The bank says it will implement Microsoft Azure as one of its main cloud platforms for “some of its most strategic systems, functions, and data workloads”. 

The addition of Microsoft Azure is expected to provide “real-time data analytics, faster deployment of new services, and significant operational efficiencies”, according to Maybank.

Also included in the partnership deal is Microsoft 365 Copilot, which Maybank says will be rolled out to all 44,000 employees to provide them with “expansive AI-powered capabilities”. The bank adds that it will also utilise Microsoft’s security tools to “enhance its existing cybersecurity posture” with an emphasis on data protection. 

Maybank says the pair will also work to establish a Centre of Excellence for both companies to collaborate on developing new cloud and AI-powered services and to nurture “in-house talents in these areas”. 

Maybank Islamic Bhd, the Islamic banking arm of the Maybank Group to deliver a suite of new sharia-compliant digital products hosted on Amazon Web Services‘ (AWS) cloud infrastructure.

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The deal is expected to close in Q4 2025, subject to regulatory approval and other customary closing conditions.

Initially founded as Layer2 Financial by CEO Bhanu Kohli and CTO Tarun Mistry in 2021, Rail operates a platform that connects stablecoins with traditional fiat currency systems, enabling cost-effective cross-border payments through a single API. The infrastructure is said to be on track to process around 10% of all global B2B stablecoin payments this year, with use cases spanning accounts payable, accounts receivable, and treasury management. 

Rail maintains a network of 12+ banking partners to ensure redundancy, and also provides virtual IBANs and named accounts that allow businesses to transact with digital assets without needing dedicated crypto bank accounts or wallets. The company, based in Toronto, is backed by the likes of Galaxy Ventures and Accomplice.

With the technology, Ripple says it plans to offer “the most comprehensive stablecoin payments solution available in the market”. This combined solution is to support USD pay-ins and pay-outs across key corridors, new capabilities for third-party payments and internal treasury flows, and digital asset liquidity across various assets.

Ripple has been working to bridge the gap between traditional and decentralized finance (DeFi). Including Rail, the San Francisco-headquartered crypto and blockchain solutions firm says it has now spent over $3 billion on acquisitions and “strategic opportunities” to date, adding that it “remains committed to actively expanding through M&A”.

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CEIC returned to support this latest round, which was led by Tether and IDG Capital, with added support from Primal Capital, 1kx, Protein Capital, KX VC, 3KVC, Genting Ventures, Fuel Ventures, and Umami Capital.

The Miami-headquartered company will use the funds to scale its platform, which combines fiat on and off ramps with virtual bank accounts, real-time liquidity routing, and full-stack compliance tools.

The Transak platform is currently used by over 450 applications to offer fiat to stablecoin conversion through local payment methods, bank transfers, cards, and virtual IBANs, and has processed over $2 billion in transaction volume to date. Other core services include a checkout function for purchasing non-fungible tokens (NFTs) directly with fiat currency, as well as multi-level know-your-customer (KYC) solutions.

Web3 onboarding was the initial concept behind Transak, which was founded by CEO Sami Start and CTO Yeshu Agarwal in 2019. The company went on to launch its on-ramp solution in February the following year.

“Stablecoins are no longer just a crypto asset. They are now the rails for global value transfer,” Start comments, stating that a scaled application requires “real infrastructure” over just liquidity. “That’s exactly what we’ve built, and this round helps us scale it globally,” he continues.

Transak currently holds regulatory approvals in the US, UK, EU, Canada, Australia and India, and states that an expansion into the Middle East, Latin America, and Southeast Asia is “actively underway”.

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The partnership will benefit 11 million Qi cardholders in Iraq by integrating their everyday spend to Turkish Airlines’ Miles&Smiles rewards program. The new agreement will enrich their travel experience.

With 31 bank partnerships in more than 50 countries, Miles&Smiles program continues to be part of over 20 million members’ lifestyles. Qi Card aims to give them access to Qi Card’s trusted payment network, backed by 17 years of innovation and service excellence.

Member Benefits

With the new debit card linked to the Qi Card payment system, Iraqi consumers will be able to earn Miles&Smiles rewards directly from their daily spending while enjoying a secure and convenient payment experience both across Iraq and at millions of merchants and ATMs worldwide.

