Revolut hires Ambareen Musa as CEO of UAE entity

Revolut hires Ambareen Musa as CEO of UAE entity

After news that Revolut whose global mission is for every person and business to do all things money — spending, saving, investing, borrowing, managing, and more — in just a few taps, had applied to the UAE’s central bank for an electronic-money institution license to offer remittance services, with the ultimate goal of securing a full banking license, similar to the one it recently obtained in the UK, and of Mubadala’s investment in Revolut, Revolut has appointed its CEO for UAE.

Ambareen Musa announced on Linkedin, that she is now the CEO of Revolut UAE. She noted, “Very excited to share that I am taking on the role of Chief Executive Officer – UAE at Revolut!” Ambareen was previously the Founder and CEO of Souqalmal, which was the first regional online comparison site for financial and non-financial consumer products.
This is not the first appointment for Revolut in UAE, the company has been hiring key roles in finance, legal, compliance, crypto, engineering, and product development in Dubai.

Founded in 2015, Revolut began as a multi-currency prepaid card and app, evolving into a financial super-app offering services from international transfers to stock trading. It now serves over 45 million personal and 500k business customers globally.

Revolut also offers its users crypto services in its mix of offerings, trading, transferring and others. It offers 210+ carefully vetted tokens
All tokens as per the website pass stringent checks before being listed. Revolut crypto offers allows users to move BTC, ETH, USDT and 30+ other tokens between their wallets.

Revolut first entered the UAE in 2022, establishing a team of 140 at the Dubai International Financial Centre. CEO Nik Storonsky has long aimed to enter the Gulf market, though licensing challenges have previously restricted UAE residents from opening accounts.

Alongside its UAE ambitions, Revolut is also eyeing neighbouring Saudi Arabia as a growth market.

Abu Dhabi’s Mubadala sovereign wealth fund is expected to help Revolut secure regulatory approvals, aiding in its pursuit of a full banking license in the UAE.

Revolut has seen its valuation rise to $45bn after Mubadala, Abu Dhabi-based sovereign wealth fund acquired a stake in the company. According to the Financial Times, the deal will see Revolut founder Nik Storonsky collect a minimum of $200m.

Revolut employees sold $500m worth of shares in August with Storonsky accounting for around half of the share sale.

Mubadala was one of the investors to purchase the shares, along with DI Capital Partners, Tiger Global and Coatue, although it is not clear how many shares Mubadala purchased or the size of its stake.

WadzChain, affiliate of UAE licensed WadzPay launches a Hybrid blockchain

WadzChain, affiliate of UAE licensed WadzPay launches a Hybrid blockchain

WadzChain Network, a blockchain technology infrastructure provider, an affiliate to WadzPay which has received a VASP license in UAE pending final requirements, has launched a hybrid blockchain intending to transform global payments for businesses by catering to all types of payments needs including micropayments, high-volume payments, disbursements, benefits and many more. 

As per the press release, the platform meets the needs of government, corporations, merchants and consumers while being highly scalable, with the capacity for up to 10,000 TPS. Its hybrid architecture (Layer 1 public, Layer 2 private) uses Proof of Stake (PoS) for public consensus, and Proof of Authority (PoA) for private consensus, ensuring fast, secure transactions. Interoperable and compliant with global regulations, WadzChain supports multiple digital assets and payment gateways, offering smart wallet integration, comprehensive payment features, and flexibility for businesses to operate in both public and private environments.

The press release notes that network has strategically shifted its focus to solidify its long-term growth. This renewed emphasis is on building the core of the business with purpose-built technology, ensuring its foundation is robust and aligned with future opportunities.

The company notes that these advancements may involve internal restructuring to optimize operations, the approach is being managed carefully to ensure the organization remains agile and fully committed to serving its community and all critical stakeholders.

Commenting on the launch, Mr. Anish Jain, Founder, WadzChain Network, said, “At WadzChain Network, we are leveraging our experience in the global payment industry to create a secure and user-friendly payments platform for global enterprises. Our vision is to become the central switch for all payments globally, providing interoperability across all digital currencies, including CBDCs. As the payment ecosystem evolves, WadzChain will serve as the backbone, offering unparalleled scalability, security, and flexibility. We are committed to building a global, future-proof solution that addresses the complexities of modern payment systems.”

Senior Vice President at WadzChain Network – Stas Madorski said, “WadzChain represents a new frontier in global payments, where speed, security, and scalability come together seamlessly. Our hybrid blockchain is designed to empower businesses with the tools they need to thrive in an increasingly connected world. With its hybrid approach, modular infrastructure, and the company’s deep understanding of payment demands, we believe that WadzChain will become the default blockchain payments platform globally.”

