Emirates NBD Bank has publicised a pioneering partnership with PWC and digital asset custodian Fireblocks, inaugurating its Digital Asset Lab. Both PWC Middle East and Fireblocks are set to serve as foundational council members. Emirates NBD declared on LinkedIn, “This signifies a novel landmark in our journey of innovation, and we are eager to collaboratively shape the digital asset sphere in this region.” Through the establishment of the Digital Asset Lab, the platform will facilitate the co-creation and exploration of innovation within financial services, concentrated solely on digital assets. The platform seeks to globally connect subject matter experts, promoting education…

Against all odds, venture capital (VC) investments in Saudi Arabia reached a new all-time high last year, growing by a staggering 72% year-on-year (YoY) to reach US$987 million in 2022, data from the 2022 Saudi Arabia Venture Capital Report show. The report, produced by venture data platform Magnitt and sponsored by Saudi Venture Capital Investment Company (SVC), shows that 2022 was a blockbuster year for venture funding in the country. Saudi Arabia achieved the highest annual growth rate of VC funding value among top three VC markets in the Middle East and North Africa (MENA) and maintained its position as…

Emirates Islamic has launched the new Emarati Absher Business Account designed exclusively to provide a comprehensive suite of premium banking solutions for Emarati startups in the UAE. The new business banking proposition aligns itself with the UAE’s strategy to support small and medium-sized businesses owned by citizens through special support programmes and initiatives. Going beyond essential business banking services, the Emarati Absher Business Account is created to support startups in their initial phase with no minimum balance requirement for the first six months, instant account opening with one of the lowest monthly average balance requirements in the business banking sector,…

TWIG Solutions (TWIG), a financial technology startup based out of Dubai International Financial Centre (DIFC), has received an Innovation Testing License (ITL) from the Dubai Financial Services Authority (DFSA). The ITL enables TWIG to test and develop their products and services in a controlled regulatory environment. In addition to obtaining DFSA’s ITL, TWIG has secured an undisclosed pre-seed round exceeding US$1 million, backed by Phoenician VC, MMK Capital, Soul Ventures, regional family offices and angel investors. TWIG said that the funding will be used to support the company’s ongoing expansion efforts and accelerate the growth of its savings platform in…

IFZA Dubai, an UAE international Free Zone, announces the signing of a memorandum of understanding (MoU) partnership with Mashreq, one of the leading financial institutions in the MENA region, to provide IFZA Free Zone Licensees and Professional Partners quick and priority access to banking services and financial solutions. Under the terms of the agreement, Mashreq will provide NEOBiz Connect API  integration with IFZA. This integration allows IFZA to offer a full SME NEOBiz account application service from its own platform, reducing turnaround time by up to 80 per cent. In other words, an IFZA Licensee will soon be able to…

The National Bank of Ras Al Khaimah (RAKBANK) has rolled out a new digital on-boarding solution that allows customers to apply for its credit card digitally. Any UAE resident over the age of 18 can apply for a credit card through the RAKBANK App by uploading necessary documents. RAKBANK said that new customers will receive a virtual card instantly on completion of all checks, followed by delivery of a physical card. Customers who apply for a credit card through the RAKBANK app will get cashback up to AED 1,000, free subscriptions to online streaming services, various travel, hospitality and dining…

Standard Chartered signed a memorandum of understanding (MoU) with Dubai International Financial Centre (DIFC) to collaborate on digital assets, including digital asset custody. Subject to regulatory approval, Standard Chartered plans to launch digital asset custody services, starting in DIFC and to cater to institutional clients around the world. As a market leader in the Securities Services industry, Standard Chartered is an early mover in developing services to provide custody of digital assets, including cryptocurrencies. Drawing on its own international expertise in traditional custody, its new services will be powered by its subsidiary Zodia Custody, which has best-in-class operational and technical…

Cross border payments firm Airwallex has officially launched its operations in Tel Aviv, Israel as the first step of its Middle East expansion plans and appointed Or Liban as its Head of Israel and the Middle East. The company already serves many of Israel’s leading technology businesses, including Papaya Global and OurCrowd as well as global companies such as Shein, Qantas, Plum and Navan (formerly TripActions). “Setting up local operations in Israel is just the first step in our ambitious plan for expansion across EMEA in 2023. Israel is at the forefront of tech innovation and a global hub for…

DBS Bank’s CEO Piyush Gupta said that the financial firm is mulling expansion plans in Dubai, according to a Bloomberg report detailing his interview with Yousef Gamal El-Din at the Dubai Fintech Summit. He added that the bank is “revisiting the thesis that there is real opportunity to do more stuff out of Dubai and this region”. DBS‘ presence in the Middle East is currently limited and the bank sees this as an “opportunity to scale it up”. Gupta went on to remark that “hubs like Dubai can act as a neutral player in a multipolar world, being able to intermediate flows…

DisrupTech Ventures, an Egypt-based venture capital firm focused on fintech, has received a US$5 million investment from Proparco, a subsidiary of the Agence Française de Développement (AFD) devoted to private sector funding. The early-stage venture capital fund aims to provide seed capital to up to 28 startups with prime focus on financial technology services. The fund raised US$36 million from several investors, including development finance institutions, funds-of-funds and family offices. Proparco said that this will be an important financing source for Egyptian tech companies, which often struggle to raise capital to bring their innovations to market. Additionally, DisrupTech will also…

e& enterprise, part of e&, has signed a binding agreement to acquire a majority stake in Beehive, a peer-to-peer digital platform to tap into opportunities in the Small and Medium Enterprise (SME) lending market. Beehive, founded in 2014, leads the crowdfunding platform space in the UAE, with operations in KSA and Oman. It connects creditworthy SMEs seeking finance with private and institutional investors, offering conventional and Sharia-compliant loans. The company recently reached the milestone of facilitating over AED1.5 billion worth of loans. With this acquisition, e& enterprise will be able to provide an innovative lending solution to address the $250…

