Bot and Electronic Medical Triage System (EMTS) secured second place. Additionally, QRDI signed MoUs with the Ministry of Labor and ITQAN to enhance healthcare innovation and streamline certificate authentication through blockchain technology.
Cauridor, co-founded by Oumar Rafiou Barry, has achieved over 90% revenue from its payment rails division, reaching a total payment volume of $500 million in 2024. With plans for expansion into Mali and Nigeria, the company is also exploring blockchain integration to enhance cross-border payments in Africa.Meanwhile, Libya's first B2B e-commerce platform, Alkremeya, has launched to modernize the grocery supply chain, aiming for regional expansion across North Africa and the Middle East. The platform connects retailers with importers, streamlining procurement and enhancing transparency.In Egypt, Souhoola has partnered with Visa to launch a new prepaid card aimed at promoting financial inclusion and improving the shopping experience for Egyptians, set to launch in 2025.
Emerging market sovereigns face vulnerabilities amid rising global financial volatility, particularly with the U.S. dollar rallying. Countries like Argentina, Turkey, and South Africa have seen significant currency depreciations, while exposure to currency risk varies widely, with South American nations notably affected. Additionally, potential capital outflows and increased interest burdens could exacerbate financial pressures for several emerging economies.
Basata Holding has increased its stake in Jordan's MadfoatCom to 25%, enhancing its role in the region's digital payments landscape. This strategic investment, made in collaboration with Jordanian financial institutions, aims to improve financial inclusion and digital infrastructure, particularly for SMEs. The partnership is expected to drive innovation and expand access to financial services in Jordan.
Omnispay, a UAE-based fintech startup, has secured $1.5 million in seed funding to enhance digital payments for SMEs, addressing the significant gap in the GCC's $1.5 trillion B2B payments market. The platform integrates invoice management, flexible payment disbursements, and micro-lending solutions, aiming to democratize access to financial tools for underserved businesses. Since its launch in 2022, Omnispay has onboarded over 1,600 businesses and achieved rapid growth, with a 40% month-on-month increase in transaction volume.
In February 2022, a coordinated media effort targeted Credit Suisse and the Swiss financial sector, exposing connections to autocrats and corrupt officials hiding wealth in Switzerland. Notably, the US government funded journalists involved in this investigation, raising questions about bias in their reporting.
BitOasis, a Dubai-based cryptocurrency trading platform, has secured a full virtual asset service provider license from the Virtual Assets Regulatory Authority, following its acquisition by Indian exchange CoinDCX. This milestone allows BitOasis to enhance its existing services for retail and institutional investors in the MENA region. The firm, which previously held a provisional permit, aims to expand its product offerings and comply with regulatory requirements in the UAE.
The Adani scandal poses a significant challenge for Prime Minister Narendra Modi, as Gautam Adani, one of India's wealthiest individuals, faces bribery charges that could have serious political implications. Meanwhile, China's property crisis has resulted in an astonishing number of unoccupied new homes. Additionally, the popularity of Jordan Peterson, known for his contrarian views, continues to intrigue many.
Two established private banks in western Switzerland, Gonet & Cie and ONE swiss bank, are set to merge, creating a new entity under the Gonet brand, led by CEO Jean-René Lepezel. This merger, facilitated by Arab Bank Switzerland, will oversee approximately 12 billion francs in assets and is expected to complete by mid-2025, pending regulatory approval. The combined expertise will enhance offerings, particularly through Dynagest, ONE swiss bank’s asset management division.
War in the Middle East could lead to the closure of airspace over several countries, including Iran, Iraq, and Israel, while Russian airspace remains off-limits to Western airlines. This would force global air traffic into a few congested corridors, severely limiting available routes for east-west flights.
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