Adoption of a broader range of digital payment methods is accelerating in the UAE and the technology fueling the future of payments is already here, according to Mastercard’s New Payments Index 2022. In addition to being aware of solutions like cryptocurrency, digital cards, biometric payments, BNPL (Buy Now Pay Later) and open banking, consumers in the UAE are increasingly and actively using these solutions in their everyday lives. Mastercard’s New Payments Index 2022 found that 88% of people in the UAE have used at least one emerging payment method in the last year. Of these, 39% used a tappable smartphone…

QNB,one of the largest financial institution in the Middle East and Africa, has launched Direct Remittance service for money transfers from Qatar to the Philippines, which makes it the first bank in Qatar to launch the service. To provide this service, QNB will connect with China Bank, one of the leading private universal banks in the Philippines through RippleNet, the financial technology powered by leading enterprise blockchain and crypto solutions provider, Ripple. The new service will provide the Bank’s customers with a convenient remittance experience and a fast cross-border money transfer solution. QNB’s latest first-to-market solution complements the Bank’s efforts…

Cryptocurrency exchange Huobi Group announced that it has been granted a MVP provisional approval by the Dubai Virtual Assets Regulatory Authority (VARA). The license will enable Huobi Investment FZE, Huobi’s UAE-based entity, to offer a full suite of virtual asset exchange products and services, within the parameters set by VARA’s specialised “test-adapt-scale” model. Initially, the company said that itwill target professional investors, and offer spot and Over-the-Counter (OTC) trading services to a limited subset of pre-qualified investors and professional financial service providers. Over time, Huobi may expand its reach to retail investors in the region. With the awarding of this…

In line with the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, launched the Dubai Metaverse Strategy that aims to turn Dubai into one the world’s top 10 metaverse economies as well as a global hub for the metaverse community. His Highness Sheikh Hamdan bin Mohammed underscored the importance of consolidating Dubai’s status as a hub offering the most advanced ecosystem for the metaverse and as a frontrunner in adopting digital…

The Dubai International Financial Centre (DIFC), the city’s financial freezone, is aggressively cementing its position as the top fintech hub in the Middle East, Africa and South Asia (MEASA), unveiling a number of initiatives this year aimed at fostering innovation, attracting foreign fintech startups and nurturing talent. At the DIFC Fintech Week on June 28 and 29, government officials and industry participants reaffirmed the freezone’s status as the region’s fintech powerhouse. DIFC’s new fintech initiatives Highlighting the sector’s growth, Essa Kazim, governor of DIFC, told Euronews at the event that fintech is now the fastest growing sector for DIFC, contributing…

Global analytics software provider FICO and Network International, a provider of payments solutions to merchants and financial institutions across the Middle East and Africa (MEA), announced that they have expanded their partnership to bring lenders enhanced fraud protection and credit management solutions. Network International is also installing FICO® Blaze Advisor® Decision Management System in its data centers, so that it can offer hosted credit management services to lenders. Banks and other credit providers can use these services to make real-time approvals on credit applications while controlling risk, and to manage their portfolio of accounts with highly targeted, risk-aware offers and…

Around the world, financial centers and the organizations that represent them are leading efforts to strengthen their countries’ financial markets, business environments and innovation ecosystems to drive economic growth. Today, these clusters and special economic zones are emerging as fintech powerhouses, building on their strong digital ecosystems, deep international relations, and the openness of their business environments. This is according to a new report, sponsored by the Dubai International Financial Centre (DIFC) and produced by the World Alliance of International Financial Centers (WAIFC) and the Z/Yen Group, which explores how financial centers worldwide are responding to some of the world’s…

Dubai-based neobank YAP announced that it had raised US$41 million to fund its operations and growth. The latest investment comes from Saudi Arabia’s Aljazira Capital alongside notable investments from Abu Dawood Group, Astra Group, and Audacia Capital. YAP said that it plans to complete its Series A by the end of the year. The neobank added that more than 130,000 users have signed up for the app in since its launch in 2021. It has also formed a partnership with Bank AlJazira to launch its consumer and business banking platforms in Saudi Arabia. YAP has also received regulatory approval in…

These past couple of years have seen the pace of digital transformation increase dramatically as organizations globally moved to the cloud and embraced hybrid office environments to overcome the limitations imposed by COVID-19. But despite enabling operational continuity, gains in efficiencies and business opportunities, the accelerated adoption of new technologies and digital platforms has also driven a rise of IT complexity, introducing new challenges and pain points to IT teams, according to a new report by business software provider SolarWinds. SolarWinds’ 2022 IT Trends Report, released on June 20, 2022, shares results of a global survey conducted in March that…

Qatar National Bank (QNB) has announced the launch of WeChat Pay and AliPay+ to its existing broad range of payment methods accepted by its merchant network in the country. This partnership will enable QNB’s customers to complete their transactions easily, safely, and securely through its wide merchant network. This will benefit retailers in many segments by giving those WeChat and AliPay+ users the option to pay using their smart devices. QNB the first bank in Qatar to launch these services. Adel Ali Al-Malki, General Manager QNB Group Retail Banking said, “QNB is the first bank in Qatar to introduce such…

