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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The signing ceremony was attended by Emre Yalcin, Head of Retail Banking at UAB, Helal Tariq Lootah, and Alexandre Soued Co-Founders and Co-CEOs of Lune, along with senior executives from both organizations.

Leveraging Lune’s technology, UAB will enrich and transform raw transaction data into meaningful financial insights through a user-friendly interface—empowering customers with enhanced transparency and informed financial decision-making. The solution will also drive intelligent digital engagement, including personalized recommendations, contextual offers, and advanced financial planning features—all delivered through conversational digital interfaces.

Emre Yalcin, Head of Retail Banking at United Arab Bank, commented: “While the underlying technologies have existed for some time, we at UAB were not entirely convinced about the maturity of the outcomes—until now. Partnering with Lune, a homegrown fintech with deep expertise in the UAE’s payment ecosystem and cutting-edge technologies, gives us confidence in delivering the enriched digital experience our customers expect. This partnership enables us to offer context-rich financial insights, unlocking new opportunities for customer engagement, operational efficiency, and long-term growth.”

Helal Tariq Lootah, Co-CEO and Co-Founder of Lune, said: “We’re delighted to be working with United Arab Bank. This collaboration reflects our shared commitment to innovation, customer empowerment, and building a stronger, data-driven financial future. Together, we look forward to delivering meaningful impact and value to the market.”

The partnership reflects UAB’s ongoing commitment to digital transformation and reaffirms its strategic focus on leveraging fintech collaboration to deliver superior customer experiences.

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The signing ceremony was attended by Çağlayan Çetin, President of the Trendyol Group; Erdem Inan, CEO of Trendyol Group; Haluk Bayraktar, CEO of Baykar; Michael Evans, President of Alibaba Group; Mansour AlMulla, Deputy Group CEO of ADQ; and Yi Zhou, CFO of Ant International. Powered by the world-class AI, e-commerce and fintech expertise of the partners, the new venture aims to enhance the efficiency of financial transactions for individuals and small businesses across Türkiye, both within and beyond the Trendyol ecosystem, according to the statement.

The companies said the platform would target individuals and small businesses, with a particular focus on Trendyol’s network of sellers. “The project aims to combine Trendyol’s e-commerce infrastructure, Baykar’s AI and cybersecurity tools, and Ant’s experience in financial technology,” a statement said. Bayraktar, best known for its top-class drones, said the initiative would rely on domestic infrastructure and aim for high security standards. The platform is planned to be launched in the coming months following the approval of official institutions.

“We believe this unique alliance will accelerate Türkiye’s digital transformation and set an exemplary model for technology-driven financial solutions,” Çetin said. “Our ambitions are simple: We want to make financial services more accessible initially to our 250,000 SMEs to support their e-commerce and e-export potential with our strong data-analysis capabilities and to continue contributing sustainably and significantly to our country’s economic growth,” he added. Bayraktar stated that Baykar became a stakeholder in this cooperation to provide added value to the field of financial technologies by combining their world-class artificial intelligence and cybersecurity expertise with Trendyol’s e-commerce experience and Ant’s global knowledge in fintech. “Through this partnership, we are combining Baykar’s AI solutions and robust infrastructure with Trendyol’s extensive user base and fintech experience. With a focus on high standards in risk management and security, we will build a fully domestic fintech infrastructure,” Bayraktar said.

Evans said that this strategic cooperation, which is a testament to their confidence in Türkiye, will bring a valuable investment and an innovative financial technology platform to Türkiye. “We believe that smart, accessible digital financial services offered to individual and corporate customers in Türkiye will not only improve daily life, but also contribute significantly to the sustainable growth of Türkiye’s economy and the development of its financial ecosystem,” he added. AlMulla emphasized that Türkiye’s dynamic economy and growing digital environment continue to offer significant opportunities for all sectors. “This proposed collaboration brings together strong partners with complementary capabilities, reflecting shared interest in advancing innovative financial solutions that support the country’s broader digital transformation,” he said.

