Fintech News & Trends

The UAE’s First National Payment Card, Jaywan, Launched

The United Arab Emirates has launched the nationwide distribution process for Jaywan, the country’s first national payment card system. The cards, which will be introduced gradually by banks, licensed financial institutions, and exchange houses, will be usable in physical stores, on e-commerce platforms, at ATMs, and in compatible digital wallets.

The official launch of Jaywan was carried out by Sheikh Mansour bin Zayed Al Nahyan, Vice President of the UAE, Deputy Prime Minister, Chairman of the Presidential Court, and Chairman of the Board of Directors of the Central Bank of the UAE. The system is operated by Al Etihad Payments, a subsidiary of the Central Bank of the UAE.

Banks Offer Debit and Prepaid Cards

First Abu Dhabi Bank has launched the Jaywan debit card for eligible account holders. The card can be used for shopping at stores and local e-commerce sites in the UAE, withdrawing cash from ATMs, and accessing compatible digital wallets.

Commercial Bank of Dubai is also introducing prepaid Jaywan cards for retail customers. The cards, which can be used by loading funds onto them, will support contactless shopping, online payments, ATM transactions, and tokenization technology, which replaces card details with a digital identity in mobile wallets.

Retail and Financial Inclusion Targeted

Jaywan cards may be offered in debit, prepaid, and credit card formats. International use will depend on the type of card and the partner payment network. Al Etihad Payments is working with Visa, Mastercard, Discover, and UnionPay on co-branded cards.

Cardholders are also expected to receive benefits in travel, retail, hospitality, and lifestyle categories. Sheikh Mansour bin Zayed stated that Jaywan supports the goal of building a more efficient, resilient, and competitive financial sector, while advancing innovation and financial inclusion.

Jaywan Can Be Used for Online Shopping

Network International has expanded the acceptance of Jaywan cards to its e-commerce payment infrastructure. Through the integration, cardholders will be able to make payments at thousands of online stores served by the company in the UAE. Businesses that accept Jaywan transactions through Network International’s payment gateway will not be charged an additional fee. The company had previously added the card to its payment network for physical stores.

Pinar Alpay, Group Chief Product and Marketing Officer at Network International, stated that online payment support was the natural next step in the work carried out with Al Etihad Payments. Alpay said the integration would provide card users with a consistent payment experience across physical and digital channels.

Retail Sales in Türkiye Increased by 13.7 Percent Year-on-Year in May

Retail sales in Türkiye increased by 13.7 percent year-on-year and by 2.4 percent compared with the previous month in May 2026. According to the Trade Sales Volume Index data released by the Turkish Statistical Institute, total trade sales volume increased on a monthly basis while declining year-on-year.

Retail Sales Gained Momentum on a Monthly Basis

Trade sales volume increased by 0.7 percent in May 2026 compared with the previous month. During the same period, the sales volume of the wholesale and retail trade and repair of motor vehicles and motorcycles rose by 2.9 percent.

Retail trade sales volume increased by 2.4 percent month-on-month, while wholesale trade sales volume declined by 0.6 percent. As a result, retail sales returned to growth following the monthly decline recorded in April.

In April 2026, retail trade sales volume had decreased by 1.6 percent month-on-month, marking its first monthly decline since July 2025. The year-on-year increase during the same period was reported at 11.4 percent.

Total Trade Sales Volume Declined Year-on-Year

In May, total trade sales volume decreased by 1.4 percent compared with the same period of the previous year. The sales volume of the trade and repair of motor vehicles and motorcycles declined by 1.7 percent year-on-year, while wholesale trade sales volume fell by 7.8 percent.

By contrast, retail sales increased by 13.7 percent year-on-year, becoming the subcategory of the trade sector that recorded growth.

Sales Data in E-Commerce and Artificial Intelligence Systems

Retail sales volume data is among the indicators used to monitor demand trends, product movements, and consumer shopping behaviour in physical retail and e-commerce operations.

