Posts From Fintechnews Middle East

Armed with $8 Million in Funding, yallacompare Launches Affordable Insurance

yallacompare, comparison site for financial products based in UAE and Dubai has recently announced the launch of their affordable life insurance product. According to the company, the product dubbed “Smart Term Life Insurance” can be purchased online within 5 minutes

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Where to Buy Cryptocurrencies in the UAE

Since the launch of the Bitcoin network in 2009, cryptocurrencies have evolved into a multi-billion-dollar industry. With around 12,000 exchange marketplaces where cryptocurrencies such as bitcoin, ether and others are traded, according to cybersecurity company Carbon Black, the cryptocurrency market

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7 New Fintechs to Join Dubai’s Regulatory Sandbox

The Dubai Financial Services Authority (“DFSA”) announced the acceptance of seven new firms into its cohort process, which permits companies to apply for an Innovation Testing Licence (“ITL”). The ITL forms part of the DFSA’s commitment to support innovation and the development

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Telenor Microfinance Bank Embraces Alipay’s Blockchain Tech for Remittance

Telenor Microfinance Bank, in partnership with Valyou Malaysia, has introduced Pakistan’s first blockchain-based cross-border remittance service using blockchain technology developed by Alipay, the online payment platform operated by Ant Financial Services Group (“Ant Financial”). The blockchain remittance service is provided

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Crypto, ICO Regulations Coming to the UAE in 2019

The Security and Commodities Authority (SCA), the United Arab Emirates (UAE) financial regulator, will introduce regulations for initial coin offerings (ICOs) by the end of the first half of 2019, a move aimed at providing company with an alternative, regulated

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Mobile Payments in the Middle East: News Roundup

The Middle East is witnessing a burgeoning mobile payment market with a number of players offering a multitude of diverse services. The United Arab Emirates (UAE) in particular has seen a boom in the number of available mobile payment services.

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IFC Turns Their Focus to Dubai with its Fintech Conference

Dubai International Financial Centre (DIFC) hosted its 6th annual International Finance Corporation (IFC) FinTech CEO Summit.  This is the first time IFC, a member of the World Bank Group, has held the event outside its Washington D.C. headquarters. The event gathered

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Saudi’s Capital Market Authority FinTech ExPermit Batch Applications Are Closing Soon

In a bid to promote fintech innovation in the capital market, the Capital Market Authority (CMA) is accepting applications for the second batch for the Financial Technology Experimental Permit (FinTech ExPermit) that is closing soon—on the 15th of December 2018. The FinTech

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Dubai and Visa Sign MoU to Promote e-Commerce While Keeping Shoppers Safe

The Department of Economic Development (DED) in Dubai and its long-standing partner, Visa, have signed a Memorandum of Understanding (MoU) to help grow the UAE’s consumer e-commerce sector by encouraging more merchants to take their businesses online, and educating consumers on

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Al Hilal Bank Just Made Their First Islamic Sukuk Sale on Blockchain, Worth US$1 Mil

Al Hilal Bank has executed the world’s first sukuk transaction on a blockchain ledger. The state-owned Islamic bank used a DLT ledger for the resale and settlement of an Islamic sukuk—a small portion of a US$500 million five-year sukuk that

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