FinTech Hive, the first fintech accelerator in the Middle East, Africa and South Asia (MEASA) region, is gearing up to start its 2018 edition in September, in partnership with Accenture. FinTech Hive has received an overwhelming response of over 300 applications that were created from all around the world – triple the number of applications received in 2017. Of all applications received, 50% were for FinTech solutions, while the remaining 50% were divided amongst InsurTech (20%), Islamic FinTech (15%) and RegTech (15%). The applications covered a wide range of technical and functional solutions including Artificial Intelligence (AI) & Machine Learning,…

Etisalat today announced its commitment to adapt and implement a common approach to IoT security guidelines that will outline best practices and recommendations for the entire IoT ecosystem. These IoT security guidelines were set by the global organization ‘Global System for Mobile Communications’ (GSMA) targeting IoT service providers, device manufacturers, developers and mobile operators to provide best practices for a secure end-to-end design, development and deployment of IoT solutions across industries and services. They address typical cybersecurity and data privacy issues associated with IoT services and outline a step-by-step process to securely launch solutions to market. Francisco Salcedo, SVP, Etisalat…

As Saudi banks digitally transform, the Kingdom ranks as the top digital banking market in the Middle East and North Africa, with more than three-quarters of banking customers using online or mobile apps, industry experts announced today. In a recent survey of regional banking customers by research firm ArabNet, 76 percent of Saudi banking customers use digital platforms, and 60 percent use online and mobile apps, both ranking highest in the region. Top Saudi digital banking offerings are loyalty programs (53 percent), mobile discount coupons (51 percent), and virtual prepaid debit cards (50 percent), according to McKinsey. Khaled Alsaleh, Managing…

Bahrain Development Bank (BDB) announces that the Al Waha Fund of Funds has successfully closed its US $100m fundraising round,making it the first active venture capitalfund of funds in the region. The announcement marks an important milestone for the region’s growing startup ecosystem. It will provide additional capital to innovative and technology-driven startups in Bahrain and across the Middle East through venture capital funds currently established in Bahrain, and by attracting new funds to the region. The Limited Partners (LP) Advisory Committee met for the first time last week to close the US $100m, setting the strategic direction of the…

Brinc-Batelco IOT Hub was officially opened  in the presence of Ministers, Batelco Board members, Batelco senior executives, invited guests and Bahrain media houses. Batelco, the Kingdom of Bahrain’s digital solutions provider announced in 2017 that it had teamed up with Brinc MENA, ahands-onInternet of Things (IoT) hardware accelerator, to launch the Brinc-Batelco IOT Hub, which is the first technology hardware accelerator in the Middle East region. The state-of-the-artIOT Hub offers programmes and services tailored for IoT hardware start-ups and entrepreneurs looking for speed, access and the know-how to build successful companies. The Hub offers unprecedented opportunity to access mentorship, product…

The UAE is ideally positioned to serve as the ‘beating heart’ of a regional innovation hub; according to a new report published by Oliver Wyman in collaboration with Dubai International Financial Centre . Titled “The Case for an Innovation Hub to Facilitate MEASA Financial Inclusion”, the report reveals how Dubai is strategically positioned to facilitate development of digitally enabled financial solutions for the region. There has been a significant push for the advancement of financial inclusion globally with 1.7 billion of the world’s global working population still lacking access to formal financial services. Nearly 50 percent of all financially excluded…

Dubai Holding, the global investment holding company, has announced it will invest up to AED 1 billion over the next five years to launch a next-generation digital bank for the UAE, with plans to expand services across the Middle East and North Africa region. T his announcement is in line with UAE’s goal of becoming a cashless digital economy, and guided by His Highness Sheikh Mohammed bin Rashid Al Maktoum’s vision for Smart Dubai. Owing to the UAE having one of the highest smartphone penetration rates globally, Dubai Holding’s digital bank will aim to provide an on-demand, fully customizable and…

Emirates NBD, a leading bank in the Middle East, has partnered with Diebold Nixdorf, a world leader in driving connected commerce, to soon launch Emirates NBD EasyHub, the region’s first integrated digital kiosk that will allow customers to sign up for new products and access a variety of teller services, functioning like a mini-branch that is open beyond normal banking hours and all days of the week. Emirates NBD EasyHub offers customers a self-service banking experience aided by a video banker who will guide customers via onscreen instructions and step by step assistance. EasyHub will enable individual retail and affluent…

Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, successfully concluded its 3rd round of applications for its Regulatory Laboratory (ADGM Reglab) programme with a total of 36 local and international new FinTech innovators offering potential solutions for the financial and small-medium enterprise (“SME”) sectors in the Middle East and Africa region. The latest ADGM RegLab call-out saw a 70% jump in interest from the 2nd cohort of 22 applications and 11 in the 1stbatch. The startup innovators who have applied under the third cohort to test their FinTech innovation in the ADGM RegLab represent a diverse mix of…

Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi and FINTECH Circle, a global community of FinTech entrepreneurs, angel and VC investors and FinTech thought-leaders and its FINTECH Circle Institute, are collaborating to launch a new and comprehensive range of FinTech Education Courses for the United Arab Emirates (UAE) FINTECH Circle’s repertoire of FinTech innovation courses will be exclusively provided via ADGM Academy, the newest training and development centre for the financial services industry in MENA, for the first time in the region. This new commitment by FINTECH Circle augments FINTECH Circle Institute’s mission to upskill finance…

Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, and KPMG Lower Gulf Limited “KPMG LG” launch the second edition of FinTech Abu Dhabi Innovation Challenge and push ahead with efforts to drive innovation in the financial services industry. The inaugural Innovation Challenge organized last year generated strong interest among regional financial institutions about the potential benefits of collaborating with FinTech startups. As a result, this year’s challenge will primarily focus on generating real case studies in the adoption of FinTech solutions by major UAE institutions, including government entities and regulators. The final demo day will be…

The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) published a consultation paper setting out its proposed framework to regulate spot crypto asset activities, including exchanges, custodians and other intermediaries, to be undertaken in ADGM. The FSRA is proposing a fit-for-purpose regulatory framework that effectively addresses the full range of risks associated with crypto asset activities. For crypto asset exchanges, it will entail proper regulation as market infrastructures addressing key risks including anti-money-laundering and counter-terrorist financing (AML/CTF), consumer protection, technology governance and safe custody. This best-in-class regime addresses concerns from regulators, institutions, corporates and investors by instituting…

Abu Dhabi Global Market (ADGM), the International Financial Centre (IFC) in Abu Dhabi, announce the official launch of ACCESSADGM, a fully digital, integrated online client portal that provides over 60 e-services related to visas, work permits, letters, event permits, mailboxes and much more. This milestone reflects ADGM’s dedication in providing business-friendly, customized solutions that aim to enhance clients’ experiences and the ease of doing business in ADGM. ACCESSADGM also allows guest users to register on the portal to request a subset of services such as permits for conducting events, trainings, and seminars on Al Maryah Island.  Both registered entities and…

Plug and Play, one of the the world’s largest  global innovation platform, and Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi,  establish the ‘Plug and Play ADGM’ office and announce the go-live date for its signature FinTech innovation programme for Abu Dhabi and the wider Middle East and North Africa (MENA) region. The Plug and Play ADGM programme will be available in 3Q2018 and focuses on rapidly accelerating FinTech innovators and start-ups who have exciting solutions and initiatives that address the dynamic needs of the capital markets in this region. The Plug and Play ADGM office…

Sarwa is the first robo wealth advisor in the Middle-East, regulated by the Dubai Financial Services Authority under the Innovation Testing License, a special license designed for Fintech startups to roll-out innovative solutions for the region. Sarwa aims to make investing easy and accessible to everyone. In today’s world, customers have high expectations and want a fast and seamless experience in everything they do: everyone hates paperwork, and the hassle it comes with. That’s why Sarwa has teamed up with leading identity verification specialist Onfido to bring to the UAE’s wealth space the first 100% digital account opening process. Sarwa obtained DFSA regulatory…

The world’s first Islamic real estate crowdfunding platform, which is helping to provide affordable housing to vulnerable populations in Indonesia and Malaysia, is to get a major boost from social impact programme Expo Live, run by organisers of the next World Expo, Expo 2020 Dubai. Ethis Crowd enables individuals to collectively fund and invest in new residential developments for low-income households according to Islamic Shariah law, which prohibits profiting from interest payments on loans. Affordable real estate markets in Indonesia and Malaysia are unattractive to commercial investors and with traditional banking often out of reach for the marginalised, millions of…

Dubai International Financial Centre has signed a memorandum of understanding with Accenture  to foster innovation in the financial services industry globally. Under the MoU, FinTech Hive at DIFC — the first financial technology accelerator in the MEASA region will collaborate with Accenture’s FinTech Innovation Labs in New York, London and Hong Kong, to share resources and knowledge on the latest research and trends in financial technology. The agreement will help build long-term relationships across the accelerator’s international initiatives, further cementing synergies between the DIFC and Accenture. In line with DIFC Growth Strategy 2024 and Dubai Vision 2021, FinTech Hive at DIFC fills an important…

Emirates NBD, has become the first bank to successfully go-live at scale with ‘Cheque Chain’, integrating blockchain technology into issued cheques to strengthen their authenticity and minimise potential fraud. Following a successful pilot last year overseen by Emirates NBD Future Lab™, the bank is now rolling out its security-enhancing technology for the benefit of customers across the UAE. The initiative will also significantly enhance security standards both within the Emirates NBD Group and across the UAE banking sector. Cheque Chain enables a unique QR code to be printed on every leaf of newly issued cheque books. The unique code registers…

International Data Corporation hosted the inaugural edition of its ‘Smart City Middle East Awards’ at Dubai’s Jumeirah Creekside Hotel to honor the region’s most innovative ICT-enabled Smart City projects and initiatives. More than 80 nominations were received across ten categories, with each submission undergoing a comprehensive multi-stage validation and judging process, and IDC is delighted to announce the winners and finalists as follows: Smart Tourism Award Winner:  Finalists: Smart Living Award Winner: Finalists: Smart Public Safety Award Winner: Finalists: Smart Health Award Winner:  Finalists: Smart Learning & Education Award Winner: Finalists:  Intelligent Transportation Award Winner: Finalists: Sustainable Environment & Smart Utilities Award Winner:…

With more than 60 nominations already submitted, International Data Corporation (IDC) is making final preparations to host its inaugural Smart City Middle East Awards at Dubai’s Jumeirah Creekside Hotel on Tuesday, May 1st, 2018. Designed to recognize and reward the region’s most innovative ICT-enabled Smart City projects and initiatives, the nominations are set to undergo a comprehensive multi-stage validation and judging process, with awards being handed out across nine categories: IDC has noted a significant increase in the number of cities around the world that are actively looking to become ‘Smart’ by implementing innovative solutions that address the challenges of…