The Monday Roundup: what we are watching this week | Sept 15th

By Puja Sharma

The Monday Roundup sets the scene for the week’s biggest news stories, industry deals, and upcoming events. For Prime subscribers only.

Cardless Mobile Cash Withdrawals

The pilot deployment, completed on a DN Series® 450V cash recycler running Microsoft® Windows 11®, marks a significant step forward in Eurasian Bank’s digital transformation strategy. Installation and services were delivered in partnership with BS/2, Diebold Nixdorf’s licensed regional partner in Central Asia.

VCP-Lite 7 has been purpose-built for flexibility, stability, and regulatory compliance in the next era of self-service banking. Operating on Windows 11 with long-term support until 2034, the platform leverages industry-standard protocols and modern APIs to simplify connectivity with self-service networks. Its web extensions also allow for seamless alignment with digital channels, enabling banks to deliver a unified, multichannel customer experience across devices.

Mastercard, NCR Atleos, and ITCARD have introduced a CDCVM-enabled ATM innovation that allows consumers to withdraw cash securely with just their mobile device, no card or PIN required, piloted in Poland ahead of a wider rollout in 2026.

As customers increasingly shift towards mobile wallets and biometric authentication, financial institutions face growing demand for faster, safer, and more intuitive service touchpoints. This breakthrough solution integrates the Consumer Device Cardholder Verification Method (CDCVM), enabling mobile-based biometric authentication before tapping an ATM, thereby streamlining transactions and eliminating unnecessary friction.

Traditionally, ATM withdrawals required both card insertion and PIN entry, with even mobile transactions often demanding dual verification. By aligning authentication entirely within the consumer’s mobile device, CDCVM creates a consistent and user-friendly experience across payment channels. Initial Mastercard testing in July 2025 indicates that CDCVM-enabled transactions at ATMs are, on average, 20% faster than conventional PIN-based withdrawals.

AI-Powered Fraud Defense

Adaptive Security, a cybersecurity firm focused on combating AI-driven social engineering, has secured $55 million in Series A funding, with a notable investment from the OpenAI Startup Fund. This marks OpenAI’s only cybersecurity investment, highlighting its confidence in Adaptive’s approach. The company specialises in human-centric protection against rising threats like deepfake impersonations and fraud. Its platform uses AI to simulate phishing attacks via voice, video, and messaging, while offering personalized training, real-time threat triage, and AI-based risk scoring.
The funding will accelerate product development and bolster defences against increasingly sophisticated AI-enabled impersonation tactics. Recent incidents, such as AI-generated messages impersonating U.S. officials and warnings from OpenAI CEO Sam Altman about a looming “fraud crisis,” underscore the urgency of Adaptive’s mission. The FBI reported over $240 million in losses from deepfake scams in Michigan alone in 2024.

HALA, a FinTech platform and pioneer in embedded financial services for micro, small, and medium-sized enterprises (MSMEs), has raised $157 million Series B funding round, one of the largest of its kind in the Middle East.

The round was co-led by The Rise Fund, TPG’s multi-sector global impact investing strategy, and Sanabil Investments, a wholly owned company of the Public Investment Fund (PIF). They were joined by a distinguished consortium of regional and global investors, including QED, Raed Ventures, Impact 46, Middle East Venture Partners (MEVP), Isometry Capital, Arzan VC, BNVT Capital, Kaltaire Investments, Endeavour Catalyst, Nour Nouf Ventures, Khwarizmi Ventures, and Wamda Capital.

The capital infusion will enable HALA to deepen its leadership in the Saudi market, expand its portfolio of embedded financial services, and introduce new lending solutions tailored to MSMEs and freelancers. It will also fuel the company’s regional expansion, aligning with the Kingdom’s Vision 2030 agenda to strengthen SME contributions to GDP and accelerate digital transformation across the financial ecosystem.

The SME sector in Saudi Arabia represents a cornerstone of economic growth. With between 614,000 and 1.8 million SMEs accounting for up to 99% of private sector businesses, the segment contributes an estimated 20–35% of GDP (equivalent to $310–375 billion USD annually) and employs nearly 4.7 million people. Enhanced by government initiatives, digitalisation, and financing support, the sector’s GDP contribution has surged by 45% from 2016 to 2021, creating a fertile environment for FinTech innovation and sustainable growth.

What is the Buzz

OpenAI is close to wrapping up a massive $40 billion funding round led by SoftBank, which values the company at $300 billion—nearly twice its prior valuation. Other major investors involved include Magnetar Capital, Coatue Management, Founders Fund, and Altimeter Capital. The investment will happen in two parts: SoftBank is putting in an initial $7.5 billion, followed later by another $22.5 billion along with contributions from the syndicate.

Though OpenAI, creators of ChatGPT and DALL·E 2, continue to lead in generative AI through relentless innovation and deep integration with Microsoft, they face cost-competition from rivals like China’s DeepSeek. OpenAI expects its revenue to rise to $12.7 billion in 2025 (up from $3.7 billion in 2024), but doesn’t expect to reach positive cash flow until 2029. The magnitude of this funding underlines investor faith in CEO Sam Altman’s strategy despite rising costs and competitive pressure.