Latest news with #Mena
Khaleej Times
13 hours ago
- Business
- Khaleej Times
Mena banks can bridge the SME finance gap through simplified, AI-driven servicing
Small and medium-sized enterprises (SMEs) play a central role in the Middle East and North African (Mena) economies, yet many remain underserved by formal financial systems, experts say. According to the International Finance Corporation (IFC), 40 per cent of formal micro, small, and medium enterprises (MSMEs) in developing countries face unmet financing needs amounting to $5.2 trillion annually. This is equivalent to 1.4 times the current level of global MSME lending. In the Mena region, the finance gap is particularly high, at 88 per cent of potential demand. In 2024, SME credit in Saudi Arabia rose by 27.6 per cent to $94 billion. In the UAE, SME lending reached $22.1 billion by mid-year. These developments reflect broader efforts to close the financing gap through technology-enabled servicing models. 'Banks often face structural challenges in addressing this gap,' said Carlos Teixeira, Head Business Dev and Strategy, Lending at Finastra. 'Legacy infrastructure, high servicing costs, increased credit risk, and fragmented data make it difficult to assess SME creditworthiness and process loans efficiently. As a result, many SMEs rely on internal funds or informal sources to finance growth and operations.' According to Finastra's 2024 Financial Services State of the Nation Survey, 87 per cent of financial institutions globally see improving access to finance as part of their responsibility. The report highlights growing adoption of cloud-native platforms, API-based architectures, and AI. Financial institutions in countries like UAE and Saudi Arabia are already taking steps to modernise their banking capabilities, which can help enable faster and more scalable lending, including to SMEs. Finastra continues to support financial institutions across Mena with modernising their SME lending capabilities, while helping to expand financial inclusion. 'Adopting a simplified servicing approach in lending is becoming a strategic priority for banks to better serve SMEs,' added Carlos Teixeira. 'By automating workflows, applying data analytics, breaking down silos and integrating digital channels, banks can reduce costs, improve credit assessments and processing times, reduce risk and deliver more tailored, responsive support.' 'Simplified and scalable servicing models also present a commercial opportunity. Banks can serve more SMEs profitably, compete more effectively with fintechs and private credit providers, and unlock new revenue streams. At the same time, expanding access to credit allows banks to contribute meaningfully to closing the finance gap and supporting economic resilience across the region,' highlighted Carlos Teixeira. To extend their reach and improve efficiency, banks in the region are also partnering with fintechs and third-party providers via digital ecosystems. These collaborations can, for example, improve risk modelling, access to alternative data sets, and processes for credit assessments. This, in turn, allows financial institutions to expand access to credit while maintaining prudent risk controls.
Khaleej Times
2 days ago
- Business
- Khaleej Times
Middle East emerging as a major global fintech hub
The Middle East is fast becoming one of the world's most exciting fintech frontiers. Digital banking adoption in the UAE is soaring, 89 per cent of consumers now use digital-first bank accounts, and digital payments now account for just 17 per cent cash usage in everyday transactions. Real-time payments are also growing rapidly, with the region expected to exceed 3 billion transactions by 2028. Across Mena, over 1,000 fintechs are now operating, with the sector expected to grow 35 per cent annually through 2028, more than double the global average. 'We're seeing a profound shift in how financial services are being built, delivered, and adopted in the UAE. Over the past few years, fintech adoption has widened beyond early movers into a broad, vibrant ecosystem, now home to over 300 active fintech firms. Crucially, we're seeing fintech's role expanding. While payments remains a key entry point, the growth of virtual cards, cross-border capabilities, and smarter credit solutions is opening up new opportunities across sectors, from SME lending to wealthtech,' Nauman Hassan, Regional Director Mena, Paymentology, leading global issuer-processor, told Khaleej Times. With initiatives like the Central Bank's FIT Programme and Dubai's push to become a digital-first economy (which is near completion), the architecture of the future is being built. 'High smartphone penetration at 96 per cent, growing comfort with digital payments, and the rise of digital-native banks like Wio and Zand are accelerating this momentum,' Hassan said. The UAE's push toward a cashless society is well underway. Dubai, for example, has digitised over 97 per cent of government payments, and in 2025, DIFC and Dubai Finance launched workshops to help businesses make the switch. 