Yi mentioned that Türkiye holds a valuable place in global digital ecosystems with its young and digitally oriented population, as well as its well-developed e-commerce sector. “We are excited to work with like-minded partners and develop inclusive digital financial solutions for this vibrant digital economy with our cutting-edge technologies, including AI and blockchain,” he said.

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Through this collaboration, EazyPay will serve as Tamara’s local acquirer and provide advanced payment gateway services, enabling secure, seamless, and efficient transaction processing across Tamara’s expanding network of merchants and customers in the Gulf.
The partnership was formalized during a signing ceremony held on Wednesday, 25 June 2025, underscoring both companies’ commitment to advancing the region’s digital payments infrastructure.

Nayef Tawfiq Al Alawi, Founder & CEO of EazyPay, commented: “Tamara has rapidly become a key player in how consumers across the region choose to pay—particularly with the rise of BNPL models. By supporting their platform with our payment gateway services, we’re enabling a smoother, faster, and more reliable experience for merchants and customers alike. It’s a strong example of how fintech collaboration can deliver real value to the market.”

Faris Al-Obaid, CEO and Vice Chairman of Tamara Bahrain B.S.C., added: “We are absolutely thrilled to announce our strategic partnership with EazyPay in Bahrain, marking a pivotal moment for Tamara’s expansion in the MENA region. EazyPay, a leader in payment solutions, will not only serve as our local acquirer but also as a key strategic partner for our growing operations in Bahrain. This collaboration is a testament to our commitment to enhancing our service offering and delivering a seamless, elevated experience to our customers. We are confident that EazyPay’s local expertise and strong infrastructure will help us achieve our shared goals and promote financial inclusivity in the Kingdom.”

This strategic alliance also reflects EazyPay’s continued efforts to drive innovation and foster collaboration within the regional fintech ecosystem. As a homegrown Bahraini fintech leader, EazyPay remains committed to forging strong partnerships that support the wider digital transformation agenda shaping the future of commerce in the GCC.

By combining Tamara’s innovative consumer payment experience with EazyPay’s proven technology infrastructure, this partnership is set to elevate the digital commerce experience across the Gulf, creating greater value and convenience for businesses and consumers alike.

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Al Manassah is among the region’s first Sharia-compliant electronic platforms for trading Mudaraba-based Sukuk for partner financial institutions. Since its inception in 2013, the platform has processed over AED 199 billion worth of transactions, including more than AED 33 billion in 2024 alone; underscoring National Bonds’ commitment to enhancing the appeal of Islamic banking while addressing liquidity challenges and lack of a full fintech solution faced by financial institutions through a Sharia-compliant alternative.

With 13 partner banks and financial institutions onboard, including two of the UAE’s largest Islamic banks, Al Manassah has played a pivotal role in shaping a more agile and inclusive Islamic finance infrastructure. The platform offers a wide range of Sharia-compliant investment tools, supported by bespoke fintech solutions tailored to the needs of modern Islamic finance. Its seamless integration and high-end technology continue to set new standards for operational efficiency and ethical financial practice.

The platform enables licensed financial institutions to subscribe, transfer, and redeem Sukuk through a secure, fully automated process 24/7. With RAKBANK now integrated into the platform, more UAE customers will benefit from streamlined Sukuk financial options supported by operational transparency, regulatory compliance, and digital ease.

This partnership brings together two institutions with a strong track record in delivering Sharia-compliant financial solutions. RAKBANK will leverage Al Manassah to enhance its Islamic banking offering and execute transactions in real time.

