A combination of changing consumer preferences, competition from fintech startups and changing regulations have been forcing banks around the world to develop their digital capabilities. In the Middle East and North Africa (MENA) region, banks are quickly rising to the opportunities presented by fintech and digital banking. UAE’s Digital Banking takes the lead Banks in the United Arab Emirates (UAE) in particular have taken the lead in adopting digital solutions. In the UAE, a number of banks have undertaken numerous digital banking initiatives, ranging from launching separate digital-only banking platforms, to strengthening existing mobile banking services. Emirates NBD (ENBD)…

As one of the most populous countries in the Middle East topped with a large unbanked population Egypt is fertile for fintech to flourish. Recent report indicates that fintech is one of the fastest growing sector in Egypt. As in stands Egypt’s fintech ecosystem consists of roughly 40 players including 16 startups, 9 financial institutions as well as incubators, hubs, investors and microfinance institution. So who are the top fintech startups in Egypt? As it still a relatively nascent market we feel it would be too pre-mature to say definitely these are the top players but we still feel it…

Apple continues the rollout of its Apple Pay digital wallet service around the world, launching in Saudi Arabia in February, marking its 34th market. In Saudi Arabia, Apple Pay initially launched with support for the Saudi Payments Network (MADA), Alinma Bank, Al Rajhi Bank, Bank Aljazira, the National Commercial Bank and Riyad Bank. The digital wallet also works with any payments card on the VISA and Mastercard network. Apple’s regional Apple Pay webpage lists more than 40 brick-and-mortar stores offering support for Apple Pay transactions, including large chains like Carrefour, Krispy Kreme, IHOP, McDonald’s, Swarovski, Zara and more. Apple…

Abu Dhabi owned Mubadala Investment Company’s venture arm has successfully completed its first investment of their US$ 400 Million European Fund into Berlin based insurtech startup WeFox. Mubadala was the lead investor in WeFox’s series B round which raised US$ 125 Million in funding. WeFox who runs a digital marketplace said they will be using these funds to further expand into the European market and strengthen their “advanced data analytics” capabilities to deliver better personalisation to its user base. In its previous statement, Mubadala expressed that the European Fund is also set up to facilitate European startups to establish operations…

Fintech continues its momentum in the Middle East with fintech companies attracting 12% of all digital startups deals in 2018 in the Middle East and North Africa (MENA) region, according to the latest report from Magnitt, a Dubai-based entrepreneurs’ network. MENA fintech, which barely existed a few years ago, is now a US$2 billion market. Some of 2018’s major fintech deals in the region include an US$8 million capital injection in Dubai-based financial comparison platform Yallacompare, Jordanian cloud-based, point-of-sale (POS) software provider POSRocket’s US$1.5 million round, Dubai-based automated investment-advisory platform Sarwa’s US$1.3 million funding round. As the Middle East pursues…

Qatar is being prepped to become a leading fintech hub in the Middle East. The Qatar Financial Centre (QFC), a business and financial center located in Doha providing legal and business infrastructure for financial services, has been working with major stakeholders in the sector, including Brussels-based European fintech platform B-Hive to further the country’s ambitions. The partnership with B-Hive, announced in October 2018, aims to facilitate cooperation on several aspects based on the promotion of business opportunities and knowledge sharing. The two entities have committed to working closely to discuss the latest trends in disruptive technologies, legislation and other data,…

MEFTECH, the longest running Banking & Financial Technology event in the MENA region, has announced its lineup of industry expert speakers on Fintech from across the world ahead of the two-day conference at the Four Seasons, Riyadh from 24th – 25th February 2019. Industry experts confirmed to speak at MEFTECH 2019 include: Chris Skinner renowned independent commentator on the financial markets and fintech; Yasar Yilmaz, Head of Financial Services Industry, Middle East & Africa, Turkey, Pakistan, Microsoft; Janti Abdallah, General Manager, STS PayOne; Mirna Sleiman, Founder & CEO Fintech Galaxy; Eleni Kitra, Head of Financial Services, Facebook; and Dr Fadi Chehaye,…

Sheikh Saeed Al Maktoum’s The Private Office has been on the hunt for a blockchain investment as part of the Emirates Blockchain Strategy 2021, and the company has finally landed on a recipient—Liechtenstein-based Invao, that will serve as an exclusive international partner for blockchain investments. With this investment, Invao will be playing a core role in the implementation of the Emirates Blockchain Strategy 2021. That is no small mantle to take on, with a market that has seen an 80% decline, the public’s cooling sentiment on crypto-assets, and by extension, the general realm of blockchain (which may be an unfair situation,…

The pinpricks of a vibrant startup scene in the middle east have begun to emerge. Despite known problems on the SME loan front in UAE, the MENA region still managed to cultivate 366 deals amounting to US$893 million of total investment, according to Magnitt’s annual MENA Venture Investment Report. And the UAE is responsible for the biggest chunk of that number: pulling in 30% of transactions, with 70% of the total funding Venture capitalist money has begun to flow region in a real way, which in turn is a great boon for a startup with a scalable idea and some market…

Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, is rallying FinTech and innovative firms who are ready to test their innovative financial solutions, services or business models across more than one country or jurisdiction to apply to the global sandbox via ADGM ADGM, together with 29 members of the Global Financial Innovation Network (GFIN), has jointly launched a pilot phase of cross-border testing of innovative ideas in a live market environment. The objective of this pilot project in a global sandbox setting is to develop a more efficient framework for innovative firms to engage regulators across…