'We're proud to play a foundational role in this shift. Our cloud-first platform enables banks and fintechs to launch digital-first card programmes at speed, whether physical, virtual or tokenised. Our work with partners like Mamo in the UAE illustrates this impact clearly: together, we're helping small businesses access fast, secure, multi-currency payment options - moving them away from cash-based transactions toward streamlined digital flows. And because we support real-time data and multi-currency settlement, we empower fintechs to launch smarter, more accessible financial products from day one. To support this momentum on the ground, Paymentology recently expanded its regional presence with a new office in Dubai. 'This hub strengthens our ability to serve clients across Mena with specialised support, faster implementation, and deep local expertise, accelerating the shift to digital payments across the region,' Hassan said. In a country as digitally advanced as the UAE, trust in payment systems is the currency of continued innovation. Every day, over Dh11 million is lost to fraud, studies show. And as adoption of digital payments accelerates, the potential attack surface for cyber threats expands with it. 'We believe security must evolve just as quickly as the technologies it's designed to protect. Tokenisation is one of the most powerful tools in our arsenal. By replacing card numbers with unique digital tokens, we remove sensitive data from the threat landscape entirely, a move that can reduce fraud by up to 60 per cent. We've invested heavily in tokenisation because we believe cards are just one way to pay; the mechanism behind the card will remain, but we'll increasingly see payments shift to mobile devices and digital wallets, whether through global platforms like Apple Pay or proprietary solutions from banks, fintechs, and super apps,' Hassan said. AI is fast becoming the engine driving the industry forward. From real-time fraud detection to intelligent credit scoring, AI is transforming how financial services are delivered, and who can access them. A few years ago the UAE government partnered with Mastercard to accelerate the adoption or AI. More recently we had the announcement granting nationwide access to ChatGPT Plus, giving every student, entrepreneur, and professional free use of GPT-4o is a world first. As well as development of 'Stargate', one of the world's largest AI supercomputing clusters. 'At Paymentology, we're seeing the value of AI unfold across our organisation. Our teams are increasingly leveraging AI in their day-to-day operations from improving internal workflows to enhancing client support. Our API sandbox already incorporates AI to help fintechs experiment and innovate more efficiently, and we're actively exploring new opportunities to integrate AI across our platform. Ultimately, fintech thrives when it's built on real-time data, intelligence, and speed. AI supercharges all three, and the UAE is building the infrastructure to scale it across borders,' Hassan said.
New Indian Express
3 days ago
- New Indian Express
Scaling new heights: From Everest to empowerment, Time Mena blazes a trail in Arunachal
ARUNACHAL PRADESH : Time Mena was at a loss thinking about how she would fund her costly Mount Everest expedition, but fellow villagers in her native Lower Dibang Valley district of Arunachal Pradesh had come forward to help her in whatever little way they could. The odds were against her, but Mena summited the world's highest mountain peak in May 2011 to become the first woman from the Northeast to achieve this rare feat. Call it the cycle of life that she is now giving back to society by promoting adventure sports and providing a livelihood option for village women. For the past decade, the 39-year-old adventure instructor in Arunachal Pradesh's Department of Youth Affairs has been working to promote mountain biking, trekking, and rafting in Lower Dibang Valley and adjoining Anjaw districts. She often sets out for remote villages to organise mountain biking events for scouting talents, shelling out her own money. She brings select candidates to Roing, the headquarters of the Lower Dibang Valley district, for a five-day training session, during which the Department of Youth Affairs further evaluates their performance. They then get trained to participate in national events. Rubi Lombo, one of her proteges, is currently a coach of the National MTB Cycling team under the Sports Authority of India. Mena says she and her team members look for sponsors to fund the bikers' travel and stay when they travel to different parts of the country to participate in national events. Help seldom comes from sponsors, she adds. 'There are many trekking trails in our region. We organise treks for tourists and make some profit. We use a portion of it to take care of the mountain bikers,' she explains. Parts of eastern Arunachal had a serious problem of opium cultivation and addiction. Then, the government went hard at the opium growers, achieving success to a great extent. Mena intervened to make a difference in her own way. She thought of engaging poor women in making and selling bags. She had the expertise. She bought the raw materials and started designing and making the bags. She selected over 20 village women. She, along with eight others, designed and made the bags and the others sold them. The sellers include several former opium peddlers.
