Fils and Cashin to redefine sustainable payments in KSA

Fils and Cashin to redefine sustainable payments in KSA

CASHIN Saudi Arabia, a POS and digital payments fintech provider and UAE based Fils, a blockchain enabled empowering climate-positive transactions, have partnered to empower CASHIN KSA’s extensive network of merchants across the kingdom, comprising a significant share of the market, to integrate Fils’s blockchain enabled enterprise-grade payments platform. Through this collaboration, merchants will gain the ability to accurately track their environmental impact, mitigate their carbon footprint with high-quality carbon credits, and transparently report their progress.

This partnership represents a significant milestone for Fils, which, following its successful ventures with other market leaders in the region, is now expanding its footprint in Saudi Arabia. By leveraging CASHIN KSA’s extensive market reach and established presence, Fils is primed to accelerate its growth trajectory and advance its mission of embedding climate positivity into every transaction.

“Our collaboration with CASHIN KSA underscores our commitment to advancing sustainability in the financial sector and aligns perfectly with our mission to empower businesses to embed climate action into their operations,” said Nameer Khan, CEO of Fils. “Together, we are not only driving positive environmental change but also supporting the climate goals of the Kingdom of Saudi Arabia, contributing to a greener and more sustainable future.”

According to Omar AlRammah, CEO of CASHIN KSA, this partnership exemplifies the company’s dedication to sustainability and innovation: “Our collaboration with Fils marks a significant step forward in our journey towards a more sustainable future. By integrating Fils’s cutting-edge technology into our payments infrastructure, we are advancing our commitment to environmental responsibility and paving the way for a greener financial ecosystem.”

Fils adds more payment providers to its blockchain enabled sustainable infrastructure

Fils adds more payment providers to its blockchain enabled sustainable infrastructure

UAE based Fils, agroundbreaking ESG-focused digital infrastructure fintech which utilizes blockchain technology, has partnered with Telr, the award-winning online payment gateway.

Blockchain enabled, Fils is collaborating with Telr to integrate its end-to-end sustainable infrastructure to make finance and payments more sustainable and transparent. By Integrating Fils Technology, Telr will enable merchants to track their emissions and access voluntary carbon markets to mitigate the emissions’ harm to the environment. They will also be able to demonstrate their positive impact on the environment with robust reporting functionality, reduced greenwashing, and the encouragement of businesses to invest in sustainable initiatives through Fils’ marketplace.

The new capability adds to Telr’s existing suite of services, aiming to elevate e-commerce businesses seamlessly and efficiently with a one-stop-shop philosophy. This encompasses a variety of financial and business services, ranging from social commerce and QR codes to digital invoicing, Telr Buy Now Pay Later (BNPL), and Telr Finance—a dedicated program for merchant financing.

Nameer Khan, CEO and Founder of Fils, said, “Today’s exciting partnership with Telr will make a real impact in tackling the issues of climate change, providing access to carbon markets via our robust and transparent infrastructure. Our technology-first approach to sustainable action enables SMEs, large corporates and other organizations to seamlessly embed sustainability throughout their global operations.”

Telr, the UAE-based award-winning payment gateway solutions provider, facilitates transactions in over 30 currencies and supports over 120 languages. Telr, as a leading payments aggregator, enables businesses to connect to all payment schemes and manage financial and business services as a one-stop shop for ecommerce solutions. Telr’s collaboration with Fils will enable organizations to track and mitigate emissions seamlessly, increasing the sustainability of payment operations across the globe.

Khalil Alami, Founder and CEO of Telr, added, “This partnership underscores our unwavering dedication to driving sustainable finance. By leveraging Telr’s expertise and partnering with exceptional entities like Fils, we aim to reshape transactions.This effort promotes a more sustainable economy, empowering our merchants with access to emissions calculators to monitor their carbon footprint and emissions-reduction tools. These initiatives align with the ‘Net Zero by 2050’ strategy and are synchronized with COP28, highlighting our commitment to a brighter, more sustainable future.” 

Fils’s alliance with Telr builds on an impressive year of high-profile partnerships for the fintech company,  with clients such as e& Enterprise, Magnati, Mashreq Bank, Flowcarbon and AFS. 

