Tagged: united arab emirates

March 13, 2020 @ 7:50 pm By Omar Faridi  |  

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

March 10, 2020 @ 9:47 pm By Omar Faridi  |  

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

March 10, 2020 @ 12:57 am By Omar Faridi  |  

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

March 4, 2020 @ 9:01 am By Omar Faridi  |  

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

March 2, 2020 @ 7:30 am By Omar Faridi  |  

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

February 25, 2020 @ 7:08 am By Omar Faridi  |  

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

February 24, 2020 @ 10:12 am By Omar Faridi  |  

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

February 23, 2020 @ 8:10 am By Omar Faridi  |  

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

February 17, 2020 @ 8:27 am By Omar Faridi  |  

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

February 5, 2020 @ 10:19 pm By Omar Faridi  |  

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

January 29, 2020 @ 9:09 am By Omar Faridi  |  

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

January 21, 2020 @ 9:15 pm By Omar Faridi  |  

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

January 13, 2020 @ 11:35 pm By Omar Faridi  |  

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

December 20, 2019 @ 11:22 am By Omar Faridi  |  

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

December 8, 2019 @ 5:50 pm By Omar Faridi  |  

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

November 29, 2019 @ 8:52 am By Omar Faridi  |  

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

October 28, 2019 @ 7:55 am By Omar Faridi  |  

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

October 8, 2019 @ 3:15 am By Omar Faridi  |  

The United Arab Emirates’ (UAE) Fintech industry is set to enter 2020 with promising deals as more investors and companies explore potential investment opportunities. One-third of Fintech firms in the Middle East and North Africa (MENA) are based in the UAE. The number of Fintech… Read More

October 3, 2019 @ 4:21 pm By Omar Faridi  |  

Blocko, a South Korean enterprise-grade blockchain development firm, is launching its operations in the United Arab Emirates (UAE) after securing funding in Europe and the Asia Pacific region.  UAE’s financial hub, Dubai, announced the Emirates Blockchain Strategy 2021 in April 2018. The nationwide strategy involves… Read More

September 29, 2019 @ 4:34 pm By Omar Faridi  |  

Three out of four, or 75%, bank customers in the United Arab Emirates (UAE) prefer managing their finances online, instead of visiting a physical bank location. A majority of bank customers’ visits to physical locations has decreased to 0-2 times per year, according to a… Read More