Latest news with #NaumanHassan
Khaleej Times
4 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.
Hi Dubai
6 days ago
- Business
- Hi Dubai
Paymentology Scales Up in Dubai to Support Regional Expansion
Paymentology, the leading global issuer-processor, has announced the opening of its new and expanded office in Dubai, marking a significant milestone in its continued investment across the Middle East. The relocation reflects Paymentology's expanding regional footprint, driven by a fast-growing client base and rising demand for advanced, scalable payment infrastructure. With clients and partners including organisations such as Wio, Mamo, Mawarid Finance, and Zand, the new office will serve as a strategic hub for delivery, collaboration, and innovation, supporting digital banks and fintechs across the region with next-generation payment experiences. Jeff Parker, CEO, Paymentology commented, 'The Middle East has reached an inflection point. We're seeing governments prioritise financial innovation, regulatory frameworks that support experimentation, and a new generation of digital banks gaining real traction. Our investment in this new space reflects that shift. It's designed to act as a regional engine for client success, efficient execution, and long-term scale.' The announcement comes at a time of significant momentum for the region. The Middle East is fast becoming one of the world's most exciting fintech frontiers. Digital banking adoption in the UAE is soaring, 89% of consumers now use digital-first bank accounts, and digital payments now account for just 17% 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% annually through 2028, more than double the global average. Nauman Hassan, Regional Director for MENA said: 'Dubai has been home to our regional team for a decade, but this move is symbolic of the momentum we're seeing here. In just a few years, we've gone from early-stage digitisation to fully cloud-first banks, instant payments, and embedded finance becoming mainstream. As that complexity grows, our clients need partners who understand the regulatory nuance, user behaviour, and infrastructure demands of each market.' The Dubai office will serve as a base for client delivery, partner engagement, and operations, housing an expanded team of local experts. As part of a global network spanning 50 countries and 14 time zones, Paymentology combines leading technology with deep local market knowledge, ensuring its clients receive tailored, responsive support wherever they operate. To further highlight its commitment to the region, Paymentology has also been awarded the Excellence Award at the Mawarid Fintech & Innovation Summit 2025. This recognition celebrates the company's strong partnerships and outstanding contributions to advancing financial innovation across the Middle East. News Source: Novellus PR & Comms
Mid East Info
16-07-2025
- Business
- Mid East Info
Paymentology Expands Dubai Presence with New Office to Support Growth Across the Middle East - Middle East Business News and Information
Dubai, UAE – 16 July 2025: Paymentology, the leading global issuer-processor, has announced the opening of its new and expanded office in Dubai, marking a significant milestone in its continued investment across the Middle East. The relocation reflects Paymentology's expanding regional footprint, driven by a fast-growing client base and rising demand for advanced, scalable payment infrastructure. With clients and partners including organisations such as Wio, Mamo, Mawarid Finance, and Zand, the new office will serve as a strategic hub for delivery, collaboration, and innovation, supporting digital banks and fintechs across the region with next-generation payment experiences. Jeff Parker, CEO, Paymentology commented: 'The Middle East has reached an inflection point. We're seeing governments prioritise financial innovation, regulatory frameworks that support experimentation, and a new generation of digital banks gaining real traction. Our investment in this new space reflects that shift. It's designed to act as a regional engine for client success, efficient execution, and long-term scale.' The announcement comes at a time of significant momentum for the region. The Middle East is fast becoming one of the world's most exciting fintech frontiers. Digital banking adoption in the UAE is soaring, 89% of consumers now use digital-first bank accounts, and digital payments now account for just 17% 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% annually through 2028, more than double the global average. Nauman Hassan, Regional Director for MENA: 'Dubai has been home to our regional team for a decade, but this move is symbolic of the momentum we're seeing here. In just a few years, we've gone from early-stage digitisation to fully cloud-first banks, instant payments, and embedded finance becoming mainstream. As that complexity grows, our clients need partners who understand the regulatory nuance, user behaviour, and infrastructure demands of each market.' The Dubai office will serve as a base for client delivery, partner engagement, and operations, housing an expanded team of local experts. As part of a global network spanning 50 countries and 14 time zones, Paymentology combines leading technology with deep local market knowledge, ensuring its clients receive tailored, responsive support wherever they operate. To further highlight its commitment to the region, Paymentology has also been awarded the Excellence Award at the Mawarid Fintech & Innovation Summit 2025. This recognition celebrates the company's strong partnerships and outstanding contributions to advancing financial innovation across the Middle East.
