Abu Dhabi Commercial Bank (ADCB) has digitised trade finance for its customers using the Singapore-based dltledgers Blockchain platform. ADCB is the first bank in UAE to run the end-to-end Blockchain trade finance transaction with full document automation through the dltledgers platform, offering corporate customers greater confidentiality, the ability to keep a closer tab on the flow of the goods and documentation, faster turnaround, and enhanced fraud prevention. Earlier this month, the Bank’s first live end-to-end trade in Blockchain was reported in Singapore. The transaction moved goods for Western Red Spring Canadian Wheat worth USD 6.5m (AED 25m) from Canada to…

Emirates NBD, a leading bank in the region, together with the DIFC FinTech Hive, a fintech accelerator in the Middle East, are the first in the region to certify FinTech startups who have successfully used the Emirates NBD’s API Sandbox to create and demonstrate working innovative financial solutions. The five FinTech startups that successfully presented their product integration with Emirates NBD’s API Sandbox, and graduated from the initiative with a certificate of collaboration, were as follows: Launched by Emirates NBD Future Lab in 2018, the API Sandbox is a first in the region, marking an important milestone in the bank’s…

The Central Bank of Bahrain issued the final rules on “insurance aggregators”. Mr. Abdul Rahman Al Baker, Executive Director of Financial Institutions Supervision, said, “The introduction of insurance aggregator rules is a first step for the CBB towards “Insuretech”, a technology led transformation of the insurance sector which is rapidly gathering momentum globally. The CBB is one of few central banks to have introduced rules relating to insurance aggregators to further enhance the position of Bahrain as a leading fintech hub in the MENA region.” Insurance aggregators are intermediaries with an insurance broker’s license who operate an online platform, whether…

Dubai International Financial Centre and Mashreq Bank are partnering with norbloc, a leading Know Your Customer (KYC) and client onboarding fintech regionally headquartered in Dubai,  to launch the region’s first production-ready blockchain KYC data sharing consortium in Q1 2020 to support businesses and Corporates in Dubai. In line with the UAE Blockchain Strategy 2021, the alliance entered into a MoU in January 2019 with the strategic intent to create a first-to-market platform serving banking sector clients in the UAE. This market-leading initiative will facilitate faster, more secure onboarding and exchange of supporting documentation via advanced distributed technologies, including blockchain. The…

The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) has issued its regulatory framework for Digital Investment Managers (also known as ‘robo-advisors’), operating in Abu Dhabi. Digital Investment Managers provide investment management services using algorithm-based tools and technology to interact with more tech-savvy clients. This technology allows investment managers to provide tailored investment management services to clients in a cost-effective and scalable way. Digital Investment Managers have the potential to play an important role in promoting financial inclusion and providing a wider range of options for retail client investors in the Middle East and Africa region. To…

Abu Dhabi-based crypto asset exchange, Matrix Exchange announced on July 12 that it has received an In-Principle Approval (IPA) from by the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM) to operate as a crypto asset exchange and custodian in ADGM. The United Arab Emirates keeps embracing and regulating blockchain & crypto assets into its financial system. ADGM was first in the Middle East and Africa region to establish and launch a fully operational and regulated crypto-asset framework and regime in June 2018. The ADGM business friendly and well-regulated ecosystem continues to attract more and global…

Dubai International Financial Centre (DIFC) Authority has strengthened its leadership team. The Centre has made a number of strategic appointments and promotions of UAE Nationals to spearhead key initiatives that support the DIFC’s vision to further enable financial technology in the region. In addition, this supports the Centre’s broader expansion plans approved by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, in January 2019. Peyman Al Awadhi has been appointed as Head of Marketing and Corporate Communications at DIFC Authority to lead the strategic positioning, digital transformation and…

Digitalisation has led to a rapid transformation of the banking industry. Recognising this and to further support innovation, the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) announce and welcome local and global applications to establish digital banks in its International Financial Centre based in Abu Dhabi. This initiative comes in response to regional and international enquiries seeking a proven and conducive ecosystem that fosters opportunities and market development.  With innovation, supporting growth and anchoring activities in MENA for the benefit of the region as its ethos, ADGM provides an ideal jurisdiction and environment for the digital…

Emirates NBD, a leading bank in the region, has announced the successful implementation of a digitised payment solution for Dubai Department of Finance (DoF) to achieve full Host-to-Host (H2H) integration of all payment processes through the bank’s smartBUSINESS Connect solution. Implemented by the bank’s Transaction Banking unit, the integration will ensure seamless and secured messaging between the two organisations for day-to-day banking operations, helping DoF save time, costs and resources. This ecosystem will provide both parties real-time data on transactions, saving big quantities of paper on an annual basis, in line with Dubai Paperless Strategy 2021. Emirates NBD’s smartBUSINESS Connect…

PAYFORT, an Amazon company, today announced a partnership agreement with the Government of Ajman, aimed at enhancing and extending the payment options currently offered by the emirate’s unified smart payment gateway, AjmanPay. The partnership will pave the way for a consolidation of payment interfaces across government channels, enabling users to pay all government services conveniently via a single gateway. AjmanPay will offer a variety of convenient options, including the use of local or international credit & debit cards, or the use of various digital wallets. The Government of Ajman will also use PAYFORT as payment provider to introduce a pay-via-installments…

