A new digital treasury services management provider SH Capital Ltd (SHC), launches in Dubai today with a mission to empower small and medium sized enterprises (SMEs & MMEs) by offering world class global banking services, asset management, FX hedging solutions, investment products and services. SH Capital is a subsidiary of parent company Stanhope Financial Group, which launched with $3.5m funding in November last year. In December, the group also announced the launch of its EU headquarters in Lithuania after obtaining its Electronic Money Institution licence. The independent fintech firm, which has received its in-principle approval Cat 3A regulatory licensing from…

additiv, a global SaaS provider to the wealth management industry, today announces the opening of a new office in Dubai as well as the appointment of a Managing Director for UAE, as it seeks to expand its footprint in the Middle East. additiv has made the decision to increase its Middle East presence in order to help local banks and asset managers capitalize on the significant change happening in wealth management. In particular, customer demand for seamless end-to-end digital wealth management is ballooning on account of demographic, behavioural and technology changes. These changes include the rise of middle-income households, wealth…

tabby, a UAE-based Fintech startup, has launched its “Buy Now Pay Later” solution in Saudi Arabia after completing its latest round of funding. The solution enables shoppers to make instant and interest-free installments when they complete their online purchases. The full payment can be made 14 days after delivery or in installments allowing customers the flexibility to pay for their purchases in multiple interest-free payments over a number of months — which could potentially help merchants to drive up conversion rates. To take use this payment solution, the user simply selects Tabby at the checkout and decides when they would…

DEX, a global digital assets marketplace headquartered in Abu Dhabi, has secured a Financial Services Permission (FSP) from the Financial Services Regulatory Authority (FSRA) in the Abu Dhabi Global Market (ADGM) in the United Arab Emirates (UAE). The FSP authorizes DEX to operate a regulated Multilateral Trading Facility (MTF) and custody platform using Virtual Assets that will serve retail/accredited investors, trading firms and institutions worldwide. The platform will allow the buying and selling of virtual assets with all major international currencies as well as local currencies in the respective UAE/GCC markets. DEX aspires to be a leading regulated digital asset…

Mamo Pay, the MENA region’s highly anticipated peer-to-peer mobile payments app, announced that it has joined Visa’s Fintech Fast Track program, allowing Mamo Pay to reach a wider audience, and benefit from the capabilities, and security of VisaNet, Visa’s global payment network. Through Fast Track, Mamo Pay and Visa will partner on a number of initiatives including launching prepaid cards to accelerate financial inclusion and cashless adoption in Mamo Pay’s key markets. The Mamo Pay platform empowers users and businesses to effortlessly manage their money through an app that demonstrates simplicity, and utility – adopting a customer-first approach. Mamo Pay…

Dubai Police, Dubai Economy (DED), and Visa released findings of a survey on the impact of COVID-19 pandemic on payment behavior of consumers in the UAE. The survey also looks at consumers’ general views, preferences and concerns related to digital payments and offers key insights for merchants. The survey release corresponds with the launch of Visa’s fifth annual “Stay Secure” – this year in partnership with both Dubai Police and DED – social media campaign on Facebook and Instagram to promote safe digital payment practices. This year’s campaign comes at a time when more consumers in the UAE have increased…

Saudi Arabian Monetary Authority (SAMA) has recently used blockchain technology to deposit part of the liquidity that SAMA had previously announced, to be injected into the banking sector, as part of SAMA’s actions aimed at enhancing the sector’s capabilities to continue its role in providing credit facilities. This action comes as a part of SAMA’s continues efforts in exploring and experimenting emerging technologies and keeping lead pace with the global trends of central banks in assessing the impacts of such technologies on the financial sector. SAMA is one of the pioneer central banks to experiment blockchain technology for money transfers,…

Kyriba, a global liquidity solutions provider announced a partnership with Midis Group, a technology organization, comprising some 170 companies across 70 countries in the EMEA region. The alliance will enable the delivery of localized services and support in these regions to help finance leaders, banks and governments solve the challenge of understanding and managing their liquidity with sophisticated solutions for payments, cash & liquidity management, supply chain finance, and FX risk management, all centralized in Kyriba’s cloud-based Active Liquidity Network. Digital transformation in finance is driving new opportunities for growth in the Middle East, Africa and similar emerging markets Given…

The Dubai Financial Services Authority (DFSA) along with Deloitte Middle East published “A Market Overview of Custody for Digital Assets” with the aim of highlighting the importance of digital asset custodians and the key role they play in the future of digital asset adoption. The paper aims to frame the current digital custody landscape, the market solutions currently available, and the challenges and uncertainties currently faced by the industry. Peter Smith, Head of Strategy, Policy and Risk for the DFSA said “The DFSA is pleased to engage with Deloitte on this important topic and bring the role of custody in…

Tabby, the UAE-based FinTech startup and the region’s first Buy Now Pay Later solution, today announced it has raised $7M to fund its growth and launch its offering in Saudi Arabia. The funding round was led by Raed Ventures with participation from MSA Capital and existing investor Arbor Ventures. Launched in 2019 by Hosam Arab, previously co-founder and CEO of online retail site Namshi, with an initial $2M in seed funding, Tabby’s mission is to empower consumers to easily buy what they want, when they want, while remaining in control of their finances. Tabby helps retailers across the UAE and…

