Latest news with #financialproducts
Zawya
2 days ago
- Business
- Zawya
Stitch secures $10mln in funding to simplify banking and payments innovation
Stitch's clients include cross-sectoral regional leaders such as Lulu Exchange, Alamoudi Exchange, Foodics, Dar Al Tamleek, Raya Financing and Tanmeya Capital Stitch enables financial institutions to launch products in under 90 days — an 80% reduction in implementation time compared to industry norms Funding to fuel product innovation and growth in line with Saudi Vision 2030 and a booming digital payments market Riyadh, Saudi Arabia/ Dubai, UAE – Stitch ( the unified platform for launching and scaling financial products, today announced the successful closing of a $10 million seed round. The Saudi Arabia headquartered company attracted investments from leading investors including Arbor Ventures, COTU Ventures, Raed Ventures, and SVC. The round has also had participation from various family offices and industry veterans including Marqeta's founder Jason Gardner, and Abdulmalik AlSheikh who previously led the establishment of critical payment networks such as mada and Sadad in the KSA. The funding will accelerate Stitch's growth to transform financial infrastructure in the region. The demand for integrated, technology infrastructure for financial and non-financial institutions is accelerating both globally and across the Middle East. The global Banking & Financial Services Industry (BFSI) is projected to reach USD 221.39 billion by 2033, up from USD 91.42 billion in 2024, with a compound annual growth rate (CAGR) of 10.3% during the forecast period. This surge is driven by the increasing demand for digital transformation across banking, financial services, and insurance sectors. In Saudi Arabia alone, banking sector assets have surged to US $ 1.12 trillion (SAR 4.22 trillion), while digital payments grew by 75% between 2019 and 2021, and point-of-sale transactions reached US$ 177.69 billion (SAR 667 billion) in FY 2024. Businesses in the Middle East, from banks and lenders to consumer brands and large enterprises still face significant barriers to building modern financial products. Stitch is addressing this gap with a unified infrastructure platform built in the Middle East and designed to compete globally. Launched initially for clients in Saudi Arabia and the UAE, Stitch is already attracting interest beyond the region, and has secured clients in the Eastern African region, starting with Kenya. "At Stitch, our vision is to reinvent how financial and non-financial institutions bring banking and payment products to market." said Mohamed Oueida, Founder & CEO of Stitch. "Today, the process of building financial products is broken. Businesses are forced to navigate outdated legacy systems and complex regulatory frameworks, making things slow, expensive, and mostly painful. It doesn't have to be this way. Stitch exists to change this. Institutions should be able to focus on what matters and have a platform that can mold around their creativity. We are generally looking to make this process a lot more enjoyable for our partners." The first-of-its-kind business in the Middle East, Stitch's technology offers the simplest way for enterprises to build financial products, delivering an API-driven solution that eliminates the inefficiencies and complexities of legacy systems. Designed to meet the evolving needs of modern financial services, Stitch serves as the unified platform to launch and scale banking and payment products up to 80% faster. The $10 million raised will be used to expand Stitch's team and enhance its platform capabilities, further establishing the company as a trusted infrastructure partner for banks, fintech firms, and non-financial enterprises integrating financial services. Major clients such as Lulu Exchange, Alamoudi Exchange, Foodics, Dar Al Tamleek, Raya Financing and Tanmeya Capital—are already leveraging Stitch's technology to launch tailored financial solutions across diverse sectors and regions. Nora Alsarhan, Deputy CEO and Chief Investment Officer at SVC, commented, 'Our investment in Stitch is driven by our commitment to supporting the growth of innovative Saudi-based startups, enabling them to compete both regionally and globally. We believe Stitch has the potential to play a significant role in developing a more capable and resilient financial ecosystem in the Middle East and around the world.' Khaled Lababidi, Partner, Arbor Ventures commented, 'As emerging markets digitalise their financial services, we believe the next generation of technology infrastructure will come from places like Saudi Arabia and led by founders who understand these regions. Stitch is a clear example of this shift, combining local expertise with global standards to support institutions across emerging markets. Their platform addresses long-standing infrastructure gaps by offering a simplified but compliant solution that's built for scale, speed and security.' Wael Nafee, General Partner, Raed Ventures, commented: 'For the first time, financial institutions in the region have a local infrastructure partner that was built from the ground up with their realities in mind, with the ability to compete anywhere in the world. Stitch isn't just creating an alternative to legacy systems; they're setting a new standard for how financial products should be built. Their