UAE-based BaaS provider of embedded finance NymCard announced that it has it has joined Visa’s Fintech Fast Track programme. The partnership will allow the NymCard’s network of fintech partners to onboard onto Visa’s global network through the latter’s Fintech Fast Track Programme. This move will give NymCard’s fintech partners, fast tracked access to leverage the reach, capabilities, and security of Visa’s global payment network to help them create innovative payment solutions. The announcement follows NymCard’s newly launched open API platform that aims to remove the friction from the regional payments industry by making the process of issuing card programs and…

The Central Bank of Bahrain (CBB) published its commentary on the progress made by retail banks in Bahrain on implementation of the necessary infrastructure for compliance with Bahrain Open Banking Framework (Bahrain OBF). This was done following a grace period that allowed for implementation which started on 28th October 2020 and ended on 30th April 2021. CBB had issued rules relevant to open banking in December 2018 which were aligned to the European Payment Services Directive (PSD2). These standards have been recently developed to keep pace with developments of innovative solutions provided by fintech companies which target not only the…

Mamo, a Dubai-based digital wallet and peer-to-peer payments platform, announced that it has raised US$8 million in its latest Pre-Series A funding round. The round was led by Global Ventures, along with the participation of 4DX Ventures, AlRajhi Partners, Olive Tree Capital, and prominent fintech-focused Silicon Valley investors. The funding will be used initially on developing the fintech’s service offerings, increasing utility for its customers, and enhancing its Mamo Business product, and further expanding growth in the UAE and Saudi market, coupled with strategic new hires to support its expansion. Mamo’s customer-centric fintech platform allows users to send and receive…

The Central Bank of Bahrain (CBB) is collaborating with J.P. Morgan and Bank ABC to introduce real time cross border payment solution in a digital currency settlement pilot scheme. Bank ABC along with J.P. Morgan will pilot the transferring of funds from and to the Kingdom of Bahrain in US Dollars for payments from buyers to suppliers. CBB will act as a close partner in the pilot between Bank ABC and J.P. Morgan and going forward would look to extend the collaboration to Central Bank Digital Currencies (CBDCs). H.E. Rasheed Al-Maraj, Governor of the Central Bank of Bahrain said, “We…

In Africa, South Africa, Nigeria and Kenya have the three most developed fintech ecosystems, combining more than 450 companies. This burgeoning industry has been driven by strong demographic indicators, increased connectivity, early regulation, and proactive governments. South Africa: an early mover in fintech regulation South Africa was an early mover in fintech regulation and development, welcoming digital innovation and supporting electronic money solutions as early as 2009, says the Africa Fintech State of the Industry 2020 report, produced by Africa Fintech Summit in partnership with EFG EV Fintech. This supportive stance accelerated in recent years and have translated to initiatives…

Federal Bank has entered into a strategic tie-up with Mashreq Bank to facilitate money transfers from the UAE to India by supporting the latter’s faster payment product, QuickRemit, which was launched in 2017. As a result of the partnership, Mashreq customers can enjoy substantial savings as well as continue to send money instantaneously to India from the convenience of their home or office, from Mashreq’s online and mobile banking channels. Mashreq is one of the oldest banks in the UAE, and has a presence in twelve countries across Europe, US, Asia and Africa. It is also the only privately-owned bank…

Amazon Payment Services (APS), a payment processing services provider, has partnered with Zurich International Life Limited to offer digital payments for its customers in the Middle East for the latter’s digital customer onboarding platform ZurichPro. Zurich is a multi-line insurer providing a wide range of life, savings and investment solutions for multinational corporations, mid-sized and large companies, small businesses, and individuals in the Middle East. Through the services provided by Amazon Payment Services, Zurich’s customers can now digitally pay insurance premiums across all products in local currencies without incurring conversion fees with a high level of customer data security. The…

Kuwait Finance House (KFH) announced that it has launched its digital wallet service through smart mobiles and watches in cooperation with Samsung, Fitbit and Garmin. The holders of KFH VISA ATM, credit and prepaid cards as well as Mastercard cards (except ATM) are now able to experience the payment method which is compatible with NFCs locally and globally. The Group Acting Deputy General Manager Cards, at KFH, Talal AL-Arbeed, said in a press statement that the new service is free. KFH has decided to expand the horizons of this service to include smart watches, considering the increasing demand on this service…

