Knowledge Officer announced a collaboration with the Corporation for International Cooperation (GIZ) to launch the Fintech Academy, which is said to be the first of its kind in Egypt. Other program partners who support this initiative include Mint, Fintech Galaxy and Global Ventures. The academy will cover important topics in the intersection of finance, technology and entrepreneurship. The goal of the academy is to prepare future founders for the changing landscape of finance and equip them with key skills in order to lead the fintech transformation in the region. The participants will learn through the mix of self-paced learning, online…
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Powered by startup accelerator Flat6Labs, Fintech Saudi is launching its Fintech Accelerator, an intensive 3-months innovation and entrepreneurship programme. The programme brings together Fintech Saudi’s market reach and Flat6Labs’ resources to provide up to ten fintech startups with the best practices, resources, and tools they need to develop and scale their solution-driven businesses. With the launch of the Fintech Accelerator programme, Fintech Saudi aims to empower innovative entrepreneurs who display potential within the local fintech industry. The programme will offer the companies exposure to investors and provide them with mentorship and coaching from renowned professionals with an array of skill…
Abu Dhabi Islamic Bank (ADIB) announced that it had partnered with UAE’s Ministry of Finance (MoF) to offer a range of third-generation eDirham cards for cashless payment services. eDirham cards offer a smart payment method accepted by more than 5,000 government services in ministries, federal and local authorities. The system offers many advantages, including lower costs and the possibility of paying service fees through different payment channels, which include eDirham’s apps for phones, e-wallets, vouchers, and self-service eKiosks. The ADIB eDirham Gold and ADIB eDirham Signature cards represent the third generation of the eDirham cashless payment service. Working in collaboration…
At the 2020 Huawei Developer Conference held earlier this week, fintech influencer, best-selling author, and entrepreneur Brett King joined the finance tech.session to talk about the role of technology to improve financial inclusion and shared his views on how banking will look like in the years to come. In light of this, AppGallery has been growing rapidly as it pushes to onboard more financial partners and attract banking apps from different regions. In particular, the app marketplace is seeing strong demand coming from users looking for apps that allow users to manage their finances with their local banks and financial…
Dubai International Financial Centre (DIFC) signed a Memorandum of Understanding (MoU) with the Dubai Future Foundation (DFF) for a technology acceleration programme, to identify and support blockchain and AI-driven start-ups from the region. The MoU also outlines plans to introduce technical training programmes at the DIFC Academy including coding courses such as Full-Stack Web Development and App Development. This supports the Dubai Future Foundation’s One Million Arab Coders initiative, which was launched in 2017 by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai. In addition, DIFC and DFF…
From September 10 to 12, 2020, Huawei Consumer Business Group (BG) held the annual Huawei Developer Conference. Themed HDC.Together, the event saw multiple announcements being made, including the launch of new products, as well as updates on the Huawei Mobile Services (HMS) ecosystem. Huawei’s developer community and app ecosystem The HMS ecosystem has grown to now counting some 1.8 million developers worldwide, doubling that of last year’s Huawei Developer Conference. This figure makes the HMS ecosystem the third largest mobile ecosystem in the world, Zhang Ping’an, president of consumer cloud service at the Huawei Consumer Business Group, said during his…
Singapore-based fintech 360F has partnered with Zurich Insurance to launch a direct-to-customer engagement application in the Middle East. The fintech offers banks and insurers solutions and implementation services to enable digital multi-channel distribution models and automated financial advice for insurance and investment. The application called 360-NeedsProfiler will be incorporated into Zurich’s YourLife and YourCare digital insurance offerings. It is an interactive engagement tool based on actuarial rigor to help leads discover and prioritise their financial needs and risks. The benefits that 360F is said to bring banks and insurance companies are to help reduce the sales cycle, increase case sizes…
From September 10 to 12, 2020, Huawei will be hosting its annual developer conference, a multi-day event expected to bring together more than 400 industry veterans and over 500 tech firms to discuss the latest trends and technologies set to transform software and app development. For this year, the Huawei Developer Conference 2020 (Together) will delve into some of the emerging technologies and how companies and developers must prepare for the new era of intelligence and interconnectivity. It will also include an exciting line-up of announcements, with Huawei set to share the latest on HMS Core 5.0, HarmonyOS, and EMUI…
Huawei has partnered with TPAY Mobile, a digital payment enabler in the Middle East and Africa (MEA), to allow developers from the MEA region to monetise their apps on the Huawei Mobile Services (HMS). The HMS serves as Huawei’s new mobile ecosystem that provides an alternative to Google apps and services for its users following a trade ban by the United States. Huawei and TPAY Mobile have been working closely as part of their ongoing commitment to support developers. This partnership will allow local and global developers to monetise their apps and services through HMS’ In-App-Purchases (IAP) kit. During the…
Spiros Margaris, Swiss venture capitalist and founder of Margaris Ventures, shared on Twitter that he would be a Board Member and Member of the Executive Committee of digital wallet STC Pay. STC Pay, a subsidiary of the Saudi Telecom Company, was recently in the spotlight for its collaboration with Visa to launch a digital payment solution across Saudi Arabia. In August, STC Pay had signed cooperative partnerships with Saudi-based companies Moyasar and SMSA Express Transportation in order to provide digital payment services for customers. This board position will be in addition to the positions that he holds at Credit Suisse…
