The Finance World Magazine| Edition: April 2023

Fintech News
DIFC’s Fintech and
Innovation Sector
Attracts $615M in
Investments in 2022
A
recent report predicts that the
fintech and innovation sector
in the region will double in
size to almost $300M in the
next few years. The Dubai International
Financial Centre’s (DIFC) fintech and
innovation community received over
$615M in investments in 2022, while
the number of active DIFC companies
in the sector rose by 36% to 686. Dubai
is currently home to 60% of all fintech
companies in the GCC. The Middle East,
Africa, and South Asia (MEASA) region’s
market value was estimated to be worth
$135.9B in 2021 and is expected to reach
$266.9B by 2027. According to Mohammad
Alblooshi, Head of DIFC Innovation Hub
and FinTech Hive, Dubai’s government’s
collaborative approach with the industry
has made it an attractive destination for
fintech companies, securing its economy
for the future.
National Bank of Kuwait launches Google Pay for
its customers
National Bank of Kuwait
(NBK) has announced the
launch of Google Pay for its
customers, marking the first
bank in Kuwait to offer the mobile
payment service. With this move, NBK
customers can now make fast, secure,
and convenient contactless payments
using their smartphones at millions
of stores globally. In addition to that,
users can also use Google Pay to send
and receive money to family and friends
instantly. The launch of Google Pay
complements NBK’s digital strategy
aimed at providing innovative payment
Zywa, a fintech company based in
the UAE, has formed a strategic
partnership with Mastercard to
provide its community-based app
and card to young adults between 10 to 25
years old. The partnership aims to provide
Gen Z users with a smooth payment and
money management experience, allowing
them to save for their financial goals,
pay bills, shop online, and split bills
with friends. The partnership also offers
parents the ability to transfer money to
their children’s accounts, monitor their
spending and saving habits, and improve
their financial literacy. Zywa’s collaboration
with Mastercard was initiated by Hub71,
solutions and meeting the evolving needs
of its customers in the digital era.
Hub71 startup Zywa partners with Mastercard to
empower UAE youth
Abu Dhabi’s global tech ecosystem, as
part of its initiative to support startups
with commercial opportunities.
HDFC and Lulu Exchange partner for Cross-Border Payments
HDFC Bank and UAE-based
financial services company
Lulu Exchange have signed a
partnership agreement to boost
cross-border payments between India and
the GCC region. The deal will launch a
digital inward remittance service, called
‘RemitNow2India’, in its first phase. It
will allow residents of the UAE to send
money to any bank account in India via
IMPS and NEFT through HDFC Bank’s
digital banking channels. The partnership
aims to leverage each other’s goodwill,
trust, regulatory tech and vast service
network through a series of online and
offline initiatives to ease money transfers
for thousands of Indian expats living in
the UAE.
18 www.thefinanceworld.com April 2023