Kem, Kuwait's fastest-growing peer-to-peer payment platform, is making headlines as a rising fintech powerhouse. With a landmark $3 million investment from Tether and a standout performance at the 2024 Visa Everywhere Initiative (VEI) in Doha, Kem is accelerating financial inclusion and digital transformation across the Middle East.
Kem Secures $3 Million Tether Investment and Triumphs at 2024 Visa Everywhere Initiative: Leading Financial Innovation in the Middle East
Kem Triumphs at the 2024 Visa Everywhere Initiative in Doha
Kem’s innovative approach to financial services wowed judges and the public alike at the 2024 Visa Everywhere Initiative finals in Doha, Qatar. Competing against top fintech startups from Qatar and Kuwait, Kem secured:
- Second Place: Prize of QAR91,000 (~$25,000)
- Audience Favorite Award: Additional QAR36,000 (~$10,000)
The Visa Everywhere Initiative is a premier global fintech program, having helped over 15,000 startups from 100+ countries collectively raise more than $48 billion since 2015. Kem’s recognition at this prestigious event validates its unique peer-to-peer payment solution and cements its status as one of the region’s most promising fintech ventures.
“We are thrilled to celebrate the winners of the inaugural edition of the Visa Everywhere Initiative in Qatar & Kuwait... The competition this year was exceptional, showcasing the innovative solutions our finalists brought forward.”
- Shashank Singh, Visa’s VP & GM for Qatar and Kuwait
Tether’s Strategic $3 Million Investment: Accelerating Financial Inclusion
In August 2024, Tether Operations Limited announced a $3 million investment in Kem, bringing Kem’s total funding to $4.5 million. This partnership will see Kem integrate USD₮ (Tether’s stablecoin) into its platform, driving crypto adoption and addressing financial inclusion challenges in the Middle East.
Transforming Financial Services
The collaboration will allow residents of the Gulf Cooperation Council (GCC) countries to access USD₮ via Kem’s platform, enabling seamless cross-border transactions and providing a hedge against inflation and currency instability.
“This investment reinforces Tether’s commitment to promoting financial inclusion and stability... Our investment in the Kem App is a testament to this belief, as the platform provides tools that simplify access to the financial system, perfectly aligning with our mission to advance financial freedom for all.”
- Paolo Ardoino, CEO of Tether
The Middle East: A Growing Crypto Powerhouse
The MENA region is rapidly emerging as a global crypto leader. Recent data highlights the region’s growing influence:
| Metric | Value | Global Context |
|---|---|---|
| On-chain Value (July 2022–June 2023) | $389.8 billion | 7.2% of global transaction volume |
| Regional Ranking | 6th largest | - |
| Key Adoption Centers | Dubai, Abu Dhabi | Leading regulatory frameworks |
| Target Markets for Expansion | Kuwait, Bahrain, Saudi Arabia, Qatar, Iraq | Millions of potential users |
Millions of expatriates in these countries stand to benefit from Kem’s services, using USD₮ to send money home and protect against economic instability.
Fintech Growth Drivers in the GCC Region
Visa’s independent study, "Understanding the Fintech Landscape – GCC," identifies the main drivers and challenges for fintech growth:
| Growth Driver | Percentage | Insight |
|---|---|---|
| Government Support & Regulatory Initiatives | 71% | Primary driver of fintech growth in GCC |
| Payments as Emerging Space | 58% | Most prominent area recognized by fintechs |
| Talent Acquisition & Retention | 40% | Biggest challenge facing fintech players |
Open banking is expected to drive the next wave of fintech unicorns, positioning Kem at the forefront of this transformation.
Kem: Pioneering Financial Innovation
Founded in 2021 by Seth Sadeq, Zane Chichua, and George Chichua, Kem has quickly become Kuwait’s top P2P payment platform. Kem enables users to send money instantly to anyone in their contacts via QR codes-no traditional accounts or payment links needed.
“This collaboration with Tether is one of the most important deals in the crypto industry right now. This will help bridge the access to decentralized financial services that will improve the lives of millions. Also, people from countries facing dire economic situations can mitigate the effect of hyperinflation and currency fluctuations back home.”
- Seth Sadeq, CEO of Kem
“Tether is building a decentralized ecosystem for everyday consumer services. We see their ecosystem leading the way to a more economically distributed world, and Kem is thrilled to be part of this future.”
- George Chichua, CFO of Kem
Future Impact and Strategic Vision
With Tether’s investment and Visa’s recognition, Kem is poised for significant expansion. The partnership signals Kuwait’s increasing openness to foreign investment and its ambition to match the FDI performance of regional leaders like the UAE and Saudi Arabia.
By integrating cryptocurrencies, Kem aims to replicate the success of global digital financial platforms, drive mass adoption, and foster a more inclusive banking landscape in the Gulf-ushering in a digital cash economy for the region.
Join the Financial Revolution
Kem invites businesses, investors, and users to join in transforming financial services across the Middle East. With instant P2P payments and the stability of USD₮, Kem is creating new opportunities for financial inclusion and growth.
Learn more or explore partnership opportunities:
Visit Kem’s website or contact our team directly.
Together, we can build a more inclusive, accessible, and efficient financial ecosystem for the Middle East and beyond.
August 2024