The Investment Promotion Agency Qatar (Invest Qatar) has partnered with Microsoft to develop AI.SHA is an innovative AI-powered assistant harnessing GPT capabilities through the Azure OpenAI service. This groundbreaking initiative positions Invest Qatar as one of the first investment promotion agencies (IPA) in the world to adopt advanced technology, paving the way for transformative changes in professional interactions between investors and businesses in Qatar.

The introduction of Ai.SHA underscores Invest Qatar’s commitment to advance its cutting-edge digital offering, by harnessing the potential of innovative technology and artificial intelligence (AI) to create a unique experience for investors. Ai.SHA serves as a comprehensive resource for informed decision-making in business endeavors. It addresses inquiries on Qatar's business opportunities, investment ecosystem, business setup, and expansion amongst much more. It also leverages data from partner entities, including the Ministry of Commerce and Industry, Qatar Financial Centre, Qatar Science and Technology Park, and Qatar Free Zones Authority.

This initiative builds on the Memorandum of Understanding (MoU) signed between Invest Qatar and Microsoft last year. The MoU shares the common goal of fostering innovation within Qatar's digital sector and advancing a knowledge-based economy in line with the Qatar National Vision 2030 (QNV 2030).

Hamad Rashid Al-Naimi, Strategy Manager at Invest Qatar, said: "We are confident that Ai.SHA will open new avenues for interested investors and streamline the decision-making process, enhancing its accessibility and efficiency. We are always interested in bringing new ways to innovate the investment landscape and AI.SHA is a testament to Invest Qatar's unwavering commitment to creating a supportive and conducive environment for investors.”

Amr Samir, Public Sector Director, Microsoft Qatar, said: "We are thrilled to collaborate with Invest Qatar to launch their first AI-powered assistant, an unprecedented leap into transformative opportunities for Qatar's investment scene. This collaboration showcases the game-changing impact of generative AI, redefining how investors and entrepreneurs engage with opportunities and strengthening Qatar’s position as a global investment hub."

The launch of Ai.SHA was also supported by Information & Communication Technology W.L.L. (ICT), a Microsoft partner, and Applab, a Qatari company specializing in online platform development. ICT was responsible for designing and implementing the chatbot's foundational framework, including complex natural language processing algorithms, conversation flows, and data integration. Applab enhanced the chatbot's user interface and integration with the website, while Invest Qatar conducted in-depth research and data verification to create Ai.SHA's distinctive visual identity.

The introduction of Ai.SHA marks a significant milestone in Invest Qatar's expanding digital investment relations offering. The Agency recently unveiled the "Invest Qatar Gateway," a pioneering digital platform tailored for investors in Qatar. This free online resource serves foreign investors and companies by streamlining the search for new business partnerships, uncovering opportunities in both public and private sectors, and providing essential resources to foster the development of businesses in Qatar.

Through the platform, investors gain access to a comprehensive database of current tenders, enabling them to connect with fellow platform members and engage directly with the Invest Qatar Investor Relations team. This direct line of communication ensures tailored support for establishing or expanding their business ventures across various sectors.

Circle, a global financial technology firm and the issuer of USDC and EURC, has today announced receipt of a conditional registration as a Digital Asset Service Provider (‘DASP’, or ‘Prestataire de Service sur Actifs Numériques’ (PSAN)) with the French Financial Markets Authority (‘Autorité des Marchés Financiers’ (AMF)). As further testament to the company’s commitment to France and the EU, Circle has also announced the selection of payments industry veteran Coralie Billmann to spearhead its licensed operations in the country. The appointment of Coralie Billmann remains subject to regulatory approval.

In order to lift the conditions associated with its registration and to be able to start operations in France, Circle must obtain an approval as a payment services provider (PSP) or a registration as an agent of a PSP. This condition will be satisfied with the obtainment of an Electronic Money Institution license, for which Circle has applied.

Billmann is a respected payments industry leader and most recently contributed to launch the payments activity of 3S Money Club in Europe, a licensed Electronic Money Institution. Prior to that, she led High Growth Tech Sales expansion for JP Morgan in Paris and was EMEA Treasurer at PayPal for nine years. With a strong compliance and finance background, Billmann has held board directorships with 3S Money and PayPal. Billmann will play an instrumental role in enabling MiCA readiness and passportability for Circle’s products and services. 

