Burcu Küçükünal, the Digital, Design and Innovation SVP at one one of Turkey’s most prominent private banks, Akbank, recently discussed her team’s aim to introduce a mobile app as a dependable financial counselor for their clientele, enhancing customer involvement with Personetics. In her presentation at the Money 20/20 conference in Amsterdam titled “The Journey to Financial Data-Driven Personalization,” Burcu highlighted the positive uptick in client engagement and satisfaction Akbank experienced after introducing hyper-personalized insights. She went on to map out the bank’s aspirations for heightened personalization and plans to amplify customer engagement further. Akbank’s Initial Customer Engagement Strategy Considering Turkey’s…

Emirates NBD has launched a digital wealth platform that allows customers to trade securities and ETFs on both global exchanges such as, Nasdaq, NYSE, and London Stock Exchange and local markets such as, Dubai Financial Market, Abu Dhabi Securities Exchange, and Nasdaq Dubai. In all, there are more than 11,000 global equities and 150 regional equities available to trade on the platform. The platform is embedded within the bank’s newly launched mobile App ENBD X, allowing customers to conveniently invest and trade in complex financial instruments from the same App that also fulfils all their everyday banking needs. As part…

Fintech is growing rapidly in the Middle East, driven by a dynamic fundraising landscape, favorable demographic factors and supportive governments betting on technology and digital platforms to improve financial access. An estimated 3,000 fintech solutions are currently operating across the Middle East and North Africa (MENA) and are attracting most of venture capital (VC) poured into the region’s startup ecosystem. Over the past three years, fintech has been the dominant sector for VC investment, making up for 21% of venture funding in 2021 and 29% in 2022, data from Magnitt, a startup data platform focusing on the Middle East, show. Investors…

In a significant move towards advancing digital technology and open banking in the Kingdom of Saudi Arabia, SeaPay, a leading Omni-Channel Payment Solutions provider, has announced a strategic partnership with Salt Edge, a renowned financial technology company. This collaboration aims to provide local merchants in Saudi Arabia with innovative open banking solutions, aligning with the Saudi Central Bank’s vision for a thriving business environment. Open banking adoption in Saudi Arabia has gained momentum, thanks to the dedication of various stakeholders, including the Saudi Central Bank (SAMA). SAMA recognises the importance of open banking in supporting local businesses and has been…

Dubai Islamic Bank (DIB) will become a shareholder in T.O.M. Group of Companies, which was established by Aydın Group shareholders. DIB, one of the largest banking groups in the United Arab Emirates, will become a significant minority shareholder in T.O.M. Group which includes T.O.M. Katılım Bankası A.Ş. (Türkiye’s First Licensed Digital Retail Bank), T.O.M. Pay Elektronik Para ve Ödeme Hizmetleri A.Ş. (Licensed e-money company with a fast-growing customer base in Türkiye), and T.O.M. Finansman A.Ş. (Licensed financing company specialized in developing innovative digital products) and their subsidiaries. DIB’s entry strategy revolves around the acquisition of a significant minority stake into…

Chainalysis, the blockchain data platform, unveiled the Middle East and North Africa (MENA) findings of its 4th annual Geography of Cryptocurrency Report, providing comprehensive insight into the actual state of crypto markets and cryptocurrency utilisation across the world. This report revealed that between July 2022 and June 2023, the majority (67%) of cryptocurrency transactions in the UAE were for institutional investments (values over US$1million), followed by transfers for professional investments (US$10,000 to US$1million). Retail investments (up to US$10,000) accounted for just 4.63% of transfers in the Emirates. “The fact that by far the larger portion of crypto investments in the…

