The Mohammed Bin Rashid Innovation Fund (MBRIF), an initiative launched by the UAE Ministry of Finance to support innovation in the UAE, has selected ten local and global innovators for the Summer Cohort of the MBRIF Accelerator program. The ten new members of MBRIF’s Accelerator program include four UAE-based businesses – Flugauto (Technology sector); Sonostik (Health sector); Dapi (Technology sector); and Insure@Oasis (Technology sector), in addition to six international businesses: Jibrel in Switzerland (Technology sector); US-based Key2enable (Education sector); UK-based Teacherly (Education sector); RealEDU from Sweden (Education sector); Caddie Engineering from France (Clean Energy sector); and Desolenator from the Netherlands…

They create an industry-wide, internationally recognised gold standard for excellence in the field of FinTech while promoting and supporting existing and emerging talent within the UAE and the wider MENA region. Judged by an expert panel of global FinTech luminaries and supported by our corporate champions, the FinTech Abu Dhabi Awards celebrate unique achievements in FinTech innovation, be they in-house at a bank, financial institution or corporate, part of an accelerator or incubator programme or at a cutting edge startup with an industry-shaping new technology. Congratulations to the Winners Featured image credit: @FinTechAD

In line with its tireless efforts to regulate and develop capital markets operating in the United Arab Emirates, the Securities and Commodities Authority (SCA) has recently posted draft regulations concerning crypto assets on its website, www.sca.gov.ae. It, therefore, urges all relevant parties—including investors, brokers, financial analysts, researchers, media personnel, and others—to provide their feedback and input on the draft, preferably no later than October 29. SCA will take such input into consideration when working on the final wording of the regulations. The draft regulations may be amended in a manner that serves the public interest and has not been made final yet.…

Future trends in the FinTech industry and the next generation of startups took centre stage as FinTech Abu Dhabi Festival drew to a close today. Held under the patronage of His Highness Sheikh Hazza bin Zayed Al Nahyan, Vice Chairman of the Abu Dhabi Executive Council, FinTech Abu Dhabi attracted 5,000 registrations and brought together world-class business leaders, a blessing of successful unicorns and FinTech innovators. Start-ups RISQ and Jibrel Network were announced as the two winners of the FinTech Abu Dhabi Innovation Challenge and took home a “Proof of Concepts” grant of up to AED 540,000 each and the…

CREALOGIX, a leading international Fintech company headquartered in Switzerland announced the opening of its new office in Riyadh, Saudi Arabia. The Riyadh office will be headed by Jamal M. Habahbeh, an expert in technology transformation with over 28 years of experience. He has previously held positions with Al Rajhi Bank and The Saudi Investment Bank. Jamal M. Habahbeh is responsible for the long-term strategic development of the Fintech Top 100 company in the region. CREALOGIX is already working with a number of leading financial institutions in the Kingdom of Saudi Arabia. The opening of the Riyadh office will be a…

The growth of the FinTech industry and its success in transforming the way we live were top of the agenda today, as the second day of FinTech Abu Dhabi welcomed more than 5,000 local and international delegates. Delegates were told what it takes to build and grow a billion-dollar company, how artificial intelligence is transforming the way we live and how firms can grow from a local to a global success. The second day of the global financial and technology event, held at Abu Dhabi National Exhibition Centre (ADNEC) under the patronage of His Highness Sheikh Hazza bin Zayed Al…

Global investors are increasingly looking to the Middle East and North Africa for the next unicorn and high return investments, delegates in Abu Dhabi heard as the third edition of FinTech Abu Dhabi opened with the Investor Forum. More than 400 people gathered at Abu Dhabi Global Market (ADGM) Authorities Building for the inaugural FinTech Abu Dhabi Investor Forum day where the growth of the FinTech industry in MENA was lead topic. Prominent regional and international entrepreneurs shared their expertise on growing a thriving start-up ecosystem in the region, how to spot a unicorn and the possibility of another financial…

Tech Mahindra has announced a partnership with the Department of Urban Planning and Municipalities (DPM) to launch a Blockchain solution for Land Registry using SmartHub Application. The solution will enhance citizen services by increasing transparency and traceability of records, security, and ensuring easy archival of data. This will enable digital transformation of land registry – it will decrease the processing time related to Land Registry related transactions and create value which can bring benefits to citizens and multiple entities associated with municipalities (like property developers, banks). Speaking on the occasion, on behalf of Department of Urban Planning and Municipalities, Ahmad…

Analysis conducted by Bloomberg Intelligence based on a roundtable discussion with Dubai Islamic Economy Development Centre (DIEDC) found that banks in the United Arab Emirates need to streamline their core banking processes before engaging with fintech players. The analysis highlights five key areas for the UAE’s fintech outlook: Call for joint effort to fill MENA funding gap: Access to capital is a challenge for Gulf startups. In Bloomberg Intelligence’s view, UAE banks could set up innovation funds to help startups grow from the seed stage to the scaling stage and align strategic interest. The venture capital arms of Santander, Barclays…

Fenergo, a provider of digital Client Lifecycle Management (CLM) solutions for financial institutions, announces that it will be working with Bahrain’s Electronic Network for Financial Transactions (BENEFIT) in designing and implementing the world’s first national Know Your Customer (KYC) utility that incorporates blockchain technology. The utility platform will support sectors including retail and corporate banking, asset management as well as insurance and telecommunications in the future. Fenergo deployed the first phase of the eKYC project in just four weeks. Financial institutions that subscribe to BENEFIT can instantly complete KYC and Anti-Money Laundering (AML) compliance procedures when onboarding new individual and…