“For over a decade, Circle has embraced a regulatory-first approach in advancing the use of blockchain technology and full-reserve payment stablecoins to empower businesses, promote financial inclusion and drive internet-speed global payments. The issuance of this conditional DASP registration in France marks a significant early milestone as we work towards establishing our European regulatory platform,” said Jeremy Allaire, Co-founder, CEO and Chairman at Circle. “With Coralie Billmann joining Circle, her deep market expertise and leadership will be instrumental in furthering our regulatory efforts and deepening our connections in France.” 

Circle’s objective is to have its European operations brought under comprehensive EU oversight with both a full DASP and Electronic Money Institution license (demande d’agrément en qualité d'établissement de monnaie électronique) under the rigorous standards set out by the Autorité de Contrôle Prudentiel et de Résolution (ACPR), as well as to bring its products and services into compliance with the forthcoming Markets in Crypto-Assets (MiCA) regime.

"The selection of France as our European regulatory base builds on the country's clear rules for responsible innovation in fintech and digital assets, while leveraging France's dynamic entrepreneurial, technological, banking and financial services ecosystem," said Dante Disparte, Circle's Chief Strategy Officer and Head of Global Policy.

Circle is pleased to acknowledge the support of De Gaulle Fleurance & Associés in this regulatory application process.

Tameed Digital Lending Platform, which offers shariah-compliant  Government Purchase Orders Financing for SMEs in Saudi Arabia, announced that it has successfully closed a funding round (Series A) amounting to SAR 56.75M (USD 15M) led by Alromaih Investments.

Tameed plans to utilize the proceeds from the Series A funding round to accelerate its growth and meet the increasing demand for its innovative Digital Lending products stemming from the overall growth in Saudi Arabia’s economy which is supported by the continued accomplishments of various Vision 2030 programs and giga-projects.

Tameed, which obtained its operating license from the Saudi Central Bank (SAMA) in January 2023 and before that was operating within SAMA’s FinTech SandBox, was able to offer SMEs funding exceeding SAR 400M, serve investors and borrowers through a mobile APP that had 50K downloads, and achieve a growth rate exceeding 400%. Tameed was able to gain the trust of its clients by providing clear pricing and fast loan-processing time (within 3 business days) all of which is completed through a fully digitalized process that enables efficiency in processing and customizability of its services which translates into tailored made products that aim to support SMEs in completing their Purchase Order commitments.

“The coming years are promising for the growth of the Kingdom’s economy, and we in Tameed are keen on meeting the needs of SMEs by offering innovative funding products”, said Mr. Mohammed Alomayyer, the CEO and Co-founder at Tameed. “We have recently added a Performance Bond financing for projects to serve a wider range of SMEs and help them participate effectively in these major projects”.

Mr. Rayan Al-Romaih, the CEO of the Investment Division in the Group, commented that “The results of the funding round reflect our belief in this opportunity and the sector, and we look forward to seeing Tameed continue its growth and expand its investment and funding opportunities to meet the needs of SMEs for financing and meet the demand for funding gap created by Vision 2030 programs and projects which is estimated to be SAR 300 Billion by 2030 ”.

Alromaih Group seeks in its strategy to diversify various investment tools and risk mitigation through acquisitions transactions and investment rounds into the FinTech Division which is highly considered one of the promising and targeted sectors in the Kingdom’s Vision 2030.

“Funding SMEs working on national and giga-projects offers an area of growth and innovation,” said Mr. Mohammed Al Alshaikh, the Co-founder of Tameed. He added that “this funding round will enable us to grow Tameed to serve investors and SMEs requiring funding while innovating on the best technologies and products. For example, we recently launched an Auto-Invest product which will enable busy investors to invest in Tameed short-term funding opportunities according to a pre-configured investment preference.”

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AppTech Payments Corp., a pioneering Fintech company powering frictionless commerce between business-to-business and business-to-consumer, announces Reno International Airport as the first international airport to adopt its newly acquired FinZeo platform, which manages all financial transactions and payments within the airport’s facilities. The Company anticipates additional airports to fully adopt the platform in the coming weeks.

AppTech CEO Luke D’Angelo commented, “This milestone represents the first of an estimated forty domestic and international airports adopting our FinZeo platform to manage its financial activity in 2024. We believe that FinZeo provides optimal efficiency and safety for both the vendor and the consumer. In addition, we believe this onboarding lays the foundation for a profitable 2024.”

