Tagged: middle east

August 19, 2023 @ 10:43 pm By Omar Faridi  |  

The new virtual asset platform M2 has been officially granted a Financial Services Permission (FSP) license in the Abu Dhabi Global Market (ADGM) from the Financial Services Regulatory Authority (FSRA) and is now “approved to operate a multilateral trading facility and offer custody services to… Read More

August 14, 2023 @ 8:49 pm By Omar Faridi  |  

The Saudi Central Bank (SAMA) licensed “Loan” to provide consumer microfinance solutions through financial technology. With Loan, there are now six authorized companies “offering consumer microfinance solutions in Saudi Arabia.” This decision reflects SAMA‘s endeavor “to support the finance sector, increase efficiency of financial transactions,… Read More

August 12, 2023 @ 4:26 pm By Omar Faridi  |  

Digital investment platform Mnaara has completed a US$500,000 pre-seed round funded by investors from the UK, US, Middle East and Singapore. The investment round will enable Mnaara “to grow its team and continue developing its Shariah-compliant investment solutions catering to the globally underserved mass-affluent market.”… Read More

August 4, 2023 @ 11:57 pm By Omar Faridi  |  

flynas, the Saudi air carrier and the leading low-cost airline in the Middle East and the world, and Tabby, the MENA region’s shopping and financial services app, have announced a partnership “to provide travelers with flexible payment solutions, allowing flynas’ customers to pay for their… Read More

August 1, 2023 @ 11:01 pm By Omar Faridi  |  

Qatar FinTech Hub (QFTH), founded by Qatar Development Bank (QDB), has announced the final list of FinTech Startups to join Wave 5 of its Incubator and Accelerator Programs. The series is part of QDB’s efforts “to support startups in their entrepreneurial journey through various programs… Read More

August 1, 2023 @ 10:45 pm By Omar Faridi  |  

Kuwait International Bank (KIB) has announced the launch of its Corporate Online Banking platform, heralding “a new phase of financial empowerment and security for its corporate customer.” The launch falls in line with the Bank’s commitment “to digital innovation and expanding its modern banking solutions.”… Read More

August 1, 2023 @ 8:56 am By Omar Faridi  |  

European Depositary Bank (EDB), the Luxembourg-headquartered provider of banking, depositary, and custody solutions, announces its appointment by Aarna Capital Limited to deliver Digital Banking solutions. Aarna Capital is a multi-asset brokerage firm, “operating from Abu Dhabi Global Markets (ADGM) and offering customers access to futures,… Read More

July 31, 2023 @ 4:16 pm By Omar Faridi  |  

Binance, which is being sued by US regulators for a wide range of issues, is pleased to announce that their Dubai subsidiary, Binance FZE, has reportedly become the first exchange “to receive the Operational Minimum Viable Product (MVP) license from Dubai’s Virtual Asset Regulatory Authority… Read More

July 25, 2023 @ 9:20 pm By Omar Faridi  |  

The Saudi Central Bank (SAMA) issued the Annual Performance Report of the Saudi Finance Companies Sector 2022. The report outlines the sector’s key developments and financial results in 2022. According to the report, most indicators in the finance companies sector “grew at varying rates in… Read More

July 16, 2023 @ 7:32 pm By Omar Faridi  |  

Sustainability is a fundamental aspect of Vision 2030, and Saudi Arabia is committed to achieving its net-zero target by 2060; however, “the adoption of sustainability considerations remains its initial stages in Saudi Arabia.” As the concept of Environmental, Social, and Governance (ESG) gains momentum in… Read More

July 15, 2023 @ 6:33 am By Omar Faridi  |  

Mastercard (NYSE: MA) and Nirvana Travel and Tourism – which claims to be one of the UAE’s leading travel and tourism management companies – have joined forces in a collaboration aimed at providing a payment solution “to customers who book travel services in the UAE,… Read More

July 13, 2023 @ 11:38 pm By Omar Faridi  |  

VARA is issuing a market alert regarding ongoing supervisory controls, and enforcement actions initiated against BitOasis. VARA in Dubai (United Arab Emirates) confirmed that it is issuing this market alert regarding ongoing supervisory controls, and enforcement actions initiated against digital currency trading platform BitOasis. Investors… Read More

July 12, 2023 @ 5:31 am By Omar Faridi  |  

Tarabut Gateway, MENA’s open banking platform, announces the appointment of Tariq Sanad as its new Chief Financial Officer (CFO). Tariq, a Bahraini national, is “one of MENA’s renowned start-up veterans, boasting over 20 years of experience in the finance field.” During this time, he has… Read More

July 11, 2023 @ 10:22 am By Omar Faridi  |  

Emirates NBD, a banking group in the MENA region and Turkey, has announced a transformation focused on harnessing the power of generative AI to change Emirates NBD’s operations and enhance productivity across various business functions supported by Microsoft. This collaboration aims “to unlock new opportunities… Read More

July 11, 2023 @ 8:17 am By Omar Faridi  |  

FOO, a B2B fintech solutions provider headquartered in the UAE, has partnered with the Bahrain-based payment services provider and card processor, Infinios Financial Services B.S.C (C). By combining their technology and expertise, the two companies “will deliver an out-of-the-box Digital First Card Issuance Platform.” The… Read More

July 9, 2023 @ 1:02 pm By Omar Faridi  |  

The Saudi Central Bank (SAMA) announces the issuance of the Implementing Regulations for the Law of Payments and Payment Services “to support the objective of enhancing soundness and efficiency of the payment systems infrastructure in Saudi Arabia.” The relevant regulatory and supervisory frameworks enable SAMA… Read More

July 7, 2023 @ 11:37 am By Omar Faridi  |  

TOKO, headquartered in Dubai with offices in Hong Kong, is a digital asset creation platform, created in collaboration with DLA Piper and operating within an unparalleled regulatory framework, signs joint business relationship with PwC Hong Kong in order “to offer Blockchain solutions to PwC’s global… Read More

July 4, 2023 @ 12:30 pm By Omar Faridi  |  

Abu Dhabi Global Market (ADGM) announced the implementation of its sustainable finance regulatory framework with immediate effect, following significant support received through public consultation, “reinforcing its position as a sustainable financial hub and a natural hub for sustainable finance activities.” The framework encompasses rules “on… Read More

June 26, 2023 @ 2:33 pm By Omar Faridi  |  

QNB Group, in collaboration with IBM (NYSE: IBM) and its ecosystem partner, Mannai InfoTech, an ICT Division under Mannai Trading Company WLL have delivered an innovative, pioneering and engaging Digital Banking experience to its customers. IBM Consulting’s Business Transformation expertise, the IBM Garage methodology and… Read More

June 23, 2023 @ 5:27 pm By Omar Faridi  |  

Pine Labs’ Qwikcilver, a provider of end-to-end gift card and stored value solutions, has partnered with Etihad Airways, the national airline of the United Arab Emirates to enable seamless issuance of refund and compensation vouchers through Qwikcilver’s Asset Manager solution. This solution has been “integrated… Read More