welcome to Fintech Times Biweekly news roundup for Thursday, December 29, 2022!
Financing and investment
Blockchain payment company Saint Bee Closed pre-series A round with entrepreneurs Calvin Ayre Founder of Air Ventures. Ayre Ventures also invested in Centbee in 2019. This investment will be used for scaling and growth, as well as enhancing our technical and operational capabilities.
manafa, The Saudi fintech company has completed Series A funding of 106 million SAR to launch new products and expand its offering in various sectors. Manafa plans to accelerate its growth in Saudi Arabia and expand its services by launching several products and financing solutions. Additionally, he plans to double the number of investors investing in previously inaccessible alternative asset classes.
trade dog groupparent company of TDVC, is launching a $100 million Web3 ‘Special Situation’ Fund with a $10 million GP commitment. This fund focused on the evolution of Web3. We will also rebuild and invest in projects that have great products and businesses but are struggling in the token market.
Fintech based in Jakarta Accrak got $200 million from a Japanese bank Mitsubishi UFJ Financial Group (MUFG)Backed by China’s Alibaba Group, Akulaku offers digital banking and buy now pay later services.MUFG is also planning to acquire his BNPL firm in Japan, according to reports Kanmu.
Company updates
Dubai Chamber of Commerce has launched a new fintech and payments business group with the aim of bringing together companies of all sizes within the fintech and payments sector. This facilitates dialogue among colleagues, advocates for policy change and promotes the emirate as a highly competitive global center of commerce. The launch is part of the Chamber of Commerce’s plan to increase the number of business groups representing Dubai’s economic sectors and activities.
Meanwhile, the Chamber of Commerce also launched a Cloud Computing Business Group. It also connects companies within the sector to foster productive dialogue on how to promote and incorporate cloud computing services across Dubai.
Emirates Global AluminumOpened a sustainable corporate bank account, an industrial company in the United Arab Emirates city When Standard Chartered Bank. EGA was one of the first companies in the region to choose an account, ensuring that cash balances are used to fund or refinance sustainability progress elsewhere in the economy will do so.
Singlelife with Aviva known as Sing life. The company was formed on January 1, 2022 through the merger of insurtech start-ups Singlife and Aviva Singapore. The change will help the company solidify its position as a grown-up company in Singapore.
Mergers and Acquisitions
Salama is to snap up our insurance portfolio. Dubai Islamic Insurance and Reinsurance Company. SALAMA is the largest sharia-compliant takaful operator in the United Arab Emirates. The acquisition will strengthen SALAMA’s overall competitiveness in the range and market share of its solutions.
Cornerstone FSis a cloud-based provider of international payments, divesting a non-core subsidiary. Avila House. Small licensed e-money institutions and software licensing agreements will generate £600,000 for Cornerstone in 2023.Cornerstone is Avila House Aspire Commerce.
partnership
Nova Banka is affiliated with UnionPay Launch of UnionPay’s virtual card solution in Bosnia and Herzegovina via TIZI Wallet, a universal e-wallet that enables mobile contactless payments in Android apps through Host Card Emulation (HCE).
Fintech global financial technology signed an agreement with visa. Pursuant to the agreement, GFT can issue Visa-branded physical and virtual cards. It’s a PCI DSS certified product called OM Pay.
cashless payment is affiliated with sony entertainment television When Sonny Liv as a payment partner for shark tank india season two. It is the second year in a row that he has partnered with a reality show for aspiring entrepreneurs in India.
iDenfy, Identity verification startup partnered with Behra Railway Station, automatic injection beer machine service provider. This new partnership will allow Beera Station to verify the age and identity of buyers while ensuring prompt service.
in the meantime Lupey is affiliated with JCB International and National Payments Corporation of India (NPCI). JCB has partnered with his NPCI to offer RuPay JCB cardholders his 40% cashback on purchases at stores in Thailand, Singapore and Bahrain.
DCM Switzerland joined forces with a data platform Plato data intelligence. Through this partnership, partner brands of decentralized blockchain-powered platforms will benefit from expanded global reach. The companies also plan to offer a wide range of embedded data products.
launch
Simple phiMENAP’s card-as-a-service (CaaS) platform has introduced multi-currency cards across the region. SimpliFi Multi-Currency allows businesses to issue cards in multiple currencies and understand how spending and cash flow movements are managed across currencies, reducing exchange losses and administrative costs .