Bahrain FinTech Bay announces the launch of the Global Islamic & Sustainable FinTech Center (GISFC) with local, regional and international members. GISFC, builds on BFB’s diverse network of partnerships locally, regionally and internationally, and aims to help accelerate the use of FinTech to drive the next phase of growth in Islamic finance, whilst also focusing on sustainable, social and responsible innovation. The launch of the GISFC reaffirms Bahrain’s distinguished position as the global leader in Islamic finance and banking. GISFC’s launch partners include: -Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), -the Islamic Corporation for the Development of the Private Sector (ICD), -South-…

As digital transformation continues to play a fundamental role in shaping the way governments across the world adapt to new opportunities and challenges, International Data Corporation (IDC) has published an in-depth analysis to spur debate, share data, highlight best practices, and assess the impact of ICT on digital government initiatives globally and in Saudi Arabia. Titled ‘A Digital Government Vision for the Kingdom of Saudi Arabia’ , the report leverages insights from the Kingdom’s most senior ICT decision makers to help guide the implementation of Vision 2030 and the National Transformation Program (NTP). Due to several macroeconomic and societal actors, countries are increasingly…

We are fortunate to witness a period of monumental progress in Africa. The changes are visible across all sectors. African start-ups have raised a record-breaking $560 million in 2017, an increase of 53% from the previous year. African governments have welcomed technology into the continent, hoping to inspire a revolution across all industries and sectors. Some of the brightest minds are determined to rewrite the rules of the game by harnessing technology to tackle some of the continents greatest challenges – with one of them being the distinct lack of access to banking services for large parts of the population.…

Abu Dhabi Global Market (ADGM), the Financial Centre in Abu Dhabi hosted its first ever Bootcamp Day as part of annual Fintech Abu Dhabi 2018. The event was held under the patronage of His Highness Sheikh Hazza bin Zayed Al Nahyan, Vice Chairman of the Abu Dhabi Executive Council, for the second consecutive year. Around 300 participants attended the day-long Bootcamp, launched exclusively for FinTech start-ups, which saw university students, banking institutions, global accelerators, investors and potential customers come together to network and absorb a variety of strategic topics relevant to their growth journey, from ‘Legal 101 for Start-ups’ to ‘FinTech Investing.’…

Abu Dhabi Global Market (ADGM), the international financial centre (IFC) of Abu Dhabi announces the launch of the new commercial license for ADGM Tech Start-ups for entrepreneurs. The start-up license is sector-agnostic and enables entrepreneurs to obtain an ADGM operational license, taking advantage of the same globally recognized international operating standards that current ADGM funds, multinationals, SMEs, advisers, and other registered entities benefit from. A unique regional platform based on Common Law, ADGM is favoured by financiers and other stakeholders across multiple capital-raising, structuring and investment activities, giving start-ups the optimal base and ideal environment for capitalization and growth. The new Tech…

FinTech Hive, the first and largest financial technology accelerator in the Middle East, Africa and South Asia (MEASA) region, announced the commencement of the 2018 edition of its accelerator programme, in partnership with Accenture. The second edition received an overwhelming response of over 300 applications that were created from all around the world, of which 22 finalists were selected. The accelerator programme consists of a 12-week curriculum in which a group of selected finalists work closely with financial institutions and other stakeholders to create innovative and forward-looking solutions that aim to address the evolving needs of the region’s financial services…

Sarwa, the first regulated automated investment advisory platform in the region, announced that it received over $1.3M in its pre-series A round of financing. The funds raised include investments from major international and regional venture capital firms. Shorooq Investments from Abu Dhabi was joined by Middle East Venture Partners- one of the largest and most established VCs in the MENA region – alongside the California-based venture fund 500 Startups, the Dubai based Women’s Angel Investor Network, Hala Ventures from Saudi as well as Saned Partners from Lebanon. This new round of investment brings Sarwa’s total funding to over $1.5M since…

The Monetary Authority of Singapore (MAS) and the Dubai Financial Services Authority (DFSA) have signed a FinTech Agreement that allows referrals of innovative businesses between the two authorities. The Agreement reflects the commitment of both authorities to support the continuous development of FinTech and innovation to deliver new and enhanced financial services to manage risks better, reduce costs, and increase efficiency. The Agreement centres on a referral mechanism which will enable the authorities to refer FinTech companies to each other, as well as facilitate the sharing of information on financial sector innovation in their respective markets. Both authorities have also…

Bahrain FinTech Bay announces the launch of BlockOn 2018 Conference which will take November 22nd. BlockOn is a Blockchain and Cryptocurrency platform for corporate incubation projects consisting of seminars, panels, keynotes and fireside chats accompanied by roundtables and demos to and from the Blockchain community. BlockOn 2018 will be expecting more than 300 global Blockchain innovators and professionals of diverse backgrounds – including regulators, entrepreneurs, investors and financial industry executives. The engagement topics revolve around Blockchain’s rising opportunities and challenges, regulation and collaboration, as well as its application in finance and beyond. “We are delighted to be hosting BlockOn, our first…

Abu Dhabi Global Market (ADGM), the international financial centre in Abu Dhabi announced that its second edition of the FinTech Abu Dhabi Summit is open for registration. Under the patronage of His Highness Sheikh Hazza bin Zayed Al Nahyan, Vice Chairman of the Abu Dhabi Executive Council, the much anticipated FinTech Abu Dhabi Summit will be held at Fairmont Bab Al Bahr Hotel, Abu Dhabi on 17th September 2018. Building on the success of the 2017 inaugural event that attracted close to 3000 local and global registrations, the 2018 event will comprise two full days of world-class exciting activities with world-class…

