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Oil prices increased on Thursday, driven by a strong demand outlook in the US and a weaker dollar. Brent crude rose to $71.21 a barrel, while US West Texas Intermediate climbed to $67.54, supported by a significant drawdown in distillate inventories and expectations of a Federal Reserve interest rate cut.Despite a rise in US crude inventories, analysts noted that the overall demand remains healthy, with global oil demand averaging 101.8 million barrels per day. Geopolitical tensions in the Middle East and potential ceasefire talks in Ukraine also contributed to market volatility.
Greek fintech firm Qualco Group is exploring an initial public offering (IPO) to enhance its operations in Europe and the Middle East, with the Athens Stock Exchange as a potential listing venue. Currently, discussions are in the early stages, and no decisions have been finalized regarding the IPO's size or timeline. Qualco specializes in credit management, serving clients in over 30 countries, including major institutions like BNP Paribas and Banco Santander.
Vision Bank, a Sharia-compliant digital bank in Saudi Arabia, has launched its pilot phase following the successful implementation of Finastra’s Kondor treasury trading system, supported by DXC Technology’s cloud services. This system enhances asset and liability management, liquidity, trading, and compliance, aligning with the bank's mission to innovate and meet customer needs. CEO Abdul Shakeel Aidaroos emphasized the importance of a robust treasury management system to support growth and regulatory compliance in the evolving financial landscape.
NymCard, an embedded finance platform operating in over 10 MENA countries, has raised $33 million in Series B funding led by QED Investors, marking their first investment in the Gulf. This funding will enhance NymCard's payment infrastructure solutions, supporting banks and fintechs while promoting financial innovation in the region. With partnerships across 50+ entities, NymCard is pivotal in advancing cashless economies in Saudi Arabia and the UAE, and driving financial inclusion in Egypt.
Citigroup has urged shareholders to reject an executive pay proposal at its upcoming annual meeting while redeeming over $2 billion in senior notes as part of its liability management strategy. The company's stock rose 4.03%, benefiting from positive market trends and investor sentiment ahead of the Federal Reserve's policy meeting. Despite a challenging financial environment, Citigroup reported a 46% increase in net income over the past year and has outperformed its peers, maintaining a reliable dividend yield and trading below its estimated fair value.
Abu Dhabi's investment in Binance enhances its compliance and global operations, positioning it as a leading cryptocurrency exchange. Meanwhile, Tunisian LegalTech startup Juridoc.tn secures funding to expand across 17 African countries, aiming to revolutionize legal services with AI-driven solutions. Additionally, Tern Rewards launches the UAE's first digital rental payment platform, allowing tenants to pay rent via credit card while earning rewards.
Central Asia's startup ecosystem is thriving, with Kazakhstan leading in venture investments, attracting $71m in 2024, primarily from foreign investors. Uzbekistan saw a remarkable 2.7-fold increase in investments to $17.5m, while Kyrgyzstan and Tajikistan also reported growth in their respective markets. Key sectors driving this momentum include artificial intelligence, fintech, and educational technologies, indicating a robust potential for future development and global integration.
Hassana Investment Company has acquired a 40% stake in Berain Water, a leading bottled water company in Saudi Arabia, from Rajhi-Invest. This strategic move aligns with Hassana's focus on investing in stable, cash-flowing businesses within the consumer sector, while Rajhi-Invest highlights the partnership's potential for Berain's growth and long-term vision.
NymCard, a Dubai-based embedded finance platform, has raised $33 million in a Series B funding round led by QED Investors, marking its largest investment in MENA. The funds will enhance NymCard's payment infrastructure across banks, fintech firms, and telecom providers in the region. With its proprietary nCore platform, NymCard aims to support financial innovation and contribute to the cashless economy initiatives in Saudi Arabia and the UAE, while fostering fintech growth in Egypt.
Finnovex Saudi Arabia 2025, themed “Empowering the Fintech Ecosystem: From Disruption to Collaboration,” will take place on May 6-7 at the Radisson Blu Hotel in Riyadh. The event will focus on technological advancements in the financial sector, featuring keynotes, panel discussions, and networking opportunities with over 250 industry leaders. It aims to highlight the impact of Saudi Arabia’s Vision 2030 on digital transformation and foster collaboration for sustainable growth in fintech.
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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08:16 20.03.2025
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nymcard secures 33 million series b funding to enhance fintech in mena
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finnovex saudi arabia 2025 empowering fintech through collaboration and innovation
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