FinZeo is a unified platform designed to enable ISO/ISVs to fundamentally change the way companies of all sizes manage payments and banking. It drives operational efficiencies and growth while providing the economic convenience that merchants demand. ISO/ISVs can shop from a robust suite of solutions and choose the services they want to include in their customized, white-labeled portals.

StoneX is delighted to announce that it is one of the first financial organizations to enable Swift’s new leading-edge solution for cross-border payments.

Cross-border payments have long been a complex area marked by ongoing regulatory and compliance changes, bank offline hours, and increasing competition. Swift has consistently played a pivotal role in facilitating such transactions, connecting a vast network of financial institutions as well as banks worldwide.

Inaccurate information accounts for one-third of payment failures and incorrect beneficiary details account for another third. The cost to repair a failed payment is estimated to be between €50-100 per payment, and in some cases much higher.

To counter these challenges, Swift recently introduced its Payment Pre-validation service, which allows for the verification of beneficiary account details before initiating international payments. While such verification has long been commonplace for domestic payments in several countries, it was not so for cross-border transactions as they are more complex and often involve one or more intermediary banks. This novel service aims to reduce errors, expedite transaction speed, and improve straight-through processing, resulting in a more seamless customer experience.

StoneX takes pride in being at the forefront of financial organizations adopting this new technology for its clients. The StoneX Technology Services division specializes in connecting organizations to the Swift network, leveraging the latest innovations from Swift, including their advanced APIs and automating manual payment processes.

Mireia Guisado Parra, Product Owner of the Payment Pre-validation service at Swift, said: “Payment Pre-validation utilizes pseudonymized and aggregated data from billions of historic transactions on the Swift network to provide enhanced security and speed in cross-border payments. We are pleased that StoneX is extending these benefits to more financial institutions, thereby reducing friction in the payments ecosystem.”

Clients of StoneX’s payments business, StoneX Payments, will benefit from the adoption of pre-payment validation technology. StoneX Payments facilitates foreign exchange payment transactions in more than 140 currencies and spanning over 180 countries. A distinctive feature of StoneX Payments is its extensive network of over 350 correspondent banking relationships worldwide, each maintained independently. These relationships are leveraged to provide the effective and secure execution of cross-border payments, particularly in regions where transparency is often limited.

Swift's Payment Pre-validation service introduces many significant enhancements to cross-border payments, including:

• Real-time validation of beneficiary account details: This feature enables banks to verify beneficiary account information, such as account numbers and BIC, in real-time, preventing transaction failures caused by inaccurate information
• Standardized error codes: Pre-defined error codes expedite the identification of problematic or risk-prone transactions before payment initiation
• Verification of recipient bank's Swift BIC: Ensuring the accuracy of the receiving bank's BIC reduces transaction delays and misdirection
• Improved data quality: Structured and standardized payment data enhances data quality and facilitates transaction processing.

OakNorth – the neobank for entrepreneurs by entrepreneurs, today announces the further strengthening of its board with the appointment of Lord (Adair) Turner, as its Chairman.

Lord Turner has an extensive track record in financial services, including as Vice-Chairman of Merrill Lynch Europe, a Board Director of Standard Chartered, Chair of the Financial Services Authority (FSA), a member of the Court of the Bank of England, and a founder member of the Financial Policy Committee. He came into his role at the FSA only days after the collapse of Lehman Brothers and played a central role in financial regulation post-crisis that laid the foundation for the creation of new banks.

He was the first Chair of the Committee on Climate Change, with notable achievements including the strengthening of the UK 2050 target and the acceptance by the UK Government of the Committee’s proposed first three carbon budgets. He is currently Chair of the Energy Transitions Commission as well as Chubb Europe, and is a non-executive director of AESC, a battery company headquartered in Japan.

Lord Turner’s appointment reflects OakNorth’s commitment to continue building a robust business that remains positioned to support its clients through economic cycles. His appointment also reflects its efforts to support a more sustainable future – it was the first bank to be net zero for Scope 1 and 2 emissions in 2019, followed by a target to achieve net zero for the emissions it finances by 2035.

Lord Turner has already played a part in OakNorth’s story to date through his previous independent counsel. Since its launch in September 2015, OakNorth has been reshaping how entrepreneurs are supported in scaling their businesses, taking the large-cap banking approach, and industrializing it for smaller companies (£1-100m in revenue). The c.£10b it has lent to date has directly contributed to the creation of 40,000 new jobs, and 29,000 new homes across the UK. He has served on its Advisory Board for several years, as well as previously holding the role of Senior Independent Director with the busin to ss from 2015–2017.