Startupbootcamp FinTech Dubai Accelerator hosted their Demo Day in Dubai on Tuesday, April 30th, with the participation of over 250 people among UAE’s industry leaders and international fintech experts in attendance. The accelerator is supported by Dubai International Financial Centre (DIFC), Visa, HSBC and Mashreq, which have formed an alliance which looks to accelerate more than 30 fintech startups by 2020 in a bid to develop and strengthen the entrepreneurial ecosystem in MENA. The 12-week acceleration programme, designed and coordinated by Startupbootcamp, culminated in the graduation of the first ten fintech startups on demo day, in which they showcased their progress.…

The Dubai Financial Services Authority (DFSA) invites applications from local and international firms to apply to join the 2019 Summer Cohort. Successful Cohort applicants will then be able to apply to enter the DFSA regulatory sandbox, known as the Innovation Testing Licence Programme (ITL Programme). The DFSA welcomes innovative FinTech firms to make applications on the DFSA’s website from 1 – 31 May 2019. Firms must provide a clear explanation of the business model and the proposed innovative product or service. Firms accepted into the 2019 Summer Cohort will be announced on 16 June, after which they may submit their ITL applications…

Startupbootcamp alongside Pride Capital announced its maiden venture into Egypt with its accelerator programme ” Startupbootcamp-Pride Fintech Cairo”. The accelerator programme roped in big partnerships with the likes of IFC, VISA , Alexbank Pharos Capital and many more. Ranked by Forbes as one of the top ten 10 accelerators in the world, Startupbootcamp is a famed accelerator which counts over 22 programmes across the global — many of which are fintech focused. Fintechs participating in the programme can expect to gain access to mentors, an office in the heart of Cairo anda three-month Proof-of-Concept phase to scale their products in…

Inadequate cyber security has long been a threat to the banking industry, costing the banks revenue losses and tarnished brand image. In the face of this growing concern, banks across KSA have been increasingly investing in technological advancements in order to adopt a proactive approach to cyber security. Supporting this, the Saudi government’s expansionary vision and digital transformation plan of Vision 2030 looks at investments and opportunities in banks for technological advancements. Vision 2030 marks a decisive point to advance Saudi Arabia’s financial sector — a critical ingredient to the country’s economic transformation. As a result, the cyber security market…

Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, is pleased to welcome applications for its fourth cohort of Regulatory Laboratory (RegLab), with dual themes of “API economy” and “Sustainable Finance” API Economy Technological advances provide vast opportunities to transform financial services globally. Automated Programming Interfaces (“APIs”) power this transformation by assisting corporates to fuel internal innovation, reach new customers, extend products and create vibrant partner ecosystems. By their nature, APIs allow for rapid prototyping, agile development and a fail fast learn quick culture. They enable sharing, moving and accessing information previously ring- fenced within isolated systems.…

With more than 350 of the region’s most influential ICT leaders in attendance, the IDC Middle East CIO Summit 2019 closed last week with a ceremony to mark the second edition of the IDC CIO Excellence Awards. At a time when innovation is becoming the hallmark of competitive success, IDC sought to recognize the efforts of those individuals and organizations that have excelled in conceptualizing and delivering game-changing digital transformation initiatives across the Middle East. “CIOs are coming under mounting pressure to disrupt their organizations in a meaningful and constructive way, reinventing the experiences of customers, partners, and employees alike…

H.E. Dr. Ahmed Abdulkarim Alkholifey, the Governor of Saudi Arabia Monetary Authority (SAMA) will officially open MEFTECH, on 24th February 2019, 9:00 am at the Four Seasons Hotel, Riyadh presenting the opening speech at the leading two-day banking, Fintech and payments conference and exhibition. MEFTECH initiated, in collaboration with mada, the national payment network, and SADAD Payment brings together leading industry experts who will address industry trends and issues around mobile payments in the region, digital transformation in banking, driving cashless payments in Saudi Arabia, artificial intelligence within the e-commerce industry, impact of blockchain on payments and the future of…

ADCB has gone live in the United Arab Emirates with its personal finance management (PFM) application built on Strands’ technology. The MoneyBuddy app helps ADCB customers understand and manage their finances in a smarter and more independent way. Abu Dhabi Commercial Bank is introducing a new way of communicating with its clients, focusing on a transformative user experience and offering their users all the tools they need to get a 360º snapshot of their entire financial world. The app was developed by Strands  and was selected by ADCB as their key FinTech partner for that journey. More than half a million ADCB…

The Saudi Arabian Monetary Authority (SAMA) and the United Arab Emirates Central Bank (UAECB) clarified in a joint statement that one of the objectives of launching the common digital currency project ” Aber” is for use in financial settlements between the Kingdom of Saudi Arabia and UAE through Blockchains and Distributed Ledgers technologies. This is in the framework of “Proof-of- concept”, which can be summed up in closely understanding and studying the dimensions of modern technologies and their feasibility through practical application and the determination of their impact on the improvement and the reduction of remittances costs and the assessment of…

MEFTECH, the Banking & Financial Technology event in the MENA Region, returns to Riyadh from 24th to 25th February 2019 at the Four Seasons Riyadh for its second edition in the Kingdom. MEFTECH is initiated by mada, the national payment network, and SADAD Payment and aims to highlight and support the rapidly developing payments, e-commerce and retail industry in the Kingdom. The Fintech industry is an integral part of the Kingdom’s Vision 2030 digital transformation program. According to a recent study by MENA Research Partners (MRP), private-funding investments in GCC-based Fintech startups is expected to reach $2 billion in the…