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The EU has removed the United Arab Emirates from its money-laundering "high-risk" list, alongside Barbados, Gibraltar, Jamaica, Panama, the Philippines, Senegal, and Uganda. However, Monaco and ten other jurisdictions, including Algeria and Venezuela, have been added to the list for increased monitoring. This update reflects the EU's commitment to align with international standards set by the Financial Action Task Force.
The African Credit Rating Agency (AfCRA) is set to launch by September 2025, aiming to provide alternative sovereign credit assessments and address criticisms of the Big Three rating agencies. It plans to publish its first rating by late 2025 or early 2026 and will be primarily owned by African private sector entities, focusing on local currency debt to bolster domestic capital markets and mitigate foreign currency risks.
Kenya's implementation of a crypto tax may pose significant challenges to the continent's digital growth potential. As African nations explore the benefits of cryptocurrency, regulatory hurdles like taxation could stifle innovation and investment in the sector.
The global Islamic finance industry grew by 14.9% in 2024, reaching US$3.88 trillion in total assets, with significant contributions from Islamic banking, sukuk, and takaful. The sector is expanding into non-traditional markets, driven by fintech innovations and a positive outlook for growth, particularly in emerging economies. Projections indicate the Islamic fintech sector will exceed US$300 billion by 2027, with strong growth anticipated in sukuk and Islamic banking.
Nigerian fintech unicorn Moniepoint is expanding into Kenya after receiving clearance to acquire a 78% stake in Sumac Microfinance Bank. Founded in 2015, Moniepoint supports 10 million users with payments, banking, and credit services, processing $17 billion monthly. The acquisition will enable it to operate in Kenya's banking sector, pending approval from the Central Bank of Kenya.
dLocal is set to acquire AZA Finance, a leading African fintech specializing in cross-border payments, for approximately $150 million, pending regulatory approval. This acquisition will enhance dLocal's operations in Africa, increasing cross-border volumes and improving service for its global merchants. AZA Finance's expertise in foreign exchange and local markets will further bolster dLocal's capabilities in the region.
Stitch, a Saudi Arabia-based platform for financial product development, has secured $10 million in seed funding led by Arbor Ventures and others. The investment will enhance its technology and team, addressing challenges in the region's outdated financial systems and complex regulations. Currently serving clients in Saudi Arabia, the UAE, and East Africa, Stitch aims to streamline the launch of financial services, reducing deployment times by up to 80%.
Apple's iPhone 16 became the world's best-selling smartphone in Q1 2025, with the iPhone 15 also outperforming many new Android models. Strong sales were noted in Japan and the Middle East, while the iPhone 16e debuted at sixth place. Samsung's Galaxy S25 Ultra and budget models like the Galaxy A16 5G performed well, but local brands like Huawei gained ground in China.
Stitch, a Saudi Arabia-based startup founded in 2022, has successfully closed a $10 million seed round to modernize banking infrastructure in the MENA region. The platform enables businesses to launch and scale financial products more efficiently, addressing significant barriers in the market. With backing from prominent investors and major clients already leveraging its technology, Stitch aims to transform the financial ecosystem by providing a unified, API-driven solution tailored for modern needs.
German second-line stocks lead with a 20.62% increase, followed by commodity stocks at 10.11% and automotive sectors at 6.96%. In banking, Goldman Sachs and UBS show strong performance, with year-to-date gains of 79.8% for Societe Generale, while Sberbank faces a significant decline of 67.53%. The average performance of BSN-Group Banks stands at 23.19%.
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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