Abu Dhabi is set to host the Abu Dhabi Finance Week (ADFW) from 27th to 30th November 2023, a four-day series that promises to be a landmark event in the global financial calendar. Under the patronage of His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Executive Council, ADFW will bring together more than 10,000 leaders from over 100 countries in the finance sector to discuss the theme ‘Investing in a Transition Era’. Presented by Abu Dhabi Global Market (ADGM) in partnership with the Abu Dhabi Department of Economic Development,…

The Hong Kong Monetary Authority (HKMA) and the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) have singed a MoU to step up their fintech cooperation. This agreement aims to enhance the ongoing partnership, focusing on cross-border trade-related data exchange and business collaboration in fintech and data-driven financial services. The MoU, signed by Colin Pou of the HKMA and Wai Lum Kwok of the FSRA, marks a significant step in the relationship between the two regulatory bodies, building on a co-operation agreement established in 2018. Key initiatives under the MoU include exploring joint Proof-of-Concept projects linking the…

Network International, a digital commerce across the Middle East and Africa (MEA) region, in collaboration with Visa has introduced Visa Installments Solution (VIS) for its merchants and issuer clients in the UAE. Under this agreement, Visa credit cardholders will be able to opt for “Visa Installments,” allowing them to divide their spending into smaller, equal payments at Network’s merchant partners both, online and in-store. Network International has over 160,000 Point-of-Sale (POS) terminals across thousands of merchants spanning several sectors including high-end retail, hospitality, electronics, jewelry and hypermarkets among others, that stand to benefit from this new installment solution. This collaboration…

This market notice is being issued by Dubai’s Virtual Assets Regulatory Authority (VARA) to highlight to all industry stakeholders, and consumers that the deadline for VA sector entities to engage in the regulatory licence application process has now elapsed. As formally announced on 05.November further to multiple advisories since Q2-2023, entities operating within the virtual asset domain were required to commence procedural engagement with VARA on/or before 17.November.2023. 18 Virtual Asset Service Providers (VASPs) – commercially licensed on mainland under Dubai’s Department of Economy and Tourism (DET) – have thus far, been issued fines for failing to comply with VARA’s directives…

Liv, UAE’s digital bank launched by Emirates NBD, has launched a new digital offering. Till the end of 2023, eligible Liv customers can benefit from instant personal loans without any fees via the Liv app. The digital bank offers personal loans with an interest rate of 8.99% per annum and flexible payment terms of 12-48 months. To be eligible for the offer, customers should not have an existing Personal Loan on Liv and must be transferring a salary of more than AED 5,000 to their Liv account for at least three months. The fees charged during the promotion period will…

Taurus, a Swiss fintech company regulated by FINMA in Switzerland, has recently announced its expansion into the Middle East with a new office located in Dubai. The company, known for providing institutional-grade digital asset infrastructure, has chosen Dubai for its new United Arab Emirates (UAE) office, situated in the Dubai International Financial Centre (DIFC). The Dubai office will be led by Managing Director Bashir Kazour, a seasoned professional with over two decades of experience in retail, capital markets, and technology. Kazour’s extensive background includes roles at the Royal Bank of Canada, Standard Chartered, and FIS, a prominent banking and payment…

The Bahrain Economic and Development Board (EDB) has officially revealed the establishment of its first Southeast Asia office in Singapore. This development aims to bolster Bahrain’s position as an attractive destination for investments, particularly for Singaporean businesses. The office will aim to provide essential market intelligence and guidance, as well as facilitate connections with key decision-makers in Bahrain. Dalal Buhejji, the Executive Director of Business Development for Financial Services at Bahrain EDB, expressed satisfaction over the new office, noting that it represents a significant step in strengthening Bahrain’s partnerships with Asian businesses. “We are delighted to establish a foothold in…

Roland Berger has recently embarked on an ambitious project in partnership with the DFINITY Foundation, a Swiss-based non-profit organization known for its contributions in the blockchain field and developing the Internet Computer. This collaboration aims to develop the first-ever global standard for Voluntary Recycling Credits (VRC), employing blockchain technology to address the escalating global waste problem. Through this partnership, The DFINITY Foundation will develop the underlying technology for the first global standard to incentivize recycling activities. The groundbreaking feature of this credit is that it is based on blockchain, ensuring secure, transparent tracking of offset activities. The concept of VRC,…

Global fintech startups seeking funding have the opportunity to participate in the Fintech World Cup (FWC), organised by the Dubai International Financial Centre (DIFC). Registration is currently open for an initial pitch competition that will take place tomorrow (17 November) at the Singapore Fintech Festival (SFF) between 3.00 pm-4.30 pm at DIFC’s booth (6B25). On top of the one held at the SFF, regional qualifying competitions will also be held across ten major business hubs in Europe, the Middle East, and Africa to select the most promising startups as finalists. This global competition, part of the larger Dubai Fintech Summit,…

Tamara, a leading fintech platform to shop, pay, and bank in Saudi Arabia and the wider GCC region, has secured an additional up to $250 million in debt financing, bringing its total warehouse facility to up to $400 million. The facility consists of an incremental up to $200 million of senior debt arranged by Goldman Sachs, bringing the total senior warehouse facility to up to $350 million, plus a further up to $50 million mezzanine tranche led by Shorooq Partners. The new financing will support Tamara’s ongoing strong demand for its flagship BNPL product and release capital for investments into…