Etisalat UAE, a telecoms company branded as etisalat by e&, announced the launch of GoChat Messenger, an all-in-one free voice and video calling app, giving customers the flexibility of accessing unique features within one application. GoChat Messenger allows customers to easily make and receive voice and video calls, chat with friends and family, transfer money to their families, pay bills, play games, stay updated with the latest news and events, access Smiles vouchers and deals, as well as several home services. The launch follows e&’s recent unveiling of “etisalat by e&” as the new brand identity for Etisalat UAE. Etisalat…

Digital banking software provider Backbase and Bahrain Fintech Bay (BFB), a fintech hub in the Middle East and North Africa (MENA) region, has partnered to accelerate digital banking adoption in the region and offer new opportunities for key players in the regional financial sector. The new partnership is a part of BFB’s Venture Acceleration Platform which provides a launch pad for fintechs looking to break into the MENA region.​ Through this partnership, Backbase brings a rich portfolio of partners, including National Bank of Bahrain, ila Bank, Banque Saudi Fransi, Kuwait International Bank, and Société Générale. Meanwhile, Bahrain Fintech Bay incubates…

The wealth and investment landscape has seen its fair share of changes over the last few years and new technologies have emerged as a powerful factor, the most significant being digital assets. As the ecosystem matures, it presents its share of opportunities and concerns. The Wealth Today Summit held on June 21, 2022, at the Address Dubai Mall Hotel, delved into emerging trends and factors that affect the investment ecosystem, especially in the UAE. The Wealth Today Summit is an industry-driven event attended by over 300 senior executives from the wealth and investment industry. The digital assets adoption, the way…

The pandemic has accelerated the growth of non-face-to-face interactions, forcing banks, merchants and others to swiftly deploy digital tools to accurately verify the identity of the person on the other end of a digital transaction. A 2021 study by advisory firm Aite-Novarica looked at ten vendors in the document identification and verification (ID&V) space, highlighting a notable growth in the demand for document ID&V solutions. Within the next two years, 90% of financial institutions surveyed by the firm shared plans to implement mobile identity document capture and verification solutions. These trends are reflective of the changing face of customer expectations and behaviors…

Huspy, the EMEA proptech startup, has announced a $37 million Series A funding round led by Sequoia Capital India to build the future of home buying across the region. Founders Fund and Fifth Wall made their Middle East investment debut in this round. In addition, Chimera Capital joined returning investors Breyer Capital, VentureFriends, COTU, Venture Souq and BY Venture Partners. Launched in 2020, Huspy is on a mission to digitally transform and reimagine the home ownership journey. In less than two years, the company has reached $2bn in annualised GMV, growing at 25% MoM to become one of the largest…

Huobi Group, a global blockchain asset financial services provider, announced that it has secured a DIFC Innovation License in Dubai. This is a license for innovative technology companies in Dubai and provides benefits such as access to a thriving tech ecosystem and preferential treatment for technology research and developments, capital repatriation, and taxes. As of today, Huobi Group has obtained licenses for various cryptocurrency-related services amongst in a number of different countries and regions, including South Korea, Japan, Gibraltar, New Zealand, and others. “Huobi attaches great importance toward regulation and compliance globally, and the two new licenses not only mark…

In the Middle East, North Africa and Pakistan (MENAP) region, exponential growth in the e-commerce market is fueling the rise of newer methods of paying, with buy now, pay later (BNPL) arrangements, in particular, emerging as the new favorite payment method. A survey of more than 13,000 consumers in MENAP conducted by Checkout.com, a payment solution provider supporting businesses, found greater penetration of BNPL arrangements in MENA (24%) than in the UK and Europe (23%) in 2021. Across MENAP, adoption of BNPL arrangements in 2021 was found to be the highest in Saudi Arabia, where 39% of respondents indicated having…

Mashreq is the first bank to go live with its digital IPO subscription through its mobile application. The bank’s retail customers can now generate a National Investor number (NIN), open a brokerage account in Mashreq Securities and subscribe digitally to the Tecom initial public offering (IPO) and other IPOs listed on Dubai Financial Market (DFM) through the Mashreq Mobile Banking App. Mashreq retail customers will be able to benefit from a seamless digital experience allowing them to register their interest for upcoming IPOs, receive important information on listing dates, key highlights of the organization, and various ways to subscribe and…

Challenger bank Revolut announced that a streamlined version of its app is launching in Oman in the next couple of months. The Revolut app also launched in four other countries including Sri Lanka, Chile, Ecuador, and Azerbaijan. With the aim to launch in up to 90 countries by the end of 2022, and additional features to be added soon, customers in the additional countries would be able to transfer money to 50+ countries using 30+ currencies. There is no fee between Revolut customers, and a 1% fee to non-Revolut accounts with a US$1 minimum fee for customers in these five…

ADQ, an Abu Dhabi-based investment and holding company,  announced the launch of a $100 million technology-focused venture capital fund with the Ministry of Digital Economy and Entrepreneurship (MoDEE) of Jordan, in the presence of His Excellency the Prime Minister of Jordan, Bisher Al Khasawneh. The Fund aims to support high-growth technology companies and the continued growth of the Kingdom’s burgeoning digital economy. Building on the UAE’s strategic industrial partnership with Jordan, ADQ is reinforcing its commitment to investing in advancing core sectors of the Kingdom’s economy and enhancing the global technology ecosystem. The Fund complements ADQ’s strategy to unlock mutually…