focus on technical depth with global ambitions has set them apart from day one. This is not just the kind of company we want to back, but is also indicative of the impact that Middle East startups can have on the global tech ecosystem.' Founded in 2022, Stitch has attracted industry-leading talent from global organisations including FIS, Geidea, Rain Financial, NPCI India, Al Rajhi Bank and many others, with a commitment to driving long-term innovation in the banking and payments industry. About Stitch Stitch empowers visionary businesses to seamlessly build, deploy, and scale financial products. As a unified SaaS and API platform, Stitch eliminates the complexities of traditional financial infrastructure, enabling rapid innovation and sustainable growth in a dynamic market. For more information, visit
Zawya
3 days ago
- Business
- Zawya
Hong Kong, Saudi Arabia may approve more cross-border financial products
HONG KONG/SYDNEY - Hong Kong and Saudi Arabia are considering allowing more cross-border financial products, authorities said on Thursday, as the two markets seek to deepen financial ties amid rising trade uncertainties. An exchange-traded fund tracking bonds issued by the Saudi government started trading in Hong Kong on Thursday, the first fixed-income fund listed in the territory to offer such exposure. Apart from the fund, more products - such as a sharia-compliant Sukuk bond and a real estate investment trust - are "in the pipeline" for approval to trade between Hong Kong and Riyadh, said Julia Leung, CEO of Hong Kong's Securities and Futures Commission. "We're very comfortable in the cross listing of whatever products," Leung told those attending the Capital Markets Forum organised by Saudi exchange operator Tadawul Group. Hong Kong launched Asia's first ETF tracking Saudi equities in November 2024, as the two markets look to spur capital flows as diplomatic relations warm between Beijing and Riyadh. In the last few years, Hong Kong has been seen wooing Saudi Aramco to list in the city, a deal that would allow investors in the Asian financial hub easier access to the Saudi state oil giant. Apart from stocks, there are opportunities for bonds, derivatives and other financial products between Hong Kong and the Middle East, Hong Kong's Financial Secretary Paul Chan said at the forum, when asked about the progress of a potential listing of Saudi Aramco. The expansion of cross-border products coincides with rising trade tensions after U.S. President Donald Trump unleashed sweeping tariff measures in April roiling global markets. A U.S. trade court on Wednesday blocked the tariffs from going into effect, ruling that the president overstepped his authority by imposing across-the-board duties on imports from nations that sell more to the United States than they buy. Asked how countries and companies should navigate the uncertainty of trade deals following the U.S. court block, Chan said the move would "at least bring President Trump to reason". (Reporting by Selena Li in Hong Kong; Scott Murdoch in Sydney; Editing by Muralikumar Anantharaman and Kate Mayberry)
Free Malaysia Today
3 days ago
- Business
- Free Malaysia Today
Hong Kong, Saudi Arabia may approve more cross-border financial products
An exchange-traded fund tracking bonds issued by the Saudi government has started trading in Hong Kong. (AP pic) HONG KONG : Hong Kong and Saudi Arabia are considering allowing more cross-border financial products, authorities said today, as the two markets seek to deepen financial ties amid rising trade uncertainties. An exchange-traded fund tracking bonds issued by the Saudi government started trading in Hong Kong today, the first fixed-income fund listed in the territory to offer such exposure. Apart from the fund, more products – such as a sharia-compliant Sukuk bond and a real estate investment trust – are 'in the pipeline' for approval to trade between Hong Kong and Riyadh, said Julia Leung, CEO of Hong Kong's Securities and Futures Commission. 'We're very comfortable in the cross listing of whatever products,' Leung told those attending the Capital Markets Forum organised by Saudi exchange operator Tadawul Group. Hong Kong launched Asia's first ETF tracking Saudi equities in November 2024, as the two markets look to spur capital flows as diplomatic relations warm between Beijing and Riyadh. In the last few years, Hong Kong has been seen wooing Saudi Aramco to list in the city, a deal that would allow investors in the Asian financial hub easier access to the Saudi state oil giant. Apart from stocks, there are opportunities for bonds, derivatives and other financial products between Hong Kong and the Middle East, Hong Kong's financial secretary Paul Chan said at the forum, when asked about the progress of a potential listing of Saudi Aramco. The expansion of cross-border products coincides with rising trade tensions after US President Donald Trump unleashed sweeping tariff measures in April roiling global markets. A US trade court blocked the tariffs from going into effect yesterday, ruling that the president overstepped his authority by imposing across-the-board duties on imports from nations that sell more to the US than they buy. Asked how countries and companies should navigate the uncertainty of trade deals following the US court block, Chan said the move would 'at least bring President Trump to reason'.
