These five businesses will join a network of over 300 startups that have taken part in the award-winning Start Path startup engagement program. They will be able to collaborate with Mastercard’s global ecosystem of banks, merchants, partners, and digital players to deliver and scale open banking solutions. Start Path alumni are now entering public markets, achieving unicorn status.

Participating start-ups will be matched with suitable partners during the sprint, after which they will have the opportunity to pitch their business idea to senior stakeholders of leading financial partners in the Middle East.

Various opportunities, problems, and issues related to banking trends have been observed by the organisation. A transition to digital and quick payments is one of them. The Middle East digital payments market is expected to develop at a CAGR of 6.5 percent from 2020 to 2025, owing to a sharp increase in e-commerce sales, widespread internet access, and high smartphone adoption.

In a recent development, the Arab African International Bank (AAIB) announced a collaboration with Liferay Inc.; a provider of digital platforms. This is in line with the former’s digital transformation and customer-centric strategy, which is believed to enhance AAIB customers’ digital experience, through facilitating and securing their access to the bank’s various touchpoints, whether internet banking or mobile application.

According to the statement, PayBy’s popularity has risen due to its user-friendly design, safety and security features, and ability to streamline payments, as well as the rising desire for contactless payments.