Prior to this announcement, Geidea, recognized as one of the 25 top Fintech companies by Forbes Middle East, partnered with Fils.

UAE Fils and Geidea unite to deploy sustainable digital payments

UAE Fils and Geidea unite to deploy sustainable digital payments

Geidea, recognized as one of the 25 top Fintech companies by Forbes Middle East, has partnered with UAE based Fils a force in simplified climate action, empowering businesses of all sizes to embed climate positivity into transactions using their API.

Geidea’s collaboration with Fils not only underlines its commitment to reshaping the digital payments landscape but also signifies a pioneering step towards a sustainable future, aligning seamlessly with Fils’ mission to transform industries, including banking, travel, eCommerce, and fintech, towards environmental consciousness and carbon neutrality. This exclusive partnership is set to make a lasting impact on the UAE’s digital payments sector and beyond.

Fresh from being the official payment and POS provider for the United Nations Climate Change Conference (COP 28), Geidea demonstrates its commitment to sustainability through this collaboration with Fils.

Geidea and Fils are set to embed sustainability into every aspect of their activities. Merchants will now have the capability to empower customers by providing estimates of carbon emissions for specific transactions using Geidea’s payment gateways. Whether it’s flights, rides, products, or shipping, customers can gain valuable insights into the carbon intensity of their actions. This not only fosters a culture of sustainability but also enables informed decision-making.

After being given an estimate of their carbon footprint, the collaboration with Fils allows customers to seamlessly contribute to trusted carbon credit projects directly from any product interface. This streamlined process empowers users to actively support a greener future and reduce their carbon footprint effortlessly with every digital payments transaction. Fils is utilizing blockchain technology in its offering.

Commenting on this transformative partnership, Sailesh Malhotra, General Manager Geidea GCC stated, “At Geidea, we are thrilled to continue leveraging our technology to contribute to impactful and tangible solutions. This partnership with Fils aligns with our mission to go beyond conventional payment services, introducing a new era where sustainability is integrated into the very fabric of digital transactions.”

Nameer Khan, founder and CEO of Fils, stated, “Our collaboration with Geidea is a significant step in Fils’ journey towards leading sustainable innovation in the global fintech landscape. Starting from UAE this partnership will extend regionally, reinforcing our commitment to ESG values across key regions. Working with Geidea is not just about fulfilling our environmental mission; it’s a testament to Fils’ visionary technology and dedication to making every transaction a positive force for our planet. Together, we are setting new standards in sustainable finance, demonstrating that progress and environmental stewardship can go hand in hand.”

Prior to this Fils signed an MOU with Mashreq Bank, a financial institution in MENA. The partnership will develop a corporate carbon offsetting offering that helps corporate and institutional clients to integrate carbon offsetting directly from their Mashreq corporate accounts.

Indonesian Hajj Pilgrims enjoy cashless Blockchain payments with WadzPay

Indonesian Hajj Pilgrims enjoy cashless Blockchain payments with WadzPay

A recent collaboration with Wadzpay Blockchain payments provider and  Indonesian BPKH(Badan Pengelolaan Keuangan Haji), is allowing Indonesian pilgrims undertaking Hajj and Umrah to Saudi Arabi to utilize cashless digital payment solutions.

BPKH performs Hajj Financial Management based on sharia principles, prudential principles, benefits, non-profit, transparency and accountability.

“We’re proud to join hands with BPKH in this transformative partnership. Combined with BPKH’s vision and WadzPay’s blockchain-based Pilgrim Program for payments, we aim to empower pilgrims, streamline transactions, and enrich their journeys,” said Anish Jain, Founder and Group CEO at WadzPay.

WadzPay shall serve as the overall program manager while BPKH plans an immediate pilot project through one of their member banks, aiming to make e-wallets accessible to the majority of pilgrims for the 2024 Hajj season.

WadzPay’s Private blockchain-based Pilgrim Payment Program is the world’s first cross border cashless Hajj and Umrah solution offering ease of operations for issuance institutions, pilgrims as well as merchants. The SaaS based platform can be easily leveraged by multiple issuer institutions in any country to link with the merchants in Saudi Arabia allowing pilgrims to top-up their e-wallets in the home country and spend like a “local” during the actual pilgrimage.

