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Finland to Host €387.8 Million LUMI-AI Supercomputer Investment

Finland is set to become home to a €387.8 million artificial intelligence supercomputer as Europe accelerates efforts to strengthen its AI and high-performance computing infrastructure.

Europe is moving forward with a major AI infrastructure investment in Finland as the EuroHPC Joint Undertaking has signed a contract with French technology company Bull to deliver the new LUMI-AI supercomputer.

The €387.8 million project is designed to significantly expand Europe’s computing capacity for artificial intelligence, scientific research and industrial applications, supporting the region’s efforts to compete with the United States and China in advanced technologies.

Six European Countries to Finance the Project

The investment will be financed jointly by the EuroHPC Joint Undertaking and a six-country consortium comprising Finland, Czechia, Denmark, Estonia, Norway and Poland.

Around half of the project’s funding will come from EuroHPC, while the remaining financing will be provided by the participating countries. The system will be owned by EuroHPC, with Finland’s public technology center CSC responsible for its operation.

LUMI-AI will be installed at CSC’s data center in Kajaani, alongside the existing LUMI supercomputer. The new system is expected to become operational in the second half of 2027.

AI Computing Capacity to Increase Tenfold

LUMI-AI will build on the capabilities of the existing LUMI system, one of Europe’s leading supercomputers.

The new infrastructure is expected to increase AI-focused computing capacity by approximately 10 times, while traditional high-performance computing capacity is projected to nearly double.

The system will use BullSequana XH3500 architecture, AMD Instinct MI430X accelerators and sixth-generation AMD EPYC processors. IBM will provide storage infrastructure, while Nokia will contribute networking technology.

The infrastructure will also provide API access, allowing companies and startups to integrate LUMI-AI’s computing resources into their own software and development environments.

Supporting Businesses, Startups and Research

LUMI-AI is intended to serve more than academic research. Companies, startups and SMEs will be able to use the infrastructure for AI development and computationally intensive applications.

Potential use cases include healthcare, pharmaceuticals, energy, automotive technologies, climate modelling, advanced materials and large language models.

The broader LUMI AI Factory ecosystem is designed to bring together computing resources, data and expertise, enabling companies and researchers to develop, test and scale AI solutions.

Sustainability Built Into the Infrastructure

Sustainability is another key component of the project.

LUMI-AI will be powered by renewable electricity and use liquid cooling technology to improve energy efficiency. Heat generated by the supercomputer will also be recovered and supplied to Kajaani’s district heating network, allowing waste heat from computing operations to contribute to local heating.

The new system is also expected to work alongside the LUMI-IQ quantum computing platform, creating an ecosystem that combines conventional high-performance computing, AI and quantum technologies.

Strengthening Europe’s AI Infrastructure

The LUMI-AI investment forms part of Europe’s broader strategy to expand its AI infrastructure and reduce dependence on computing capacity outside the region.

The EuroHPC AI Factories programme is developing a network of AI-focused computing facilities across Europe. The growing infrastructure is intended to provide researchers, startups and businesses with access to the computing power required to develop next-generation AI applications.

For Finland, the investment further strengthens Kajaani’s position as a European hub for high-performance computing and AI innovation.

With LUMI-AI expected to enter operation in 2027, the project could significantly expand Europe’s capacity to train advanced AI models, conduct large-scale scientific simulations and support businesses developing computationally intensive technologies.

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Yalla Secures UAE Central Bank Approval to Expand Digital Payments

Yalla Financial Solutions has received in-principle approval from the Central Bank of the UAE (CBUAE) for a Retail Payment Services (RPS) Category II licence, marking a significant milestone in its regional expansion and positioning the company to broaden its digital payments offering in one of the Middle East’s fastest-growing fintech markets.

The approval, granted under the CBUAE’s Retail Payment Services and Card Schemes Regulation, allows Yalla to move closer to launching regulated payment services in the UAE once it fulfils the remaining regulatory requirements and secures its final licence.

