Tagged: united arab emirates

Padmini Gupta’s Dubai-based Fintech Firm Rise, which Helps Low Income Migrant Workers, Secures New Investments

Dubai-headquartered Fintech firm Rise has secured funding via an investment round led by Middle East Venture Partners (MEVP). The round was carried out through a partnership with Dubai International Financial Centre (DIFC) Fintech Fund, 500 Startups, Khwarizmi Ventures and Phoenician Funds. The amount invested has… Read More

Liv, the Digital Banking Unit of Emirates NBD, to Provide UAE Customers Instant Access to Credit Scores

Liv, the digital banking division of Emirates NBD, a Dubai government-owned banking institution and one of the largest financial institutions in the Middle East, is planning to provide customers instant access to their credit scores, with just a single click. The Al Etihad Credit Bureau… Read More

Fintech Firms, Aion Digital and Qarar, Team Up to Accelerate Development of Online Lending Platforms in the Middle East

Two major Fintech companies, Aion Digital and Qarar, are teaming up in order to accelerate the growth and development of online lending platforms across the Middle East region. According to a press release, the collaboration between the two Fintechs aims to “revolutionize the credit market”… Read More

Digital Transformation: UAE Banking Executive Explains How Fintech, AI, Robotic Process Automation is Transforming Finance Sector

The United Arab Emirates’ (UAE) banking sector has become increasingly competitive due to the significant increase in the number of Fintech firms in the Middle Eastern country. The UAE has also established (for the most part) progressive regulatory guidelines and is in the process of… Read More

Digital Trade Finance: Giant Banking Group, Emirates NBD, Uses Fintech LiquidX’s Network to Sell Commodities 

New York-headquartered LiquidX, a globally accessible network for illiquid assets, recently revealed that it has added Emirates NBD to its network. Emirates NBD is a Dubai government-owned banking institution and one of the largest financial institutions in the Middle East in terms of total assets… Read More

State-Owned Dubai International Financial Centre Adds Over 2,000 Jobs, Records $139 Million in Net Profits

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The financial sector in Dubai will be expanding at a gradual pace and only if there is enough demand for new platforms and services, according to the local financial district’s governor. The state-owned Dubai International Financial Centre (DIFC) began expanding its operations in 2019. It’s… Read More

Dubai International Finance Center and UAE’s Mashreq Bank Are Promoting the Use of a Secure Blockchain-enabled KYC Data Sharing Solution

Dubai International Finance Center (DIFC) and Mashreq Bank, the oldest privately-owned bank in the United Arab Emirates (UAE) with over $2.2 billion in annual revenue, are trying to encourage  other banks in the Middle East to take part in a blockchain-enabled know-your-customer (KYC) data sharing… Read More

Dubai International Financial Center Signs MoU for Tech Development with Singapore’s Tribal Accelerator for Blockchain and DLT Initiatives

The Dubai International Financial Center (DIFC) has committed to a memorandum of understanding (MOU) with Singapore’s Tribe Accelerator, a government-backed blockchain or distributed ledger technology (DLT) project accelerator. According to the terms of the MoU, the DIFC and Tribe Accelerator aim to work cooperatively on… Read More

WeChat Pay to Expand Operations and Services in the UAE Following Agreement with Tencent Holdings, Network International

WeChat Pay is planning to expand its operations and services in the United Arab Emirates (UAE), after an agreement was finalized between Tencent Holdings and UAE-headquartered solutions developer Network International. Merchants that use Network International in the UAE will soon have the option to set… Read More

Digital Tranformation Report: Traditional UAE Banks to Consolidate to Compete with Digital Banking Challengers

Large banks based in the United Arab Emirates (UAE), one of the Middle East’s leading financial hubs, have been investing in digital transformation projects to compete in an industry with rapidly changing consumer requirements – according to analysis performed by Bloomberg Intelligence. The analysis revealed… Read More

