More than 13,000 businesses in the Middle East have expressed interest in using Stripe since the payments platform announced its debut in the region and new office in Dubai last month.
“There's just so much momentum in the UAE and the surrounding area,” Matt Henderson, the business lead at Stripe for Europe, the Middle East and Africa, regions where the company is rapidly expanding.
“We’re really bullish about the opportunity today, but also, just so excited about how it's going to grow and the trajectory of the digital economy over the coming years.”
The company offers products that allow merchants to accept digital payments from customers and a range of business banking services. Clients include Amazon, Shopify, Deliveroo, Microsoft and Apple.
Mr Henderson joined The National's Business Extra podcast this week to talk about the market for digital payments.
“You see [growth] in multiple ways, the start-up sector locally is really taking off and the market for digital payments has more than doubled in the past couple of years to almost $20 billion.”
In March, Stripe disclosed it had raised a new $600 million round of funding that values the company at $95 billion — nearly treble its previously reported valuation of $36bn from April 2020 - making it the most valuable private company out of Silicon Valley. Three weeks later, it announced it is entering the Middle East market with the opening of an office in Dubai.
The company partnered with Dubai-based Network International, one of the top payment processing companies in the Middle East and North Africa, to roll out its services in the region. Businesses operating online in the region can use Stripe’s platform to accept payments, the company said in a statement at the time. It will also connect its existing global clients to the region.
Demand for Stripe in its new Middle East market has come from global businesses that want to launch in the Middle East, companies from the region that want to expand globally and internet-first start-ups and small-to-medium sized companies headquartered in the UAE, Mr Henderson said.
While Stripe stopped accepting Bitcoin as a form of payment in 2018, Mr Henderson said the door isn’t completely closed to cryptocurrencies or other forms of digital money.
“Should cryptocurrencies cross the bridge from being more of a store of value to being something that’s more practical for payments then that's something that could happen,” he said.
“There's a common thread at Stripe, that as new products in the payments and FinTech space emerge, if it's something that will help businesses to succeed online, and then is true to the mission of increasing the GDP of the internet, then we'll try to find a way to use it in order to help our merchants benefit from it.”
Earlier this year, the company tapped former Bank of England Governor Mark Carney to join it board of directors. Mr Carney, who is also the UN special envoy on climate action and finance, left the regulator after being a vocal supporter of central banks becoming involved in regulating or backing digital currencies.
Asked about security, Mr Henderson said the growth of the digital economy makes it more attractive as a hunting ground for potential “bad actors”.
For Stripe, he said its scale is an advantage in the case of cybersecurity and fraud risks. “We're able to use many more data signals to identify patterns of potentially fraudulent behavior.”
He used a product called Stripe Radar as an example, “that can detect potentially risky transactions. Products like this have saved our users, many, many millions of dollars of potentially fraudulent transactions”, he said.
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In this episode
Infrastructure for the digital economy (0m 37s) Stripe in the Middle East (2m 44s) The evolution of the digital payment landscape (7m 40s) Cybersecurity and digital payments (18m 22s)
How to wear a kandura
Dos
- Wear the right fabric for the right season and occasion
- Always ask for the dress code if you don’t know
- Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work
- Wear 100 per cent cotton under the kandura as most fabrics are polyester
Don’ts
- Wear hamdania for work, always wear a ghutra and agal
- Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying
Results:
5pm: Abu Dhabi Fillies Classic (PA) Prestige Dh 110,000 1.400m | Winner: AF Mouthirah, Tadhg O’Shea (jockey), Ernst Oertel (trainer)
5.30pm: Abu Dhabi Colts Classic (PA) Prestige Dh 110,000 1,400m | Winner: AF Saab, Antonio Fresu, Ernst Oertel