CNA
3 days ago
- Business
- CNA
Hong Kong, Saudi Arabia may approve more cross-border financial products
HONG KONG/SYDNEY :Hong Kong and Saudi Arabia are considering allowing more cross-border financial products, authorities said on Thursday, as the two markets seek to deepen financial ties amid rising trade uncertainties. An exchange-traded fund tracking bonds issued by the Saudi government started trading in Hong Kong on Thursday, the first fixed-income fund listed in the territory to offer such exposure. Apart from the fund, more products - such as a sharia-compliant Sukuk bond and a real estate investment trust - are "in the pipeline" for approval to trade between Hong Kong and Riyadh, said Julia Leung, CEO of Hong Kong's Securities and Futures Commission. "We're very comfortable in the cross listing of whatever products," Leung told those attending the Capital Markets Forum organised by Saudi exchange operator Tadawul Group. Hong Kong launched Asia's first ETF tracking Saudi equities in November 2024, as the two markets look to spur capital flows as diplomatic relations warm between Beijing and Riyadh. In the last few years, Hong Kong has been seen wooing Saudi Aramco to list in the city, a deal that would allow investors in the Asian financial hub easier access to the Saudi state oil giant. Apart from stocks, there are opportunities for bonds, derivatives and other financial products between Hong Kong and the Middle East, Hong Kong's Financial Secretary Paul Chan said at the forum, when asked about the progress of a potential listing of Saudi Aramco. The expansion of cross-border products coincides with rising trade tensions after U.S. President Donald Trump unleashed sweeping tariff measures in April roiling global markets. A U.S. trade court on Wednesday blocked the tariffs from going into effect, ruling that the president overstepped his authority by imposing across-the-board duties on imports from nations that sell more to the United States than they buy. Asked how countries and companies should navigate the uncertainty of trade deals following the U.S. court block, Chan said the move would "at least bring President Trump to reason".
Reuters
3 days ago
- Business
- Reuters
Hong Kong, Saudi Arabia may approve more cross-border financial products
HONG KONG/SYDNEY, May 29 (Reuters) - Hong Kong and Saudi Arabia are considering allowing more cross-border financial products, authorities said on Thursday, as the two markets seek to deepen financial ties amid rising trade uncertainties. An exchange-traded fund tracking bonds issued by the Saudi government started trading in Hong Kong on Thursday, the first fixed-income fund listed in the territory to offer such exposure. Apart from the fund, more products - such as a sharia-compliant Sukuk bond and a real estate investment trust - are "in the pipeline" for approval to trade between Hong Kong and Riyadh, said Julia Leung, CEO of Hong Kong's Securities and Futures Commission. "We're very comfortable in the cross listing of whatever products," Leung told those attending the Capital Markets Forum organised by Saudi exchange operator Tadawul Group. Hong Kong launched Asia's first ETF tracking Saudi equities in November 2024, as the two markets look to spur capital flows as diplomatic relations warm between Beijing and Riyadh. In the last few years, Hong Kong has been seen wooing Saudi Aramco ( opens new tab to list in the city, a deal that would allow investors in the Asian financial hub easier access to the Saudi state oil giant. Apart from stocks, there are opportunities for bonds, derivatives and other financial products between Hong Kong and the Middle East, Hong Kong's Financial Secretary Paul Chan said at the forum, when asked about the progress of a potential listing of Saudi Aramco. The expansion of cross-border products coincides with rising trade tensions after U.S. President Donald Trump unleashed sweeping tariff measures in April roiling global markets. A U.S. trade court on Wednesday blocked the tariffs from going into effect, ruling that the president overstepped his authority by imposing across-the-board duties on imports from nations that sell more to the United States than they buy. Asked how countries and companies should navigate the uncertainty of trade deals following the U.S. court block, Chan said the move would "at least bring President Trump to reason".
