The Finance World Magazine| Edition: March 2023

Fintech News
Saudi Arabia Boosts
Startup with IMPACT46’s
$133.33M Fund Launch
IMPACT46, a Saudi Arabian venture
capital firm, has launched a new
fund worth $133.33M to support
startups in the Middle East and
North Africa (MENA) region. The fund
aims to provide early-stage and growthstage
companies with the necessary
resources and expertise to scale their
businesses and succeed in a competitive
market. The launch of this fund is in line
with the kingdom’s efforts to diversify
its economy and boost entrepreneurship
in the country. IMPACT46 plans to
invest in a range of industries, including
technology, healthcare, and education,
with a focus on companies that have
a positive impact on society and the
environment. This move is expected to
further enhance the startup ecosystem
in Saudi Arabia and the wider MENA
region.
Bahrain’s Beyon Money Takes a Step Forward with
TerraPay Partnership
Bahrain-based fintech firm,
Beyon Money, has announced
a partnership deal with UKbased
TerraPay, a leading
global mobile payments network.
The partnership will allow Beyon
Money to expand its reach and offer its
customers a wider range of services.
Through this deal, TerraPay’s network
of financial institutions and mobile
operators will now be accessible to
Beyon Money’s customers, allowing
for seamless cross-border transactions.
This partnership is a significant step
forward for Beyon Money as it seeks
Oman has launched an accelerator
program aimed at supporting
innovative fintech startups in
the country. The program, which
is designed to help early-stage companies
grow and scale, will provide participating
startups with access to resources such
as mentorship, training, and networking
opportunities. The program also aims to
help these startups secure funding and
to establish itself as a leading provider
of financial services in the region.
The deal will also support TerraPay’s
efforts to expand its footprint in the
Middle East and provide its partners
with access to a growing market.
Oman Boosts Fintech Ecosystem with Launch of
Accelerator Program for Start-ups
connect with potential investors. This move
is in line with the Omani government’s
efforts to diversify its economy and foster
innovation in the country. The launch of
this accelerator program is expected to
bring a boost to the fintech ecosystem in
Oman and provide a platform for local
startups to showcase their products and
services to a wider audience.
Dubai Fintech Revolution: Chamber of Digital Economy Addresses
Industry Challenges
The Dubai Chamber of Digital
Economy recently held a
discussion addressing the
challenges faced by fintech
companies in the region. The event
brought together leaders in finance and
technology to discuss ways to overcome
these hurdles and drive innovation in
the sector. The chamber emphasized
the importance of creating a supportive
ecosystem for fintech startups and
discussed potential solutions to issues
such as access to capital, talent retention,
and regulatory barriers. The discussion
also touched upon the potential of new
technologies, such as blockchain and
artificial intelligence, to revolutionize
the financial sector and drive economic
growth. The chamber’s efforts to address
these challenges and foster innovation
in fintech are further solidifying Dubai’s
position as a leading hub for digital finance
in the Middle East.
20 www.thefinanceworld.com March 2023