The benefits include point-to-mile conversion at a fixed rate, use of miles across more than 353 destinations in 131 countries through Turkish Airlines and its Star Alliance partners. In addition, customers will avail privileged services such as access to business lounges, seat upgrades, fast-track services, and exclusive bonus mile offers.

Strategic Partnership

This strategic partnership combines Qi Card’s deep understanding and expertise of the Iraqi market. Turkish Airlines’ global aviation excellence will deliver an integrated solution that blends financial convenience with world-class travel benefits.

“This partnership reflects our shared vision of enriching everyday experiences through smarter financial tools and aspirational travel rewards,” said Bahaa Abdul Hadi, Chairman of International Smart Card (Qi Card), and added: “We are excited to offer Iraqis a globally accepted, loyalty-driven product that rewards them for how they spend.”

Miles&Smiles Qi Card Mastercard is designed to meet the lifestyle and travel choices of Iraqi consumers. The card is fully integrated with Qi Card’s nationwide infrastructure and mobile platform, and can be used globally wherever Mastercard is accepted.

“This co-branded card shows our commitment to the Iraqi market and strengthens our presence in the region by transforming everyday purchases into Miles&Smiles advantages that will pave the way for more memorable experiences for Iraqis,” said Ahmet Olmuştur, Chief Commercial Officer at Turkish Airlines.

The card will be available soon through Qi Card’s national distribution network, with onboarding and customer service support provided round the clock.

Middle East Expansion

Following its landmark partnership with Turkish Airlines, Qi Card anticipates strong interest from other airlines based in Iraq and in the Middle East seeking similar collaborations to expand horizons and give a better experience for Qi cardholders.

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The collaboration aligns with Egypt’s Vision 2030 to create an integrated and sustainable digital economy, reflecting Fawry’s strategy to boost digital transformation and promote financial inclusion in the fintech sector.

Meanwhile, the partnership aims to offer seamless, secure, and more convenient services that meet the evolving needs of customers across different segments.

The two companies will join forces to enable merchants to leverage FORSA’s services, streamlining their daily operations and expanding their customer base through Fawry’s extensive network.

Bassem Lotfy, Head of Business Development at Fawry, said: “At Fawry, we are keen to expand our operations by collaborating with many flexible financial entities like FORSA, which reflects our commitment to providing diverse and secure digital solutions that support both merchants and customers.”

“These partnerships create added value for Fawry network and contribute to our main goal of enhancing the end-user experience,” Lotfy added.

For his part, Gasser Darwish, Chief Commercial Officer at FORSA, commented: “Our partnership with Fawry will play a pivotal role in reaching a larger segment of merchants and customers. We recognize the necessity and importance of integrating financing services at the POS, and we are committed to continuing these efforts in the coming period to simplify the purchase experience for customers.”

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Thndr, launched in 2020, is regulated by the Abu Dhabi Global Market’s Financial Services Regulatory Authority (ADGM FSRA). The platform offers access to markets in the UAE, Egypt, and the United States, and provides investment in various asset classes, including stocks, gold, mutual funds, and savings products.

Thndr set up its base in the UAE capital through the Hub71 start-up platform. Hub71 is a technology and startup ecosystem based in Abu Dhabi, United Arab Emirates, designed to attract and support entrepreneurs, innovators, and investors from around the world.

According to the company, Thndr processed  over USD 13 billion in trading value and executed 12 million trades in 2024.

With a market capitalization of approximately AED 3.1 trillion (USD 844 billion), the ADX is the second largest exchange in the MENA region and ranks among the top 20 globally by market value . The exchange has reported outperforming the MSCI Emerging Markets Index over the past decade and certain global indices over the past 20 years.

Abdulla Salem Alnuaimi, Group CEO of ADX, said the inclusion of Thndr marks a significant step toward strengthening trading links across the region’s capital markets. He noted that by being the first exchange in the GCC to admit Thndr, ADX is reinforcing its commitment to financial inclusion and expanding investment opportunities within Abu Dhabi’s capital market. He added that the move sets a standard for digital innovation and cross-border cooperation in financial services, supporting Abu Dhabi’s shift toward a knowledge- and investment-driven economy.