AI-powered retail systems can use data such as historical sales, promotional periods, price changes, and e-commerce traffic in demand forecasting processes. Forecasts generated by these systems can be incorporated into stock planning, product procurement, and inventory management operations.

GCC Inflation Data Announced; Recorded at 1.8 Percent in 2025

The GCC inflation rate in the Gulf Cooperation Council countries was recorded at 1.8 percent in 2025. According to data released by the Statistical Centre for the Cooperation Council for the Arab Countries of the Gulf, GCC-Stat, the rate remained below 2 percent for the second consecutive year, despite a limited increase from 1.6 percent in 2024. The report stated that this outlook reflected the impact of economic policies implemented to contain inflationary pressures and maintain price stability.

GCC Inflation Remained Below the Global Average

The GCC inflation rate remained below the global average of 4.2 percent and the 5.3 percent recorded in emerging economies. Inflation was recorded at 3.2 percent in Japan, 2.6 percent in the United States, 2.5 percent in the European Union and advanced economies, and 2.1 percent in the Eurozone.

Housing and miscellaneous goods and services accounted for approximately 73 percent of the overall increase in consumer prices across the region. Prices rose by 5.4 percent in miscellaneous goods and services and by 4 percent in housing.

Prices increased by 2 percent in recreation and culture, 1.6 percent in restaurants and hotels, 1.2 percent in food and beverages, 1 percent in education, 0.6 percent in tobacco, and 0.4 percent in clothing and footwear. No change was recorded in healthcare, communications, furniture, and household goods, while transportation prices declined by 0.2 percent.

Price Data Gains Importance in Retail and E-Commerce

Consumer prices are among the data sets monitored by AI-powered demand forecasting, price optimisation, and inventory planning systems used in retail and e-commerce. Artificial intelligence applications can generate retail forecasts by using sales history, e-commerce traffic, campaigns, and various demand indicators.

The GCC inflation rate increased from 1.5 percent in 2020 to 2.4 percent in 2021 and peaked at 3.2 percent in 2022. After declining to 2.3 percent in 2023 and 1.6 percent in 2024, the rate stood at 1.8 percent in 2025.

Brazil Recorded the Highest Rate Among Trading Partners

Among the GCC countries’ major trading partners, the highest inflation rate was recorded in Brazil at 5 percent. Brazil was followed by the United Kingdom at 3.9 percent, Japan at 3.2 percent, India at 2.8 percent, the United States at 2.6 percent, Germany at 2.2 percent, South Korea at 2.1 percent, Italy at 1.5 percent, and France at 0.9 percent. Inflation in China was reported at zero.

While the 2.1 percent decline in global food and beverage prices helped limit imported inflation, it was reported that the 15.2 percent increase in natural gas prices and geopolitical tensions continued to pose risks. The report stated that similar inflation rates below 2 percent created a favourable environment for economic and monetary integration and provided fiscal space for reforms and development spending. It also emphasised the need to harmonise statistical methodologies and strengthen policy preparedness against external shocks. (GCC inflation data)

Tabby Secures Consumer and SME Finance Licenses in Saudi Arabia, Expanding Beyond BNPL

Saudi fintech unicorn Tabby has obtained consumer finance and SME finance licenses from the Saudi Central Bank (SAMA), enabling the company to offer longer-term financing options for consumers and working capital solutions for businesses. The move marks a significant step in Tabby’s evolution from a buy now, pay later (BNPL) provider into a broader digital financial services platform.

Tabby announced that the new licenses will allow eligible customers in Saudi Arabia to finance purchases exceeding SAR 2,000 ($533), with financing limits reaching up to SAR 50,000 and repayment terms of up to 12 months. The company’s extended financing plans are already available across selected merchant partners, including Noon, IKEA, Almosafer, flynas, Fitness Time, and Almanea.