With this partnership, Indonesian banks will become early adopters of WadzPay’s future-ready offering.

“We’re thrilled to modernize Hajj and Umrah finances, enhancing welfare and pilgrim satisfaction. This partnership shall drive transparency and financial inclusivity,” said Muhammad Thabrani Nuril Anwar, Head of BPKH Collection Division.

WadzPay had previously partnered with Geidea in Saudi Arabia to implement the same solution.

WadzPay which has its MENA headquarters in UAE recently expanded into the European market. It registered a new legal entity, WadzPay Technology Netherlands B.V., with the Dutch Chamber of Commerce. WadzPay appointed Mr. Khaled Moharem, as President- Europe & MENA.

UAE Fils fintech platform launches employing Blockchain for digital payments

UAE Fils fintech platform launches employing Blockchain for digital payments

UAE Homegrown Fils fintech platform which employs blockchain launched prior to Cop28 to integrate sustainable values into the core of digital payments.

Fils aims to bring together buyers with capital and suppliers with high integrity carbon credits.

Nameer Khan, the founder of Fils and chairman of the Mena Fintech Association (MFTA), has designed along with his team a holistic, enterprise-grade B2B2C product offering, Fils leverages the power of leading technologies including Blockchain for its end-to-end infrastructure to transform various industries, including financial services, hospitality, and e-commerce.

This makes it easier for businesses to act on the core values of environmental, social, and corporate governance (ESG), said Khan, adding that major partnerships with some of the leading names in the industry would be announced soon.

Khan said Fils is poised to transform the world of ESG, through an API-first digital payment infrastructure that makes sustainability a lifestyle and can be easily embedded into platforms across sectors. He stated, “Fils is a catalyst for the evolution of ESG enforcement and has the right team, technology, experience and expertise to lead the market. With our robust infrastructure, it spells the end of greenwashing and clears a path towards greater accountability and implementation of actionable outcomes that can improve the sustainability of the world we live in.”

Prior to this UAE Ghad Capital partners celebrated the launch of Fils which they stated employed blockchain and AI for a transparent secure payment infrastructure, supporting 17 UN SDGs.

AI and Blockchain Egyptian founded Tribal Credit to enter into KSA

AI and Blockchain Egyptian founded Tribal Credit to enter into KSA

AI and Blockchain enabled Tribal Credit, based in USA and founded by Egyptian entrepeneurs, which empowers SMEs in emerging markets through a comprehensive suite of financial products,payment tools will be expanding into Saudi Arabia, using a renewed and increased debt facility of $150 million with Partners for Growth.

Renewed through 2025, this upsized facility is not only a testament to Tribal’s remarkable credit performance but also an accelerator for the company’s ambitious growth plans in Mexico, Saudi Arabia and beyond.

As per the press release, this significant expansion will notably enhance Tribal’s presence in Saudi Arabia in accordance with applicable laws and regulations, serving as the core of its global expansion strategy. Further, it will fuel the company’s continued growth across Mexico and Latin America, enabling Tribal to bring more SMEs into the fold of its innovative financial services.

With over $200 million in funding from industry-leading investors like SoftBank, QED Investors, BECO Capital, Stellar Development Foundation, and Coinbase Ventures, Tribal is making strides in bridging the financial inclusion gap. Led by a team of accomplished entrepreneurs, data scientists, and banking executives, and recognized as a top fintech by leading industry bodies.

Over the past few years, Tribal’s diligent investment in credit processes, tools, products, and team has culminated in exceptional credit performance, even amid challenging market conditions. This achievement has facilitated a healthy revenue mix from both financing and payment products, reinforcing the company’s robust financial health and laying the foundation for sustainable growth.

Partners for Growth (PFG), a global specialty lending firm focused on emerging growth companies, highlights Tribal’s exceptional credit performance and sophisticated financial products. “Tribal Credit has consistently demonstrated strong credit performance even in challenging market conditions.

