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Capital Bank of Jordan Launches ‘Blink’ digital-only Neobank

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Capital Bank of Jordan creates the first digital-only neobank

Capital Bank of Jordan partnered with Codebase Technologies to build Blink, the first digital-only neobank in Jordan for individuals and expected to be available for small businesses later.

The project officially commenced in late 2021, and in February 2022, Blink went live for Jordanian customers.

Blink was born out of the belief that “money is meant to be easy; it’s meant to work for people’s best interest, not the other way around,” According to Codebase. In just 15 minutes, Jordanians can open an account with Blink directly from their smartphone with their ID, allowing them access to an instantly issued virtual debit card and account.

A physical card will be delivered to the chosen address of the user. The users can manage their accounts, send and receive money, withdraw money from domestic and international ATMs, and view their transaction history.

Blink also created a brilliant option that is to provide its users with instant credit cards, which are issued within 3 minutes of an application and do not require a salary transfer by the customer.

“Built using Codebase Technologies’ award-winning DigibancTM platform, Blink incorporates an innovative UI system based almost exclusively on swiping – similar to how millennials and Gen Zers interact with social media – the first of its kind for a neobank,” Codebase commented.

Capital Bank of Jordan and Codebase Technologies cooperated to develop Blink’s proposition, user journeys, launch strategy, and overall user experience. Blink’s enhanced agility and efficiency will foster the growth of Capital Bank of Jordan and counter security threats, high operation costs, and lack of transparency, which are critical factors in digital banking from a customer and banks standpoint.

“Blink will disrupt traditional banking by addressing the existing gaps from both banks’ and customers’ perspectives. We’re grateful to Codebase Technologies for being a committed partner and helping us in our journey of building a neobank. The chemistry between both teams was fantastic, and we’re happy the team helped us bring our vision to life so quickly and to such a high standard. We look forward to further growth in the product and expansion to new markets in the future.” Blink CEO Zein Malhas commented.

“The launch of Blink was a huge milestone for Codebase Technologies in Jordan and for the market. Building and launching the first neobank in Jordan is no small feat, and we’re happy to have worked on this with Capital Bank of Jordan. The collaborative effort on this project was really inspiring, and we look forward to continuing our work with Capital Bank of Jordan and their amazing team.” Codebase managing director for MENA Tamer Al Mauge added.

It is known that Capital Bank Group is one of the largest banking institutions operating in the Jordanian and regional markets established in 1995, with assets of 4 billion Jordanian Dinars, while the total rights of its shareholders amount to nearly 400 million Jordanian Dinars.

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Saudi Fintech Lendo Signs MOU with J.P. Morgan

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Saudi Startup Lendo Joins Forces with J.P. Morgan to Enhance SME Financing

Lendo, a Saudi Arabia-based Shariah-compliant crowdlending marketplace, has signed a Memorandum of Understanding (MOU) today with J.P. Morgan to improve access to financing for small and medium-sized enterprises (SMEs) across the country.

The MOU was signed during 24 Fintech, a premier fintech event that brings together industry leaders, innovators, and investors in Riyadh.

J.P. Morgan and Lendo are working together on potential opportunities to support the SME sector in Saudi Arabia in growing and sustaining the remarkable demand in this market.

“This strategic collaboration with J.P. Morgan, a pioneer in the financial industry, marks a significant milestone for Lendo,” said Osama Alraee, CEO and co-founder of Lendo. “By combining our strengths, we’ll deliver cutting-edge financial solutions to SMEs, supporting their growth and contributing directly to the realization of Saudi Arabia’s Vision 2030.”

The SME financing landscape in MENA presents a substantial market opportunity as limited financial access continues to restrict the growth of the region’s businesses, with commercial banks hesitant to issue loans to SMEs at scale, resulting in a high percentage of declined financing requests annually.

The total SME financing gap in developing countries is estimated to be approximately $5.2 trillion, according to the International Finance Corporation (IFC).

Lendo’s debt crowdfunding platform aims to bridge the financing gap for SMEs, aligning with Saudi Vision 2030’s goal to significantly expand SME lending from 4% in 2018 to 20% by 2030.

According to the latest available report from the Saudi Central Bank (SAMA), the total value of debt crowdfunding in Saudi Arabia surged from SAR 1.4 million in 2019 to SAR 771 million in 2022, marking a remarkable growth.

Lendo raised SAR 132 million ($35.2 million) in total funding from leading investors, including the most recent Series B led by Sanabil Investments, a wholly-owned company by the Public Investment Fund (PIF).