New Licenses Open Higher-Value Financing Categories

The expanded financing capabilities enable Tabby to move beyond its traditional short-term BNPL model, which primarily covered lower-value retail purchases. The company can now support larger transactions in categories such as education, travel, healthcare, furniture, used vehicles, and short-term accommodation.

The financing products are structured under Shariah-compliant Murabaha agreements, with costs disclosed upfront and fixed throughout the repayment period. According to the company, customers will not face compounding charges or late fees.

The SME finance license also allows Tabby to provide working capital to merchants operating on its platform, particularly small and medium-sized e-commerce businesses that often struggle to access financing through traditional banking channels. By leveraging transaction and merchant data from its ecosystem, Tabby aims to offer more tailored financing solutions and improve credit assessment capabilities.

Tabby currently serves more than 25 million registered users and over 65,000 businesses across the GCC, with Saudi Arabia representing its largest market. The new regulatory approvals align with Saudi Arabia’s Vision 2030 objectives of increasing financial inclusion, promoting fintech innovation, and expanding access to transparent credit solutions for consumers and businesses.

Source

Egyptian Fintech Unicorn MNT-Halan Eyes Major IPO as Valuation Approaches $1 Billion

Leadership team of Egyptian fintech unicorn MNT-Halan as the company explores a potential IPO in Egypt.

The potential public listing could become one of Egypt’s largest fintech IPOs and marks another milestone in the country’s rapidly evolving digital finance ecosystem.

Egypt’s first fintech unicorn, MNT-Halan, is reportedly exploring an initial public offering (IPO) that could value the company’s Egyptian operations at between $900 million and $1 billion, positioning it as one of the country’s most significant technology listings to date. The move could also elevate founder and CEO Mounir Nakhla among Egypt’s most prominent tech entrepreneurs.

Founded in 2018, MNT-Halan has developed into one of the Middle East and North Africa’s leading digital financial services platforms. Through its super app, the company offers unsecured consumer lending, buy-now-pay-later solutions, digital payments, e-commerce services, savings products, and financing for merchants and small businesses. Its technology-driven credit scoring system enables access to financial services for millions of underserved consumers who have limited relationships with traditional banks.

A Potential Milestone for Egypt’s Fintech Sector

The company is reportedly working with financial advisors, including Citigroup and EFG Hermes, as it evaluates a potential listing on the Egyptian Exchange (EGX). While no final decision has been announced, the IPO discussions reflect growing confidence in Egypt’s fintech ecosystem and increasing investor appetite for technology-driven financial services businesses.

MNT-Halan achieved unicorn status in 2023 and recently secured additional investment that reportedly lifted its overall valuation to approximately $1.4 billion across its regional operations. The company has expanded beyond Egypt into markets including Türkiye, the United Arab Emirates, and Pakistan through a combination of acquisitions and organic growth initiatives.

The potential listing arrives as Egypt’s capital markets seek to attract more growth-stage technology companies. Industry observers believe a successful MNT-Halan IPO could encourage other private technology firms to consider public market listings, further strengthening Egypt’s position as an emerging fintech hub in the region.

Source

Revora Raises $2 Million Investment for AI-Powered Commerce in MENA

Revora completed a $2 million seed funding round to scale AI-focused conversational commerce solutions in the MENA region. The e-commerce AI startup, formerly known as “MyAlice” and headquartered in Saudi Arabia, aims to accelerate its growth in the GCC market, particularly Saudi Arabia, with the new investment.

The funding round was co-led by i2i Ventures and Oraseya Capital. Anchorless Bangladesh, Conjunction Capital, F6 Ventures, Hi2 Global, Orbit Startups, and strategic angel investors including Salman Butt, co-founder of Salla, also participated in the round.

AI-Powered E-Commerce Infrastructure with Revora

Founded in 2021 by Shuvo Rahman and Daniyal Baig, Revora develops an AI-focused operating platform for e-commerce sellers. The platform offers product recommendations through AI agents, recovers abandoned carts, can accept payments within conversations, and structures sellers’ product catalogs in a way that is suitable for AI-powered commerce.