Their continued investment in the credit process, tools, and the team has paid dividends,” says Armineh Baghoomian, Managing Director, Head of Europe, Middle East and Africa, Co-Head of Global Fintech at PFG. “In addition, they have innovated and launched financial products that truly meet the needs of SMEs in emerging markets. We’re thrilled to extend our partnership with Tribal and excited to support Amr, Duane and the team as they continue shaping the landscape of financial services.”

Tribal has reshaped the financial landscape for SMEs in emerging markets by prioritising accessibility to credit and digital payments. In doing so, it has empowered a remarkable number of SMEs to fuel their growth, making a lasting impact in these markets. Throughout its journey, Tribal has facilitated a substantial volume of transactions via its corporate credit cards and B2B cross-border products, demonstrating its crucial role in empowering emerging markets.

“We’re delighted to fortify our partnership with Partners for Growth,” says Duane Good, Tribal COO and Co-Founder. “We emphasize building enduring relationships with our clients, and nurturing our ties with capital partners is equally essential.” Good, alongside Amr Shady, Tribal CEO and Founder, sees the enhanced debt facility as a testament to Tribal’s mission and potential. “This funding will equip us with the necessary resources to seize exciting market opportunities ahead,” Shady adds. “We’re eager to continue our journey of developing innovative tech solutions to help SMEs thrive in emerging markets, especially in Mexico and Saudi Arabia.”

In 2021, Tribal Capital received an initial $3 million from Stellar Development Foundation to advance blockchain products built on stellar. Tribal Credit first raised 5.5 million USD through an investment round led by UAE  BECO Capital and Global Ventures.

At the time Amr Shady, Tribal Credit CEO stated, “Our entire mission is about empowering startups and SMEs in emerging markets with access to financial services. Our focus starts in Mexico, a country that will benefit from global accessibility to banking services previously only available to large corporations. By tapping into Stellar’s existing and growing network of anchors, we will be able to leverage existing digital assets to bring our customers with fast, affordable cross-border payments, credit card balance settlement, and other innovative features of the Stellar blockchain that will benefit our global users.”

In addition Mohamed Elkasstawi, Tribal Credit Co-Founder and Chief Strategy Officer who leads the blockchain vision, strategy, and execution also noted “We see blockchain, and our integration with Stellar specifically, as a strategic next step for our business, offering us the ability to provide cheaper, faster payments for our customers,” said. “Working with the Stellar ecosystem, we’ll be able to leverage the network to deliver on some of our most important use cases — like facilitating  cross-border payments between businesses in previously underserved markets. This is only one of many exciting blockchain projects we’re working on in partnership with SDF.”

Saudi’s leading fintech entity, Geidea partners with two blockchain payment platforms in KSA

Saudi’s leading fintech entity, Geidea partners with two blockchain payment platforms in KSA

Saudi’s fintech entity Geidea just announced that it has partnered with UAE based Blockchainenabled payments platform Magnati, and FAB ( First Abu Dhabi Bank) to offer digital payments in KSA, this comes after Geidea had partnered with Blockchain payments platform WadzPay in 2022.

As per the recent announcement, The collaboration has the potential to be transformative in the Saudi payments space and is set to create exceptional value for clients, bridging the gap between advanced financial solutions and accessibility, while ensuring enhanced affordability, said the statement.

With a focus on innovation and technology, Magnati offers Payment as a Platform services that cater to a wide range of industries and businesses, encompassing integrated payment solutions, secure transaction processing, and comprehensive e-commerce solutions.

Launched in the Kingdom of Saudi Arabia in 2008, Geidea provides over 700,000 payment terminals (POS) across the region and serves over 139,000 trusted merchants including regional and international brands, SMEs as well as e-commerce players.

Magnati CEO Ramana Kumar said the Geidea collaboration is a testament to its commitment to serving the clients’ expansion goals in Saudi Arabia. Kumar added, “Together, we aim to revolutionise the payment landscape by introducing innovative solutions, seamless integrations, and unparalleled customer experiences. Leveraging Geidea’s innovation and Magnati’s fintech expertise, we are poised to unlock the full potential of digital payments.”