Strengthening payment infrastructure

Following final regulatory approval, Yalla plans to expand its payment capabilities for consumers, merchants and enterprises across the UAE. The company aims to provide faster, more secure and locally compliant payment services while supporting the country’s ambitions to become a global hub for digital finance.

According to the company, the future portfolio will include:

Payment gateway services
Payment aggregation
Online and in-store merchant payment acceptance
QR code payments
SoftPOS solutions
Payment orchestration
Tokenisation services
Recurring payment capabilities
Value-added payment services

CEO highlights UAE fintech ambitions

Waleed Sadek, CEO and Founder of Yalla Financial Solutions, described the approval as an important milestone for the company.

He said the decision reflects Yalla’s commitment to building secure, innovative and compliant payment infrastructure while supporting the UAE’s vision of becoming one of the world’s leading digital economies. Sadek added that the company will continue working closely with the central bank to complete the remaining licensing requirements before launching its expanded services.

Supporting digital commerce

Yalla currently operates across Egypt, the UAE, Saudi Arabia and Pakistan, offering digital payment solutions for consumers, merchants and financial institutions. The company said the UAE approval aligns with its broader strategy of investing in next-generation payment infrastructure, accelerating digital commerce and improving financial inclusion across the region.

The move comes as the UAE continues to strengthen its regulatory framework for digital payments, encouraging innovation while ensuring payment providers meet strict compliance and security standards. The country’s central bank has recently approved several fintech initiatives aimed at expanding the local digital payments ecosystem.

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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.

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Türkiye Unveils Landmark Investment Reform Package to Reinforce Global Competitiveness

Türkiye has announced a comprehensive investment reform package aimed at strengthening its position in the global economy, signaling a decisive shift toward long-term structural transformation and investor-centric policy making.

The initiative, introduced by Finance Minister Mehmet Simsek, reflects a coordinated effort to enhance macroeconomic stability, improve the investment climate, and attract sustained foreign direct investment (FDI).

Structural Reforms Anchored in Predictability and Confidence

At the center of the reform agenda is a commitment to predictability, transparency, and institutional reliability, key pillars for international investors assessing emerging markets. The package introduces measures to streamline administrative procedures, reinforce legal frameworks, and reduce operational friction for both domestic and foreign investors.

Rather than a short-term stimulus, the reforms are positioned as part of a broader economic rebalancing strategy designed to support sustainable growth and integration into global value chains.

Targeted Incentives to Drive High-Value Investment

A defining feature of the package is its targeted approach to sectoral development. The government is prioritizing high-value industries, including advanced manufacturing, digital technologies, and export-oriented services, through a series of competitive tax incentives and regulatory advantages.

These measures are expected to significantly enhance Türkiye’s attractiveness for multinational corporations seeking regional production and service hubs, particularly amid ongoing global supply chain realignments.

Strategic Positioning of Istanbul as a Financial Center

The reform framework places strong emphasis on advancing Istanbul Financial Center as a regional and international financial hub. By aligning regulatory standards with global benchmarks and offering tailored incentives, Türkiye aims to attract leading financial institutions and deepen capital market activity.

This positioning leverages Istanbul’s geographic advantage as a bridge between Europe, Asia, and the Middle East, an increasingly valuable proposition in a fragmented global economic environment.

A Long-Term Vision for Economic Transformation

Beyond immediate investment flows, the reform package underscores Türkiye’s ambition to transition toward a more resilient, technology-driven, and export-led economic model. The focus on fiscal discipline, productivity, and institutional strengthening reflects a strategic recalibration following recent macroeconomic challenges.

Implications for Global Investors

For international stakeholders, the scale and scope of the reform signal a renewed commitment to economic orthodoxy and openness. If effectively implemented, the package could reposition Türkiye as a key destination for capital allocation across multiple sectors.

At a time when investors are actively reassessing global exposure, Türkiye’s reform agenda presents a timely and potentially transformative opportunity.

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UAE Introduces 4-Corner eInvoicing Model in Major Digital Tax Breakthrough

The United Arab Emirates has introduced a 4-corner eInvoicing model, marking a significant milestone in the country’s transition toward a fully digital and automated financial ecosystem.

