The Bank Indonesia (BI) and Central Bank of the United Arab Emirates (CBUAE) have signed a Memorandum of Understanding (MOU) to enhance collaboration in various central banking sectors, including Islamic finance. This agreement, signed by BI Governor Perry Warjiyo and CBUAE Governor Khaled Mohamed Balama, builds on a 2021 pact focusing on payment systems and digital financial innovation. The MOU aims to deepen ties and facilitate the exchange of information in areas like monetary policies, macro-prudential regulation, financial stability, anti-money laundering, and counter-terrorism financing. It also extends to digital financial innovations and Islamic economic finance. The commitment follows a meeting…

Coinciding with the UAE’s hosting of COP28, the Central Bank of the United Arab Emirates (CBUAE), in cooperation with the COP28 Presidency, organised an event to facilitate global climate finance solutions and progress towards a sustainable future. During this global event, the UAE Banks Federation announced a significant initiative from the UAE banking sector to collectively mobilise over one trillion dirhams in sustainable finance by 2030. Held on Finance Day at COP28, the event is aligned with the CBUAE’s strategy to lead sustainable finance efforts to enable climate action. Bringing together global leaders of key international financial institutions to address…

Qatar Central Bank (QCB) has started to receive the applications for licensing and regulating the loan-based crowdfunding service providers in conformity with the strategy of financial sector and fintech in Qatar. The bank is permanently committed to regulating and developing the financial sector and spurring innovation in fintech, pointing out that the approval of the license applications will continue until Feb. 3, 2024. The loan-based crowdfunding service is one of the innovative financial activities that help debtors communicate with various investors to receive short-term funding, such as small and medium enterprises which cannot access to traditional financial services to receive…

In Arab countries, open banking is rapidly evolving into the more comprehensible model of open finance, expanding from payment accounts and related services, to a larger variety of financial services, including investments, pensions, insurance and consumer credit. With so many Arab nations actively progressing towards the movement and as awareness and demand for digital financial services continue to grow across these countries, the regional open finance market is poised to increase by an average compound annual growth rate (CAGR) rate of 45% between 2022 and 2027, rising from US$1.65 billion last year to a forecasted US$11.74 billion through 2027, a…

Abu Dhabi Global Market (ADGM), one of the principal climate finance partners of COP28, announced it will be the home of the newly launched catalytic climate vehicle ALTÉRRA established by Lunate. It will be the world’s largest private climate investment vehicle. This historic initiative, which saw the United Arab Emirates commit a USD30 billion in catalytic capital, positions ALTÉRRA to mobilise USD 250 billion globally by 2030, focusing on transforming emerging markets and developing economies. As the principal climate finance partner of COP28, ADGM has played a pivotal role in shaping the global dialogue on climate finance and aligning international…

Abu Dhabi Global Market (ADGM) announced during this week’s Abu Dhabi Finance Week not less then 14 major financial institutions representing a total AUM of USD 452bn have committed to establishing new operations in ADGM. A year into Abu Dhabi’s “Falcon Economy”, these announcements, coinciding with the second edition of Abu Dhabi Finance Week (ADFW). In a resounding signal of confidence in the financial centre’s pivotal role across the global and regional financial landscapes, the world’s largest bank, JP Morgan, reiterated its commitment to the capital in an upgraded licence, to operate its payment and banking business. Jamie Dimon, Chairman…

Abu Dhabi Global Market introduces Numou, a digital platform tailored to bridge the funding gap faced by SMEs. This digital platform marks a pivotal step in empowering small and medium-sized businesses in the UAE. Numou aims to connect SMEs and lenders through its seamless digital platform with features that have been designed to financially empower and support the growth of the SME ecosystem across the UAE. Built-in collaboration with OneConnect Financial Technology, the fintech arm of PingAn Group. The  digital platform delivers value to each participant, providing key features like: For SMEs: Efficiently collecting data from various sources to create…

Flow48, a Dubai-based SME lending startup, announces $25 million in pre-Series A funding. The round, comprising a mix of equity and debt, includes notable investors such as Speedinvest, Daphni, 212, Blockchain Founders Fund, Unpopular Ventures, Endeavor Catalyst, and TLG, as well as angel investors, among them Scott Sandell from NEA. “What Flow48 is bringing to the table is not just innovative; it’s essential for SME growth in the region’s economic landscape. As we look ahead, the potential for Flow48 to expand beyond Revenue Based Financing is very exciting. The team is on track to become a full-service fintech solution for…

CredibleX, an embedded finance platform in the middle east, has announced its launch after being granted regulatory licences in Abu Dhabi Global Market (ADGM) from the Financial Services Regulatory Authority (FSRA). These licences provide a robust regulatory framework to its launch, bringing confidence and trust to CredibleX’s partners and customers. It has also announced partnerships with ADGM as the first fintech partner of its SME financing platform, Numou; as well as with partners in FMCG and financial services. CredibleX enables businesses to provide their SME customers with instant access to lending solutions. Salem Mohammed Al Darei, ADGM Authority, CEO said,…

