Posts From Fintechnews Middle East

Saudi Central Bank Releases Its Open Banking Framework

The Saudi Central Bank (SAMA) has issued its open banking policy which outlines its objective for implementation in Saudi and the benefits that the financial sector stands to gain from it. SAMA plans to go live with its open banking

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Emirates NBD Unveils Customer Digital Onboarding Experience

Emirates NBD has rolled out the digital onboarding option for new customers to have their identity documents verified using contactless NFC technology when opening a bank account via its mobile app. The bank’s TruID solution uses NFC technology to read

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Sarwa Gets Greenlight for Fintech Experimental Permit From Saudi Regulator

Sarwa, a Dubai-based investment advisory platform, was granted a fintech experimental permit by the Capital Markets Authority (CMA) of Saudi Arabia and will be expanding its service there. With the new license in hand, Sarwa can offer its wealth management

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Kenya Central Bank Outlining Open Banking Ambitions

The Central Bank of Kenya (CBK) has released a draft document outlining a five-year digitalization plan to modernize the country’s domestic payment landscape. The document, titled Kenya National Payments System Vision and Strategy 2021 – 2025 and released in December

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RAKBANK Renews Fintech Partnership With Invoice Bazaar to Ease SME Funding

The National Bank of Ras Al Khaimah (RAKBANK) has announced the renewal of its partnership with Invoice Bazaar, a Dubai startup operating in the area of receivables finance. The renewed partnership is part of the bank’s strategy to offer small

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Dubai’s Free Trade Zone Breaks 5-Year Record in New Company Registrations

Dubai Multi Commodities Centre (DMCC), established by the Government of Dubai to establish a hub for global commodities trade, registered 2025 new companies in 2020, its highest number of registrations in 5 years. DMCC’s strong performance is primarily due to

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Arab Investment Bank Taps Temenos to Boost Its Digital Banking Capabilities

The Arab Investment Bank announced that it has selected Temenos, a Swiss banking software company to bolster its digital banking transformation journey. Arab Investment Bank chose the capabilities of Temenos Infinity and Temenos Payments to improve performance, drive its digital

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Zain’s Fintech Arm First to Receive Micro Loans License From Saudi Central Bank

Zain Group, a telecommunications company in the Middle East and North Africa region, announced that its fintech arm Tamam has been officially licensed by the Saudi Central Bank (SAMA) to provide micro-financing services to consumers across the Kingdom. This makes Tamam

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Dubai’s Road Transport Authority Launches Smart Payment Card

Dubai’s Roads and Transport Authority (RTA) and Huawei Consumer Business Group announced the launch of the Gulf Cooperation Council’s (GCC) digital nol cards and nol Pay mobile app on the Huawei AppGallery. This collaboration is in line with the RTA’s

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7 Fintech Startups in UAE to Watch in 2021

The United Arab Emirates (UAE) is the largest fintech hub for startups in the Middle East and North Africa (MENA), housing about 50% of the region’s fintech companies. In the UAE, two leading financial free zones, Abu Dhabi Global Market

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