In a move aimed at enhancing security infrastructure across various digital sectors, Appknox, a mobile application security firm, has entered into a strategic partnership with CredShields, a leading provider of AI-powered blockchain security. This collaboration seeks to offer comprehensive security solutions that span Web3, mobile applications, and cloud ecosystems, catering particularly to the burgeoning fintech, Web3, and enterprise mobility markets in the GCC region and beyond.
The alliance integrates Appknox’s proficiency in mobile application and API security with CredShields’ advanced blockchain and smart contract security features. This approach effectively addresses the converging security needs of different platforms, positioning security as a core enabler of innovation rather than merely a compliance requirement. By providing a singular end-to-end security service, the partnership aims to eliminate the common pitfalls of fragmented security solutions that can leave critical vulnerabilities unaddressed, ensuring protective measures are embedded throughout the application lifecycle.
Subho Halder, the CEO and Co-Founder of Appknox, emphasized the significance of this partnership, stating, “Saudi Arabia and the UAE are shaping the global blueprint for fintech and digital assets, and security must be the backbone of that transformation. Our partnership with CredShields provides unified protection across mobile, API, and Web3 platforms, giving digital-first enterprises the confidence to innovate and scale in the cashless economy.”
Echoing this sentiment, Shashank, Co-Founder and CEO of CredShields, highlighted the growing importance of security in the rapidly evolving fintech landscape. He stated, “By uniting our Web3 security expertise with Appknox’s proven leadership in mobile security, we’re enabling fintech ecosystems to move beyond fragmented tools and embrace holistic, future-ready security.”
The timing of this partnership is particularly crucial as the GCC undergoes a significant digital transformation, with projections indicating that the fintech industry in the region is set to reach $9.6 billion by 2025, expanding to a remarkable $32.9 billion by 2033, with a robust compound annual growth rate (CAGR) of 16.7%. This growth is driven by the rising adoption of cashless transactions, mobile and Web3 wallets, and real-time payments. However, these advancements also bring about an expanded attack surface, making mobile applications, APIs, smart contracts, and cloud-native systems more vulnerable to cyber threats.
Recent statistics underline the urgency of enhanced security measures; in the past year alone, blockchain-related hacks resulted in over $2 billion in losses, with 55% attributed to vulnerabilities in smart contracts. Traditional auditing methods, often slow and expensive, leave many innovators exposed to increasingly sophisticated threats. With their unified security offerings, Appknox and CredShields are poised to fortify the fintech sector in the GCC, fostering an environment of confidence and resilience that aligns with the region’s vision of a cashless, digitally-driven future.