With the Testnet launch, WadzChain invites developers to build the next generation of payment applications on its versatile infrastructure. The blockchain offers developers the freedom to create tailored solutions that address real-world business challenges while taking full advantage of WadzChain’s scalability, security, and speed with decentralised finance (DeFi) support.

The WadzChain Testnet is just the beginning. Based on feedback and the success of this testing phase, WadzChain will move towards the phased launch of its mainnet.

UAE based Al Maryah bank launches blockchain digital wallet

UAE based Al Maryah bank launches blockchain digital wallet

Al Maryah Community Bank, a digital bank in the UAE has announced the launch of what it calls the first UAE Blockchain enabled national digital wallet, called Mbank Wallet.

As per the X post, “Al Maryah bank Introducing Mbank Wallet: UAE’s first national digital wallet using decentralized blockchain technology, enhanced with QR technology, and linked to Jaywan.”

Jaywan is the UAE’s domestic card scheme. Users open an account with their Emirates ID and add a the Blockchain enabled digital wallet with an IBAN.

The post adds that the Mbank wallet will allow for better financial inclusion within the UAE.

The new digital wallet will allow seamless financial transactions; send, receive, request, and pay money effortlessly, as well as send funds globally.

The Mbank Wallet is already accepted in TAMM, Emarat, Select Market, and Air Arabia.

In May 2024 Al Maryah Community Bank (mBank) has entered into a Memorandum of Understanding with Dubai Multi Commodities Centre (DMCC). This collaboration aims to streamline the account opening process for businesses within DMCC through an Mbank integrated digital platform.

Utilizing Mbank’s Corporate Platform, companies seeking to establish themselves in DMCC can now digitally complete their business bank account opening in six steps, within 48 hours.

In November 2023 Al Maryah Community Bank chose to leverage the services of Ripple ODL partner LuLu to facilitate cross-border money transfers.

UAE regulated AMINA crypto bank launches payment network

UAE regulated AMINA crypto bank launches payment network

AMINA Bank, an authorized digital assets bank regulated by FINMA and within ADGM in UAE, unveiled the AMINA Payment Network (APN). Tailored for crypto banking, APN streamlines real-time payments among its members, fostering seamless financial transaction

As per the press release, APN supports CHF, EUR, and USD payments between APN members, providing flexibility and efficiency for individuals and businesses. Additional currencies will be added in the near future. The launch of the APN further solidifies AMINA Bank’s role as a prominent player in crypto banking.

Members can join with an introductory offer of zero membership and transaction fees. The APN is currently available to existing AMINA Bank clients. Members must have an AMINA current account to access the network.

Officials from AMINA Bank said that in an age where 24/7 cryptocurrency asset markets are normalised, and wider global crypto adoption continues to grow at pace, the demand for faster transactions is no longer a want, but a need. With the introduction of the AMINA Payment Network, the facilitation of seamless cross-border transactions between network members across the globe is realised, and the required efficiency of money markets can meet the demands of the current financial landscape.

AMINA Bank has a Swiss banking and securities dealer license from FINMA, as well as hubs in Abu Dhabi and Hong Kong allowing it to offer fiat and crypto services to progressive investors.

Cardano accelerator invests in KSA startup using USDC stablecoin for payments

Cardano accelerator invests in KSA startup using USDC stablecoin for payments

Singaporean Blockchain venture fund and Cardano accelerator, Adaverse, with offices in KSA, UAE, has strategically invested in Sorbet, a Saudi Arabian startup geared towards helping freelancers to manage and transact with clients. Sorbet uses Circle Payment services, better known as stablecoin USDC to help clients and freelancers carry out instant payments.

The investment, part of a $10 million initiative to foster venture-building in the region, aligns with the economic upswing projected for the region’s digital economy.

The MENA digital freelance market is currently values at $4 billion and while expected to grow it faces inefficient payments systems which according to the press release affects 40 million self employed workers.

Sorbet’s vision is to onboard all creatives onto web3 by removing the technical barriers traditionally associated with dApps. The tool leverages blockchain technology to provide a seamless payment solution using stablecoins.

Rami Djebari, co-founder of Sorbet, expressed enthusiasm about the partnership: “Receiving support from an experienced partner like Adaverse will accelerate our development and enhance our market strategy. This collaboration is a milestone in breaking down financial barriers and enabling limitless growth opportunities for professionals in the region.”

Sorbet Beta will further refine the freelancing experience by integrating project management tools and streamlined payment processes. As per Sorbet website, it charges 2.5% when clients send money to freelancers.