The Capital Markets Authority of Saudi Arabia recently granted Falcom Financial Service Co a Financial Technology Experimental Permit — or better known as a sandbox license — to create an equity crowdfunding platform. Falcom is described as a full fledged investment banking group — with the new sandbox license, the group will be able to create a platform for investors to participate in funding small and medium size enterprises in exchange for shares. Following the conditions laid on in the Financial Technology Experiment Framework, Falcom’s testing period for the equity crowdfunding platform will not exceed 2 years from when the permit was granted.…

Mobile payments are on the rise in the United Arab Emirates (UAE) as the country’s young population is eager to embrace the latest technologies. Mastercard registered in record number of secure mobile transactions in 2018, which it credited to the UAE’s largely young population and high mobile penetration rate of 173%, the highest in the world.“The increase in the adoption of secure mobile payments in the UAE is a positive indicator of the country’s rapid shift towards a cashless society and firmly puts the spotlight on mobile technologies as the future of payments,” said Girish Nanda, Mastercard’s general manager for…

Standard Chartered today announced the start of the second phase of its digital-only retail bank across Africa. In response to growing consumer demand for innovative banking services on the continent, the Bank will launch its digital solution in four key markets during the first quarter of 2019 starting in Uganda in January, followed by Tanzania in February, with Ghana and Kenya to follow. Following the successful launch of Standard Chartered’s first digital retail bank in Côte d’Ivoire last year, the second phase builds on the original CDI platform that onboards clients in under 15 minutes and provides 70 of the…

After banning the trading of cryptocurrencies, Saudi Arabia is now developing a blockchain-based digital currency in collaboration with the United Arab Emirates (UAE). The central banks of the two countries are planning to run a pilot of a shared digital currency for cross-border transactions, according to a report by the National earlier this month. According to news site WAM the Saudi-Emirati pilot cryptocurrency  is a first of its kind joint pilot cryptocurrency which will rely on use of a blockchain platform between the two central banks and participating retail banks from both sides. It will aim to safeguard customer interests,…

Between accelerators, the development of fully digital banks and government initiatives, the UAE is in the midst of an exciting time in fintech. The government, entrenched financial institutions and the humble innovators are all working in tandem with a vision of bringing some of the more exciting digital innovations into our own financial developments. UAE has made a strong claim for fintech in its own right, and this claim goes beyond our significant efforts towards Islamic finance. According to a report created by the Economist for Visa, the UAE is one of the only two countries to provide a complete suite of…

yallacompare, comparison site for financial products based in UAE and Dubai has recently announced the launch of their affordable life insurance product. According to the company, the product dubbed “Smart Term Life Insurance” can be purchased online within 5 minutes and without needing to go through medical examination. It is available to the general public for as low as 3 AED per day. Since launching the comparison platform in 2016, the company has built a dominant position in digital insurance sales in the UAE, accounting for more than 75% of online insurance transactions. This news follows their recent announcement of…

Since the launch of the Bitcoin network in 2009, cryptocurrencies have evolved into a multi-billion-dollar industry. With around 12,000 exchange marketplaces where cryptocurrencies such as bitcoin, ether and others are traded, according to cybersecurity company Carbon Black, the cryptocurrency market is massive, weighting over US$127 billion as of January 10, 2019. Today, cryptocurrencies are present in nearly all countries around the world, including the United Arab Emirates (UAE). Though UAE-based customers can buy cryptocurrencies from international exchanges such as Kraken, Bittrex, and Binance, local options also exist. These include BitOasis, a cryptocurrency exchange based in Dubai and present in the…

The Dubai Financial Services Authority (“DFSA”) announced the acceptance of seven new firms into its cohort process, which permits companies to apply for an Innovation Testing Licence (“ITL”). The ITL forms part of the DFSA’s commitment to support innovation and the development of financial technology by enabling successful applicants to test their FinTech solutions in and from the Dubai International Financial Centre (“DIFC”). With the pace of technological development in the financial services sector, FinTech continues to have a significant impact on the financial services industry in the Middle East and beyond. A great variety of applications was received from firms wanting…

Telenor Microfinance Bank, in partnership with Valyou Malaysia, has introduced Pakistan’s first blockchain-based cross-border remittance service using blockchain technology developed by Alipay, the online payment platform operated by Ant Financial Services Group (“Ant Financial”). The blockchain remittance service is provided by Telenor’s Easypaisa and Valyou, a financial technology company that provides remittances to underbanked communities. The plan was unveiled at an event in Islamabad attended by State Bank of Pakistan Governor Tariq Bajwa, marking a major milestone in the country’s journey to promote financial inclusion. The blockchain technology will significantly boost the speed and efficiency of remittances from Malaysia to…

The Security and Commodities Authority (SCA), the United Arab Emirates (UAE) financial regulator, will introduce regulations for initial coin offerings (ICOs) by the end of the first half of 2019, a move aimed at providing company with an alternative, regulated avenue for companies to raise capital through crowdfunding, reports the National. “We have signed agreements with law firms to come up with the sandbox and rule books for the issuance of ICOs,” said Obaid Al Zaabi, the SCA chief executive. “Legal requirements will be finished by the end of the first half of 2019… then there will be adoption of…