News

Saudi Telecom Company Partners With Cubic Telecom To Deliver In-Car Services

Published

3 years ago

March 12, 2021

saudi telecom company partners with cunic telecom to deliver in car services

Saudi Telecom Company (STC), the largest mobile network operator in Saudi Arabia, has recently announced a partnership with Irish company Cubic Telecom, a leading enabler of automotive connectivity. Together, the two companies will develop in-car services for Saudi drivers, making the country’s vision of a connected future a step closer to reality.

“Partnering with Cubic enables STC as a digital enabler to simplify the delivery and management of advanced in-car services and gives us a foundation for innovating and meeting the changing needs of customers as new services evolve,” commented Dr. Sultan bin Saeed, VP of Business Development at STC.

The suite of tools provided by Cubic, called Connected Car, includes a solution that makes it possible for drivers to remotely monitor and control their vehicles via a smartphone app. It also includes an emergency calling system capable of automatically notifying emergency services in the event of a car crash.

Currently, Cubic’s in-car connectivity solution can be found in more than five million vehicles across 100 countries. The solution is embedded into vehicles at the manufacturing stage, and it gives car manufacturers the ability to collect data on cars’ performance and issue remote software updates.

“Cubic’s connected software is driving performance for carmakers and providing in-car services in key markets. We are delighted to be working with STC to help car manufacturers activate new opportunities in a very significant market,” said Barry Napier, CEO of Cubic Telecom.

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Saudi Arabia has been making significant investments to improve its telecommunications infrastructure and prepare it for the era of the Internet of Things, enabled by 5G connectivity.

In the future, connected cars are expected to be part of a larger ecosystem consisting, among other things, of smart road infrastructure, such as intelligent traffic lights that are aware of real-time traffic conditions and are able to communicate with self-driving vehicles to help them safely reach their destinations.

News

Mamo Completes $3.4M Funding Round To Enhance Fintech Services

The startup will use the influx of cash to expand into Saudi Arabia and across the wider GCC while improving its product offering.

Published

1 day ago

July 25, 2024

Nour Nasir

Mamo

UAE-based fintech Mamo has announced the completion of a $3.4 million funding round that will help the startup extend its market presence and improve its product offering. Investors included 4DX Ventures, the Dubai Future District Fund and Cyfr Capital.

Mamo’s platform offers “payment collection, corporate cards and expense management” to help small and medium-sized businesses consolidate and streamline their operations. With the latest influx of capital, Mamo will further develop its comprehensive suite of services and begin testing its product lines in Saudi Arabia, further extending its footprint across the GCC.

Imad Gharazeddine, co-founder and CEO of Mamo, stated: “We’ve been in the market for a while now and are incredibly proud of what our team has achieved. The holistic and expansive nature of our product offering has helped us continue to grow sustainably. This additional funding will allow us to reach our medium-term goals even faster. The support from new and existing investors is a testament to our strong expertise and the ability to deliver on our customer promise”.

Daniel Marlo, General Partner of lead investor 4DX Ventures, added: “We have immense trust in Imad’s vision, leadership and Mamo’s innovative approach to provide a user-friendly and comprehensive financial solution for SMEs that makes financial management more accessible and efficient. We are proud to partner with them and support their mission”.

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Amer Fatayer, Managing Director of Dubai Future District Fund’s investment team, also commented: “Mamo’s localized product lines serve as an infrastructure for SME payments and spend management in UAE, a segment that is underserved by the country’s current banking infrastructure. The team has taken a product-first approach to consolidating SMEs’ financial journeys and building a fintech solution deeply embedded in a business’s core operations”.

To date, Mamo has raised around $13 million in investment funding and now boasts a team of 30 people. The company’s intuitive financial services platform has allowed over 1,000 businesses to consolidate their financial operations and significantly reduce payment fees.