Vincent Li, founding partner at Adaverse, commented on the investment stating, “Sorbet exemplifies the potential of blockchain to enrich and enhance economic systems. We are excited about the potential Sorbet holds for economic upliftment in line with Saudi Vision 2030.”

The Sorbet Beta, launching this May, will introduce essential features to improve the freelancing experience. This suite of work tools will focus on streamlining project management, simplifying payment processes, and facilitating better client interactions, all designed to help freelancers transition smoothly into a more connected and efficient digital workspace.

In March 2024, Adaverse, signed an MOU with Saudi based ASFA Ventures to drive Web3 innovation in KSA and beyond. Adaverse has also invested in Saudi Arabian Blockchain Insurtech startup TAKADAO, in addition to Nuqtah NFT marketplace.

UAE Central Bank grants in principle approval to Telr payment

UAE Central Bank grants in principle approval to Telr payment

Telr, a payment gateway provider of payment gateway solutions provider has been granted in-principle approval for the Retail Payment Services & Card Schemes (RPSCS) License from the Central Bank of the United Arab Emirates (CBUAE). According to Telr blog this is a pivotal moment in Telr’s journey towards revolutionizing the digital payment landscape in UAE.

Khalil Alami, Founder & CEO of Telr, said: ‘I am thrilled to have achieved this historic milestone. This milestone is not just a reflection of Telr’s dedication but also of the dynamic and innovative spirit of the UAE’s fintech landscape. We are deeply honored by the UAE Central Bank’s trust, and we remain committed to pioneering digital payment solutions that elevate businesses and drive economic growth across the region.’ Alami added, ‘With great pride, we will continue empowering businesses on their journey to success while further cementing the UAE’s esteemed reputation as a leading payment hub in the region’.

Telr’s mission is to build connections that remove fragmentation in the e-commerce ecosystem, enabling customers to transition to cashless transactions and digitize the payment acceptance process. Telr has focused on empowering businesses to expand globally since 2014 through its one-stop-shop approach, offering a wide range of services for the e-commerce sector, including secure payment options, real-time monitoring, and specialized business solutions.

Telr has also introduced Telr Split Payments, a service that simplifies the reconciliation processes for UAE merchants. Additionally, Telr has launched Telr Finance to provide quick access to business capital.

Established in 2014, Telr, the UAE-based award-winning payment gateway solutions provider, offers a unique platform that enables payment handling in over 120 currencies and 30 languages in the UAE and KSA with the highest level of security. Through a single integration, Telr grants access to every payment method, including Visa, Mastercard, American Express, UnionPay, JCB, Apple Pay, PayPal, SADAD, Mada, STC Pay, and urpay.

Last month Telr announced its partnership with Fils, an ESG-focused digital infrastructure fintech which utilizes blockchain technology.

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.”

Ripple reportedly partners with Egyptian Bank for blockchain payments

Ripple reportedly partners with Egyptian Bank for blockchain payments

Ripple Blockchain cross border payments provider has partnered with Commercial International Bank (CIB) in Egypt to leverage XRP for faster, secure and cost effective transactions in the remittance sector.

This strategic alliance aims to revolutionize the way cross-border payments are conducted, leveraging Ripple’s cutting-edge technology and the digital currency XRP to enhance international remittance services. The collaboration, heralded by industry experts, signifies a major leap forward in financial innovation and efficiency.

This collaboration follows Ripple’s announcement to increase its activities in the United States, signaling a broader strategy to cement its position as a leader in blockchain technology and digital currency. The alliance with CIB, one of Egypt’s premier financial institutions, is particularly noteworthy as it positions the bank as the second major Egyptian bank, after the National Bank of Egypt (NBE), to embrace Ripple’s technology for cross-border transactions.

Prominentmember of the Ripple community on the X platform (formerly known as Twitter), Wrathofkahneman,  published the news that fintech heavyweight Ripple Labs has onboarded another major customer, sharing a link to the 2024 Fintech Report, Egypt.

The report states that Commercial International Bank (CIP) based and operating in Egypt is now collaborating with Ripple to integrate its blockchain technology in order to “enhance the efficiency of cross-border payments.” He wondered whether the bank will also integrate the XRP token itself as part of its collaboration with Ripple.

As per the recent report by law firm Shehata & Partners, CIB integrated Ripple’s technology to transform cross-border transactions.

