- Bahrain’s Cnpsecure moves on to compete at virtual Central and Eastern Europe, Middle East, and Africa (CEMEA) competition on July 23.
- Bahrain’s Ryalize won Impact Award for positive social impact
- Visa shares findings from an independent study “Understanding the Fintech Landscape – GCC”:
- 71% attribute fintech growth in GCC to government support and regulatory initiatives.
- 58% of fintechs acknowledge that payments is the most prominent emerging space
- Open banking to drive the next wave of fintech unicorns
- 40% of fintech players said talent acquisition and retention is the biggest challenge
Visa Announces Winners of 2024 Visa Everywhere Initiative for Saudi Arabia, Bahrain, and Oman
Visa has revealed the winners of the 2024 Visa Everywhere Initiative (VEI) for Saudi Arabia, Bahrain, and Oman. This global open innovation program and competition for fintech startups provides a platform for participants to present their solutions for the future of payments and commerce. Alongside monetary prizes, VEI winners receive global exposure and validation from one of the world’s most trusted brands.
Saudi Arabia Winner: MoneyLoop
MoneyLoop, a digital rotating savings and credit association that employs Know Your Customer (KYC) processes to ensure low risk to users, won first place in Saudi Arabia. The fintech startup was awarded SAR 150,000 ($40,000).
Bahrain Winner: Cnpsecure
Cnpsecure, a turnkey solutions provider for issuers to adopt dynamic CVV and virtual cards, won the competition for Bahrain. The company received a prize of SAR 150,000 ($40,000) and will also participate in the CEMEA regional finals for VEI on July 23, competing for an additional SAR 75,000 ($20,000).
Oman Winner: HAL Capital
HAL Capital, a Sharia-compliant embedded direct financing fintech platform catering to underbanked Micro, Small, and Medium Enterprises (MSMEs) and individuals, emerged as the winner in Oman, receiving SAR 150,000 ($40,000).
Impact Prize: Ryalize
The third edition of VEI reintroduced the Impact Prize for solutions that positively impact communities, including initiatives that promote financial inclusion, sustainability, or environmental protection. Bahrain-based Ryalize, a liquidity solution provider for individuals with predictable income, won the Impact Prize, receiving SAR 37,500 ($10,000).
Industry Insights and Comments
Ali Bailoun, Visa’s Regional General Manager for Saudi Arabia, Bahrain, and Oman, expressed excitement about the winners: “We are thrilled to announce the winners of the third edition of the Visa Everywhere Initiative in Saudi Arabia, Bahrain, and Oman. My congratulations to Saudi’s MoneyLoop. This year’s competition was exhilarating with the impressive solutions our finalists introduced, and we are eager to see how they will transform the payments landscape in the region.”
Bailoun emphasized the role of fintechs in driving digital payments and contributing to the wider economy, highlighting the need for support in growth, infrastructure, resources, and guidance. He reaffirmed Visa’s commitment to fostering fintech growth through initiatives like VEI.
Expert Panel of Judges
Finalists presented their solutions to an expert panel of judges, including Nezar Alhaidar, CEO of Fintech Saudi, Yousif AlNefaiei, Deputy CEO of BENEFIT, Majid AlAmri, CEO of Thawani Pay, Godfrey Sullivan, SVP and Head of Strategy for CEMEA at Visa, Malak AlSaffar, Country Manager for Bahrain at Visa, and Thereshini Peter, VP and Chief Financial Officer for GCC at Visa.
Understanding the Fintech Landscape in GCC
To understand the challenges and opportunities of fintechs in the GCC, Visa commissioned an independent study identifying key themes for empowerment:
- 71% attribute fintech growth in the GCC to government support and regulatory initiatives.
- Top funding sources: corporate investors (25%), angel investors (21%), and bootstrapping (19%).
- 73% of fintechs see AI as pivotal for future growth, with payments being the most prominent emerging space.
- Other emerging areas include BNPL (Buy Now, Pay Later), AI opportunities, Web3, stablecoins, CBDCs, and crypto.
Challenges in Talent Acquisition
The study highlighted talent acquisition and retention as a significant challenge, with 40% of fintechs finding it difficult to recruit and retain top talent. Building customer trust was also cited as a challenge by 25% of surveyed fintechs.
Future Prospects
Since its inception in 2015, the Visa Everywhere Initiative has supported over 15,000 startups from more than 100 countries, helping them secure over $48 billion in funding. For more information on the Visa Everywhere Initiative, click here.