Since its inception in December 2019, Saudi fintech Lendo has processed over 5,000 financing transactions on its platform, providing over SAR 2 billion ($600 million) in financing to SMEs and generating SAR 280 million ($74 million) in returns for investors.

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TA Telecom Introduces AnteThink: A New AI Decision Support Tool

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**TA Telecom Introduces AnteThink: A New AI Decision Support Tool for Enhanced Decision-Making**

TA Telecom, a prominent player in the Middle East’s tech sector, has unveiled AnteThink, an AI-driven tool designed to enhance decision-making processes for individuals and businesses alike.

With a history of influencing the tech landscape through various initiatives, including advanced mobile solutions, high-volume payment platforms, and ventures in e-commerce, fintech, and analytics, TA Telecom has carved a niche for itself. Serving a vast user base of 40 million and processing an impressive 15 billion transactions across its platforms, TA Telecom has cemented its position as a tech industry leader, with some of its ventures achieving the status of Y Combinator companies.

Established in 2000, TA Telecom has emerged as a prominent player in the technology sector. With over 40 million users and processing 15 billion transactions annually, TA Telecom has made a notable impact. Recognized for its contributions by the Financial Times and featured on Deloitte’s list of fastest-growing tech companies in EMEA, TA Telecom is known for its adaptability and forward-thinking approach in the ever-evolving global tech landscape.

Sameh Ibrahim, CEO of TA Telecom, highlights the potential of AnteThink: “AnteThink reflects our commitment to leverage technology for practical impact. It aims to provide clarity and confidence in decision-making, whether in the professional or personal sphere. AnteThink is a tool that can empower startup founders, executives, and individuals to make more informed choices, alleviating the stress and uncertainty often associated with critical decision-making.”

Mostafa Ashour, CEO of Y Combinator-backed startup NowPay, shared his perspective on AnteThink: “AnteThink transformed our strategic planning, allowing us to explore various scenarios and prepare for different outcomes. It has strengthened our decision-making process, helping us navigate the complexities of the business landscape.”

AnteThink embodies TA Telecom’s commitment to innovation, focusing on supporting the startup ecosystem. The tool is tailored to help leaders and executives navigate the complexities of business management and strategic development by providing a clear picture of potential outcomes.

Key Features of AnteThink include:

1. Second Order Mode: Offering a comprehensive analysis of broader impacts, fostering a strategic mindset for long-term success.

2. Optionality Mode: Enabling detailed evaluation and comparison of different choices to ensure decisions align with strategic objectives and values.

3. Inversion Mode: Focusing on identifying and mitigating potential risks, thereby strengthening risk management strategies.

TA Telecom Introduces AnteThink: A New AI Decision Support Tool for Enhanced Decision-Making

Credit: Antethink

AnteThink’s advanced AI technology aims to assist decision-makers with insightful analytics, offering guidance through the decision-making process.

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GoDaddy’s Global Markets VP Predicts Egypt’s E-commerce to Hit $9.88 Billion by 2028

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GoDaddy's Global Markets VP Predicts Egypt's E-commerce to Hit $9.88 Billion by 2028

Selina Bieber, the Senior Director of Global Markets at GoDaddy, has predicted a significant increase in Egypt’s e-commerce revenue. By 2028, it could reach $9.88 billion.

Godaddy is forming strategic partnerships and launching initiatives to help local entrepreneurs. These efforts align with Egypt’s digital transformation goals and its Vision 2030.

In an interview with the Arabic financial news “Amwal Al Ghad,” Bieber spoke about GoDaddy’s plans and how they match Egypt’s 2023 strategy. She highlighted the company’s aim to provide effective, easy-to-use digital tools and services. By 2024, GoDaddy wants to serve more customers in Egypt by making its digital tools more widespread.

The company is working closely with the Egyptian government, especially the Ministry of Planning. They are offering training programs to improve the digital skills of startups and existing businesses. GoDaddy’s services in Egypt include domain registration, web hosting, e-commerce solutions, and digital marketing tools.

Recent surveys support Bieber’s positive outlook for e-commerce in Egypt. They show a clear trend towards digital strategies among small businesses. Many are realizing the importance of having an online presence for their growth and success.

As GoDaddy continues its partnerships and supports government digital initiatives, its influence on Egypt’s digital landscape is growing. The company is committed to sustainability and reducing its carbon footprint. It aims not just for business growth but also to contribute to a sustainable and thriving digital economy in Egypt.

The 2028 projection indicates a vast potential for e-commerce, with GoDaddy playing a key role in this digital evolution.

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