The Dubai International Financial Centre (DIFC), a special economic zone in Dubai and a financial hub for the Middle East, Africa and South Asia (MEASA) markets, has launched a new license for startups, entrepreneurs and technology companies. The Dubai Innovation License costs US$1,500 and provides companies with access to co-working space at DIFC with a flexible desk space at US$500 per month. The license also offers up to four visas on the first desk and subsidized visas of up to 50% for innovation firms. The license is sector agnostic and available to all startups, entrepreneurs and tech companies, providing them…
With more than 500 fintech companies, Israel is rapidly emerging as a fintech powerhouse with players in the sector attracting global attention as well as billions of dollars in venture capital. In 2019, equity investments in Israeli fintech reached an all-time high of US$1.8 billion, representing a 107% increase over 2018, and a 300% increase over the prior five years. The figure placed Israel fifth in global fintech investments after China, the US, the UK, and India, according to a report by Start-Up Nation Central. 2019 also saw six mega rounds of more than US$100 million going towards fintech companies totaling over US$1…
Visa published its global Back to Business study assessing the shift to digital commerce in response to the pandemic, driven largely by changing consumer expectations for a safe and contactless payment method. As small and micro businesses (SMBs) continue to endure the financial impact of COVID-19, rethinking the checkout or point-of-sale (POS) experience is essential for survival. Consumers Now Expect Digital-First Commerce According to the study, 9 out of 10 consumers in the UAE (90%) have changed how they pay for purchases due to COVID-19, including shopping online when possible (59%) and using contactless payments (52%). Contactless payments have become…
The fintech landscape in Saudi is said to be rapidly developing according to the Fintech Saudi Annual Report 2019/ 2020, which provides an overview of key developments in the region. Some of the updates over the last year includes the launch of Apple Pay, the establishment of Saudi Payments and the continued issuance of regulatory testing licenses and regulations by the Saudi Arabia Monetary Authority (SAMA) and Capital Markets Authority (CMA) to support fintech activities. Within the community there have also been a number of major initiatives including the National Commercial Bank (NCB) and Monsha’at fintech accelerator program as well…
The Tel-Aviv Stock Exchange (TASE) announced the launch of a Central Blockchain Securities Lending Platform in Israel. The platform will transform the securities lending market in Israel by enabling direct lending among all the major financial instruments. It will function as a one-stop-shop for all securities lending activities, permitting access to larger securities volumes within shorter time frames, even operating in shorter-term positions. In March 2020, TASE members were given access to an initial testing environment in order to test lending transactions in the new platform and adapt their systems in preparation for the production phase. The use of Distributed…
Dubai International Financial Centre (DIFC) has announced that investment banking and wealth management firm GRIP is undertaking a fully digital capital raise for Lead Real Estate, a Tokyo headquartered residential and commercial developer, this month. DIFC’s regulations, laws and structures has enabled GRIP to establish, manage and distribute an international multi-million dollar capital raise using digital securities as a medium of issuance. The strategic move could have been due to the fact that Lead Real Estate has some of their projects developed to leverage on the opportunities arising out of the 2021 Tokyo Olympics. The issuance is the first major…
BankDhofar joined hands with Oman Air to launch an e-commerce payment gateway platform. The initiative will enable Oman Air customers can make their bookings online using their debit cards for instant payment transactions. Suleiman Al Ghannami, Oman Air Chief Financial Officer, said: “Oman Air is delighted to partner with BankDhofar and its e-commerce payment gateway platform to offer customers a convenient way to purchase their flight tickets online and on our mobile app. This partnership proves our commitment towards improving our customer experience with the introduction of convenient payment options.” Commenting on the partnership, Ahmed Said Al Ibrahim, Chief Operating…
Merchant clients of Network International, an enabler of digital commerce in the Middle East and Africa, supported by globally-recognised bankcard scheme, UnionPay International (UPI) partnered for a drive-in cinema experience at the Mall of the Emirates rooftop. For UPI and Network International, ensuring customer safety has been at the forefront of their 2020 development strategy in the Middle East. This has resulted in an enormous push for contactless and cashless payments, as well as increased ease and availability of online payment options. UPI and Network International ensured the event adhered to social distancing best practices and standards, with a maximum…
The Dubai Financial Services Authority (DFSA) announced that it has accepted 16 firms into its 2020 Summer Innovation Testing Licence (ITL) Cohort. The ITL programme provides a unique environment that helps firms to test innovative solutions in and from the Dubai International Financial Centre (DIFC). The ITL provides these firms with temporary flexibility to test and develop concepts within a restricted regulatory environment. The 16 firms can now begin the process to apply for an ITL, with the first batch of licences expected to be issued in October. A total of 34 firms applied for the Summer Cohort, the largest…
The Central Bank of the UAE (CBUAE) and Abu Dhabi Global Market (ADGM), are pleased to invite applications from local and international FinTechs to participate in the 2020 edition of the FinTech Abu Dhabi Innovation Challenge. The Innovation Challenge is one of the flagship initiatives held annually at the Fintech Abu Dhabi event to recruit innovative fintech solutions that address specific challenges in the financial services sector, in an effort to foster a diverse, sustainable and competitive economy. Based on a series of consultations and engagements with corporate champions from the financial, corporate and government sectors, the Innovation Challenge 2020 will focus…