News
Hub71 Launches Exclusive Capital Club In Abu Dhabi
The global tech ecosystem’s new venture will help family offices to access technology and startup investments in the region.
Abu Dhabi’s tech ecosystem, Hub71, has just launched a new platform called Tech Barza, an exclusive capital club dedicated to increasing investment in technology companies and startups in the region.
The platform targets regional family offices for exclusive entry to Hub71’s community of nearly 200 startups, with an aim to accelerate funding. In 2021, $2.6 billion was generated across the MENA region for startup-related projects, representing a massive 138% improvement from the previous year. Tech Barza will help to continue this trend, helping startups and tech innovators to hook up with investors and get products to market faster.
The inaugural meetup of Tech Barza included leading family offices at Hub71, which is based in the international financial center Abu Dhabi Global Market (ADGM). Members of the exclusive club will gain access to pitch days, investor networks, and other business events, with many led by Hub71’s partner Mubadala Investment Company.
Also Read: 10 Best VPN Services For The Middle East (Free & Paid)
“The private sector has a key role in shaping the next 50 years of our nation, and family offices are, without a doubt, the heartbeat of the economy. With the launch of Tech Barza, we will not just support the economic growth of the region, but we will also bring diversity and inclusivity to family offices, removing the misconception of crowding out, and reinforcing the mission of knowledge sharing,” says Badr Al-Olama, Acting Chief Executive Officer of Hub71.
Since the launch of Hub71 in 2019, the global tech ecosystem has channeled AED 3.2 billion into the startup community and secured funding to grow several sustainable ventures which will positively impact the UAE’s capital.
News
Lebanon Ministers Meet Visa Over National Digital Payment Platform
Finance and technology ministers say a comparative study and roadmap will follow before any decision on adopting a model.
Lebanon’s finance and technology ministers met representatives from Visa last week to discuss a proposed unified national digital payment platform for government services, according to a readout from the Ministry of Finance.
The meeting brought together Finance Minister Yassin Jaber, Minister of State for Technology and Artificial Intelligence Kamal Shehadeh, a Visa delegation, and experts from both ministries. Discussion focused on whether Lebanon could establish a single platform through which citizens and institutions would pay taxes, fees, fines and other official transactions electronically, using mobile phones and other digital channels.
The Visa delegation presented examples from countries that have adopted unified government payment platforms, including the United Arab Emirates, Singapore, Estonia and Jordan. According to the readout, the examples were presented as having increased collection rates and expanded financial inclusion.
Talks covered settlement mechanisms, direct transfer to the treasury account, financial reconciliation, risk management, cybersecurity, fees, and an operational model that would involve the private sector. The parties agreed to continue technical and institutional consultations, prepare a comparative study, and develop an implementation roadmap before any decision on adopting a model for Lebanon.
Jaber said the Ministry of Finance had already enabled citizens to pay using credit cards and e-wallets through transfer companies, but described the proposed platform as a further step. He framed the development of electronic payment and collection systems as a priority within the ministry’s modernization plan.
Also Read: Deezer Says AI Tracks Now Make Up 44% Of Uploads
Shehadeh outlined the citizen-facing concept as a single mobile application through which users could settle obligations to ministries, government institutions and other bodies.
“The idea, in short, is that any citizen downloads an application on their mobile phone, through which they can pay all service obligations for all ministries, government institutions, or those owned by the Lebanese state, and others as well, as the platform is not limited only to state institutions,” he said.
Shehadeh added that the platform would not displace banks and money transfer companies that currently provide collection services to the state, calling it complementary to their work.