Yabi by Souqalmal was launched in Saudi Arabia this November, boasting a localised personal finance wellbeing platform. Driven by its firm belief in localisation for true value creation when it comes to personal finance, Yabi launched in both English and Arabic in the Kingdom, offering two new courses every month, all delivered by Saudi market experts. Yabi is now fully live in two markets UAE and KSA. With Al Wafra Al Thanya (Wafra II) joining the prominent list of existing investors, Yabi closes its USD 8 million Seed round. The round focuses on product development and pushes growth into regional…

eToro has received approval for a Financial Services Permission (FSP) from the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) to operate as a broker for securities, derivatives, and cryptoassets in the United Arab Emirates. Yoni Assia, Founder and CEO of eToro, commented: “The approval of our operating licence by ADGM is a key milestone in our continued global expansion. Abu Dhabi is increasingly recognised as a growing fintech hub, and we are excited to become part of this flourishing ecosystem. “With our team in Abu Dhabi led by Jason Hughes, Senior Executive Officer for eToro Middle…

The banking sector in the Middle East and North Africa (MENA) is anticipated to experience significant growth, a development which will be driven by rising demand for banking services, ongoing progress of digital transformation, and the expansion of digital banking, a new report by consultancy EY says. The MENA H1 2023 Banking Report, released on October 15, analyzes banking activities in the MENA region, providing in depth insights in terms of sector insights, banking performance, outlook for the financial year and macroeconomic overview. The report highlights the path forward for the region’s banking sector, highlighting the critical role that technology…

Dubai’s Ajman Bank has initiated a strategic partnership with Mastercard to launch cross-border payment services for person-to-person (P2P) fund transfers through Ajman Bank’s Digital Banking application. With this collaboration, the bank will provide real-time remittances across more than 40 countries worldwide through its digital banking platform. As part of Ajman Bank’s digital strategy, one of the key highlights of this collaboration is the introduction of instant remittance services, seamlessly integrated into ‘Ajman Bank Digital Banking’ app. Ajman Bank’s Mastercard-powered remittance solution allows people to send and receive money around the world almost instantly. With nominal transfer fees and user-friendly features,…

Wahed Invest Limited, a global fintech that offers Shariah-compliant investing, has become the UAE’s first Islamic digital investment management platform. The company has obtained a Financial Services Permission from the Financial Services Regulatory Authority of Abu Dhabi Global Market. Wahed offers financial services to UAE residents to facilitate a smarter way to invest through access to a diversified, Shariah-compliant portfolio in its digital Application. The firm aims to empower Muslims at large to take charge of their investment well-being with a transparent and selective Shariah-compliant portfolio. Wahed is designed to cater to financially savvy investors as well as those with…

Wio Bank, UAE’s online bank and Fuze, a digital assets infrastructure provider, have partnered to empower Wio Bank customers with virtual assets trading services. Customers will be able to buy and sell popular cryptocurrencies such as Bitcoin and Ethereum, directly through Wio Bank’s recently launched application, Wio Invest. Wio Invest is an intelligent everyday banking application redefining the way individuals see, manage, and grow their money. The banking application allows all customers to start investing simply and effortlessly. Wio users can access thousands of global stocks, ETFs, fractional shares and even UAE IPOs seamlessly in a single, integrated app. The…

Investors from the United Arab Emirates (UAE) are actively backing promising tech startups in the Middle East and North Africa (MENA), opening their wallets to innovative ventures and contributing to the region’s entrepreneurial growth. Between 2018 and H1 2023, a total of 346 UAE investors have funded startups in the region, a new report by Magnitt, a data platform for investors, founders and corporates in the Middle East, says. 2022, in particular, was a record-breaking year for startup funding activity with an impressive 81 UAE-based investors contributing to the region’s startup ecosystem. Among the top ten UAE-based investors, 41% of…

Lunate, a global alternative investment management company with more than $50 billion of assets under management, and BNY Mellon, one of the world’s largest custodian, are investing in a new company, Alpheya, that will develop a customized wealth management technology platform for wealth and asset managers in the Middle East and North Africa (MENA). Based in the Abu Dhabi Global Market (ADGM), Alpheya will be funded with a capital commitment of $300 million and is expected to start serving clients in 2024. BNY Mellon has a minority share in the company. The new financial technology company will meet the growing…

PwC Middle East has launched its first Net Zero Future50 report, revealing 50 pioneering start-ups in the Middle East driving innovation focused on reducing greenhouse gas emissions and addressing the impacts of global warming across key economic sectors in the region. The report highlights their technologies and achievements in climate management and carbon emissions reporting, in addition to opportunities and challenges in growing and scaling their businesses. Using PwC networks and tech partner expertise, they identified 500 climate and sustainability-focused start-ups operating in the region – with over 200 coming forward in response to their public call for nominations at…

Hub71 has signed a strategic cross-border partnership with the Seoul Metropolitan Government, to support the international growth and commercial activities of tech startups in the UAE and South Korea. The strategic partnership is based on mutual support and collaboration, which builds on the robust trade relations established between the two countries. Hub71 and the Seoul Metropolitan Government will focus on creating cross-border business opportunities for startups with the aim of targeted expansion in both markets. Through the strategic collaboration, founders will receive comprehensive business setup support, assistance with navigating local regulatory environments and access to extensive corporate and investment networks…

Abu Dhabi Global Market (ADGM) announced a strategic partnership with Advanced Real Estate Services (ADRES), a company providing innovative proptech solutions. This partnership signifies the commencement of a pioneering initiative aimed at developing an advanced digital Real Property platform under ADGM jurisdiction. The objective of this initiative is to make a significant leap in the real estate sector by enhancing transparency and efficiency to facilitate and streamline the client journey under a unified real property platform. The collaboration between ADGM’s advanced regulatory framework and ADRES’ expertise in real estate is poised to establish a fresh regional standard for digital Real…