Tag "regulation"
The Status Quo of Open Finance in the Arab World
In Arab countries, open banking is rapidly evolving into the more comprehensible model of open finance, expanding from payment accounts and related services, to a larger variety of financial services, including investments, pensions, insurance and consumer credit. With so many
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New Report Highlights Fintech’s Growing Importance in Israeli Economy
In Israel, the fintech industry is playing an increasingly important role in the country’s economy. In 2021, the sector employed 20,000 people in Israel and contributed about ILS 8.2 billion (US$2.2 billion) to the country’s gross domestic product (GDP), figures
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MENA Open Banking Pioneer Bahrain Moves Towards Open Finance
In the Middle East and North Africa (MENA) region, Bahrain is the undeniable leader when it comes to open banking, a position the country earned thanks to its financial regulator’s proactiveness in introducing formal regulations and implementing technical standards. Now,
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Dubai New Virtual Assets Framework Aims to Establish Emirate as Global Blockchain, Crypto Leader
The government of Dubai has released its Virtual Assets and Related Activities Regulations 2023, a new set of rules targeting digital asset activities. The regulations are part of an ongoing effort to establish the emirate as a world leading hub
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Pakistan Central Bank Shortlists Five Players for Digital Banking License
The State Bank of Pakistan (SBP) has unveiled the granting of no objection certificates (NOCs) to five applicants of its digital banking license, moving these entities closer to securing the regulatory greenlight they need to eventually launch their digital banking
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Qatar Sees Increased Traction from International Fintech Companies
Though less developed than neighboring countries including the United Arab Emirates (UAE) and Saudi Arabia, Qatar’s fintech industry has continued to grow and attract international businesses over the past year. Owing to continuous support from regulators and several initiatives introduced
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Fintech Licence Overview in Saudi: All the Players You Have to Know
Tweeq International Financial Company, a Saudi Arabian business, has been granted a license to operate as a payment fintech company and provide e-wallet services, the Saudi Central Bank (SAMA) announced on November 22, 2022. The approval is the 11th unveiled
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Qatar Strives to Become a Global Fintech Hub
Striving to turn the country into a major fintech hub, the Qatar government has introduced a number of programs and initiatives to support local startups and entice international fintech companies to set up shop domestically and choose the nation as
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Funding Momentum to Continue in Pakistan Fintech Sector
2021 was a blockbuster year for Pakistani startups, which raised a total of US$352 million, data from Invest2Innovate, a local consultancy firm, shows. Out of that sum, 27% was raised by fintech startups, or US$95 million (excluding Bazaar’s combined US$36.5
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New Virtual Asset Regulation, Licensing Framework Coming to Dubai Free Zone
As investment and trading activity in virtual and digital assets continue to grow in the Middle East, economic zone financial regulator, the Dubai Financial Services Authority (DFSA), is looking to introduce new regulation for the asset class as well as
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