Announced by the Ministry of Finance on April 21, 2026, the new framework enables businesses to exchange electronic invoices through accredited service providers, improving efficiency, transparency, and compliance across the tax system.

A Structured and Secure Invoice Exchange System

Under the 4-corner model, invoices are no longer exchanged directly between supplier and buyer. Instead, both parties connect through approved service providers, creating a standardized and secure channel for invoice transmission.

This system ensures that invoice data is validated and reported automatically to the Federal Tax Authority via the EmaraTax platform. Businesses can select their preferred accredited service provider and begin onboarding into the system, allowing for seamless digital integration.

The model is designed to replace traditional invoice formats such as PDFs and emails with structured digital data, enabling real-time processing and reducing manual errors.

Boosting Compliance and Transparency

The introduction of the 4-corner model is part of the UAE’s broader strategy to modernize tax administration and align with global best practices.

Officials emphasize that the system will significantly enhance tax compliance by ensuring accurate and timely reporting of transactions. It also increases transparency across business operations, making it easier to monitor financial activities and reduce fraud risks.

In addition, the framework improves interoperability between businesses, service providers, and government systems, supporting a more connected and efficient financial environment.

Preparing for Mandatory Rollout

The launch of the 4-corner model comes ahead of the UAE’s planned phased rollout of mandatory eInvoicing between 2026 and 2027.

A pilot phase is expected to begin in July 2026, with businesses required to adopt structured electronic invoicing formats and integrate with accredited providers. Companies are encouraged to begin preparations early, including upgrading internal systems and selecting service providers.

Over time, the system is expected to evolve into a broader framework aligned with international standards, potentially expanding into more advanced models that include real-time tax reporting.

A Key Milestone in Digital Economy Strategy

The launch of the eInvoicing 4-corner model reflects the UAE’s ongoing commitment to digital transformation and economic modernization. By embedding compliance into transaction processes, the country aims to create a more efficient, transparent, and future-ready business environment.

As eInvoicing becomes a central component of financial operations, the initiative is expected to play a critical role in strengthening the UAE’s position as a global hub for digital commerce and innovation.

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Tabby’s UAE Wallet Licence Unlocks 3 Major Fintech Growth Opportunities

Middle East fintech leader Tabby has taken a major step toward becoming a full-scale financial platform after securing a Stored Value Facilities (SVF) licence from the Central Bank of the UAE.

The licence allows Tabby to hold customer funds and offer a broader range of financial services, marking a strategic shift beyond its core Buy Now, Pay Later (BNPL) model.

A shift from BNPL to full financial ecosystem

With this approval, Tabby will introduce new products including spending accounts, payment cards, and money management tools.

This move signals a clear transformation: from a payments solution into a comprehensive financial super app. Users who already rely on Tabby for flexible payments will soon be able to manage daily financial activities from spending to transfers within a single platform.

The company’s CEO, Hosam Arab, emphasized that the licence enables Tabby to “serve customers beyond credit” and redefine how users interact with money in everyday life.

Strengthening regulatory position in the GCC

The UAE licence significantly strengthens Tabby’s regulatory footprint across the Gulf region.

The company already holds a BNPL licence in Saudi Arabia and has expanded its capabilities through the acquisition of a licensed digital wallet there.

Now, with direct regulatory approvals in both key markets, Tabby is positioned to build and deploy financial services independently across the GCC, rather than relying on third-party infrastructure.

Why this matters for fintech and e-commerce

Tabby currently serves millions of users and partners with over 65,000 brands globally, including major retail and e-commerce players.

This development reflects a broader industry trend:
BNPL providers are evolving into full-service financial platforms to deepen user engagement and unlock new revenue streams.

For the UAE and wider MENA region, it also highlights the growing maturity of the fintech ecosystem, where regulators are enabling innovation while maintaining strong oversight.

Outlook

With its new licence, Tabby is expected to accelerate product innovation and intensify competition in the region’s digital finance space.

As consumer demand shifts toward integrated financial experiences, Tabby’s transition into a multi-product platform could reshape how users manage money, not just how they pay.

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