The Weekly Wrap: all you need to know by Friday COB | March 3rd

By Puja Sharma

The Weekly Wrap is published every Friday and recaps the week’s main stories and deals, as well as upcoming events and announcements. For Prime subscribers only.

The Big Story

US president Joe Biden has nominated former Mastercard CEO Ajay Banga to lead the World Bank following the resignation of current World Bank president David Malpass.

Banga, who is currently vice chair at private equity firm General Atlantic and serves in an advisory capacity for the firm’s $3.5 billion climate change fund, is a “global leader” in technology, data, financial services, and “innovating for inclusion”, the White House says.

As CEO of Mastercard for more than a decade, Banga led the company through a “strategic, technological, and cultural transformation”, the White House says, before leaving the firm in 2021. Between 2020 and 2022, Banga served as chair of the International Chamber of Commerce. He has also previously served as a board member at the American Red Cross, Kraft Foods, and Dow, and he is a co-founder of The Cyber Readiness Institute.

In a statement, Biden said Banga “has spent more than three decades building and managing successful, global companies that create jobs and bring investment to developing economies, and guiding organisations through periods of fundamental change”.

Biden added that Banga, raised in India, possesses a “unique perspective” on the opportunities and challenges facing developing countries, which will be invaluable as the World Bank delivers on reducing poverty and broadening prosperity.

Deals of the week

• Bank of Israel provides international payment service providers access to Israeli payment systems
• Archway announces $15m in Series A Funding
• Bain Capital Ventures raises record $1.9b in new funds
• Trade finance platform Marco lands $200 million credit facility
• American Express Saudi Arabia expands ATM network with Bank AlJazira
• Propel announces fresh $250m credit facility
• Pagos raises $34m in a Series A round
• Finastra mulls sale of banking unit for $7b
• Western Union and Beforepay offer ‘Send Now, Pay Later’ service
• Visa Direct and Cross River empower Astra to process $100m GPV
• ImaliPay partners Renda to support eCommerce business in Africa

Be on the lookout for

Dubai continues to solidify its reputation as a global hub for FinTech and innovation ahead of the Dubai FinTech Summit, taking place on the 8th and 9th of May this year under the patronage of Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance of the United Arab Emirates, and president of the Dubai International Financial Center. During 2022, investment in DIFC’s fintech and innovation community exceeded $615 million, and the total number of active firms in the sector grew by 36% to 686.

The FinTech and innovation sector in the Middle East, Africa, and South Asia (MEASA) region is growing at pace with a market value forecasted to double in size, from $135.9 billion in 2021 to $266.9 billion in 2027, according to DIFC FinTech Hive’s 2022 report. The Dubai FinTech Summit will provide the perfect environment for connecting startups, investors, and industry leaders that are tapping into this opportunity as they advance in the region and beyond.

Organized by DIFC, the leading international financial hub in the MEASA region, the summit will bring together 5,000 global fintech and tech experts to discuss innovations and challenges in the sector, as well as spotlight all things impacting the future of finance — from Web3, the Metaverse, and blockchain to decentralized finance, regulation, policymaking, and the greater need for increased financial inclusivity.