Geidea Chief Business Officer Abdullah Alshowier expressed delight at the strategic alliance sealed with FAB and Magnati to support clients in Saudi Arabia. “This collaboration will empower merchants with Geidea’s state-of-the-art payment solutions, seamlessly accepting a wide spectrum of digital payments through a unified platform. We are enthusiastic about collaborating with FAB and Magnati to drive innovation, amplify services, and extend our collective presence in the GCC region,” he added.

In June 2022 Magnati had launched its MetaV, a virtual marketplace that that provides users with richer visual and sensory information, as well as improved quality of information to shop, learn, play games, attend concerts and more online.

The platform built on Magnati’s blockchain aims to accelerate the move from two-dimensional to multi-dimensional online commerce by enabling consumers to experience e-commerce in a new, immersive way.

Prior to that Geidea had expanded its operations into the United Arab Emirates and through a partnership with  Magnati.

But this is not the first partnership between Geidea and a blockchain enabled payments platform. Prior to this in November 2022, Geidea partnered with UAE based WadzPay,a blockchain enabled payments platform as well.  Geidea utilized WadzPay technology for the issuance of an e-money wallet, specifically for Hajj and Umrah, to be used in over one million point-of-sale (POS) terminals deployed across multiple merchants throughout the Kingdom of Saudi Arabia.

WadzPay blockchain-based payment solutions allow Hajj and Umrah pilgrims to set up their own e-Money wallets on their mobile devices to be used for their expenses. Once the wallet is loaded, the pilgrim is ready to spend in Saudi Arabia with lower transaction fees and a user-friendly refund process.

The product is in final live testing and will be licensed soon. According to a tweet last week by WadzPay community member, “ We are getting closer to launch in KSA as licenses ad testing are in the final stretch. Q3 will see live terminals on WadzPay platform.”

So Geidea is moving forward with enabling blockchain digital asset payments from two major players in the region.

Saudi Arabia launches its national wholesale CBDC project between local banks

Saudi Arabia launches its national wholesale CBDC project between local banks

The Saudi Central Bank (SAMA) released a press release where it confirmed that the Central Bank is continuing to experiment on Central Bank Digital Currencies (CBDC).  SAMA is currently working on a project that focuses on domestic or national wholesale CBDC use case in collaboration with local banks and FinTech’s.

Experts explained to LaraontheBlock that this is a CBDC for local wholesale bank settlements. 

This project is part of SAMA’s ongoing research and experimentation on CBDC. SAMA is seeking to research and explore the economic impact, market readiness, and  potential robust and fast applications of a CBDC based payment solution. 

As per the news, SAMA seeks to review policy, legal and regulatory considerations before moving to the next phases of the CBDC journey to contribute to achieving the objectives of Saudi Vision 2030.

H.E. Fahad Almubarak, Governor of SAMA stated “Local banks and payment companies will always be a cornerstone of this project and its implementation, we have engaged both local banks and FinTech’s, as well as other market players and third party consulting and technology providers, to gain a better understanding of CBDC’s functionality and to test various design options.” 

Noted as well, is that SAMA will continue to experiment on CBDC solution as an infrastructure enabler of innovation in financial services that has the potential to contribute to a more resilient payment ecosystem and accelerate digital transformation in the local financial sector.

SAMA stresses that although no decision has been made regarding the introduction of CBDC in the Kingdom, it continues to focus on exploring the benefits and potential risks of implementing CBDC. This will contribute to informed decision-making within SAMA and to CBDC explorations within the central banking community.

Prior to this announcement, SAMA had hired Mohsen Al Zahrani as Head of Virtual assets and CBDC program. This seems to be the first fruit of efforts made. 

In 2020  SAMA successfully conducted CBDC experiment “Project Aber” in 2019, an initiative in collaboration with the Central Bank of the UAE to examine whether distributed ledger technology could contribute to seamless cross-border payments.

During the 2023 World Economic Forum’s session on Financial Institutions innovating under pressure, the Saudi Arabian Minister of Finance Mohammed Al Jadaan states that while CBDCs have privacy issues they are fantastic tool in developing countries.

