PayBy, an Abu Dhabi-based payments startup, has partnered with Al Maya Group to provide the latter with secure, contactless payment option across 49 of its supermarkets across the UAE. When shopping in Al Maya supermarkets, customers simply present the QR code in their PayBy app, let the cashier scan it and wait for the payment confirmation. Al Maya supermarkets cashiers use PayBy Smart POS machines to scan the QR Code sent on the shopper’s mobile. Smart POS devices enable merchants to receive or refund transactional money. PayBy will also support Al Maya supermarkets’ digital shopping platform. In the next phase…

Bahrain-based payment services provider NEC Payments has selected Netcetera for its 3DS 2.0 solution, the latest in payment security protocols. NEC Payments is a rapidly growing digital banking and payment technology company that offers cloud-native banking-as-a-service in the Middle East. The company is expanding geographically to offer banks, payment companies, digital platforms and other fintechs across Europe and North America access to their modular and embedded digital financial services solutions. In order to guarantee their customers the highest transaction security possible, NEC Payments needed to implement the latest 3D Secure protocol 2.2. NEC Payments connected with Netcetera via contacts at…

The Dubai Multi Commodities Center (DMCC), world’s flagship Free Zone and Government of Dubai’s authority on commodities trade and enterprise, announced the launch of the DMCC Crypto Center. The center is a comprehensive ecosystem for businesses operating in the cryptographic and blockchain sectors. Located in the state-of-the-art Almas Tower, the DMCC Crypto Center is set to be a hub for the development and application of crypto and blockchain technologies. The center offers a home to all types and sizes of crypto businesses, from companies developing blockchain-enabled trading platforms, through to firms offering, issuing, listing, and trading crypto assets. The DMCC…

The DIFC Innovation Hub has been officially launched as part of the new Dubai Future District announced in January 2020 with over 350 fintech and innovation firms to spur on the fintech sector. The Dubai International Financial Centre (DIFC) is recognised internationally as a global center for fintech, and the DIFC Innovation Hub is set to play a key role in driving collaboration between early-stage and growth startups, tech unicorns and big tech firms to accelerate success. Members of the hub will benefit significantly from being part of DIFC, the region’s largest ecosystem of financial services related companies. The DIFC…

Amazon Web Services (AWS), an Amazon.com company, announced that it plans to open three data centers in the United Arab Emirates (UAE) in the first half of 2022 which is its second Middle East region. AWS had previously launched its first Middle East region in Bahrain in 2019. The addition of the second AWS Middle East (UAE) Region will enable local customers with data residency requirements to store their data in the UAE while also providing even lower latency across the country. Organisations using this region will also be able to access advanced technologies from the broadest and deepest suite…

Mastercard has announced that NEC Payments, a payment services provider licensed and regulated by the Central Bank of Bahrain, is now a global partner of Mastercard Fintech Express, which connects tech-savvy startups with traditional players such as banks. The programme that was launched last year supports digital payment innovators by making it simple to collaborate with tech companies and its partners to launch new products, add payment solutions and innovate through collaboration. The partnership will enable other fintech players to start their Mastercard issuing business at speed, unlocking more opportunities for the entire ecosystem. NEC Payments is the first Fintech…

Wholesale banking has been undervalued yet delivered impressive results through the pandemic, according to a new report released by Oliver Wyman and Morgan Stanley. The wholesale and transaction banking report titled Striving to Sustain Returns found that markets and investment banking were more resilient than anticipated – benefitting from a decade of structural change alongside policy support. The resilience of the markets and banks has allowed the institutions to offset declines in interest-rate driven businesses. As wholesale banking prepares for the post COVID-19 recovery phase, the report also looks at how management teams can position for higher returns going forward.…

UAE-based BaaS provider of embedded finance NymCard announced that it has it has joined Visa’s Fintech Fast Track programme. The partnership will allow the NymCard’s network of fintech partners to onboard onto Visa’s global network through the latter’s Fintech Fast Track Programme. This move will give NymCard’s fintech partners, fast tracked access to leverage the reach, capabilities, and security of Visa’s global payment network to help them create innovative payment solutions. The announcement follows NymCard’s newly launched open API platform that aims to remove the friction from the regional payments industry by making the process of issuing card programs and…

The Central Bank of Bahrain (CBB) published its commentary on the progress made by retail banks in Bahrain on implementation of the necessary infrastructure for compliance with Bahrain Open Banking Framework (Bahrain OBF). This was done following a grace period that allowed for implementation which started on 28th October 2020 and ended on 30th April 2021. CBB had issued rules relevant to open banking in December 2018 which were aligned to the European Payment Services Directive (PSD2). These standards have been recently developed to keep pace with developments of innovative solutions provided by fintech companies which target not only the…

Mamo, a Dubai-based digital wallet and peer-to-peer payments platform, announced that it has raised US$8 million in its latest Pre-Series A funding round. The round was led by Global Ventures, along with the participation of 4DX Ventures, AlRajhi Partners, Olive Tree Capital, and prominent fintech-focused Silicon Valley investors. The funding will be used initially on developing the fintech’s service offerings, increasing utility for its customers, and enhancing its Mamo Business product, and further expanding growth in the UAE and Saudi market, coupled with strategic new hires to support its expansion. Mamo’s customer-centric fintech platform allows users to send and receive…