Revora announced that, by repositioning from the MyAlice brand, it has transformed from being only a conversational commerce tool into an integrated AI operating platform for e-commerce sellers. The company stated that the winning sellers in the coming period will not be those with many tools, but those who replace these tools with a smarter and integrated AI layer.

Operating in More Than 21 Countries

Revora currently operates in more than 21 countries. The company announced that its revenue increased 10 times after shifting its focus to Saudi Arabia and the GCC region in late 2024. According to Revora, brands achieve a 15 percent to 20 percent revenue increase with the platform’s AI-powered sales and campaign solutions.

Revora’s AI agents can manage the sales process in customers’ own dialects through WhatsApp, Instagram, or brands’ own websites. These agents can recommend products, recover carts, and complete the payment process directly within the conversation.

“The Way People Buy Is Changing”

Revora Co-Founder Shuvo Rahman said that artificial intelligence is changing not only the way companies sell, but also the way people buy. Rahman said, “We are building Revora on a single assumption: The businesses that will win the next decade will be the ones that an AI can understand, represent, and sell on behalf of.”

Revora Co-Founder Daniyal Baig stated that the most important indicator for the company is not investment, but sellers generating real revenue through the platform. Baig said that this is the core metric they focus on and that they are developing the product in line with this goal.

The Investment Will Be Directed to Growth in Saudi Arabia

Revora announced that the new investment will primarily be used to support growth in Saudi Arabia, the company’s largest and fastest-growing market. The fund will also be directed toward product development efforts for an e-commerce future in which more purchasing processes will move through artificial intelligence.

Daniyal Baig has more than 12 years of experience in the fields of media and fintech in the MENA region. Most recently serving as COO at Forbes Middle East, Baig also developed an inventory management product for small sellers in the region. Shuvo Rahman, before Revora, exited the agritech startup iFarmer and developed a technology platform that connected small farmers with financing, advisory services, and market access.

Investors emphasized that Revora is a company emerging from developing markets, designed according to the needs of the region, and generating concrete revenue in the field of artificial intelligence.

Checkout and SNB Formed a Strategic Partnership to Grow Digital Payments

Checkout.com has formed a strategic partnership with Saudi National Bank (SNB), Saudi Arabia’s largest acquiring bank, to accelerate digital payments and support e-commerce growth. The cooperation aims to strengthen the development of digital commerce in the Kingdom and provide a smoother payment experience for businesses and consumers.

In addition to being Saudi Arabia’s largest acquiring bank, SNB is positioned as the fastest-growing e-commerce acquiring bank in the MENA region. The new partnership will further strengthen the bank’s position as the preferred financial partner, especially for international sellers seeking to enter the Saudi Arabian market.

Advanced Payment Infrastructure with Checkout

Checkout’s global payment infrastructure offers transaction support in more than 145 currencies. The company processed more than $300 billion in e-commerce payment volume internationally in 2025. Thanks to this infrastructure, sellers seeking to operate in Saudi Arabia will be able to benefit from stronger payment acceptance capabilities and opportunities to scale their operations.

The partnership will enable businesses to offer more flexible, fast, and reliable payment options to customers from different markets. This is critically important in terms of Saudi Arabia standing out as one of the fastest-growing digital economies in the region.

Strategic Support for E-Commerce Growth

The cooperation between SNB and Checkout will not be limited only to facilitating payment processes. The partnership also aims to support seller growth, encourage innovation in financial technologies, and make the digital commerce ecosystem in Saudi Arabia more competitive.

In a market where e-commerce is developing rapidly, a secure and uninterrupted payment infrastructure provides an important competitive advantage for brands. In this context, Checkout’s global experience and SNB’s strong position in the local market will offer businesses new opportunities for both regional and international growth.

