Fintech Digest: UAE, Singapore Pilot First-Of-Its-Sort Cross-Border Commerce Finance Challenge

The Financial Authority of Singapore (MAS) and Abu Dhabi’s Monetary Providers Regulatory Authority (FSRA) have accomplished a first-of-its-kind digital cross-border commerce finance doc switch (Fintech Futures).

This makes the initiative the world’s first cross-border digital commerce financing pilot, a press release stated.

A ‘TradeTrust’ framework developed by Infocomm Media Growth Authority (IMDA) in Singapore facilitated the pilot switch between MAS and Abu Dhabi World Market’s (ADGM) regulatory physique FSRA.

DBS Financial institution, Emirates NBD and Normal Chartered additionally labored on the mission as industrial companions.

Legally, the pilot was backed by a UN affiliate-developed Mannequin Legislation on Digital Transferable Data (MLETR). Each jurisdictions have adopted the mannequin regulation, which legally recognises digital transferable information regionally and between borders.

Why it issues: Commerce financing helps practically 50% of worldwide commerce in some type, answerable for US$9 trillion value of commerce. Of this, world factoring and receivables finance is answerable for US$3 trillion value of worldwide commerce.

Nevertheless, cross-border commerce finance, and trade-based cash laundering and fraud, stay key points for the business to take care of, the assertion identified. On this context, digitisation may help authenticate cross-border commerce finance extra securely and cost-effectively. The TradeTrust platform, as an example, is interoperable, and permits change of paperwork in actual time, whereas offering digital proof of authenticity, origin and possession.

MEA Fintech Information Highlights

Regional information

South African BaaS platform Jumo raises US$120 million for enlargement in Africa and Pakistan (Fintech Information Africa).

Ecobank Group pronounces finalists of its fourth 2021 Ecobank Fintech Problem (The Guardian Nigeria).

Pan-African digital funds gateway MFS Africa fetches US$100 million in its Sequence C fundraise (Fintech Information Africa).

UAE’s Postpay companions with The Industrial Financial institution of Dubai (CBD), Mastercard and tutuka to launch “Store Anyplace” BNPL within the Center East (The Fintech Occasions).

Abu Dhabi Islamic Financial institution and DIFC FinTech Hive host a ‘pace assembly’ session for fintech startups from the UAE, Egypt, the US, the UK, the Czech Republic and Singapore (TradeArabia).

Flutterwave acquires content material administration firm Disha according to “limitless prospects” imaginative and prescient (TechCabal).



API fintech startup Sew launches in Nigeria with Sew Funds (TechCabal).

South Africa

south africa

South African fintech Finclusion to increase into Mozambique and Uganda by Q2 subsequent yr (The Africa Report).



Egypt’s Paymob companions with Mastercard to launch Faucet-on-phone digital fee (Arab Information).



Pakistan-based money stream administration platform Udhaar E-book secures US$6 million seed funding to digitise credit score in retail retailers (Fintech Information Center East).



UAE’s Sarwa formally launches zero fee and switch payment buying and selling platform Sarwa Commerce (Fintech Information Center East).

UAE-based AI powered digital wealth supervisor FinaMaze launches “smartfolios” for prime retail shoppers (The Nationwide).

First Abu Dhabi Financial institution’s client companies arm Dubai First companions with Mastercard over an experiential client engagement platform (The Fintech Occasions).

The Central Financial institution of the UAE (CBUAE) and Indonesian central financial institution Financial institution Indonesia signal MoU over digital fee and monetary companies, cross-border fee methods and AML frameworks (firm announcement).

Investor consortium led by Abu Dhabi’s ARV Investments invests US$25 million in Singapore-based fintech TSLC (Gulf Information).

UAE pronounces Entrepreneurial Nation initiative geared toward constructing 20 unicorns within the nation by 2031 (The Nationwide).



Bahrain-based crypto change CoinMENA secures US$9.5 million seed funding (Fintech Information Center East).

Saudi Arabia

Saudi Arabia fintech firm Geidea pronounces partnership with channels by stc (the distribution arm of Saudi Telecom Firm) for built-in suite of retail options (firm announcement).



Qatar Islamic Financial institution launches Video Banking service for the primary time in Qatar by means of its QIB Cellular App (Gulf Occasions).


Switzerland-based BNPL supplier ZoodPay raises US$38 million Sequence B for Iraq enlargement (The Paypers).

Beneficial Studying

“The promise of crypto in Africa is to usher in monetary empowerment and liberty by circumventing the standard monetary system. Native populations are left with little selection aside from shopping for in, regardless of the excessive inherent dangers of a crypto-driven economic system…”

Is crypto the following massive factor in Africa? Discover out right here.

“Particularly on this facet of the world, fintech startup founders within the Center East ought to be credited for laying the groundwork for a fintech growth. Within the backdrop of a really early startup ecosystem, and with most regulators within the area nonetheless feeling the bottom, these people have constructed corporations which have ushered in an period of steep progress and world visibility…”

Discover out who the highest fintech startup founders within the Center East are right here.

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Featured picture: edited from Unsplash

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