Khaleej Times
13-07-2025
- Business
- Khaleej Times
UAE surpasses Japan, Sweden in tech funding as late-stage investments fuel surge
The UAE has outpaced mature technology ecosystems like Japan and Sweden in total tech funding during the first half of 2025, underscoring its rising stature as a global innovation hub. A new report from Tracxn reveals that UAE tech startups raised $1 billion in H1 2025, buoyed by a strong rebound in late-stage investments and robust activity across key sectors including enterprise applications, fintech, and retail. While the overall funding remained below H1 2024's figure of $1.8 billion, the 133 per cent increase over the $438 million raised in H2 2024 highlights a strong half-year recovery, positioning the UAE as one of the most active tech ecosystems in the Mena region while fuelling its ambition to become the Silicon Valley of the Middle East. Dubai-based firms dominated the funding landscape, accounting for 93 per cent of total capital raised, with Abu Dhabi trailing as a distant second. Notably, two companies — Vista Global and Tabby — secured funding rounds exceeding $100 million. Vista Global attracted $600 million in a private equity round, while Tabby secured $160 million in a Series E round. These mega-deals alone accounted for over 75 per cent of the total capital raised, reflecting continued investor confidence in high-growth UAE-based startups. Despite the headline growth, the report also pointed to areas of concern, particularly in early-stage and seed-stage investment activity. Seed-stage funding plunged 74 per cent to $32.7 million compared to $125 million in H2 2024 and fell 71 per cent compared to $111 million in H1 2024. Early-stage funding reached $167 million, down 13 per cent from H2 2024 but showing a slight four per cent uptick from H1 2024. The real momentum, however, came from late-stage deals, which surged to $817 million — an increase of 583 per cent over H2 2024. Sectoral performance varied widely. Enterprise Applications led with $728 million in total funding, a 543 per cent rise over H2 2024, though still down 56 per cent from H1 2024. FinTech saw an impressive 47 per cent jump to $286 million, while Retail tech funding increased 20 per cent to $172 million. Compared to the same period in 2024, FinTech and Retail recorded 276 per cent and 275 per cent growth respectively, reflecting growing investor appetite in consumer and financial services innovation. However, the first half of 2025 did not witness the creation of any new unicorns, continuing a trend seen in both halves of 2024. This absence highlights the capital's current focus on scaling existing ventures rather than propelling early-stage startups to billion-dollar valuations. In terms of exits, only one UAE tech company — Micropolis — went public during the period. Mergers and acquisitions continued at a steady pace with nine deals recorded in H1 2025, slightly lower than the 10 deals each in H2 and H1 2024. Notable transactions included Hokoworld's acquisition of Everdome, Saronic's takeover of Gulf Craft, and Dubizzle Group's acquisition of Property Monitor. The report also identified the leading investors across different funding stages. 500 Global, Wamda Capital, and Middle East Venture Partners emerged as the most active overall investors. Oraseya Capital, Plus VC, and Endeavor dominated the seed stage, while e&, Flourish, and MoreThan Capital Advisors were prominent in early-stage rounds. At the late-stage level, Saudi Arabia-based STV stood out, adding one UAE company to its portfolio. Industry analysts note that the surge in late-stage funding reflects a maturing ecosystem where investors are increasingly drawn to proven business models and scalable platforms. The growth also aligns with the UAE government's strategic push to foster a knowledge-based economy, backed by digital transformation initiatives and supportive regulatory frameworks. While seed-stage contraction signals caution among early investors, the UAE's strong late-stage activity and sectoral resilience suggest that the ecosystem remains well positioned for sustained growth. As Dubai continues to attract capital, talent, and global partnerships, the emirate is cementing its status as a leading tech hub not just in the region but on the world stage. The report noted that the remainder of 2025 will be critical in determining whether this momentum translates into new unicorns, deeper early-stage investment, and a broader diversification of capital across emerging sectors such as AI, clean tech, and mobility.
New York Post
11-07-2025
- New York Post
Florida scammer posing as doctor gave Botox injections in backyard shed, causing woman to suffer facial paralysis: cops
A Florida fraudster allegedly posed as a doctor and administered Botox injections out of her shady backyard 'med spa' shed – leaving one patient who paid more than $300 with facial paralysis. Rosa Mena, 50, was busted Wednesday after the numb-faced victim reported the botched procedure to police, who uncovered a stockpile of Botox, syringes, and other medical supplies from the unlicensed makeshift clinic behind the Coosa Drive home, according to the Port St. Lucie Police Department. 'We want to remind the public to research the facility and individual prior to performing procedures,' cops said in a Facebook post that included pictures of the illicit shack. Advertisement 5 Rosa Mena, 50, was arrested Wednesday for performing illegal medical procedures from a makeshift backyard shed. Port St. Lucie Police Department 'Additionally, in order to perform injectable procedures like Botox it needs to be performed by a licensed professional. Your safety is our priority!' Police said the scorned client visited the alleged scammer's rogue treatment hut in May and paid $325 for the faulty injection that left her face paralyzed. 5 Exterior of a backyard shed used for illegal Botox injections. Port St. Lucie Police Department Advertisement 5 Containers of medical vials were seized from the rogue treatment shack. Port St. Lucie Police Department The alarmed woman later confronted the bogus medic, who refunded the payment and persuaded her to return for another procedure, during which Mena injected vitamins into the victim's face in an attempt to 'reverse' the damage. 5 Police also found medical beds and supplies. Port St. Lucie Police Department Advertisement When complications persisted, the suspicious victim demanded the imposter's medical license, something she did not have. Instead, Mena claimed she was formerly a doctor in the Dominican Republic and presented an altered – and expired – phlebotomy certificate, cops said. The multi-agency investigation later seized medical beds, medications, vials, needles, fat sculpting machines, PRP injections, micro-needling and laser hair removal equipment, laser lipo machines, massage and facial devices, and injectables for fillers and Botox. 5 Plastic container of medical supplies seized from an unlicensed medical facility. Port St. Lucie Police Department Advertisement Mena was hit with three counts of aggravated battery, three counts of practicing medicine without an active license, two counts of fraud, and use of a two-way communication device to facilitate a felony. She is being held at St. Lucie County Jail on $95,000 bond.