Aligned with Saudi Vision 2030 Goals

The cooperation is also positioned in line with the Saudi Vision 2030 goals, which support Saudi Arabia’s digital transformation agenda. Within the scope of the partnership, SNB and Checkout will focus on encouraging innovation, facilitating the growth of sellers, and contributing to the development of the digital payment ecosystem in the Kingdom. This strategic step is considered an important development for the future of e-commerce in Saudi Arabia. The Checkout and SNB partnership will both facilitate international sellers’ entry into the market and contribute to providing consumers with faster, safer, and smoother payment experiences.

Innovative and Seamless Payment Solutions Globally: Checkout.com

UAE Launches First Retail T-Sukuk Subscription: Minimum Investment 1,000 Dirhams

The United Arab Emirates (UAE) has launched its first T-Sukuk retail subscription program to expand individual investors’ access to government-backed investment instruments. Announced by the Ministry of Finance, the program was implemented in close cooperation with the Central Bank of the UAE. The program offers UAE citizens and resident investors direct access to a sovereign investment instrument fully backed by the government and compliant with Islamic Sharia principles.

Minimum Investment for T-Sukuk: 1,000 Dirhams

The first issuance will have a total size of 50 million dirhams. The subscription process will be carried out through approved digital channels between June 24-30, 2026. Investors will be able to participate in the program with a minimum of 1,000 dirhams. The first T-Sukuk issuance will have a two-year maturity and will offer an annual profit rate of 4.30%. Profit payments will be made every six months throughout the term of the investment instrument.

Fully Digital Subscription Process

The Ministry of Finance announced that the program was designed on a fully digital T-Sukuk subscription model to facilitate access for individual investors. Approved channels include Dubai Financial Market’s subscription platform, the DFM app, the iVestor app and the digital banking platforms of Emirates NBD, which has been appointed as the lead receiving bank. Emirates Islamic Bank, Abu Dhabi Islamic Bank, Ajman Bank and Mashreq Bank are also among the receiving banks participating in the program.

To Be Traded on Nasdaq Dubai

The issuance process is expected to be completed on July 1, 2026, while the T-Sukuk are expected to begin trading on Nasdaq Dubai as of July 2, 2026. Excess subscription amounts are planned to be refunded by July 7, 2026, at the latest. After allocation, investors will be able to hold their sukuk until maturity or sell them in the secondary market through licensed members on Nasdaq Dubai.

The UAE’s Sovereign Investment Ecosystem Is Strengthening

Minister of State for Financial Affairs Mohamed bin Hadi Al Hussaini described the opening of subscriptions as an important milestone that strengthens the readiness of the UAE’s sovereign investment ecosystem. Al Hussaini stated that the program offers structured digital channels that enable individual investors to access government investment products efficiently and transparently through approved platforms.

The program is considered part of the UAE’s strategy to deepen capital markets, increase individual investor participation and offer accessible, innovative and Sharia-compliant investment products to wider segments of society.

3 Powerful Gains as UAE Launches Digital Bank Accounts for Tourists via “Tourist Identity”

Payaza Launches AI-Powered Shopaza in 23 Countries

Africa-based fintech and payment technologies company Payaza has launched Shopaza, its AI-powered e-commerce platform developed to enable businesses in Africa to take a stronger position in digital commerce, across 23 countries. The platform particularly aims to make cross-border sales, secure payments, and digital store management processes more efficient for small and medium-sized enterprises.

Payaza Begins a New Era in Digital Commerce

Developed by Payaza, Shopaza is positioned as a next-generation e-commerce infrastructure that enables sellers to access different countries without being limited only to local markets. The platform offers businesses a more reliable sales environment with features such as verified seller registration, secure payment processing, buyer protection, and real-time transaction confirmation.

Supported by Payaza’s payment infrastructure, Shopaza helps sellers manage their transactions in a more organized way, increase customer trust, and reduce the operational burden caused by manual processes.