Hayvn to onboard new CEO with new direction

Hayvn to onboard new CEO with new direction

After the confusion and speculations surrounding the situation of UAE based Hayvn a digital asset focused financial institution, providing trading, asset Management, custody, and payments, Ahmed Ismail, Board Member & Co-Founder clarified a few facts to set the record straight and bring hope that the future is bright for Hayvn, and for the digital asset scene.

First and foremost Ismail firmly and unequivocally stated that client funds are totally safe and have not been touched and as such Hayvn continues to serve its clients with the utmost professionalism and care. He explained to LaraontheBlock, “Clients funds are safe globally. All our client’s funds are safe wherever they reside.”

Secondly the company under the intern leadership of Tim Grant ,CEO, Deus X Capital, Stuart Connolly CIO, Deus X Capital & HAYVN Board member and Ismael himself, are currently cleaning up house, setting their strategies for the company and looking to hire a CEO to replace Christopher Flinos.

Ismael stated, “We are firmly committed to Hayvn and to its success. Sometimes things don’t go as planned, yet despite this Hayvn is doing well. Its revenues were up in the past month and we are looking forward to hiring a new CEO to replace Flinos.”

In terms of the technical and technology issues in Hayvn, Ismael reaffirms that technically all things are running smoothly. He admits that there were glitches when they were migrating to the new platform, yet clients were made aware that this might happen and all things were handled and dealt with according to the highest modes of professionalism.

In terms of its regulatory status, Ismael reaffirms that Hayvn continues to be a globally regulated business through their entities in Australia, Cayman Islands and Lithuania.

In the final analysis while Hayvn has gone through a tumultuous experience, that doesn’t make it a failure yet. Companies throughout history have gone through ups and downs but what makes them survivors are the team of passionate dedicated individuals behind them.

If Binance, whose reputation and growth stemmed from one person, its founder and CEO CZ, and who had this year to face the SEC (Securities and Exchange Committee) and come out still alive and kicking, there is hope for digital asset, crypto companies everywhere.

2024 will be a pivotal year for Hayvn and its team; they will either come out stronger than before having learned from past mistakes and experiences, or they will fall into oblivion. Those following Hayvn closely for such a long time, can only wish them the former outcome.

African Onafriq payments to offer digital asset payments to GCC using Ripple

African Onafriq payments to offer digital asset payments to GCC using Ripple

Ripple Blockchain and crypto solutions provider has partnered with Onafriq, fintech payments entity, previously known as MFS Arica to offer digital asset enabled cross border payments in Africa, GCC ( Gulf Cooperation Council) countries as well as UK and Australia.

Onafriq utilizing Ripple payments, will open three new payment corridors between Africa and the rest of the world. In GCC Onafriq will be working with Blockchain enabled Pyyple fintech payments entity.

Antti Arponen, CEO at Pyypl, said: “The success of the GCC in drawing in people from all over the world to live and work here has made it a hub for remittance payments. So we are really pleased that our ever-increasing number of customers seeking to send money to Africa will greatly benefit from our new connection with Onafriq, which will allow them to send remittances quickly and cost-effectively to the continent. ”

The partnership is bringing faster, more efficient, and cost-effective international money transfers to Africa, and is set to accelerate financial inclusion across the continent.

“For a number of years, Ripple has supported crypto-enabled, cross-border payments to individuals and businesses, and we are particularly excited to expand the reach of our solution into Africa thanks to our Onfriq partnership,” said Aaron Sears, SVP, Global Customer Success at Ripple. “Connecting our partners PayAngel, Pyppl and Zazi Transfer with Onafriq over Ripple Payments will bring the benefits of faster and more cost-effective cross-border payments to individuals seeking to send money into Africa from around the globe.”

Onafriq has the largest mobile money movement footprint across Africa at a time when mobile money is a significant driver of financial inclusion and has revolutionized access to financial services across the continent. The fintech’s payment hub connects over 500 million mobile wallets across 40 African countries, and operates across more than 1300 payment corridors on the continent, underpinning regional payment interoperability and seamless cross-border payments.

The announcement is being made as Dare Okoudjou, Founder & CEO of Onafriq, is set to appear at Swell Global 2023, the seventh edition of Ripple’s annual customer conference, which this year takes place in Dubai.

Dare Okoudjou, Founder & CEO at Onafriq, said: “Our mission is to make borders matter less when it comes to payment within, to, and from Africa. We are advancing this mission through our partnership with Ripple, which is already enabling new types of connections with fintechs such as PayAngel, Pyppl and Zazi Transfer. These connections are set to enable fast, secure and low-cost remittances at scale between Africa and the rest of the world, and represent a bold first step for our crypto strategy to leverage blockchain technologies to amplify our impact on people and businesses on the continent.”