Tagged: middle east

September 22, 2022 @ 12:15 am By Omar Faridi  |  

Binance, the global blockchain services provider, has received the Minimal Viable Product (MVP) license from Dubai’s Virtual Asset Regulatory Authority (VARA), following the issuance of its provisional license in March 2022. The MVP license “means that Binance can offer an approved range of virtual asset-related… Read More

September 21, 2022 @ 12:18 am By Omar Faridi  |  

The Saudi Central Bank (SAMA) announces the licensing of two payment financial technology companies, including: Arab Sea Financial Company and Fatoraah in order to provide Payment services for e-commerce. This brings the total number of payment companies licensed by SAMA “to 21 companies, in addition… Read More

September 19, 2022 @ 11:42 pm By Omar Faridi  |  

As the first of several other planned announcements to come from the region, OpenNode intends to test a bitcoin payment processing and payouts solution via the Central Bank of Bahrain (CBB’s) Regulatory Sandbox. Bitcoin payments had “been non-existent in the island nation until now, which… Read More

September 18, 2022 @ 8:41 pm By Omar Faridi  |  

ENOC Group has accelerated its digitization strategy through a collaboration with Emirates NBD, a banking group in the MENA region (and Turkey), in order “to implement innovative payment solutions.” ENOC Group has “successfully implemented Emirates NBD’s Host to Host (H2H) services for payments and account… Read More

September 17, 2022 @ 3:04 pm By Omar Faridi  |  

Deeptech & Banking company Tintra PLC has been awarded a Fintech Services License to operate in the Qatar Financial Centre (QFC), which is described as “a watershed moment as the company expands its build-out worldwide.” Tintra is using artificial intelligence and Web3 technologies “to build… Read More

September 15, 2022 @ 9:35 pm By Omar Faridi  |  

Wio Bank PJSC announced its official launch in the UAE, “becoming the first platform bank in the region, aiming to transform banking operating models towards a more digital future.” This is in line with the UAE’s Digital Economy Strategy that aims “to double the contribution… Read More

September 10, 2022 @ 3:22 pm By Omar Faridi  |  

As Dubai seeks to support crypto and blockchain innovation, Blockchain.com has signed a Memorandum of Understanding (MOU) with the Dubai Virtual Assets Regulatory Authority (VARA). That means that soon both retail and institutional clients will be able “to access the financial system of the future… Read More

September 6, 2022 @ 10:17 pm By Omar Faridi  |  

Emirates Development Bank (EDB), the financial “engine” of the UAE’s economic diversification and industrial transformation agenda, has announced a lending feature that allows SMEs and startups “to apply for loans of up to AED5 million directly through its Digital Banking App and receive approval or… Read More

September 6, 2022 @ 7:11 pm By Omar Faridi  |  

Qatar Central Bank (QCB) has reportedly issued the nation’s first virtual payment licenses to Ooredoo Money and iPay by Vodafone Qatar. The announcement was made via social media on August 30, 2022. The update noted that the issuance was made to contribute to the development… Read More

September 4, 2022 @ 10:58 pm By Omar Faridi  |  

Mastercard (NYSE: MA) and Ajman Bank have strengthened their commitment to inclusion through a new initiative “designed to expand access to the digital economy.” The Touch Card is “an accessible payment card that will allow blind and partially sighted people to easily facilitate payments and… Read More

August 29, 2022 @ 10:17 pm By Omar Faridi  |  

The Saudi Central Bank (SAMA) recently announced granting permit to a new batch of companies; Lean Technologies and Mod5r to “provide Open Banking Solutions; bringing the total number of permitted Fintech companies operating under its Regulatory Sandbox to 38.” This step completes “a series of… Read More

August 29, 2022 @ 8:58 pm By Omar Faridi  |  

Zywa, a teen-focused fintech aiming to “re-imagine” banking for Gen Z in the MENA region, has completed a seed funding round of $3 million. Investors who took part in the investment round reportedly “include Goodwater Capital (the largest consumer tech VC globally), Dubai Future District… Read More

August 27, 2022 @ 7:17 pm By Omar Faridi  |  

SubsBase, which claims to be the first and only subscription and recurring revenue management platform catering to the MENA region, announced it “has successfully closed its seed round at $2.4 million.” The investment round was “led by Global Ventures, a leading MEA-focused venture capital firm.”… Read More

August 27, 2022 @ 5:27 pm By Omar Faridi  |  

The Abu Dhabi Blockchain and Virtual Assets Committee (ADBVAC) held its first meeting, “under the chairmanship of H.E Mohamed Ali Al Shorafa, Chairman of the Abu Dhabi Department of Economic Development (ADDED) and Chairman Securities and Commodities Authority (SCA), to discuss strategy for blockchain and… Read More

August 27, 2022 @ 2:59 pm By Omar Faridi  |  

Gate.io Group has announced the launch of its over-the-counter trading platform Gate OTC, which will “provide fully-licensed OTC crypto trading services catered to institutions and high-net-worth individuals.” Services are “offered in various countries around the world, supporting several mainstream cryptocurrencies.” The launch of Gate OTC… Read More

August 21, 2022 @ 9:10 pm By Omar Faridi  |  

The Communications Regulatory Authority (CRA) launched a public consultation about the “National Blockchain Blueprint for Qatar,” which was collaboratively “developed by CRA, Hamad Bin Khalifa University, and Qatar University, with the aim of receiving the views and comments of stakeholders and concerned parties in Qatar on… Read More

August 20, 2022 @ 7:36 pm By Omar Faridi  |  

Standard Chartered Bank (LON: STAN) recently announced the appointment of Ayesha Abbas as Head of Consumer, Private and Business Banking, UAE. In this role, Ayesha will “report to Rola Abu Manneh, Chief Executive Officer, Standard Chartered, UAE and Bongiwe Gangeni, Regional Head, CPBB, MENA and… Read More

August 17, 2022 @ 9:47 pm By Omar Faridi  |  

SmartCrowd Holdings, a firm focused on fractional real estate investments, has been issued a Fintech experimental license by the Saudi Capital Markets Authority (CMA). SmartCrowd is now focused on following through with business requirements for the launch of its Real Estate Funds Distribution Platform, making… Read More

August 15, 2022 @ 11:13 pm By Omar Faridi  |  

Virtual payments have reportedly exceeded the use of cash for the very first time in Saudi Arabia in 2021, with these digital transactions accounting for around 94% of payments completed when measured in terms of value. This, according to a recent study carried out by… Read More

August 14, 2022 @ 11:49 am By Omar Faridi  |  

Avelacom, the low latency connectivity, IT infrastructure and data solutions provider for financial markets, recently announced new optimized routes on its network to Istanbul (Bursa Istanbul), Riyadh (Saudi Stock Exchange, Tadawul) and Tel Aviv (Tel Aviv Stock Exchange, TASE). These routes should help with encouraging… Read More