Laser Digital, Nomura’s digital asset subsidiary, announces that it has been granted In-Principal Approval (IPA) by the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM), with formal regulatory licensing subject to the fulfilment of a number of conditions. When all IPA conditions are fulfilled, Laser Digital will be granted the Financial Services Permission to provide broker-dealer services and asset/fund management services in relation to virtual assets and traditional assets. Laser Digital chose Abu Dhabi as its destination of choice due to ADGM’s progressive and transparent approach to regulation, based on strong cross-industry dialogue and collaboration with different…

In the Middle East, traditional lenders and fintech startups are racing to launch digital banking offerings, viewing the market’s rapid adoption of mobile technology, economic growth and relatively low adoption of neobanking as a massive opportunity up for grab. About 38 digital banking offerings are currently available across the region, new data released by C-Innovation, a French fintech-focused research firm, show. The figure implies that 13 new neobanking solutions had been launched between 2021 and mid-2023, and suggests a growth rate of 52% for the sector. Data from Swiss software company BPC Group and the Fintech Consultancy Group (Fincog), compared…

Bank ABC becomes the first Middle East bank to introduce faster cross-border payments to specific corridors for corporates and financial institutions utilizing J.P. Morgan’s Coin Systems. Coin Systems is a blockchain-based permissioned system that serves as a payment rail and deposit account ledger and sits within Onyx by J.P. Morgan. The soft launch of the new payment service by Bank ABC follows close collaboration with the Central Bank of Bahrain (CBB). The CBB provided support across various aspects of the initiative including integrating and scaling the innovative blockchain-based solution within the Kingdom of Bahrain’s payments landscape. On this occasion, His…

Spire Technologies has obtained Account Information Service Provider (AISP) and Payment Initiation Service Provider (PISP) licenses from the Central Bank of Bahrain (CBB), authorising it to operate as a fully regulated open banking ancillary service provider in the Kingdom. This milestone approval from the CBB will effectively enable Spire Technologies to expand its offerings, delivering expert financial insights and swift digital solutions to the market with increased operational efficiency, which include the provision of open banking use cases to retail customers and Micro Small and Medium Enterprises (MSME) in addition to open banking enabled services to banks and fintechs. A…

Changer.ae Ltd, a crypto custodian service dedicated to safeguarding and managing digital assets, received the Financial Services Permission (FSP) license by the Financial Services Regulatory Authority (FSRA) in the Abu Dhabi Global Market (ADGM). With the FSP, Changer has become officially authorized to offer its services to individuals who are looking for a robust and reliable platform to hold their crypto currencies. Being uniquely positioned in the UAE, Changer focuses on protecting crypto based investors and informing the community about safety, risks, and crypto investments through its state-of-the-art custodian services. Changer’s custody solution is an easy-to-use, all-in-one platform that offers…

In a bid to foster innovation, financial inclusion and availability of affordable digital financial services, State Bank of Pakistan (SBP) has granted In-Principle Approval (IPA) for establishing five digital retails banks, namely HugoBank Limited, KT Bank Pakistan Limited, Mashreq Bank Pakistan Limited, Raqami Islamic Digital Bank Limited and Telenor Microfinance Bank Limited. It may be recalled that SBP issued NoCs to five successful applicants for establishing digital banks in Pakistan in January 2023. After the fulfillment of the necessary requirements, these entities have now been granted in-principle approval to prepare themselves operationally to launch the digital financial services. Wednesday, in…

Abu Dhabi-headquartered Fuze, a digital assets infrastructure provider, has unveiled a substantial Seed round of $14mn, which they claim is the largest Seed investment in a digital assets startup in the the Middle East and North Africa region (MENA). A first-of-its-kind infrastructure provider in MENA, Fuze enables any bank, fintech or traditional enterprise to easily offer regulated digital assets products to their customers through their native apps. The investment was led by Abu Dhabi-based Further Ventures, along with participation by US-based Liberty City Ventures. Fuze will benefit from the strategic capital and network of these investors, acting as a catalyst…

