Singapore-based FinTech Nium, which offers cross-border payments, has entered the Middle East.
The company was founded as InstaReM in 2014 and will cater to banks, financial institutions and large enterprises across the region, it said in a statement on Monday. It has appointed Ayoub Jemail as its new general manager for business development in the region.
“Nium has been at the forefront of FinTech innovation … I am confident that our capabilities will provide unique value to our customers,” said Mr Jemail, who was previously the regional vice president at Transpay, which was acquired by Mastercard last year.
“With the FinTech market estimated to reach a value of $2.5 billion across the broader Mena region and the launch of 5G later this year ... I believe there is tremendous room for growth for what financial technology can do in this region. I look forward to helping companies to drive better cost savings and efficiencies,” he added.
Nium, which operates in more than 100 countries, has completed five funding rounds to date, raising a total of $59.5 million since its inception. Its latest round, led by Visa and BRI Ventures, closed in May this year.
The digital payments business is booming, with the Covid-19 pandemic encouraging more businesses to deploy new technologies. Globally, digital payments are set to grow to $8.26 trillion in 2024 from $4.4tn this year, according to Statista.
The UAE is leading the adoption. Two-thirds of people expect the country to become fully cashless by 2030, according to a new poll by Standard Chartered. A McKinsey survey of UAE customers also found customers are 10 per cent more likely to use a credit card or a digital wallet, with 20 per cent stating they are less likely to use cash when making a payment.
Mr Jemail brings a wealth of experience in the FinTech industry to Nium, having worked with teams around the world, Prajit Nanu, co-founder and chief executive, said.
“His in-depth market expertise, as well as track record of managing sales and leading multi-market global teams in the industry, are valuable assets,” Mr Nanu added.
UAE currency: the story behind the money in your pockets
UAE%20ILT20
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Game Changer
Director: Shankar
Stars: Ram Charan, Kiara Advani, Anjali, S J Suryah, Jayaram
Rating: 2/5
10 tips for entry-level job seekers
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Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
MATCH INFO
Sheffield United 0 Wolves 2 (Jimenez 3', Saiss 6)
Man of the Match Romain Saiss (Wolves)
THE SPECS
Engine: 6.0-litre, twin-turbocharged W12
Transmission: eight-speed automatic
Power: 626bhp
Torque: 900Nm
Price: Dh1,050,000
On sale: now
MATCH INFO
First Test at Barbados
West Indies won by 381 runs
Second Test at Antigua
West Indies won by 10 wickets
Third Test at St Lucia
February 9-13
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
COMPANY%20PROFILE
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The Vines - In Miracle Land
Two stars