“Retail investors deserve access to a grade-A investment service. This partnership gives our users the chance to invest in one of the region’s strongest-performing markets over the past 5, 10, and 15 years, while also opening doors to exposure within MENA through Tabadul as well as beyond MENA. As an Egyptian founder, this moment is personal, it’s about building on the historic ties between Egypt and the UAE and creating new bridges for our communities to grow, invest, and win together,” said Ahmad Hammouda, Co-founder and CEO of Thndr.

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The Series A funding round drew investments from Peak XV Partners, formerly Sequoia Capital India & SEA, and other international and regional investors.

Alaan enables businesses to manage their finances. Its services include issuing corporate cards, automating expense management and streamlining payment workflows and reconciliation.

It intends to use the fresh capital to grow its business in the region, with a specific focus on Saudi Arabia. It also looks to strengthen its UAE base, scale its teams and speed up the development of its AI-powered finance operations suite, with plans including creating AI agents to automate tasks.

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This partnership introduces, for the first time, a Shariah-compliant BNPL solution by a Qatari fintech, enabling customers to make purchases through flexible instalment plans, promoting financial inclusion and supporting the growth of Qatar’s digital economy.

The partnership brings together QIB’s trusted banking expertise and PayLater’s fintech innovation to offer seamless, Shariah-compliant financial solutions tailored to the evolving needs of consumers and merchants in Qatar.

Aligned with QIB’s sustainability agenda and the Qatar Central Bank’s (QCB) strategy to encourage collaboration between banks and fintech companies, the collaboration reinforces QIB’s commitment to expanding digital financial services while supporting the local fintech ecosystem.

“Our partnership with PayLater represents a strategic milestone in QIB’s mission to revolutionise financial services by integrating innovation and accessibility, in line with the QCB’s strategy to support the collaboration between banks and fintech companies,” said Tarek Fawzi, QIB’s general manager – Wholesale Banking Group.

By joining PayLater’s fintech expertise, QIB is enhancing its offering with tailored, customer-centric solutions that empower individuals and create new growth opportunities for merchants, reinforcing our role as a leading digital bank, he said.

Mohammed al-Delaimi, co-founder and managing partner of PayLater, said these solutions are transforming how consumers manage their finances while offering merchants new avenues to grow their business.

“Our partnership with QIB highlights the potential of collaborations between fintechs and banks to create customer-centric solutions that redefine the financial landscape in Qatar,” he said.

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This move aligns with Qatar’s Third Financial Sector Strategy and its broader FinTech strategy, underscoring the QCB’s commitment to developing and regulating the nation’s burgeoning FinTech ecosystem.

The approval highlights the QCB’s dedication to fostering the financial sector and advancing key objectives outlined in the Third Financial Sector Strategy.

It’s important to note that while this grants Paywise LLC (Dibsy) the status of an Authorized FinTech Express Sandbox Participant for regulatory activities, it does not equate to full-scale licensing approval.

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The partnership brings together QIB’s trusted banking expertise and PayLater’s fintech innovation to offer seamless, shari’a-compliant financial solutions tailored to the evolving needs of consumers and merchants in Qatar.

Aligned with QIB’s sustainability agenda and the Qatar Central Bank’s (QCB) strategy to encourage collaboration between banks and fintech companies, the collaboration reinforces QIB’s commitment to expanding digital financial services while supporting the local fintech ecosystem.

Commenting on the partnership, Mr. Tarek Fawzi, QIB’s General Manager – Wholesale Banking Group, said: “Our partnership with PayLater represents a strategic milestone in QIB’s mission to revolutionize financial services by integrating innovation and accessibility, in line with Qatar Central Bank’s strategy to support the collaboration between banks and fintech companies. We are pleased to be at the forefront of Innovation in Islamic banking thru our partnership with PayLater, which represents a strategic milestone for QIB, this is in addition to extending our support to Qatari start-ups specialized in technology in line with Qatar National Vision 2030. By joining PayLater’s fintech expertise, we are enhancing our offering with tailored, customer-centric solutions that empower individuals and create new growth opportunities for merchants, reinforcing our role as a leading digital bank.”

Mr. Mohammed Al-Delaimi, Co-founder and Managing Partner of PayLater, said:“We are delighted to start this valued partnership with Qatar Islamic Bank to introduce BNPL solutions in Qatar. These solutions are transforming how consumers manage their finances while offering merchants new avenues to grow their business. Our partnership with QIB highlights the potential of collaborations between finTechs and banks to create customer-centric solutions that redefine the financial landscape in Qatar.”

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