It is not surprising that a Blockchain Fintech startup such as Abu Dhabi based Pyypl would raise $20 million in its Series B round from new and existing investors. Since its inception UAE based Pyypl with offices out of Hub71, has not only advocated financial inclusion but has built its technology to ensure it. It was name the one of the top 37 crypto startups to watch in 2022 by Techround UK.

About 22 per cent of the GCC’s population is unbanked, compared with 60 per cent in North Africa, according to a report by consultancy Strategy&.

Blockchain enabled Pyypl provides digital payments and financial services for all smartphone users to carry out online transactions, without the need for a bank account or credit card. 

Pyypl uses advanced Artificial Intelligence (AI) and Machine Learning (ML) for regulatory compliance, Anti Money Laundering (AML) and Counter Terrorism Financing (CTF). They are a full blockchain-native financial services backend-platform, having developed the technology themselves.

Their platform conducts real-time Politically Exposed Persons (PEP) and sanctions (both country and individual) screening against latest and historical UNSC, USDT, FATF, OFAC, and EUCFSF records, as well as all local databases.

Initially Pyyple was regulated and operational in both Abu Dhabi ADGM in UAE as well as in Bahrain. On its website it states that it has received authorization in Kenya, Mozambique, Kazakhstan, and is in preparations to expand to other countries. On its website its posts that the company is currently preparing for operations in Nigeria, Sierra Leone, Egypt, Saudi Arabia, South Africa, Tanzania, Oman, Qatar, Uganda, Namibia, Jordan and Kuwait. In previous months it began hiring in preparation for its Oman launch. Pyypl aims to be in 20+ markets within the next five years.

Through Pyypl’s platform, it is able to connect any smartphone owner into the formal financial system. Pyypl’s card services have been used by its rapidly expanding customer base at thousands of merchants globally, in over a hundred different currencies, by customers from over a hundred nationalities.

With connections to numerous global financial institutions facilitating cross-border money transfers, Pyypl’s solutions also cover many key remittance corridors in the region.

Pyypl recently became the first-ever company in the Middle East to deploy a “Blockchain On-Demand Liquidity” solution for its customer cross-border transfers, in partnership with Ripple, who also recently awarded the company with a prestigious “2021 Global Visionary” award . Earlier in 2021, Visa and Pyypl announced a Middle East and Africa Strategic Partnership Agreement, further positioning Pyypl as a leader in the region’s FinTech sector.  

With $78 billion in remittances in 2020 from Saudi Arabia and United Arab Emirates (UAE) combined, the Middle East and North Africa (MENA) region is home to two of the top three remittance corridors in the world. The region is also undergoing a fast-moving shift to digital and boasts one of the world’s most progressive financial regulatory environments.

Prior to the recent $20 million Series B round, Pyypl had raised $18.5m in its Series A round from a diverse group of investors from Europe, the US, Asia and the Middle East, including UAE-based venture capital company Global Ventures. At the time, the Pyypl app had been downloaded 2 million times since its launch in 2021, with the company growing to 150 employees.

The latest round brings total investment to close to $40 million, the company said, and will enable it to expand across the Middle East and Africa (MEA) as well as product development and new features of the company’s proprietary technology.

LaraontheBlock had spoken to Antti Arponen, CEO of Pyypl on expansion plans in Oman. He noted, “Our latest fund raise from earlier this year is being used to turbocharge Pyypl’s growth in our core GCC markets and expand into new ones – including Oman. Oman and the GCC region in general, are very competent, top-grade jurisdictions globally. Yet the relatively high proportion of people who are financially underserved makes it ripe for FinTech innovation. Oman’s young, tech savvy population is demanding digital payment solutions that work globally, and Pyypl wishes to contribute to growing a financial ecosystem in the country that can meet these expectations.”

He added that ultimately Pyypl’s aim was to reach 1 billion smartphone users in the MEA region. He stated, “Pyypl’s fast and secure digital payments services are already available at the tap of a smartphone screen in multiple MEA markets. Ultimately, our aim is to reach the 1 billion smartphone users in the MEA region.”

MasterCard Start Path Program chooses two of the newly announced seven start-ups from UAE. They include Abu Dhabi digital asset exchange Fasset, as well as Dubai based TBTM (Take Back the Mic) Studios which is building the world’s first blockchain-based media fintech, turning culture into currency by rewarding fans and compensating creators for building communities around great content.

