Areeba, the Middle East’s leading payment processing service provider, has introduced Out-of-Band authentication (OOB) in partnership with Swiss payment experts, Netcetera. The biometric and fingerprint-reading technology represents the most convenient method for cardholders to make secure and flawless e-commerce transactions.
Instead of entering a password or receiving confirmation via text message, cardholders can use fingerprints or facial recognition to authenticate payments, thus reducing fraud and enabling a smooth purchasing experience more aligned with modern shopping habits and lifestyles.
“Areeba is always an early adopter of cutting-edge technologies to provide its customers with the highest level of fraud protection. We are pleased to launch the OOB with Netcetera, a company that combines quality, reliability, service, and innovation,” says Maher Mikati, CEO of Areeba.
According to Statista, in 2022, the biometric and digital identity sector was valued at 28 billion USD, and forecasted to exceed 70 billion USD by 2027.
The MENA region is a particularly strong market for the type of technology provided by Areeba, and with Netcetera’s expertise and technology, the new service is full of potential. According to Netcetera, their platform “provides continuous upgrades and updates to support all new trends and client requirements in the payment industry”, offering the best solutions to clients for improving conversion and helping to grow their fintech businesses.
Abu Dhabi’s Hub71 To Help Climate Technology Startups
The initiative was announced at the COP28 summit and will help selected startups with a $200,000 cash injection and further incentives.
Hub71, Abu Dhabi’s global technology system, has launched a new initiative to support climate technology startups backed by several of the UAE’s largest public and private sector organizations.
A total of 342 startups have submitted applications so far, with the top companies being added to a shortlist that will be revealed shortly. Selected startups will receive Dh250,000 ($68,000) in incentives and an upfront cash support package of Dh250,000. In addition, the top performers of Hub71’s new initiative will also receive a top-up of up to Dh250,000 in exchange for additional equity.
Ahmad Alwan, deputy chief executive of Hub71, said: “This initiative aims to bring in different entities that have a shared mission towards climate tech […] Throughout the journey, we will support these companies, not only from being startups to becoming mature companies but also to facilitate their engagement with entities that would support them with access to capital, market, and talent”.
The Hub71+ ClimateTech ecosystem is backed by the Abu Dhabi National Energy Company and the National Central Cooling Company, who have each pledged Dh500,000 to the initiative as anchor partners.
They are joined by corporate partners, including Abu Dhabi holding company ADQ, Aldar Properties, sovereign wealth fund Mubadala, First Abu Dhabi Bank, Masdar City, and Dubai’s Emirates NBD. In addition, Siemens Energy is also onboard as an anchor partner.
So far, Hub71 has helped 260 member startups and created over 1,000 jobs, according to the organization’s website. In addition, it has collectively raised around Dh5 billion since its foundation in 2019.