Hex Trust, Hong Kong’s institutional-grade digital asset custodian, has obtained a Virtual Asset Service Provider (VASP) license from the Dubai regulator VARA. Following its minimum viable product (MVP) operational license granted in February 2023, Hex Trust can now offer virtual assets custodial services to institutional clients and sophisticated investors in Dubai. Hex Trust’s Dubai office, led by Regional MENA Director Filippo Buzzi, was established in June 2022. “It is exciting for us to become one of the first virtual asset companies to receive this operating license in Dubai,” Hex Trust is fully committed to expanding into the Middle East and…

Under the patronage of His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance of the UAE and President of DIFC, the Dubai Fintech Summit returns for its second edition from 6-7 May 2024. Organised by the Dubai International Financial Centre (DIFC) the Dubai Fintech Summit will bring together over 8,000 global industry leaders, investors and policy makers, signaling increased appetite for growth opportunities in the region. Announcing the second edition of the event, His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum said: “The second edition…

In a move to reshape the fintech landscape in accordance with Islamic finance principles, LYNK has solidified its market position through a successful investment and the establishment of strategic partnerships with industry stalwarts Al Fozan Holding and Ramla Holding Group. This collaboration, orchestrated by Investors’ Mine Angel Network, aims not only to meet but also to anticipate the needs of the financial sector, driving forward the Kingdom’s 2030 Vision. Launched by BIM Ventures’ Saudi Venture Studio in early 2023, LYNK is emerging as a vital nexus in Saudi Arabia’s fintech ecosystem, seamlessly automating over SR 100 million in Murabaha transactions…

Crypto.com announced today that its Dubai entity, CRO DAX Middle East FZE, has been granted a Virtual Assets Service Provider (VASP) Licence for specified virtual asset service activities by Dubai’s Virtual Assets Regulatory Authority (VARA). Crypto.com’s VASP Licence is subject to the Company fully satisfying select conditions and localisation requirements defined by VARA, and will be able to commence operations thereafter subject to operational approval notice from the regulator. Following operational approval, the VASP Licence will allow Crypto.com to offer regulated virtual asset service activities, including exchange services, broker-dealer services, management and investment services, and lending and borrowing services. These…

In Qatar, banking institutions are at the forefront of fintech innovation as they embrace new technologies, innovative payments methods and novel business models to keep up with changing customers’ preferences, a new report by global consultancy says. The 2023 Qatar Banking Sector report, released on October 08, provides insights and predictions for the future of the banking sector in Qatar, discussing key financial indicators, emphasizing the importance of digital transformation and sustainability measures in the sector, and outlining the different initiatives launched by the government to foster a strong fintech ecosystem. The report states that despite facing some challenges, the…

Under the patronage of His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, the Crown Prince of Abu Dhabi, and Chairman of the Executive Council, the Abu Dhabi Finance Week (ADFW) is returning this year from November 27 to 30 to bring together the world’s financial leaders to discuss the fintech sector’s biggest opportunities and most urging issues. Presented by Abu Dhabi Global Market (ADGM), this year’s edition will run under the theme “Investing in the Transition Era” and will explore the opportunities and challenges presented by economic, technological, and sustainability shifts in the global economic landscape. ADFW 2023’s…

SC Ventures, Standard Chartered’s innovation, fintech investment and ventures arm, is partnering with SBI Holdings, a Japanese financial conglomerate, to establish a Digital Asset Joint Venture investment company in the United Arab Emirates (UAE). The parties intend to capitalise the vehicle with $100 million. “The region is fast becoming a hub for fintechs in the digital asset space due to its strengthening infrastructure and talent. The Digital Asset Joint Venture will be an important vehicle to explore the emerging digital asset ecosystem opportunities globally. The Joint Venture will leverage SC Ventures’ experience in digital assets through our ventures such as…

Raiven Capital  announced the launch of a new USD 125M venture capital fund in Dubai International Financial Centre (DIFC). The fund will focus on founders developing tech in AI, Internet of Things and Distributed Ledger Tech, with a particular emphasis on digital platforms disrupting value chains in finance, energy, health, environment, food sectors, and more. Investing in innovation in early and growth-stage tech companies in GCC, South Asia, and North/East Africa and enabling them to blossom into leaders by connecting them to markets and capital in Europe and North America, via Raiven’s new Dubai hub, is what we are most…

Property technology, also referred to as proptech, has been on the rise globally for the sector’s potential to transform the real estate industry by making it more accessible, efficient and sustainable. In the Middle East, the trend is rapidly picking up as home seekers, landlords and agents increasingly turn to new-age digital platforms to access sophisticated digital property management tools, tap new real estate investment opportunities and benefit from streamlined real estate transactions. With proptech on the rise across the region, we look today at some of the Middle East’s fastest-growing proptech startups, delving into their latest achievements and exploring…

CE-Ventures, the corporate venture capital platform of Crescent Enterprises, has partnered with MAGNiTT to unveil ‘The State of Climate Tech Venture Capital Report’. The report delves deep into the dynamic landscape of climate tech investments in the Middle East and North Africa (MENA) and Türkiye region, providing insights into key trends, challenges, and opportunities in this rapidly evolving sector. The report provides an overview of climate tech investments in the region and highlights the importance of harnessing innovative technologies to combat climate change. With existing technologies holding the potential to mitigate 65% of all emissions, the report underscores the…