OakNorth’s current Chairman, Cyrus Ardalan, will be stepping down at the end of the year after eight years in the role, by the Corporate Governance Code. His term spanned the establishment of the bank and some notable challenges including Brexit, the Covid-19 pandemic, and the recent cost of living crisis, and his guidance has been crucial to OakNorth’s success throughout.

Commenting on the appointment, Rishi Khosla, CEO and co-founder of OakNorth, said: “Lord Turner’s appointment as our Chairman is an exciting milestone for the business. His expertise will be invaluable as we continue our journey of expanding into new products and services, and supporting our customers in their growth ambitions. Adair joined the FSA as Chairman at the peak of the financial crisis in 2008, so had a front-row seat as to what went wrong and played a central role in writing the regulation to help prevent history from repeating itself. As we broaden our offering to customers with a wider range of business banking products, Adair’s experience across financial regulation will be incredibly useful in ensuring we continue to scale robustly. We are very grateful to Cyrus for his dedication and leadership. He has been a guiding light helping to ensure we could continue to succeed and scale over the years – and help our customers do the same.”

Lord Adair Turner, Chairman of OakNorth, added: “I’ve been following OakNorth’s impressive growth story since I first met Rishi Khosla and Joel Perlman back in 2014, and am excited by the opportunity to support its continued success. The business has impressive growth plans, as well as ambitious plans for sustainability – notably to be net zero for all its emissions by 2035, which will involve a huge amount of work with its customers. I look forward to working with the talented OakNorth team.”

Hakbah - the KSA-based fintech savings platform - announces a new partnership with Tarabut - MENA’s leading open banking platform, and an investor in the region’s digital transformation.

The partnership has several benefits for Hakbah as it simplifies and expedites various tasks. It will enable streamlined onboarding and enhanced data processing for customers, reduce the cost of Hakbah’s service, cut data processing time by 40%, and expand the customer offering by 20%.

These significant improvements will be facilitated by Tarabut’s open banking connectivity platform and other products. Tarabut’s mechanisms will also empower Hakbah to deliver innovative and tailored solutions, addressing current and future customer needs.

Today’s announcement is consistent with Hakbah’s strategy to partner with major players, to offer the best services, at an affordable cost.

Naif AbuSaida, The Founder of Hakbah, commented: 

“This partnership is a combination of industry leaders. We are delighted to collaborate with a stellar platform such as Tarabut, as we further digitise traditional savings habits. Hakbah prides itself on the robust AI-powered technology base underpinning its savings engine and will always look to align with world-class partners to give the Company a further competitive edge. Tarabut has significant appeal technologically and commercially, which aligns perfectly with Hakbah and its ambitions for future growth.”

Abdulla Almoayed, CEO and Founder of Tarabut, commented: 

"I am truly inspired by Hakbah's mission to modernize fast-growing traditional savings and enhance financial inclusion in Saudi Arabia. Hakbah stands as a testament to the power of innovation and resilience, and our partnership is carving a path toward a more inclusive and accessible financial future for all. We are proud to join Hakbah on this journey."

Hakbah is one of MENA’s fastest-growing start-ups and operates in KSA’s $20.5 billion Household Savings market. The Company has recorded a 23x increase in revenue over the last 20 months, and struck several blue-chip partnerships with the likes of flynas, the national airline of Saudi Arabia and the leading low-cost airline in the Middle East has a customer base of over 500,000 users (of which 70% are between 21-35 years old), and hired a top-tier product and development team.

Hakbah’s social savings platform - which strengthens financial inclusion and fully integrates with any banking system in less than a week - includes the digitization of traditional group savings (Jameya) with the purpose of spending on financial needs. Popular in over 60 countries worldwide, savings groups are a popular and traditional savings behavior.

Hakbah’s users prioritize total needs over time and share the pool of money - which is rotated amongst them. This elevates traditional savings behavior, allows saving for purpose, and increases financial literacy.

Hakbah’s model tackles the Middle East savings crisis. Savings are a key strategic objective in ‘Saudi Vision 2030’ and critical to the country’s Financial Sector Development Program. 70% of Saudi citizens are without emergency savings, while the country’s household savings rate averages just 1.6%.

Rising costs forced young people to use buy now, pay later (BNPL) to afford Christmas this year as a quarter (23%) of young people admitted they were planning on buying their Christmas dinner this year using BNPL, according to new research from responsible lender, Creditspring.