Dubai International Financial Centre (DIFC) announced that it has invested in four FinTech start-up companies. The investment reflects the DIFC’s commitment to driving the future of finance and is part of the USD 100 million FinTech Fund launched in 2019 to help establish, grow and upscale start-up and growth stage FinTech companies seeking access to the MEASA markets. The startups who applied for funding were evaluated by the DIFC FinTech Fund. Out of those shortlisted, four were selected for funding after a comprehensive review. As part of DIFC’s commitment to developing the sector, more applications will be evaluated and further…

The Central Bank of the UAE (CBUAE) and Abu Dhabi Global Market (ADGM) will collaborate and jointly host and organise the 4th annual FinTech Abu Dhabi Festival which will be held from 24 to 26 November 2020. Celebrating its fourth edition, the much-anticipated FinTech Abu Dhabi has become the MENA’s most impactful and largest dedicated FinTech-focused event. Bringing together international and local thought leaders and policy-makers, financial and technology institutions, FinTech startups, unicorns, investors, academia and innovators, the event promises a deep-dive into trending topics and business issues that will shape the digital economy of the future. The event will be…

Flat6Labs Bahrain announced that it has successfully completed 4 Cycles since its launch in March 2018. Within its 2 years of operations, the accelerator has reached several milestones which include job creation, supporting startups & the local ecosystem, raising awareness on entrepreneurship in the country, engaging with youth and women through community engagement activities, supporting its portfolio with securing follow-on funding and more. Out of 1,100+ applications that were received by Flat6Labs Bahrain, a total of 28 companies both Bahraini and international have graduated from the programme with a USD $32K seed investment, as well as rigorous training, coaching and…

PointCheckout has developed an innovative solution using its digital wallet platform to tackle the distribution of support funds in a fast, secure and efficient way to citizens. The #EUvsVirus Hackathon featured close to 21,000 participants and brought together people of 141 nationalities around the world. Over 2,150 solutions were submitted in areas including health and life, business continuity, remote working and education, social and political cohesion, digital finance and other challenges. Germany (389), Italy (320) and Spain (315) submitted the highest number of solutions, which range from a ‘modular micro factory’ to a ‘natural language processing system for medical reporting’.…

Hubpay announces its Seed funding round led by a leading US venture capital firm – Signal Peak Ventures. The investment raised will support the launch of Hubpay’s digital wallet in the Middle East market. Additionally, a UAE angel investment group – the Falcon Network, is participating in Hubpay’s Seed round. Falcon Network has backed a number of high impact businesses in the region. Hubpay is in the advanced stages of the licensing process to receive a Money Services Licence in the United Arab Emirates market, enabling low cost digital remittances and international bill payment. The UAE is the third largest…

Banks in Saudi Arabia have to revisit their digital transformation plans and strive to launch new channels that will sustain delivery of products and services amid the Covid-19 pandemic, according to the findings of a new report released KPMG Al Fozan & Partners (KPMG in Saudi Arabia), the leading provider of audit, tax and advisory services in the Kingdom. Covid-19 situation has created a dynamic shift in customer expectations and therefore instigated a live test to the existing digital platforms, omnichannel functionalities and mobile capabilities. Banks must be sensitive to this opportunity and create mechanisms to collect, analyze and identify…

The Dubai Financial Services Authority (DFSA) invites applications from local and international companies to apply to join its 2020 Summer Cohort. Successful cohort applicants will be invited to apply to enter the DFSA’s version of the regulatory sandbox, known as the Innovation Testing Licence (ITL). The DFSA welcomes innovative technology-driven companies to apply through its website between 1 and 31 May. Firms must provide a clear explanation of their planned business model and the proposed innovative product or service. They will announce applicants accepted into the Summer Cohort on 16 June, after which they will invite them to submit an…

SHUAA Capital, an asset management and investment banking platform in the region, announced it will provide free expert advisory services and interest-free loans through regulated partners to support UAE-based small and mid-sized technology enterprises (SMEs) that have been directly impacted by COVID-19. In alignment with the UAE government’s support and relief measures, the financial package aims to help provide the capital and expert guidance tech SMEs will need to emerge from COVID-19 on a healthy footing. SHUAA’s regulated partners will provide the interest-free loans, while SHUAA sector experts in manufacturing, logistics, construction, healthcare, travel and tourism, retail and real estate…

OneConnect Financial Technology, a leading TaaS company for financial institutions in China, has been appointed by Abu Dhabi Global Market, to support the development of the ADGM Digital Lab. The ADGM Digital Lab is a digital platform where financial institutions  and FinTech firms can collaborate, test and develop innovative solutions for the financial services sector, with direct participation from ADGM’s Financial Services (FI) Regulatory Authority (“FSRA”). In recent years, digital innovation has become a focal point in Abu Dhabi’s plans and initiatives in building a knowledge-based economy to support economic growth and diversification. Since its establishment in October 2015, ADGM…

The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) announced that it has launched three RegTech pilot initiatives, with the objective of helping its regulated financial services firms achieve better compliance and risk management outcomes, while reducing regulatory costs and burden. AI-enabled RegBot for Licence Application To provide business efficiency to stakeholders operating in ADGM, the FSRA is automating its licence application process, enabled by artificial intelligence, for Venture Capital (VC) fund managers. Potential applicants will be able to interact with a “RegBot”, which utilises natural language processing (NLP) and machine learning to identify information and risk…