The Central Bank of Bahrain (CBB) is collaborating with J.P. Morgan and Bank ABC to introduce real time cross border payment solution in a digital currency settlement pilot scheme. Bank ABC along with J.P. Morgan will pilot the transferring of funds from and to the Kingdom of Bahrain in US Dollars for payments from buyers to suppliers. CBB will act as a close partner in the pilot between Bank ABC and J.P. Morgan and going forward would look to extend the collaboration to Central Bank Digital Currencies (CBDCs). H.E. Rasheed Al-Maraj, Governor of the Central Bank of Bahrain said, “We…

In Africa, South Africa, Nigeria and Kenya have the three most developed fintech ecosystems, combining more than 450 companies. This burgeoning industry has been driven by strong demographic indicators, increased connectivity, early regulation, and proactive governments. South Africa: an early mover in fintech regulation South Africa was an early mover in fintech regulation and development, welcoming digital innovation and supporting electronic money solutions as early as 2009, says the Africa Fintech State of the Industry 2020 report, produced by Africa Fintech Summit in partnership with EFG EV Fintech. This supportive stance accelerated in recent years and have translated to initiatives…

Federal Bank has entered into a strategic tie-up with Mashreq Bank to facilitate money transfers from the UAE to India by supporting the latter’s faster payment product, QuickRemit, which was launched in 2017. As a result of the partnership, Mashreq customers can enjoy substantial savings as well as continue to send money instantaneously to India from the convenience of their home or office, from Mashreq’s online and mobile banking channels. Mashreq is one of the oldest banks in the UAE, and has a presence in twelve countries across Europe, US, Asia and Africa. It is also the only privately-owned bank…

Amazon Payment Services (APS), a payment processing services provider, has partnered with Zurich International Life Limited to offer digital payments for its customers in the Middle East for the latter’s digital customer onboarding platform ZurichPro. Zurich is a multi-line insurer providing a wide range of life, savings and investment solutions for multinational corporations, mid-sized and large companies, small businesses, and individuals in the Middle East. Through the services provided by Amazon Payment Services, Zurich’s customers can now digitally pay insurance premiums across all products in local currencies without incurring conversion fees with a high level of customer data security. The…

Kuwait Finance House (KFH) announced that it has launched its digital wallet service through smart mobiles and watches in cooperation with Samsung, Fitbit and Garmin. The holders of KFH VISA ATM, credit and prepaid cards as well as Mastercard cards (except ATM) are now able to experience the payment method which is compatible with NFCs locally and globally. The Group Acting Deputy General Manager Cards, at KFH, Talal AL-Arbeed, said in a press statement that the new service is free. KFH has decided to expand the horizons of this service to include smart watches, considering the increasing demand on this service…

The Central Bank of the UAE (CBUAE) announced that it has been working with SWIFT, a global provider of secure financial messaging services, on an initiative to further enhance the speed and transparency of cross-border payments. The CBUAE said that it will be the first central bank globally to implement such an initiative. The integration between the CBUAE’s domestic UAE Funds Transfer System (UAEFTS) and SWIFT’s ‘gpi Tracker’, will allow financial institutions sending cross-border payments to the UAE to benefit from increased transparency, certainty, and seamless transmission between the SWIFT network and the UAEFTS. This relies on the Tracker that…

The Arab Monetary Fund launched the Index of Modern Financial Technologies in the Arab countries called the FinxAr. The index sheds light on the developments in the financial technology industry and digital financial services in the Arab countries during the period (2018-2020). The annual index aims to identify the efforts of Arab countries in enabling and promoting fintech adoption. It also contributes to setting a vision for the modern financial technology industry in the Arab countries and how to support the fintech ecosystem, in order to help formulate national policies to strengthen the industry in Arab countries in the future,…

BitOasis, a digital asset trading exchange and platform in Dubai, announced that it has been granted a Financial Services Permission (FSP) from the Financial Services Regulatory Authority (FSRA) in the Abu Dhabi Global Market (ADGM). The firm said that it is currently working towards the migration of its operations towards launch. The FSP authorises BitOasis to operate a regulated Multilateral Trading Facility (MTF) and custody platform for virtual assets in ADGM that will serve retail, accredited investors, trading firms and institutions. The platform is intended to allow buying and selling of virtual assets with local currencies. BitOasis will launch after…

Dubai Multi Commodities Centre (DMCC), a Dubai government authority on commodities trade and enterprise, has welcomed 216 new businesses to their free zone in April 2021, the highest recorded number for April in 7 years. DMCC added that Q1 2021 had also recorded the free zone’s best performance in seven years. The strong growth builds on momentum coming from initiatives including the DMCC Cacao Centre and the upcoming DMCC Crypto Centre, which with further expand DMCC’s ecosystem for trade. New bundled price packages and laser-targeted outreach, saw DMCC drive increase engagement with key markets, including China, UK, France, India and…

The Commercial Bank of Dubai announced the launch of its CBD Investr app which offers a robo-advisory investment solution. Developed in partnership with InvestSuite, a wealthtech company based in Belgium, the investment app is powered by smart algorithms that actively manage investment portfolios to deliver optimal risk-adjusted performance. CBD Investr offers customers convenient access to globally diversified and personalised portfolios of stocks, bonds and other asset classes using low-cost exchange traded funds (ETFs). Customers can start investing in a matter of minutes by simply downloading the CBD Investr app, registering using their Emirates ID and answering a few questions to…