In July 2022, Middle East and UK crypto exchange Fasset announced its collaboration with Mastercard to expand its financial reach in Indonesia, after the exchange raised $22 million USD. Fasset currently has operations in Bahrain and the United Arab Emirates. Fasset was granted authorization by the Central Bank of Bahrain to test asset tokenization in the country’s fintech regulatory sandbox.

MasterCard in its endeavor to enhance user experience in NFTs, Blockchain gaming and metaverse has chosen to collaborate with innovative fintech entities working in the Web3 and crypto sphere. 

MasterCard is providing through its program an express lane for Web3 and crypto startups to grow and an ecosystem for them to thrive. As per the press release, “Through the Mastercard Start Path global startup engagement program, we work with digital asset, blockchain and cryptocurrency-based companies that share a vision to make blockchain technology and digital assets more accessible. These companies are making strides to bridge the gap between Web2 and Web3 and meet consumers where they are today. We’re welcoming a new cohort of startups to ease access to digital assets, build communities for creators and empower people to innovate for the future through Web3 technologies. These companies will join the more than 350 companies from 40 countries that have participated in Start Path since 2014.”

Other start-ups include Singapore based Digital Treasures Center, U.S. based  Loot Bolt, Quadrata, as well as Uptop in addition to Columbian based Stable.

The newest Start Path cohort will engage in growth-essential opportunities including technology collaboration, mentorship, access to channels and customers, and the opportunity to accelerate their digital asset innovations and expand into new markets. 

Since its inception in 2014, Mastercard Start Path has fielded applications from over 1,500 startups every year and the program has helped more than 350 businesses attract well over $3.5 billion in funding.

Blockchain, digital asset and crypto companies are invited to apply for the Mastercard Start Path Crypto program.

Capex.com, which already holds a brokerage license in Abu Dhabi’s ADGM FSRA has now been granted an in principle approval for a cryptocurrency license from Abu Dhabi Global Markets.

CAPAX.com’s Founder and CEO, Octavian Pătrașcu, revealed that the new license will strengthen the brokerage platform’s cryptocurrency offerings in the lucrative Middle East and the North Africa (MENA) region. He stated on LinkedIN, “We are happy that we can start this new vertical under Capex.com and become closer to our main goal of offering a powerhouse of trading for our users, under one roof.”

Crypto approval came in addition to the broker’s existing license from the ADGM Financial Services Regulatory Authority (FSRA), gained in 2020, with which it offers traditional trading instruments.

Capex platform’s offerings are primarily trading services with forex and contracts for differences (CFDs) instruments of other popular asset classes. The platform quickly added crypto products as well, with the rising popularity of the asset class. It even expanded its cryptocurrency portfolio over the years, adding more assets.

The brokerage brand also strengthened its presence in the MENA region with several prominent hirings. Earlier this year, it added Fadi Reyad as a Market Analyst specific for the MENA region and Abdelhadi Laabi as MENA Chief Marketing Officer.

UAE Everdome, the interplanetary metaverse project will be launching its first rocket to Mars in December 2022. Everdome espouses 500,000 community members and partners including names like OKX crypto exchange, Alfa Romeo F1 team, and Pierre Gasly as well as others.

As per the announcement the  rocket launch represents a significant milestone in the development of the metaverse, gradually taking this new digital frontier from a frequently misunderstood concept to tangible reality.

 Everdome located in the United Arab Emirates at Hatta mountains, is where their web3 pioneers will embark first to their interplanetary spaceship ‘’Everdome Cycler’’ and then onwards to a new outpost for humanity on Mars. 

The rocket launch stage will see the earliest Everdome supporters and adopters, named “Tier-1 Evernauts”, embark from the Hatta Spaceport to the Everdome Phoenix (EVR Phoenix), a spaceship design inspired by imaginable and viable technologies , created in collaboration with the project’s space scientist partners.

This Everdome Phoenix will then rendezvous and dock with the immense Everdome Cycler in Earth’s lower orbit, a 3km long interplanetary vessel which will propel the first interplanetary metaverse community to their new settlement on Mars.