Many were also reliant on BNPL - an unregulated form of borrowing - to buy gifts for loved ones, with three in ten (28%) 18-34-year-olds saying they will use BNPL to buy their Christmas presents this year.

The data comes in the wake of research from the Financial Conduct Authority (FCA) which shows that frequent users of BNPL tend to be more likely to be in financial difficulty, such as having rising debts or missed bill payments.

Creditspring’s data shows that one in five (22%) 18-34 year olds who have used BNPL have previously gotten into debt using the service - with this figure still more than one in ten (13%) among the general population.

Also concerning are the persistent misconceptions around BNPL as a form of borrowing. A third (32%) of young people don’t know that missing a BNPL payment could lead to being referred to a debt collector.

The heightened financial pressure that comes with the festive season is weighing heavy on the minds of many, particularly for younger people. Two in five (42%) young people admit that they are more worried about their financial situation this Christmas than ever before, and three in ten (30%) say that Christmas will put them into debt this year.

To cope with the increased financial strain, many are turning to borrowing to get by - some for the first time. One in five (21%) young people plan to use BNPL for the first time over the festive season.

Neil Kadagathur, CEO and Co-Founder of Creditspring, comments: “The additional financial pressures that come with the festive season bring huge challenges for many, particularly those who may not have a financial buffer in place to fall back on. The danger for these groups is that they feel left with no option but to turn to unsafe forms of borrowing which may leave them at risk of falling into a credit spiral.

“If used incorrectly, BNPL is one of these forms of borrowing. I stand firmly with the many organizations, consumer champions, and charities that are calling on the government to swiftly bring forward the much-anticipated regulation for this form of lending. With the finances of many hanging on the brink, they must be able to access safe, affordable forms of credit that are transparent and which people can fully understand.”

Creditspring provides a new way to access credit safely. FCA-regulated, is a credit subscription service that responsibly offers short-term, affordable credit to borrowers. Members pay a fixed membership fee every month to allow them to access two no-interest loans per year with clear repayment terms, capped costs, and no hidden charges, late fees, or confusing interest rates.

Robo.cash analysts studied the exposure of the continental European P2P lending market to the randomization effect. The analysis included 54 European platforms with available statistics on reinvestment volumes. "We ran nearly two dozen statistical criteria to detect patterns such as trend, cyclicality, and seasonality. The absence of these patterns is the main feature of randomness." - platform specialists explain the approach.

The study found market patterns such as a non-linear trend, deterministic 10-month seasonality, and 2-year cyclicality. "This is enough to speak about the “non-random” nature of the industry's behavior". - the experts comment. 

But at the same time, there are periods of localized randomness in the P2P market. In the aggregate of the test results, these are periods from September 2019 to August 2020 and September 2021 to August 2022. "In a sense, these were "black swans" that changed investors' expectations and strategies."  - the specialists add.

The European P2P market is expected to continue its systematic development in 2024. Robo.cash specialists also note that the current increased volatility may intensify the impact on the randomness of market behavior.

Visa, a major player in the world of digital payments, has announced an exciting partnership with Tencent and Alipay, two leading internet and technology companies in China. This collaboration aims to empower Vietnamese travelers visiting China by allowing them to link their Visa cards to digital wallets, including Weixin Pay (also known as China’s local wallet of WeChat Pay) and Alipay.

By adding their Visa cards to these popular digital wallets, international tourists can seamlessly make payments at millions of stores for various purposes such as dining, transportation, shopping, and daily expenses in mainland China. This partnership ensures that Vietnamese visitors have a convenient and secure payment experience, both online and offline.

This strategic alliance also enables consumers to enjoy multiple payment methods, including scanning QR codes, presenting payment codes, and making in-app payments. These flexible options enhance the overall payment experience for Vietnamese travelers in China.

Visa’s acceptance in over 400 cities in mainland China, as well as at leading online merchants and mobile apps like Taobao, Ctrip, Didi, China Railway, and 12306, further expands the possibilities for Vietnamese cardholders.

Ms. Dung Dang, the Visa Country Manager for Vietnam and Laos, expressed Visa’s commitment to digital transformation and the exciting potential of their collaboration with Tencent and Alipay. She emphasized that China is not only a key corridor for Vietnam but also an important player in the global network. Visa aims to provide cardholders with their preferred payment methods, wherever they may be. With nearly 40 years of experience and partnerships in mainland China, Visa ensures cutting-edge security, reliability, and convenience for Vietnamese travelers.