The inaugural FinTech Abu Dhabi concluded last week with several key and game-changing initiatives that have raised the bar on the offerings and infrastructure of the FinTech industry. The two-day event, which was held under the patronage of His Highness Sheikh Hazza bin Zayed Al Nahyan, Vice Chairman of the Abu Dhabi Executive Council, was attended by over 600 delegates including senior government officials, representations from UAE-based embassies and international FinTech leaders and technopreneurs. At FinTech Abu Dhabi, ADGM made a number of ground-breaking announcements including:- (i) The launch of the ADGM FinTech Innovation Centre by 2018 – a physical hub at ADGM Square on…
Author: Fintechnews Middle East
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Countries in the Gulf Cooperation Council (GCC) region are opening up to fintech and digital solutions as banks seek to enhance consumer experience and streamline their operations. The United Arab Emirates (UAE) has emerged as one of the region’s pioneers in the field. In particular, fintech development has been pushed by the government’s broader desire to transform the country into a leader in the digital space and the digital economy, a new area of focus it hopes will help it reduce its dependency on oil. Citizens too have helped led the Middle East’s digitalization change. As measured by McKinsey‘s digital consumer…
The United Arab Emirates (UAE), and the Dubai government in particular, are home to a nascent fintech sector, driven by the government’s ambition to position itself as a center for innovation. “A lot of effort has been made … to establish a landscape in the UAE that supports fintech and generally encourages tech startups and innovation,” has said Paul Allen, head of intellectual property and technology, Middle East, at law firm DLA Piper in Dubai. “We’re now starting to see those efforts bear fruit.” Now with the UAE fintech ecosystem thriving, numerous fintech events and conferences are being organized in the country,…
The Astana International Financial Centre, or AIFC, and next generation investment company EXANTE have signed a memorandum of cooperation towards developing the cryptocurrency markets in Kazakhstan and positioning the AIFC as an international financial technology center. According to the memorandum, EXANTE, with several blockchain projects already in its portfolio, will launch the Stasis platform, which will serve as the foundation for new crypto assets, secured by fiat. The parties also agreed to cooperate in developing AIFC’s regulation of the cryptocurrency markets, and to support the evolution of the fintech-ecosystem in Astana using EXANTE’s knowledge and experience in blockchain projects. Kairat…
Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, is gearing up for its inaugural global FinTech Abu Dhabi event which will be taking place in just ten more days on 22 to 23 October 2017. The FinTech Abu Dhabi Summit is a two-day by-invitation-only event that encompasses a high-level regulators’ roundtable, a global Innovation Challenge Demo Day represented by an international fleet of mature FinTech firms, ADGM’s first batch of RegLab FinTech startups, and an exciting Summit featuring distinguished local, regional and international leaders from the global FinTech industry. FinTech Abu Dhabi Summit, under the patronage…
AAbu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, announced that it had received 166 applications from over 39 countries for its inaugural FinTech Abu Dhabi Innovation Challenge. The impressive global participation was achieved in under two weeks of outreach activities coordinated by both ADGM and KPMG. All applicants have proposed game-changing innovations that address real-life business issues which affect the financial services industry in the Middle East, Africa and South Asia (MEASA) region. They have also included solutions that cover a range of concepts including Financial and Investment Management, Financial Inclusion, RegTech, Trade Finance, InsurTech and…
Fintech is gaining steam in Iran as the country’s central bank, financial institutions and government agencies are taking steps to make Tehran a regional hub for financial innovation. This comes as part of the Iran Vision 2025, which seeks to turn Iran into a developed country by 2025, as well as “the first economic, scientific and technological power of the region.” As part of the plan, the Central Bank of Iran (CBI) has proposed its 2025 Roadmap which aims for the development of a strong future for the banking system. The roadmap is set to define an appropriate role for fintech companies…
While places like the US, the UK and China have long been leaders in digital finance, new fintech companies are starting to pop up in unexpected locations such as Poland, Slovakia, as well as the Middle East, underscoring fintech’s global diversity. One of these places is Qatar, where Omar Mahmood, partner and head of financial services at KPMG in Qatar, said there’s been a significant push to promote the country as a regional fintech hub. “Qatar offers the right regulatory environment, extremely competitive operating costs, government support, funding support and a ready financial services sector to work with,”he said. he said. “We…