Mohammed Qasim Al Ali, Group CEO of National Bonds, stated: “We are pleased to welcome RAKBANK to Al Manassah. This partnership is another step forward in our mission to empower wider access to the Sharia-compliant platform through fintech and digital innovation. As the UAE continues to lead in digital transformation and inclusive finance—and with the country’s ambition to become a global centre for the Islamic economy—collaborations like this are instrumental in turning that vision into reality. By working with like-minded institutions, we are making it easier for individuals and corporates to trade in Sukuk with confidence, efficiency, and peace of mind”.

Raheel Ahmed, Group Chief Executive Officer of RAKBANK, said: “This partnership with Al Manassah is a natural extension of our commitment to deliver innovative, Sharia-compliant solutions that empower our customers. By leveraging advanced digital capabilities, we can offer greater accessibility and flexibility to individuals and businesses alike. We are proud to support the UAE’s vision to be a global leader in Islamic finance, while further strengthening our Islamic banking proposition and deepening our connection with the Emirati community.”

National Bonds continues to scale the reach of Al Manassah across the UAE’s financial ecosystem. The platform’s growing network of partners, automated workflows, and unified trade standards are all underpinned by National Bonds’ deep expertise in Islamic finance and commitment to financial empowerment.

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With global Islamic finance assets surpassing $5.5 trillion USD in 2024, a report from Standard Chartered forecasts they could reach $7.5 trillion USD by 2028. This is largely from key markets like Saudi Arabia, Malaysia, Kuwait, and the UAE, with countries across Southeast Asia and Africa seeing increased demand for Shariah-compliant financial solutions.

Recognizing this, ZAD is expanding access to their local Kuwait market and Gulf Cooperation Council (GCC) markets like Saudi Arabia. Their expansion plans and commitment to making Shariah-compliant investing accessible has been a cornerstone of their success.

“If we were a conventional investment application, we would not have reached the growth levels that we have in the past couple of years. It’s very important for the people in the region. They really appreciate it, they want it, and they’re very careful with what they buy,” says Abdullah Alotaibi, ZAD’s Co-Founder and Deputy CEO of Fintech Brokerage.

ZAD has partnered with Alpaca to build these products, including Shariah-compliant Instant Funding, which was launched recently. They are also collaborating to deliver margin trading, options trading, and high-yield cash accounts, becoming one of the leading platforms to offer these products in a Shariah-compliant way.

While building Shariah-compliant infrastructure has presented unique challenges, the solutions developed with Alpaca’s Broker API are scalable across other Islamic regions. For instance, the margin trading product is an asset-backed lending model rather than interest-based, adhering to Islamic law. “There are service providers that tell you, ‘this is what we have, take it or leave it.’ Not Alpaca,” says Abdullah. “They listen to us. They understand the region well. They’re helping us offer the best possible products to our clients.”

“We’re grateful to be innovating with ZAD in the rapidly growing Islamic finance and are excited to be their partner in delivering Shariah-compliant margin trading, options trading, instant funding, and more. Shariah-compliance is a key focus at Alpaca as we look to support and expand financial accessibility globally,” says Yoshi Yokokawa, CEO and Co-Founder of Alpaca.

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Visa has announced the appointment of Tareq Muhmood as Regional President for Central and Eastern Europe, Middle East and Africa (CEMEA). In this role, Muhmood will oversee operations across more than 86 markets in the region, where Visa serves over 1,800 clients through 23 local offices.

Muhmood brings over three decades of experience in banking and payments. He most recently led Value-Added Services for Visa’s Europe region from London and joined the company in 2019 as Group Country Manager for Southeast Asia, based in Singapore. His previous roles include senior leadership positions at Ahli United Bank, ANZ, and HSBC.

Muhmood will be based in Dubai and reports to Oliver Jenkyn, Group President, Global Markets at Visa. He takes over from Andrew Torre, who has been appointed President of Visa’s Value-Added Services division. That unit has grown into a US$9 billion global business, with an annualized revenue growth rate of 20% since 2021. Commenting on his appointment, Muhmood said: “It is a great honor to lead the CEMEA region, and to continue the progress made in transforming the future of payments, commerce, and money movement across such dynamic markets. Having spent over a third of my career in the region, I am excited by the opportunity to further expand digital payments to more consumers, merchants, and economies. I look forward to working with our team to support growth with clients and partners throughout the region.”