Abu Dhabi Islamic Bank (ADIB) has announced the launch of Samsung Pay, the mobile payment and digital wallet service for Samsung devices, for its Visa covered cardholders. Samsung Pay is the first mobile wallet system to be adopted by ADIB. The partnership allows Visa covered card holders to make payments using their Samsung Pay-enabled devices at any contactless PoS reader around the world. The service will be gradually rolled out for Visa debit cards and the bank’s MasterCard portfolio over the next period. The launch was marked with a launch event held at ADIB’s headquarters and attended by senior regional…

Emirates NBD, a leading banking group in the region, announced that it has created E20., the UAE’s first digital business bank for entrepreneurs and SME businesses. E20. will enable start-ups, sole proprietors, freelancers, gig economy workers, fintechs and insurtechs and small-to-medium sized companies to open a bank account and carry out their day-to-day banking requirements easily through a mobile app as well as access a variety of services to help them in managing their business. Commenting on the announcement, Hesham Abdulla Al Qassim, Vice Chairman and Managing Director of Emirates NBD said, “Emirates NBD has a shared commitment to the…

Emirates NBD, one of the leading banks in the region, has launched smartTRADE, a new portal catering to supply chain and trade finance customers, as part of the bank’s smartBUSINESS channel. The enhancement is part of Emirates NBD’s ongoing AED 1 billion digital transformation strategy focused on digitising operations, products and services to further enhance the bank’s market-leading proposition for corporate and retail clients. smartTRADE offers Emirates NBD Transaction Banking clients a comprehensive range of new functionalities, allowing them to submit all trade requests online – such as letters of credit, guarantees, trade loan requests and more – enjoying reduced…

Flat6Labs Bahrain hosted its Third Demo Day at The Ritz Carlton Bahrain, where 6 startups from its third cycle showcased their businesses in front of an audience consisting of VIPs, investors, high-net worth individuals, ecosystem partners and other prominent officials. The third cycle received over 250 applications from more than 45 countries which was then narrowed down to a final selection of 6 Startups that consisted of teams both local and international, with businesses offering products and services from a wide range of industries such as HealthTech, Artificial Intelligence, FoodTech, E-Services, EdTech and Online Recruitment. The 6 startups selected are…

The Ministry of Health and Prevention (MoHAP) has launched the first blockchain-based system to save and share assessment information of health professionals, including doctors, pharmacists and technicians, with local licensing health authorities. The smart system, which will cover healthcare workers in public and private health facilities overseen by the Ministry, will help reduce resource consumption in terms of time and cost, and improve efficiency and data integrity. Awad Saghir Al Ketbi, Assistant Undersecretary of the Support Services Sector, said: “The Ministry has successfully developed the necessary infrastructure for a blockchain-based decentralized database. In the first stage, we will link the…

Instimatch Global, the leading digital network for institutional money market trading, has appointed international entrepreneur Hassan Al-Lawati as Chief Relationship Officer to lead its expansion in the Middle East. Al-Lawati brings extensive global experience along with regional knowledge and relationships, having worked in the Middle East, Europe, Asia and the US over his 20-year career. During this time, he led and structured teams for a variety of firms, with a consistent focus on new technologies. Most recently, he was the Director of Strategic Relationships at KiwiTech, a US-based cashless investing and technology services company, championing its international expansion to the…

With a three-fold growth since end of 2018, the Centre’s enabling environment continues to support the development of the FinTech industry, attracting major global players from across markets and technologies. Dubai International Financial Centre (DIFC) marks a significant milestone today having registered more than 100 FinTech firms in the Centre. The figures reflect a three-fold growth in registered FinTech firms since the end of 2018, intimating a sharp rise in 2019 as leading international and regional FinTech firms choose the DIFC as their preferred jurisdiction from which to scale their business in the region. Arif Amiri, Chief Executive Officer of DIFC…

Emirates NBD customers in the UAE will soon be able to get banking updates, track spends as well as listen to daily market briefings on their Amazon Alexa devices. Using the Emirates NBD skill for Amazon Alexa, customers will be able to ask for their account and credit card balances, as well as details of their recent transactions using conversational language through an Amazon Echo smart speaker from the comfort of their home or office. The service can also be accessed on the go with Amazon Alexa enabled headsets or through the mobile phone using the Amazon Alexa App. A…

Anglo-Gulf Trade Bank (AGTB), a global pioneer in digital transaction banking, has received a full digital banking license and Category 1 status from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM). This latest chapter in AGTB’s digitally transformative roadmap heralds a landmark occasion for the Abu Dhabi-headquartered organisation, especially as it is now ADGM’s first fully licensed digital bank. The awarding of the license is an important step towards AGTB delivering simplified, client-centric, inclusive trade banking and transaction banking services. Additionally, AGTB is working closely with ADGM’s Registration Authority (ADGM RA) to enable seamless corporate account…

DIFC FinTech Hive, announced the commencement of the 2019 edition of its accelerator programme. The third edition of the programme launched by the region’s first financial technology accelerator received an overwhelming response of over 425 applications from across the world, including Asia, Europe, North Africa and the Middle East. This year’s programme will feature a larger pool of startups, having increased by around 50% to 31 this year, from 22 in 2018, covering a broader scope to include FinTech, InsurTech, RegTech and Islamic FinTech. The finalists consist of 15 start-ups specialising in the FinTech sector, four specialising in the Islamic…