From September 10 to 12, 2020, Huawei will be hosting its annual developer conference, a multi-day event expected to bring together more than 400 industry veterans and over 500 tech firms to discuss the latest trends and technologies set to transform software and app development. For this year, the Huawei Developer Conference 2020 (Together) will delve into some of the emerging technologies and how companies and developers must prepare for the new era of intelligence and interconnectivity. It will also include an exciting line-up of announcements, with Huawei set to share the latest on HMS Core 5.0, HarmonyOS, and EMUI…

Huawei has partnered with TPAY Mobile, a digital payment enabler in the Middle East and Africa (MEA), to allow developers from the MEA region to monetise their apps on the Huawei Mobile Services (HMS). The HMS serves as Huawei’s new mobile ecosystem that provides an alternative to Google apps and services for its users following a trade ban by the United States. Huawei and TPAY Mobile have been working closely as part of their ongoing commitment to support developers. This partnership will allow local and global developers to monetise their apps and services through HMS’ In-App-Purchases (IAP) kit. During the…

Spiros Margaris, Swiss venture capitalist and founder of Margaris Ventures, shared on Twitter that he would be a Board Member and Member of the Executive Committee of digital wallet STC Pay. STC Pay, a subsidiary of the Saudi Telecom Company, was recently in the spotlight for its collaboration with Visa to launch a digital payment solution across Saudi Arabia. In August, STC Pay had signed cooperative partnerships with Saudi-based companies Moyasar and SMSA Express Transportation in order to provide digital payment services for customers. This board position will be in addition to the positions that he holds at Credit Suisse…

The Dubai International Financial Centre (DIFC), a special economic zone in Dubai and a financial hub for the Middle East, Africa and South Asia (MEASA) markets, has launched a new license for startups, entrepreneurs and technology companies. The Dubai Innovation License costs US$1,500 and provides companies with access to co-working space at DIFC with a flexible desk space at US$500 per month. The license also offers up to four visas on the first desk and subsidized visas of up to 50% for innovation firms. The license is sector agnostic and available to all startups, entrepreneurs and tech companies, providing them…

With more than 500 fintech companies, Israel is rapidly emerging as a fintech powerhouse with players in the sector attracting global attention as well as billions of dollars in venture capital. In 2019, equity investments in Israeli fintech reached an all-time high of US$1.8 billion, representing a 107% increase over 2018, and a 300% increase over the prior five years. The figure placed Israel fifth in global fintech investments after China, the US, the UK, and India, according to a report by Start-Up Nation Central. 2019 also saw six mega rounds of more than US$100 million going towards fintech companies totaling over US$1…

Visa published its global Back to Business study assessing the shift to digital commerce in response to the pandemic, driven largely by changing consumer expectations for a safe and contactless payment method. As small and micro businesses (SMBs) continue to endure the financial impact of COVID-19, rethinking the checkout or point-of-sale (POS) experience is essential for survival. Consumers Now Expect Digital-First Commerce According to the study, 9 out of 10 consumers in the UAE (90%) have changed how they pay for purchases due to COVID-19, including shopping online when possible (59%) and using contactless payments (52%). Contactless payments have become…

The fintech landscape in Saudi is said to be rapidly developing according to the Fintech Saudi Annual Report 2019/ 2020, which provides an overview of key developments in the region. Some of the updates over the last year includes the launch of Apple Pay, the establishment of Saudi Payments and the continued issuance of regulatory testing licenses and regulations by the Saudi Arabia Monetary Authority (SAMA) and Capital Markets Authority (CMA) to support fintech activities. Within the community there have also been a number of major initiatives including the National Commercial Bank (NCB) and Monsha’at fintech accelerator program as well…

The Tel-Aviv Stock Exchange (TASE) announced the launch of a Central Blockchain Securities Lending Platform in Israel. The platform will transform the securities lending market in Israel by enabling direct lending among all the major financial instruments. It will function as a one-stop-shop for all securities lending activities, permitting access to larger securities volumes within shorter time frames, even operating in shorter-term positions. In March 2020, TASE members were given access to an initial testing environment in order to test lending transactions in the new platform and adapt their systems in preparation for the production phase. The use of Distributed…

Dubai International Financial Centre (DIFC) has announced that investment banking and wealth management firm GRIP is undertaking a fully digital capital raise for Lead Real Estate, a Tokyo headquartered residential and commercial developer, this month. DIFC’s regulations, laws and structures has enabled GRIP to establish, manage and distribute an international multi-million dollar capital raise using digital securities as a medium of issuance. The strategic move could have been due to the fact that Lead Real Estate has some of their projects developed to leverage on the opportunities arising out of the 2021 Tokyo Olympics. The issuance is the first major…

BankDhofar joined hands with Oman Air to launch an e-commerce payment gateway platform. The initiative will enable Oman Air customers can make their bookings online using their debit cards for instant payment transactions. Suleiman Al Ghannami, Oman Air Chief Financial Officer, said: “Oman Air is delighted to partner with BankDhofar and its e-commerce payment gateway platform to offer customers a convenient way to purchase their flight tickets online and on our mobile app. This partnership proves our commitment towards improving our customer experience with the introduction of convenient payment options.” Commenting on the partnership, Ahmed Said Al Ibrahim, Chief Operating…