Everdome’s city on Mars is placed in Jezero Crater, a location chosen by NASA for its contemporary space missions. Once arriving in Everdome city, the pioneering Evernauts will enjoy multiple storylines and experiences, encompassing adventure, entertainment, learning and trading in this virtual, hyper-realistic metaverse space.

The city includes various land plots in six distinct districts, all offering specific possibilities for related brands, businesses, personalities and individuals to engage with old and new audiences alike in immersive experiences previously impossible in the confines of web2.

Everdome will be streaming this milestone launch live via YouTube for the world to witness the true potential of the metaverse, uniting both web2 and web3 audiences in a visual demonstration of the internets’ future.

Saudi Arabian, Saudi British Bank (SABB) is utilizing Contour Blockchain platform to enhance trade finance by improving letter of credit and guarantee procedures for enterprises and international businesses. SABB is working with local fintech entity Bwatech.

SABB is now the first bank in KSA to provide the ability to exchange commercial documents digitally, facilitate the procedures for letters of credit using a decentralized technology, and reduce dependency on paper documents and the time required for document settlement in commercial transactions. 

The Blockchain enabled Contour platform improves transaction security because the data that is shared on the network enjoys a high degree of protection and privacy, which reduces the risk of fraud.

The Bwatech platform boosts the automation of bank guarantees. This service aims to replace paper-based procedures with advanced technical methods by linking banks issuing these guarantees with their beneficiaries to expedite the implementation of the issuance and subsequent procedures.

Yasser Al-Barrak, SABB’s CEO of Corporate and Institutional Banking states, “We are extremely proud of the key role that SABB plays in the expansion and development of global trade, while contributing to our Kingdom’s economic and commercial development under Vision 2030. We are committed to make further progress in executing the bank’s digital transformation plans, in this instance to remove obstacles in Trade Finance, improve national trade flows and accelerate the pace of trade for companies operating in the Kingdom. To achieve this SABB is happy to leverage the latest technologies such as blockchain and is flexible enough to work with leading Fintechs. This will contribute to Vision 2030 goals to make the Kingdom a regional trade hub.”

SABB was the first bank in the KSA to complete an international trade transaction via Blockchain technology.

Contour blockchain has been working with various sectors across MENA to improve trade finance.

In early 2022 The European Bank for Reconstruction and Development (EBRD), and Egypt’s QNB AlAhli bank have facilitating three test letters of credit on the digital trade finance network Contour utilizing Blockchain enabled CargoX platform. The trial took place with QNB ALAHLI bank one of Egypt’s largest commercial banks, acting as issuing bank and the Blockchain enabled CargoX Platform used for electronic presentation of documents.

In September 2022 HSBC has executed a blockchain-enabled, trade finance transaction between Chinese car manufacturer SAIC Motor and the Taajeer Group, Saudi Arabia’s exclusive agent for MG cars. The transaction was conducted on the Contour platform and became the region’s first for the automotive sector.

Singapore based Contour blockchain launched in 2020  after a series of ground-breaking live pilots in 14 countries and a global trial with more than 50 banks and corporates, which reduced processing times for Letters of Credit by over 90%, from 5-10 days to under 24 hours for an industry of USD 18 trillion.

UAE metaverse project Eikonikos is launching an NFT collection with Lebanese fashion designer Aiisha Ramadan. Aiisha Ramadan started her couture clothing line from the UAE in 2007, her base for more than 30 years.

The new collaboration will set a milestone in the evolution of the digital fashion industry.

Eikonikos built on the Cardano blockchain platform seeks to transform the landscape of ecommerce, dating, gaming and learning.  The company raised $2 million USD in March 2022.

At that time Mohamed Vasif, founder and CEO of Eikonikos stated, “We are very determined to create a platform that directly competes and rivals metaverse giants like Decentraland and Sandbox.” 

 Vineeth, CMO and co-founder of Eikonikos added, “We will be able to interact with other Metaverse economies in the future. Building a dedicated and crypto-native audience that likes our dope Non-Fungible Token (NFT) designs, intense gameplay.”

On August 5, 2022, Eikonikos launched a premium genesis NFT passport for the global Web 3 community. Today Eikonikos is entering the digital fashion industry.