There Is Great Potential in African E-Commerce

Seyi Ebenezer, a fintech and commercial banking expert who announced the platform’s launch, drew attention to Africa’s current position in global e-commerce. According to Ebenezer, Africa accounts for only 2 percent of the global e-commerce market, which is valued at 3.88 trillion dollars.

Ebenezer also stated that 56 percent of micro, small, and medium-sized enterprises in Nigeria still carry out their sales and invoicing processes largely manually through social media platforms such as WhatsApp and Instagram. This picture reveals the need for structured digital commerce solutions such as Shopaza.

Shopaza Will Facilitate Cross-Border Trade

By bringing together AI and integrated payment solutions, Shopaza aims to enable sellers to reach wider customer audiences. The platform is expected to contribute to entrepreneurs in Africa moving beyond local borders and participating more effectively in the global digital economy.

Seyi Ebenezer stated that Shopaza is not merely a short-term technology product, but a long-term initiative built on strong fundamental principles. Ebenezer emphasized that the platform was developed especially to support entrepreneurs who struggle to reach customers outside their own regions.

About Payaza

Payaza is an Africa-based fintech and payment technologies company. The company offers businesses, sellers, developers, and individual users solutions for receiving payments, sending money, creating payment links, payment gateway integration, transaction management, and digital stores. On its official website, Payaza positions itself as a financial technology platform that particularly facilitates international payments and provides developer-friendly API and SDK integrations.

The company’s main services include receiving online payments, sending bulk and instant payments, global collections, short-term financing, payment links, QR code payments, and payment gateway solutions. Payaza’s goal is to enable businesses to manage their payment processes in different markets in a faster, safer, and more scalable way.

$100 Million Support for Africa’s Digital Economy

$100 Million Support for Africa’s Digital Economy

Africa Finance Corporation (AFC), one of Africa’s leading development finance institutions, announced that it will invest up to $100 million in Africa-focused technology funds to grow the continent’s digital economy. The new investment program aims to support technology startups, digital infrastructure and Africa-based fund managers.

In the statement made by AFC, it was stated that the investment was designed to accelerate the digital transformation process in Africa and increase the share of local capital in the technology ecosystem.

The Digital Economy Is Expected to Reach $700 Billion in 2050

According to the institution, Africa’s digital economy is expected to contribute more than $700 billion to the continent’s economy by 2050. The rapid increase in the young population, growth in mobile internet usage and rising demand for digital services are cited as determining factors in the investment decision.

AFC President and CEO Samaila Zubairu stated that the young population in Africa is becoming a direct part of this transformation instead of waiting for digital transformation, and made the following statement: “Young Africans are not waiting for the digital economy to arrive. By adopting technology, they are creating new markets and producing solutions to real economic problems. This gives a strong investment signal.” Zubairu also emphasized that digital infrastructure has now become as critical as roads, ports, energy and railways.

First Investments in Lightrock Africa and Future Africa Funds

In the first phase of the $100 million investment program, AFC invested as an “anchor investor” in Lightrock Africa Fund II and Future Africa Fund III. Thus, it was announced that the institution would support funds investing at different levels, from early-stage ventures to growth-stage technology companies. The company announced that it will continue to evaluate new Africa-focused technology funds with different strategies in the coming period.

Africa’s Startup Ecosystem Is Gaining Strength

According to AFC data, the startup ecosystem in Africa has gained significant momentum in recent years. While 9 unicorn ventures have emerged across the continent to date, some Africa-based fund managers have achieved returns of up to 128 times on their investments. It was also stated that African startups received a total of $3.8 billion in investment in 2025 alone.

Despite this, it is stated that a large portion of venture capital investments still comes from international investors. AFC’s new investment program aims to increase local capital participation and enable Africa-based investors to play a stronger role in the technology ecosystem. The institution’s investment strategy includes not only venture financing, but also AI-focused talent development, digital infrastructure investments, data centers, connectivity technologies and device financing. In particular, it is aimed to include more people in the digital economy by increasing access to phones, computers and connectivity infrastructure.