6pm: Maiden (PA) Dh 80,000 1,600m | Winner: Majd Al Gharbia, Saif Al Balushi, Ridha ben Attia
6.30pm: Abu Dhabi Championship (PA) Listed Dh 180,000 1,600m | Winner: RB Money To Burn, Pat Cosgrave, Eric Lemartinel
7pm: Wathba Stallions Cup (PA) Handicap Dh 70,000 2,200m | Winner: AF Kafu, Tadhg O’Shea, Ernst Oertel
7.30pm: Handicap (PA) Dh 100,000 2,400m | Winner: Brass Ring, Fabrice Veron, Ismail Mohammed
Company%20profile
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The%20Roundup
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Sweet%20Tooth
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Famous left-handers
- Marie Curie
- Jimi Hendrix
- Leonardo Di Vinci
- David Bowie
- Paul McCartney
- Albert Einstein
- Jack the Ripper
- Barack Obama
- Helen Keller
- Joan of Arc
GYAN’S ASIAN OUTPUT
2011-2015: Al Ain – 123 apps, 128 goals
2015-2017: Shanghai SIPG – 20 apps, 7 goals
2016-2017: Al Ahli (loan) – 25 apps, 11 goals
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
THE DETAILS
Kaala
Dir: Pa. Ranjith
Starring: Rajinikanth, Huma Qureshi, Easwari Rao, Nana Patekar
Rating: 1.5/5
Tips to stay safe during hot weather
- Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
- Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
- Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
- Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
- Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
- Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
- Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
Company%C2%A0profile
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The Year Earth Changed
Directed by:Tom Beard
Narrated by: Sir David Attenborough
Stars: 4
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
EA Sports FC 26
Publisher: EA Sports
Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5
UAE SQUAD
Omar Abdulrahman (Al Hilal), Ali Khaseif, Ali Mabkhout, Salem Rashed, Khalifa Al Hammadi, Khalfan Mubarak, Zayed Al Ameri, Mohammed Al Attas (Al Jazira), Khalid Essa, Ahmed Barman, Ryan Yaslam, Bandar Al Ahbabi (Al Ain), Habib Fardan, Tariq Ahmed, Mohammed Al Akbari (Al Nasr), Ali Saleh, Ali Salmin (Al Wasl), Adel Al Hosani, Ali Hassan Saleh, Majed Suroor (Sharjah), Ahmed Khalil, Walid Abbas, Majed Hassan, Ismail Al Hammadi (Shabab Al Ahli), Hassan Al Muharrami, Fahad Al Dhahani (Bani Yas), Mohammed Al Shaker (Ajman)
Results
5pm: Wadi Nagab – Maiden (PA) Dh80,000 (Turf) 1,200m; Winner: Al Falaq, Antonio Fresu (jockey), Ahmed Al Shemaili (trainer)
5.30pm: Wadi Sidr – Handicap (PA) Dh80,000 (T) 1,200m; Winner: AF Majalis, Tadhg O’Shea, Ernst Oertel
6pm: Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 2,200m; Winner: AF Fakhama, Fernando Jara, Mohamed Daggash
6.30pm: Wadi Shees – Handicap (PA) Dh80,000 (T) 2,200m; Winner: Mutaqadim, Antonio Fresu, Ibrahim Al Hadhrami
7pm: Arabian Triple Crown Round-1 – Listed (PA) Dh230,000 (T) 1,600m; Winner: Bahar Muscat, Antonio Fresu, Ibrahim Al Hadhrami
7.30pm: Wadi Tayyibah – Maiden (TB) Dh80,000 (T) 1,600m; Winner: Poster Paint, Patrick Cosgrave, Bhupat Seemar
ITU Abu Dhabi World Triathlon
Dhadak 2
Director: Shazia Iqbal
Starring: Siddhant Chaturvedi, Triptii Dimri
Rating: 1/5
The%20specs
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UAE currency: the story behind the money in your pockets
Key products and UAE prices
iPhone XS
With a 5.8-inch screen, it will be an advance version of the iPhone X. It will be dual sim and comes with better battery life, a faster processor and better camera. A new gold colour will be available.
Price: Dh4,229
iPhone XS Max
It is expected to be a grander version of the iPhone X with a 6.5-inch screen; an inch bigger than the screen of the iPhone 8 Plus.
Price: Dh4,649
iPhone XR
A low-cost version of the iPhone X with a 6.1-inch screen, it is expected to attract mass attention. According to industry experts, it is likely to have aluminium edges instead of stainless steel.
Price: Dh3,179
Apple Watch Series 4
More comprehensive health device with edge-to-edge displays that are more than 30 per cent bigger than displays on current models.
Landfill in numbers
• Landfill gas is composed of 50 per cent methane
• Methane is 28 times more harmful than Co2 in terms of global warming
• 11 million total tonnes of waste are being generated annually in Abu Dhabi
• 18,000 tonnes per year of hazardous and medical waste is produced in Abu Dhabi emirate per year
• 20,000 litres of cooking oil produced in Abu Dhabi’s cafeterias and restaurants every day is thrown away
• 50 per cent of Abu Dhabi’s waste is from construction and demolition
Mohammed bin Zayed Majlis