New, sophisticated use cases for consumers and businesses are driving global real-time payment volumes to record highs, with 195.0 billion transactions recorded globally in 2022 — a YoY growth of 63.2% — according to the 2023 Prime Time for Real-Time report, published by ACI Worldwide. Growth for Real-Time Payments in the UAE Is Ripe According to the ACI report, 37.2 million real-time transactions were made in the UAE in 2022, and this number is expected to increase to 146 million by 2027, representing a five-year compound annual growth rate (CAGR) of 31.5%. Moreover, real-time payments accounted for only 1.1% of…

The Saudi Central Bank (SAMA) seeks public consultation on the draft “Rules for Regulating Buy Now Pay later (BNPL) Companies.” In the interest of transparency and wider participation, SAMA invites stakeholders and public to provide suggestions and observations on the draft Rules by visiting the Public Consultation Platform at the National Competitiveness Center. This comes as part of SAMA’s role in supervising and regulating the BNPL companies, and its continuous effort to develop the financial sector in general and empower the FinTech sector in particular. SAMA noted that these Rules set the minimum standards and procedures required to practice the…

Tarabut Gateway announced the completion of a US$32 million Series A fundraise. The funding round was led by Pinnacle Capital with the participation of Aljazira Capital, Visa, Tiger Global and other existing investors. The proceeds raised bolster Tarabut Gateway’s footprint in the Saudi market, with a focus on attracting top talent and fostering strategic partnerships within the Kingdom. Tarabut Gateway has assembled an expert team of senior hires to build on the region’s recent Open Banking developments. Abdulla Almoayed, Founder and CEO of Tarabut Gateway, said: “Open banking is reshaping the financial landscape in KSA and the wider Middle East,…

A report titled ‘Dubai: The next global hedge fund centre – opportunities and outlook’ – released by Dubai International Financial Centre (DIFC), the leading global financial centre in the Middle East, Africa, and South Asia (MEASA) region, in collaboration with Refinitiv, reveals Dubai’s growth and an increased role as a global hub for hedge funds and alternative investments. DIFC is currently driving this growth and is in discussions with over 60 global hedge funds looking to establish offices within the Centre. The inaugural publication in the 2023 DIFC Thought Leadership Series delves into essential perspectives on the international hedge fund…

Mashreq announced the appointment of Mohamed Abdel Razek as the Group Head of Technology, Transformation & Information. In this role, he will lead Mashreq’s technology organization and drive the successful delivery of all digital services. He will be responsible for adopting new and emerging technologies, ensuring service excellence to customers, and collaborating seamlessly with external partners. Commenting on the appointment, Ahmed Abdelaal, Group Chief Executive Officer, Mashreq, said: “I am pleased to announce the appointment of Mohamed Abdel Razek as our new Group Head of Technology, Transformation & Information. Mohamed’s experience in leading technology functions in large corporations, combined with…

In the rapidly evolving arena of financial technology (fintech), strategic alliances and the transformative power of technology are reshaping the global landscape. A surge of innovation and disruption is radiating from the United Arab Emirates (UAE), with the nation’s fintech firms standing at the forefront of this revolution. These trailblazers are drawing significant support from a somewhat unexpected ally: the robust business process outsourcing (BPO) industry of the Philippines. “Outsourcing providers specializing in the fintech sector have transitioned from being mere service providers to true partners and catalysts for growth,” says Ralf Ellspermann, CEO of PITON-Global, a renowned authority in…

FIS has announced its Worldpay merchant business will be expanding its payment processing capabilities into the United Arab Emirates (UAE) this year. Worldpay has secured a category II payment services license that allows for card acquiring and disbursements. This new domestic license in the UAE will enable the company to offer its world-class payment services to both local companies with global ambitions, and rapidly growing enterprises looking to expand in the market. This comes on the back of its successful expansion into South Korea in 2022. Our newest version of The Global Payments Report shows the e-commerce market in the…

The Abu Dhabi Department of Economic Development (ADDED), the catalyst of economic growth in the emirate, and Wio Bank, an online bank for UAE SMEs announced their cooperation to transform how Small and Medium Enterprises (SMEs) manage their finances, payments, and their overall business operations. This partnership saves SMEs a significant amount of business operation time by fast-tracking the account opening process and delivering fast and seamless banking services via Wio Business, the business banking application from Wio Bank. In less than 48 hours, Wio will help set up corporate accounts for SMEs licensed by ADDED and provide an up-to-date…

Dubai International Financial Centre (DIFC) hosted recently the second Dubai FinTech Summit (DFS) Dialogues powered by the Innovation Hub. Heads of 10 leading regional banks and FinTechs were invited to unpack the challenges facing the financial sector and deliberate on how the industry can de-risk and build resilient, sustainable financial institutions. According to recent research by Report Ocean, the global FinTech Lending Market was valued at approximately USD573.05 bn in 2021 and is anticipated to grow with a healthy growth rate of more than 27.4% over the forecast period 2022-2029. Hosting the roundtable, Mohammad AlBlooshi, Head of DIFC Innovation Hub…