Unsurprisingly, both the fintech startup and VC scenes are flourishing in the Middle East. In the first six months of 2022, MENA’s fintech market hit $819 million funding, nearly double the previous high. Additionally, MENA crypto investments have hit a new high of $187M, almost double the earlier high.
The governments of the Middle East are also actively promoting public and private sector adoption of some emerging technologies in response to the rapid development of digital economies worldwide. We have created a list of some blockchain-based fintech companies in the Middle East, driving innovation in the space.
Blockchain-Based Fintech companies in the Middle East
BitOasis
BitOasis, was founded in 2015 and has its headquarters in the United Arab Emirates. It claims that it is the largest and most trustworthy cryptocurrency platform in the MENA area. Trading and exchanging more than 60 cryptocurrencies are made simple and secure by the company, which has operations in 14 MENA nations. Forbes Middle East reports that as of July 2022, BitOasis had over 200,000 registered users. BitOasis is licensed by the UAE Central Bank’s Financial Intelligence Unit to provide virtual asset services. The Virtual Assets Regulatory Authority of Dubai granted it conditional permission in March 2022. (VARA).
Sarwa
Sarwa is a web-based service that facilitates easy and low-cost participation in global markets for investors in the Middle East. It is located in Dubai, UAE. It claims that it has the best minds in technology and finance backing it. The startup tailors investment experience to customers unique needs while employing innovative methods. More than 100,000 people use Sarwa, as reported by Forbes Middle East. Sarwa raised US$15 million in a fundraising round last year, bringing its total funding to around US$25 million.
Distichain
Distichain is a software as a service (SaaS) commerce engine providing Blockchain and AI-enabled B2B markets. It is based in Dubai, UAE. Verification, Trade Finance, and the Supply Chain are all part of this ready-to-go system. Their founders have been in the wholesale distribution and trading industries for over 40 years combined, and they got together in 2019 to create a B2B platform that is modeled around conventional in-person transactions. Therefore, Distichain was developed as an idea that reimagines international trade as a unified system accessible through a single platform. Their goal is to facilitate international trading for small and medium-sized enterprises (SMEs) without the need for any intermediaries.
MenaPay
MenaPay is the first payment gateway in the Middle East that is fully backed by blockchain technology. MenaPay substitutes conventional payment methods with a fully backed blockchain-based cryptocurrency. This facilitates transactions for many facets of daily life by providing a safe and transparent payment channel.
Takeaways
The Middle East is quickly becoming an internationally recognized powerhouse for blockchain technology because of increased investment in cryptocurrency and a culture that encourages local blockchain innovation.