Nest announced its market entry into the Kingdom of Bahrain with the launch of the very first global corporate fintech programme in the region, ACCELERATE ME, in partnership with American Express Middle East. Nest and American Express Middle East will be running the first Accelerator programme focused on delivering innovative digital solutions to Customers and Business Partners in the Middle East. ACCELERATE ME programme will scale up to 15 local and international startups with innovative solutions to cater to deliver unique customer engagement, automated payments, and alternative physical and digital platforms for merchants. Mazin Khoury Mazin Khoury, CEO of American Express…

Finastra announced that National Bank of Egypt (UK) Limited is deploying Fusion Treasury and Fusion Risk. The treasury and risk solutions will be tightly integrated with the bank’s existing Fusion Equation core banking system – helping the bank to deliver a more comprehensive and superior service. James Pinnington, Head of Capital Markets & Investment Management, Northern Europe, Finastra said, James Pinnington “Banks recognize that clients today want more joined-up finance, risk, payment and working capital services and expect fast, transparent, 24/7 access to these services. A joined-up approach that fully integrates the treasury, risk management and regulatory functions at the…

The Venture lab at The American University in Cairo, an university-based startup accelerator in Africa and the MENA region, and Temenos, the Swiss banking software company, have announced their intention to collaborate and strengthen the fintech ecosystem in Cairo. Temenos will support financial innovation in Egypt by providing startups with access to the world’s number one core banking solution to be used as their development environment. Sandbox Service A key aspect of the collaboration will see Temenos provide a sandbox service to the startups utilizing the accelerator. This sandbox, a non-production cloud-based version of the best-selling Temenos T24 core banking system,…

The Dubai International Financial Centre (DIFC) will establish a commercial licensing scheme for fintech firms based in the Middle East, Africa and South Asia (MEASA) it was announced recently. The scheme will provide short term, cost-effective licensing for fintech, regtech and insurtech firms. Successful firm applicants will also be exempt from incorporation and registration fees. Driving an innovation agenda Arif Amri News on the initiative first broke earlier this year in March. CEO of the DIFC Authority, Arif Amri, stated then that: “Driving the future of finance and promoting financial inclusion in the region are at the top of Dubai’s agenda and…

The Dubai International Financial Centre (DIFC) Courts have partnered with Smart Dubai to create the world’s first Court of the Blockchain. Building on existing dispute resolution services, the alliance will initially explore how to aid verification of court judgments for cross-border enforcement. The partnership is the first step in creating a blockchain-powered future for the judiciary which will have far-reaching benefits, including streamlining the judicial process, removing document duplications, and driving greater efficiencies across the entire legal ecosystem. Future research will combine expertise and resources to investigate handling disputes arising out of private and public blockchains, with regulation and contractual terms encoded within the…

NBB announced details of the Bank’s strategy for its digital transformation, which centres on better meeting the fast-evolving needs of customers and modernising every aspect of its banking experience through the strengthening of its digital capabilities. Comprised of several important components, including comprehensive developments in services, operations and human resources, the transformation agenda prioritises the swift actioning of customer-focused enhancements. To be completed before year-end 2018, these include the reorganisation of the branch network and development of a template for the “branch of the future”, substantial upgrading of ATMs, launch of a native mobile banking app and the upgrading and relaunch…

Abu Dhabi-based Al Hilal Bank will partner with the international financial centre, Abu Dhabi Global Market (ADGM) to promote the growth and development of fintech and Islamic Finance across the UAE. Fintech solutions spanning mobile and e-banking, digital value-added services, blockchain, APIs, and automation would be developed in response to business issues faced there. A Memorandum of Understanding (MoU) was signed recently at the ADGM Authorities Building on Al Maryah Island signifying the two parties’ collaboration. Al Hilal Bank was represented by its CEO Alex Coelho, while ADGM was represented by the CEO of the Financial Services Regulatory Authority (FSRA), one of its three independent authorities…

Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, published a consultation paper setting out its proposed regulatory framework for operators of Private Financing Platforms (PFPs) in ADGM. This follows positive feedback received from the industry in response to the March discussion paper issued by the Financial Services Regulatory Authority (FSRA) on the scope and form of a regulatory framework for PFPs, which has informed the development and refinement of the proposals set out in this consultation paper. This is part of FSRA’s ongoing initiatives to provide an inclusive regulatory platform that bolster the growth and development…

Abu Dhabi Global Market (ADGM) las launched its framework to regulate spot crypto asset activities, including those undertaken by exchanges, custodians and other intermediaries in ADGM. This follows the successful completion of a public consultation on the introduction of a robust crypto asset regulatory framework by ADGM Financial Services Regulatory Authority (FSRA) on 28 May 2018. The framework is designed to address the full range of risks associated with crypto asset activities, including risks relating to money laundering and financial crime, consumer protection, technology governance, custody and exchange operations.  This new framework is one of ADGM’s many efforts and ongoing commitment…

In a nation where a majority of the labour force is in one way or another working with the government, there is a dearth of entrepreneurs with innovative ideas. As a result, the fintech scene in Qatar has seen some impact—especially in a banking ecosystem that is rapidly evolving. It was perhaps this fact that spurred Qatar Development Bank (QDB) to launch a fintech incubation center. The Gulf Times reported that during the event where QDB revealed their incubation plans, Abdo al-Habr of global consulting firm ATKearny characterised Qatar’s entrepreneurship culture as limited due to the abundance of jobs—81% of working Qataris are…