42 percent of UAE youth and middle aged residents have held crypto, stablecoins and NFTs

42 percent of UAE youth and middle aged residents have held crypto, stablecoins and NFTs

In Checkout.com’s third annual report on digital transformation in MENA for 2022, it found that e-commerce in the UAE had settled into a stable high growth era. The report states that consumers in the UAE are turning to their digital devices and spending more time and money online. Even payment methods are evolving in the UAE with more turning to crypto and digital wallets.

The report confirms that 42 percent of 18-40 year olds in the UAE have held digital assets such as crypto, stablecoins and NFTs, and 59 percent of 18-40 year olds would like to be able to pay for goods and services in crypto or stablecoins in the next 12 months. 

The digital transformation in MENA 2022 report draws insights from a regional survey which polled more than 15,500 consumers in August 2022 in the UAE, KSA, Egypt, Qatar, Kuwait, Bahrain and Pakistan.

96 percent of UAE consumers now shop ecommerce, an increase from 89% from last year. This comes as a testament to the continued consumer demand of the flexibility and comfort to shop online.

According to the report, 4 in 10 consumers in UAE shopped online weekly or more frequently in 2022. Moreover, the eCommerce market in the UAE is expected to grow further over the next 12 months with 80% of UAE consumers saying they will maintain or increase their current level of ecommerce spending into 2023.

75 percent of consumers in UAE cite a digital payment method as their preferred payment option for ecommerce, a near doubling in the popularity of digital wallets compared to figures from 2021.

Moreover, 45% of consumers in the UAE say they used BNPL in the last 12 months, an increase from just 21% who used it the year before, this number is expected to surge further with an additional 27% planning to use BNPL in the coming 12 months.

Preference for social commerce in the UAE more than doubled, reaching 16%. Regionally, 20% of consumers in MENA say they most frequently shop ecommerce in a social media channel which represents a 43% growth in the past 24 months.

Remo Giovanni Abbondandolo, Senior Vice President for MENA at Checkout.com, stated,  “The report validates our conclusions from last year – that the UAE’s eCommerce and digital payment ecosystem is growing rapidly. The UAE is one of the most connected societies in the region and consumers here have achieved a high level of maturity when it comes to eCommerce, they are at the top of eCommerce usage in the region and globally.”

He adds, “Additionally, the growing trust in online payments by shoppers means the digital transformation of the region’s retail sector is well underway. This is underlined by the emergence of Web3 as a key component of the online experience, with shoppers showing a significant appetite for transacting on-chain, and a desire both to be paid and to pay in digital currencies.” 

Bitcoin Payments in Bahrain being tested by Central Bank of Bahrain

Bitcoin Payments in Bahrain being tested by Central Bank of Bahrain

OpenNode, a “Bitcoin-as-a-payment-network” infrastructure company, has started testing a Bitcoin payment processing and payout solution in Bahrain, with the Central Bank of Bahrain’s regulatory Sandbox.

OpenNode intends to provide the infrastructure to help the country grow its economy and will showcase why Bitcoin is synonymous with better business.

Bahrain was one of the first to grant a crypto exchange license to RAIN crypto exchange and since then has accepted in Binance and others.

The CBB authorized OpenNode to participate in the new Regulatory Sandbox Framework that allows FinTech firms to test their ideas and solutions in the Kingdom.

OpenNode intends to bring payment innovation to Bahrain in using Bitcoin. 

Afnan Rahman, CEO and Co-Founder at OpenNode, stated”This is a watershed moment for the people of Bahrain, the Middle East and the Bitcoin economy as a whole. OpenNode’s leading Bitcoin infrastructure solution continues to pave the way for countries, governments and reputable financial institutions to adopt the Bitcoin standard and transact on the lightning network.”

OpenNode  is currently active in more than 160 countries around the world.

Dalal Buhejji, Executive Director – Investment Development for Financial Services at the Bahrain Economic Development Board said, “We are proud to have worked with the Central Bank towards establishing a strong financial services ecosystem within the Kingdom of Bahrain. As a country, we have always been ahead of the curve in adopting Fintech solutions thanks to our regulator’s flexibility and forward thinking. Financial services is an important sector within our economy, and fintech platforms such as the one soon to be tested by OpenNode are essential to ensure we continue to innovate while simultaneously adhering to best regulatory measures.”