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Valu has emerged as Egypt's leading financial super-app, boasting over 700,000 active users and launching co-branded credit and prepaid cards that achieved 1.2 million transactions in a year. The fintech ecosystem is expanding with new products like Ulter and Shift, alongside a growing merchant network of 7,000 retailers and 2,000 online stores.In the MENA region, fintech is evolving beyond payments and lending, with a focus on wealth management and AI-driven services. Companies like MyFatoorah and MNT-Halan are making significant strides, while cross-border expansion is anticipated, positioning the region for a robust future in the global fintech landscape.
The Financial Services Authority in Oman has mandated that all private hospitals and clinics offering insurance-backed services must connect to the Dhamani platform by the end of March, as per Ministerial Decision 83/2023. Failure to comply will result in removal from insurance provider networks, hindering their ability to offer insurance-backed health services. Dhamani enhances health insurance technology by streamlining medical treatment approvals and payment processes.
The Financial Services Authority in Oman has mandated that all private hospitals and clinics offering insurance-backed services must connect to the Dhamani platform by the end of March, as per Ministerial Decision 83/2023. Failure to comply will result in removal from insurance company networks, hindering their ability to provide insurance-backed health services. Dhamani enhances health insurance technology by streamlining medical treatment approvals and payment processes.
In June, the inaugural Asia Economic Summit will facilitate crucial discussions on regional policies and the economic and digital future. Meanwhile, Amazon is considering launching a standalone payments app in India to compete with Google Pay and PhonePe, leveraging its existing user base. In Qatar, US payment firm Yuno has established its regional headquarters, aligning with the country's ambitions to become a fintech leader, supported by government initiatives and a growing market for cross-border remittances.
In June, the inaugural Asia Economic Summit will facilitate crucial dialogues on regional policies and the economic future. Meanwhile, Amazon is considering launching a standalone payments app in India to compete with Google Pay and PhonePe, leveraging its existing user base. In Qatar, Yuno's entry into the fintech market aligns with the country's ambitions to become a global fintech leader, supported by government initiatives and a growing demand for financial services among expatriates.
Oman has introduced a new 'slabs' system for court fees, unifying costs for initial litigation and appeals based on the financial claim's value. This reform aims to lower litigation costs, particularly for small and medium-sized businesses, while enhancing the efficiency and transparency of the judicial process through the 'Qadaa' electronic portal. The changes are part of Oman's efforts to improve its judiciary's global standing and attract investment.
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.
Mashreq has officially entered the Omani market, marking a significant milestone in the country's financial sector. This expansion supports Oman’s Vision 2040 by offering tailored financial services, including corporate banking and sustainable finance, aimed at promoting economic diversification and competitiveness. Leveraging advanced technologies like AI and data analytics, Mashreq enhances customer experience and operational efficiency, positioning itself as a strategic partner in Oman’s economic development.
GCC countries saw a 1.7% inflation rise in October 2024, driven mainly by a 6.4% increase in housing costs. Other contributors included a 3% rise in goods and services and a 1.7% uptick in restaurant and hotel prices, while transportation costs fell by 3.6%. Kuwait led the region with a 2.4% inflation rate, surpassing the EU's 2.3%.
OMN
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
fintech revolution in mena drives growth and innovation in 2024
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