The Saudi Central Bank (SAMA) licensed “Al-tizam for electronic insurance brokerage” and “Altheqa Insurance Brokers” to provide insurance aggregation services (soft launch). With Al-tizam and Altheqa, there will be five authorized insurance aggregation companies operating in Saudi Arabia. This decision reflects SAMA’s endeavor to support the insurance sector, increase its financial efficiency, and promote innovative insurance services for financial inclusion in Saudi Arabia. SAMA emphasizes the importance of dealing exclusively with authorized financial institutions. To view licensed and permitted financial institutions, visit SAMA’s official website. Featured image credit: Edited from Unsplash

Archie – an innovative new fintech acceleration partner – launches with a mission to scale the next generation of fintech disruptors that will define and lead the category. With the belief that fintech founders need much more than financial backing to turn their ambitions into reality, Archie will identify and partner with a select portfolio of early-stage fintechs globally, working alongside founders to help supercharge their growth. By investing intellectual capital and growth expertise into Series A & B firms at the most critical stage of their go-to-market strategy, Archie will improve the odds of high-potential fintechs breaking through and…

Emirates NBD has made an investment in Erguvan, a climate and financial technology venture aimed at providing financial institutions and corporations with digital infrastructure, enabling them to manage the impacts and risks of climate change. The investment was made via Deniz Ventures, an investment fund launched by DenizBank A.S., Türkiye under the umbrella of Emirates NBD Innovation Fund, the Corporate Venture Capital arm of Emirates NBD Group. The Group-wide fund was created to enable investments in strategically relevant FinTech, SustainTech and Tech companies and start-ups across Emirates NBD’s key markets, including Türkiye. Erguvan was established in 2022 with the objective…

The Qatar Central Bank (QCB) has granted a license to 7sab, allowing the startup to provide digital payment services in the country. The move brought the number of fintech companies permitted to provide digital payment services in Qatar to ten. 7sab provides a payment gateway that integrates into merchants’ websites and which allows them to generate invoices, manage their payments, and make instant transfers by using their mobile, tablet, desktop or any electronic gadget that can turn into a personalized point-of-sale (POS). The startup, which was founded in 2017 and is headquartered in Doha, strives to deliver payment solutions that…

Saudi Venture Capital (SVC) has made a $5 million investment in a fintech fund managed by VentureSouq (VSQ), primarily targeting early-stage fintech startups. This investment initiative was reported by SVC. According to the press release, the subscription agreement was signed by the CEO and Board Member at SVC, Dr. Nabeel Koshak, and the General Partner at VSQ, Maan Eshgi. The signing ceremony was also graced by the presence of the Chief Investment Officer, Nora Alsarhan, and the Chief Legal Officer at SVC, Haifa Bahaian, as well as the Fintech General Partner at VSQ, Musaab Hakami. Dr. Koshak commented, “The investment…

Flat6Labs, a seed and early-stage venture capital firm for MENA, announced the selection of 24 startups for its StartMashreq Growth Track program. The startups – founded in Jordan, Lebanon & Iraq – operate in diverse sectors such as fintech, healthtech, e-commerce, and agritech, also including 5 startups cofounded by female entrepreneurs, operating in Edtech, Energy Tech, and Proptech. The startups collectively generate a total annual recurring revenue of USD 20.8 million and have raised a total of USD 38.5 million along with creating around 700 direct job opportunities across the three countries. By joining the StartMashreq Growth Track program, they…

TOKO FZE born out of global law firm DLA Piper, announces a strategic partnership with Virtuzone to form an equity crowdfunding platform in Dubai. TOKO is one of the first companies in Dubai to be granted full market Virtual Asset Service Provider licence from Dubai’s Virtual Asset Regulatory Authority (VARA). TOKO is a sophisticated token engine creating data rich tokens representing fractional interests in real world assets. The partnership with Virtuzone is set to transform early-stage private equity fund raising using blockchain technology to bring enhanced transparency, accessibility, and opportunity for both investors and the businesses seeking to raise funds.…