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Mastercard and Bahrain’s Tamkeen are exploring the launch of the Mastercard Strive programme in Bahrain, aimed at enhancing financial and digital capabilities for SMEs. This initiative, if implemented, would be the first of its kind in the Middle East and supports Bahrain's strategic goals for enterprise growth and digital transformation. The partnership seeks to empower small businesses, which are vital to the economy, by improving access to resources and fostering a supportive ecosystem for long-term resilience and inclusive growth.
Visa has launched its Visa+ service in Bahrain, allowing users to send money to Visa cardholders across the GCC using just the recipient's mobile number. Initially available to customers of Bahrain Islamic Bank and Khaleeji Bank, the service simplifies cross-border transfers and aims to expand its network to include more banks in the GCC, Pakistan, and the EU. This innovation is expected to enhance convenience for users and positively impact families and economies globally.
BPay Global, a payment services company within the Binance Group, has received a Payment Service Provider license from the Central Bank of Bahrain, allowing it to offer fiat-related services to Binance users globally. This includes e-wallets, fiat top-ups, and withdrawals via bank transfers or cards. The license enhances Bahrain's digital payments ecosystem, supporting both crypto and fiat solutions.
The MENA Innovation Academy has opened applications for the Fintech Strategy Program, a three-day course at Georgetown University’s McDonough School of Business, scheduled for May 18-20, 2025. Aimed at mid-to-senior-level professionals in financial services, the program will cover competitive strategies and disruptive technologies like AI and blockchain. Bader Sater, CEO of Bahrain FinTech Bay, emphasized the initiative's goal to empower regional talent and drive fintech innovation.
Telr, a Dubai-based digital payments company, has obtained a Retail Payment Services license from the UAE Central Bank, allowing it to enhance its merchant acquiring and payment aggregation services. This milestone reinforces Telr's position in the digital payments sector and supports its mission to drive innovation in a cashless economy. The company offers a range of payment solutions across the UAE, Saudi Arabia, Bahrain, and Jordan, ensuring secure transactions through PCI-certified gateways.
GCC countries saw a 1.7% inflation rise in October 2024, driven mainly by a 6.4% increase in housing costs. Other contributors included a 3% rise in goods and services and a 1.7% uptick in restaurant and hotel prices, while transportation costs fell by 3.6%. Kuwait led the region with a 2.4% inflation rate, surpassing the EU's 2.3%.
Foras, an Abu Dhabi-based investment firm, has acquired a 36% stake in Beban, a licensed crowdfunding platform in Bahrain, to enhance access to capital for MENA startups. This partnership aims to bridge the funding gap for SMEs and leverage innovative Sharia-compliant crowdfunding solutions, with Beban having already secured over $250,000 from over 5,000 investors. The collaboration is expected to drive growth and innovation in the region's entrepreneurial ecosystem.
At BNP Paribas' 50th anniversary in Bahrain, Finance Minister Shaikh Salman bin Khalifa Al Khalifa highlighted the financial sector's vital role in economic development and its significant contribution to the GDP. He praised the long-standing partnership with BNP Paribas and emphasized the importance of digital transformation and innovation in enhancing Bahrain's position as a regional financial hub. Khalid bin Ibrahim Humaidan, Governor of the Central Bank, also acknowledged the bank's contributions to job creation and corporate social responsibility.
Basata Holding has increased its stake in Jordan's MadfoatCom to 25%, enhancing its role in the region's digital payments landscape. This strategic investment, made in collaboration with Jordanian financial institutions, aims to improve financial inclusion and digital infrastructure, particularly for SMEs. The partnership is expected to drive innovation and expand access to financial services in Jordan.
Singapore Gulf Bank is aiming to raise at least $50 million in a funding round and plans to acquire a stablecoin payments firm next year. The bank, established by the Whampoa Group and licensed in Bahrain since February, is negotiating with a Middle East sovereign wealth fund and other investors to sell an equity stake of less than 10% by early 2025.
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