UAE-based aafaq Islamic Finance Launches New Core Digital Banking Platform, Developed by InfoSys

United Arab Emirates (UAE)-based aafaq Islamic Finance has officially launched its core banking, Islamic banking and payments platforms, which have been developed by Infosys. aafaq’s management confirmed that the financial institution has upgraded its digital, payments and Islamic banking with software designed by Infosys, an… Read More

Dubai Multi Commodities Center to Develop New Blockchain and Smart Contract-based Sugar Trading Platform

Dubai Multi Commodities Center (DMCC), an organization formed in 2002 by Dubai’s government to offer physical, market and financial infrastructure needed to establish a hub for global commodities trade, has committed to strategic membership agreement with Al Khaleej Sugar and Universa Blockchain.  According to the… Read More

UAE’s Ministry of Health and Prevention Teams Up with Other Local Agencies to Launch Blockchain Platform for Managing Healthcare Records

The United Arab Emirates’s (UAE) Ministry of Health and Prevention (MoHAP) has teamed up with the nation’s Ministry of Presidential Affairs, Dubai Healthcare City and several other local government agencies in order to launch a blockchain-enabled health data storage platform. The Emirates News Agency reported… Read More

Dubai-based Fintech Sarwa Secures $8.4 Million via Series A Round Led by Kuwait Projects Company

Dubai-headquartered Sarwa confirmed on January 27 that it had finalized an $8.4 million Series A investment round, which was led by Kuwait Projects Company (KIPCO). The firm’s hybrid automated investment platform aims to simplify the process of investing while making it more affordable. Sarwa’s platform… Read More

OG Bank and OG Pay Team Up with Banking as a Service Provider, Bankable, to Offer Digital Banking in the UK and Germany

A Dubai-headquartered Fintech firm focused on providing payment processing services will be launching OG Bank and OG Pay (On the Go), an online banking platform, chat-based digital payment wallet and an online point-of-sale (PoS) system – which will all be accessible and managed from mobile… Read More

Over 60% of United Arab Emirates’ Adult Working Population Is Still Not Using Modern Financial Services: Report

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The global payments industry is evolving rapidly and will only be developing faster in the coming years according to several reports. From digital transformation efforts to the increasing competition among Fintech firms to innovate, it is becoming more important for companies to upgrade their tech… Read More

Middle East’s Startup Ecosystem Supporter Wamda Co-Leads $3 Million Round in Floranow

Wamda, an established startup ecosystem supporter in the Middle East, recently co-led a $3 million Series A investment round with Global Ventures in Floranow, a business-to-business (B2B) online floral marketplace. Existing investors including Dash Ventures, Jabbar Internet Group, and new investors Sirocco Holdings, Adamtech Ventures,… Read More

Dubai’s Wamda Invests in UAE-based Fintech Firm FlexxPay, a Social Impact Company for Businesses in the MENA Region

Wamda has reportedly made an investment in United Arab Emirates (UAE)-headquartered Fintech firm FlexxPay. The social impact company offers various benefit solutions to workers, which are available for businesses in the Middle East and North Africa (MENA) region. Wamda’s latest investment is part of FlexxPay’s… Read More

Dubai Financial Services Authority and Luxembourg’s Commission de Surveillance du Secteur Financier to Work on Developing Fintech Platforms

The Dubai Financial Services Authority (DFSA) and the Commission de Surveillance du Secteur Financier (CSSF) Luxembourg have made an agreement to work cooperatively to develop Fintech-related platforms. The cooperation framework shows that both regulators have made an effort to encourage the development of innovative technologies… Read More

UAE’s Securities and Commodities Authority Prepares Draft of a Resolution on Regulating Digital Assets

The United Arab Emirates’ (UAE) Securities and Commodities Authority (SCA) has prepared a  draft of a resolution on regulating digital assets, which aims to offer more clarity for cryptocurrency-related initiatives in the Middle Eastern country. Comments are being accepted until October 29, 2019. With the… Read More

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