Merchant clients of Network International, an enabler of digital commerce in the Middle East and Africa, supported by globally-recognised bankcard scheme, UnionPay International (UPI) partnered for a drive-in cinema experience at the Mall of the Emirates rooftop. For UPI and Network International, ensuring customer safety has been at the forefront of their 2020 development strategy in the Middle East. This has resulted in an enormous push for contactless and cashless payments, as well as increased ease and availability of online payment options. UPI and Network International ensured the event adhered to social distancing best practices and standards, with a maximum…

The Dubai Financial Services Authority (DFSA) announced that it has accepted 16 firms into its 2020 Summer Innovation Testing Licence (ITL) Cohort. The ITL programme provides a unique environment that helps firms to test innovative solutions in and from the Dubai International Financial Centre (DIFC). The ITL provides these firms with temporary flexibility to test and develop concepts within a restricted regulatory environment. The 16 firms can now begin the process to apply for an ITL, with the first batch of licences expected to be issued in October. A total of 34 firms applied for the Summer Cohort, the largest…

The Central Bank of the UAE (CBUAE) and Abu Dhabi Global Market (ADGM), are pleased to invite applications from local and international FinTechs to participate in the 2020 edition of the FinTech Abu Dhabi Innovation Challenge. The Innovation Challenge is one of the flagship initiatives held annually at the Fintech Abu Dhabi event to recruit innovative fintech solutions that address specific challenges in the financial services sector, in an effort to foster a diverse, sustainable and competitive economy. Based on a series of consultations and engagements with corporate champions from the financial, corporate and government sectors, the Innovation Challenge 2020 will focus…

Commercial Bank of Dubai and global cross-border payment provider Thunes announced a partnership that will facilitate real-time cross-border transaction flows between the UAE and the rest of the world. Through this partnership with Thunes, Commercial Bank of Dubai will be able to cater to corridors such as India, Philippines, Pakistan and Bangladesh providing customers with real-time remittance to bank accounts, mobile wallets and cash pick-up services at various locations. The service will be launched with remittances to bank accounts whilst remittances to cash-pick up locations and mobile wallets will be added shortly. According to the Central Bank of the UAE…

COVID-19 continues to spread across the United Arab Emirates with now 43,364 confirmed cases, including 295 deaths, according to the latest data from the Johns Hopkins University. But besides the human cost, the impact of COVID-19 is also being felt by all business around the world. In Dubai, the United Arab Emirates (UAE), a staggering 70% of businesses expect to close their doors within the next six months, a survey by the Dubai Chamber of Commerce revealed in late May. Amid these wild, uncertain times, the Fintech News Network has committed to covering each week a promising fintech startup from…

In the Middle East, despite customers’ willingness to adopt innovative fintech solutions, banks are still reluctant in integrating fintechs into their strategy, with most choosing to follow a “wait and see” approach, according to a new report by Deloitte. In its Middle East Fintech Study, released in June, the consultancy firm takes a look at the state of fintech adoption in the Middle East, analyzes the region’s industry and points out to the different challenges that’s been hindering the growth of the sector. Customers warming up to fintech As part of the study, Deloitte gathered a set of insights from…

2020 has been full of surprises, but the greatest of them so far has been the COVID-19 pandemic that swept the world off its feet with lockdowns worldwide and countries closing off their borders for the first time. Washing one’s hands, wearing gloves and masks, and disinfecting your environment, are now a necessity to prevent getting infected with the coronavirus. With all these measures taken, dealing with money remains unavoidable. Since the virus lasts on surfaces for some time, it is essential to be careful when dealing with real money. Fortunately, technology has provided a practical solution to dealing…

In the Middle East and North Africa (MENA) region, the COVID-19 pandemic and the resulting lockdown have put a toll on many sectors, including the startup ecosystem. According to a research conducted by Wamda and Arabnet, released in May, 71% of the region’s startups said the COVID-19 outbreak has had an negative impact on their business, of which 22% had to suspend operations. Almost half of the startups surveyed stated they have less than six months’ runway left, with the economic uncertainty and drop in oil price resulting in a sense of hesitancy among the investors community. In these uncertain…

A research report on the impact of COVID-19 on the startup ecosystem across the Middle East and North Africa (MENA). As the COVID-19 outbreak continues to impact the way we live, work, and operate, very few startups in the region have managed to escape the repercussions of this pandemic. Some sectors have witnessed a surge in demand, while others seem to be struggling. The report features findings based on data collected from 247 startup founders and includes research supplemented by Arabnet and Wamda. This report, developed by Wamda and Arabnet aims to identify the extent of the impact of COVID-19…

COVID-19 has already killed more than 260,000 people and infected over 3,700,000 people so far, according to data from Johns Hopkins University. In addition to the serious health implications, the virus is also having a several impact on businesses and startups. In these dire times, the community has come together to show solidarity by donating resources and developing special products to help their peers. To do our part in this global effort and support the fintech startup community, the Fintech News Network will be looking at a promising startup each week to give them the spotlight. Today we look at…