Mohamed Vasif states, “What is not possible in the physical realm is possible in the metaverse. Our digital fashion transcends physical reality. Eikonikos Digital fashion NFTs is not limited to clothing for avatars. These NFTs clothing will have special powers in the gaming world. We give 100% ownership to NFT holders and the possibility of commercializing them. For instance an aspiring designer can buy, own and even create physical products of these NFT designs. We are at the biggest evolution of the fashion industry. We are here making it.”

According to figures from investment bank Morgan Stanley, the digital fashion industry could be worth $50 billion by 2030.

The newly-announced partnership with Aiisha Ramadan to launch fashion NFTs is to leverage this emerging market. 

Chady Jriege, Co-Founder and Chief Financial Officer of Eikonikos, says, “The collaboration between Eikonikos and Aiisha Ramadan is one of the long lists of brand collaboration that we are working to establish. Aiisha is a celebrated designer and owner of the famous Lebanese brand AIISHA. She fashioned beautiful women like Charlies Theron, Paris Hilton, Ariana Grande, Bollywood celebrities like Aishwarya Rai, and a list of others. The collaboration between Eikonikos and Aiisha Ramadan will bring a unique set of NFT collections. The project combines fashion, art, blockchain technology, spirituality and healing to bring an astonishing collection of digital fashion NFTs.”

Aiisha Ramadan stated, “The role of the metaverse in health and wellness will expand our ability to go to places in our minds we never thought we could reach.  A lot of people have trouble imagining what their aura is like, what their chakras are like, so the metaverse is going to help us to manifest those long-spoken ideas and healing methods into something more tangible for people to feel and see more; it takes us to different dimensions of healing.”

The NFT collection will be launched during the last week of November 2022.

UK based Blockchain company Valereum has received consent from the Gibraltar Financial Services Commission (“GFSC”) to complete the acquisition of the Gibraltar Stock Exchange (“GSX”). Valereum will utilize GSX to expand access of early stage and small cap companies in the Middle East, India and Africa to European Capital.

In early 2022, Valereum stated that it would be purchasing 90% of the Gibraltar Stock Exchange (GSX) to create the world’s first bourse where shares and crypto assets can be traded

Valereum at the time stated that GSX would the first fully regulated bridge that links the fiat and crypto markets. As they noted at the time, “This will give listed instruments on the GSX access to a regulated pool of crypto capital that is not available anywhere else, and it will give cryptocurrency holders the ability to have a direct, verifiable holding in fiat securities.”

The recent press release notes that there is a significant gap in the available small cap markets where we will provide solutions building from the ecosystem of accelerators and incubators through a full suite of private and public markets. This will provide a new transnational access to capital.

In addition Valereum will be launching its NFT strategy in the first quarter of next year linking real world assets via NFT ownership.

Valereum also announced that its candidates for the new board of the GSX have all been approved by the GFSC. These appointments will officially take place with the completion of the change of control process. They include  Chairman: Richard Poulden, the Chairman of Valereum Plc., Executive Director: Patrick L Young, Chief Financial Officer: Jack Sun Non-Executive Directors will include Simon Brickles and James Lasry

The acquisition is expected to be completed in the first quarter of 2023.

Chairman Richard Poulden noted, “We are delighted to have received this news from the GFSC and look forward to completing the acquisition of the GSX. It is auspicious to be announcing this on the day of the Gibraltar Financial Services Lunch in London. We have ambitious plans for the GSX and for Valereum linking the fiat and digital worlds. All our expansion plans will be fully regulated in the environments in which we plan to operate. The GSX will harness proven exchange technology from established providers and will be updated with full front to back trading and clearing functionality on a significant scale and expandability.”

He adds, “Just as The Rock of Gibraltar has been a physical port for centuries, GSX will encourage a new generation of companies and assets to see Gibraltar as a virtual node in financial trade. In time we will seek an international listing for the Valereum group as we see this as a compelling investment proposition.”

All women luxury jet charter, ME Jets, partners with UAE digital asset service provider Hayvn to offer crypto payment services.

