Dubai, United Arab Emirates
Visa announced that its Everywhere Initiative, an innovation program designed to encourage the development of the “next big thing” in payments, will expand into the Middle East and North Africa (MENA) region. Entrants in Visa’s first-ever MENA Everywhere Initiative will have the opportunity to compete for a chance to win up to US$50,000 to support a development program with Visa’s , or through business partnership with Visa’s clients, and potentially have access to Visa APIs, executive mentors and technologists.
“In a highly dynamic industry, Visa’s Everywhere Initiative allows us to explore a host of ideas that solve business challenges, influence our product roadmaps, support our customers, and shape our culture of innovation,” said Kamran Siddiqi, Group Executive – Central & Eastern Europe, Middle East & Africa, Visa.
Currently, over 50 Fintech startups are operating in MENA, with a majority of them from four main Fintech hubs – UAE, Lebanon, Jordan and Egypt, with the UAE leading in frontier technology startup sectors including money transfer, wealth management, insurance and cryptocurrency.
“With over a hundred million dollars invested over the past ten years alone, the region’s Fintech industry is on the brink of a transformative breakthrough, and we believe the time is ripe to bring together its brightest minds and work on the next big idea in payments technology. With a clear goal of enabling cashless economies and financial inclusion, Visa is committed to fostering MENA’s entrepreneurial spirit and driving innovation in its payments landscape,” added Karl Tlais, Senior Director – Innovation & Strategic Partnerships, Central & Eastern Europe, Middle East & Africa, Visa.