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MENA fintech startups raised a combined $289 million in May, a 25% increase from April, with a Wamda report showing that the UAE contributed $86.7 million across 14 deals.

Coinciding with the announcement, the Dubai Future District Fund (DFDF) reported more than $1.65 billion in capital commitments last year, offering strategic backing to over 190 portfolio companies.

UAE-based entrepreneur and tech investor Abdumalik Mirakhmedov says DFDF’s influence is part of a wider, sustained effort by government authorities in the UAE that have created a dynamic, pro-business landscape appealing to both regional and international founders.

“The business environment here is phenomenal,” says Mirakhmedov, Director and co-founder of Scalo Technologies, the UAE tech venture company. “The government has established a regulatory framework that is so comfortable, and allows startups to build with confidence.

“The country’s appeal to entrepreneurs goes well beyond funding. Dubai and Abu Dhabi offer everything a startup needs to grow – access to capital, innovation infrastructure, talent, and a quality of life that’s hard to beat.”

Added Mirakhmedov: “The UAE allows us communicate with more prospective partners as a global technology group focused on fast growing sectors of the digital economy.”

“Startups here have easy access to venture capital and angel investors. Accelerators, co-working spaces, and research centres help early-stage companies get off the ground, creating a fast-moving and supportive startup scene.

“Sectors like fintech, AI, mobility, and e-commerce have grown rapidly, thanks to policy reforms, long-term visas, and government-backed funds aimed at helping young companies scale.”

Mirakhmedov points to both Dubai and Abu Dhabi offering the ideal setup for growth, with free zones built for tech firms, simple licensing, and no income tax all making it easier to launch and expand.

“There’s also real respect here for people who succeed,” he says. “Entrepreneurs feel welcome, and that’s backed by a professional business culture and a strong sense of personal safety. As more global startups look for stable places to grow, the UAE stands out – not just for its tools and support, but for creating the right conditions to succeed.”

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According to a report by the European Investment Bank, the number of fintech companies in Africa has nearly tripled since 2020. Many of these innovators focus on embedding payment services into broader solutions that tackle financial access, offering alternatives to legacy systems that often have a high cost to serve.

Fintech companies in Africa will now be able to easily access the full suite of Mastercard services. The collaboration aims to reduce complexity and speed up time to market for emerging players building digital financial solutions across the continent.

“At Mastercard, we are focused on powering the fintech ecosystem by enabling access to our trusted global network. Through our work with enza, fintech innovators in Africa will be able to deploy embedded payment capabilities more efficiently – helping accelerate financial inclusion and the region’s digital transformation,” said Mete Guney, executive vice president, Market Development, EEMEA, Mastercard.

As part of the agreement, enza will host consumer and merchant accounts, manage integration with Mastercard’s network, and ensure high levels of security and system availability. Fintech companies can configure pre-paid or post-paid accounts, and issue physical or virtual Mastercard cards. For businesses, enza will enable acceptance of Mastercard payments across in-store, online and in-app channels.

“enza is on a mission to make digital payments more accessible and affordable across Africa, helping to build a more financially inclusive continent that is ready and able to compete globally.

Our collaboration with Mastercard leverages our existing relationship to more effectively serve the fintech community. Together, we will provide innovators with a platform capability that means they do not need to build this aspect of their proposition and can get to market with greater speed and security,” said Andrew Key, Executive Director, enza.

Founded in 2023, enza is headquartered in Abu Dhabi, with regional offices in Egypt, South Africa and Nigeria. The company’s innovative payment infrastructure delivers the flexibility and agility needed to increase competitiveness, capitalize on new markets and develop new revenue streams through better serving consumer and business customers across Africa.

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