ME Jets Managing Partner Amy Spicer, stated,  “With the crypto world being relatively unknown to us at ME Jets we wanted a company that would offer a lot of support when getting started, and HAYVN did just that.  Our requirement was to partner with a global company with a local presence based here in the UAE,that supports local companies and builds a trusted business relationship. “

HAYVN CEO, Christopher Flinos, added, “Being an all-woman team who saw an opportunity, makes ME Jets pioneers in the aviation industry, much like HAYVN is in the digital asset space. Partnering with ME Jets ensures HAYVN continues our expansion of crypto payments into the aviation charter and brokerage industry, adding further credibility to our global presence and abilities”.

Hayvn’s customers in UAE include DAMAC properties.

Amidst what some might consider as bearish markets especially for the crypto mining industry given high energy prices and decreased value in crypto markets, UAE’s crypto mining hardware retailer, Phoenix Technology is investing $300 million in crypto mining sites across the globe.

As per recent news, Phoenix Technology is developing a large scale site in the United States which will be launched in Q2 of 2023. The site will utilize the latest mining technologies including immersive cooling.

Carl Agren, CEO of Phoenix Technology, stated, “Phoenix Technology is aiming to switch from a regional player in the mining space to a global one. In other words, developing, maintaining, and operating sites all around the world. We have been currently focusing on the North American markets, mainly the US and Canada. However, we are planning on setting foot in other regions to try to identify opportunities in untapped mining areas. We are devoting $300 million to be invested in different sites that are development opportunities, under development, or currently operational.”

The company has also signed a strategic partnership with MicroBT, blockchain and AI entity, making it the exclusive sales partner of WhatsMiner in the MENA region.

Phoenix Technology has claimed that it will develop partnerships with other companies that are also pushing the boundaries of mining, such as gas flaring, to bring more technologically advanced solutions to the local market and globally.

Recently Munaf Ali, founder and CEO of UAE-based Phoenix Group, stated that he believes MENA is fast moving toward crypto and blockchain adoption. In the interview he explains, “The Middle East is fast helping the global diversification of jurisdictions which are friendly to operate in. This goes for countries where crypto firms can set up, whether they are crypto exchanges or mining operations.”

In November 2021, Phoenix Technology announced that it signed one of the world’s largest purchases on record for crypto mining rigs, worth US $650 million. In an interview Munaf Ali stated that Phoenix was part of a project that would be developing a large scale crypto mining farm in the UAE.

Bahrain international Circuit is now accepting crypto payments using Bahrain’s Eazy Financial services, which has a partnership with Binance.

Using EazyPay, BIC will be provided with POS terminals at BIC outlets that will accept all types of debit and credit cards from Visa and MasterCard as well as the latest methods of payment using crypto assets via Binance application.

BIC is now the first International Circuit in the World to accept crypto assets Payments in a regulated, secure and extremely fast manner. 35,000 fans attended the F1 Grand Prix race in 2022 which is held at Bahrain international circuit.

The benefits of bringing in EazyPay to BIC will ensure simple and effective transaction journeys for customers, with a partner which is able to ensure first-class service.

“We are pleased to have brought on Eazy Financial Services as a POS service provider,” BIC Chief Commercial Officer Sherif Al Mahdy said.

“The services they offer will benefit our operations greatly while offering a smooth, hassle-free experience for our customers. We look forward to further building on our relationship for the benefit of both our companies.”

Nayef Tawfiq Al Alawi, Founder & CEO of Eazy Financial Services, said they are very proud to become the partners of the Bahrain International Circuit, the home of Motorsports in the Middle East, by providing EazyPay competitive, and innovative payment services.

Tameem Al Moosawi, General Manager of Binance Bahrain, said they are excited to welcome ‘The Home of Motorsport in the Middle East’ to the Web 3 Economy stating “This agreement enables BIC to become the first international racing circuit in the world to accept crypto-asset payments through Binance Pay’s partnership with EazyPay, showcasing how the Kingdom of Bahrain is continuously in the forefront, supporting regional & global players in keeping up with global trends.”

In late September 2022, Bahrain EazyPay, a payments solution provider, partnered with Binance’s Binance Pay to launch a regulated and approved crypto payments service offering in the Kingdom.

At the time, Nayef Tawfiq Al Alawi, Founder, MD & CEO of Eazy in Bahrain stated on LinkedIn,  “Now you can pay in stores with any preferred Cryptocurrency using Binance App.  A special thanks goes to Central Bank of Bahrain, Binance and Eazy Financial Services B.S.C (Closed) teams.”