The Central Bank of the UAE (CBUAE) announced that it has been working with SWIFT, a global provider of secure financial messaging services, on an initiative to further enhance the speed and transparency of cross-border payments. The CBUAE said that it will be the first central bank globally to implement such an initiative. The integration between the CBUAE’s domestic UAE Funds Transfer System (UAEFTS) and SWIFT’s ‘gpi Tracker’, will allow financial institutions sending cross-border payments to the UAE to benefit from increased transparency, certainty, and seamless transmission between the SWIFT network and the UAEFTS. This relies on the Tracker that…

The Arab Monetary Fund launched the Index of Modern Financial Technologies in the Arab countries called the FinxAr. The index sheds light on the developments in the financial technology industry and digital financial services in the Arab countries during the period (2018-2020). The annual index aims to identify the efforts of Arab countries in enabling and promoting fintech adoption. It also contributes to setting a vision for the modern financial technology industry in the Arab countries and how to support the fintech ecosystem, in order to help formulate national policies to strengthen the industry in Arab countries in the future,…

BitOasis, a digital asset trading exchange and platform in Dubai, announced that it has been granted a Financial Services Permission (FSP) from the Financial Services Regulatory Authority (FSRA) in the Abu Dhabi Global Market (ADGM). The firm said that it is currently working towards the migration of its operations towards launch. The FSP authorises BitOasis to operate a regulated Multilateral Trading Facility (MTF) and custody platform for virtual assets in ADGM that will serve retail, accredited investors, trading firms and institutions. The platform is intended to allow buying and selling of virtual assets with local currencies. BitOasis will launch after…

Dubai Multi Commodities Centre (DMCC), a Dubai government authority on commodities trade and enterprise, has welcomed 216 new businesses to their free zone in April 2021, the highest recorded number for April in 7 years. DMCC added that Q1 2021 had also recorded the free zone’s best performance in seven years. The strong growth builds on momentum coming from initiatives including the DMCC Cacao Centre and the upcoming DMCC Crypto Centre, which with further expand DMCC’s ecosystem for trade. New bundled price packages and laser-targeted outreach, saw DMCC drive increase engagement with key markets, including China, UK, France, India and…

The Commercial Bank of Dubai announced the launch of its CBD Investr app which offers a robo-advisory investment solution. Developed in partnership with InvestSuite, a wealthtech company based in Belgium, the investment app is powered by smart algorithms that actively manage investment portfolios to deliver optimal risk-adjusted performance. CBD Investr offers customers convenient access to globally diversified and personalised portfolios of stocks, bonds and other asset classes using low-cost exchange traded funds (ETFs). Customers can start investing in a matter of minutes by simply downloading the CBD Investr app, registering using their Emirates ID and answering a few questions to…

Saudi Payments, under the supervision of the Saudi Central Bank (SAMA) announced the launch of Saudi Arabia’s instant payments system ‘sarie’ in cooperation with IBM and Mastercard. ‘sarie’ now supports all Saudi banks across the Kingdom and is available for use by their customers. It allows bank customers to send and receive money in real-time using a wider range of services and transfer options. Customers of local banks can make instant transactions of up to SAR 20,000 (USD 5,300) through the system. Furthermore, “sarie” users can benefit from the quick transfer service to send up to SAR 2,500 (USD 660)…

Tamara, a Saudi Buy Now, Pay Later (BNPL) platform announced the closing of its Series A funding round by raising US$ 110 million led by Checkout.com. The cash injection will be used by the company to scale its team, expand into new countries in the GCC and fund the distribution of its BNPL product. The investment will help Tamara expedite its expansion across the Gulf Cooperation Council (GCC) by the end of 2021 and the greater region thereafter. Tamara was the first BNPL firm to be enrolled in the Saudi Central Bank (SAMA)’s sandbox programme. Since then, it has closed…

UAE Trade Connect (UTC), a new nationwide blockchain platform co-created by Etisalat Digital and seven UAE banks and Avanza Innovations and initially ideated by First Abu Dhabi Bank, has gone live. This platform invites all UAE banks and the supply chain industry to join the platform to combat fraud and duplication, among other issues in the trade finance space. The statement said that the platform is based on blockchain and other disruptive technologies such as Artificial Intelligence (AI), Machine Learning, Optical Character Recognition (OCR) and Robotic Process Automation (RPA). The initial phase will focus on addressing the risks of double-financing…

Digital Financial Services, a joint venture of Etisalat and Dubai Islamic Bank, has partnered with Lulu Group International to enable secure and contactless payment options for its eWallet customers. With this partnership, customers will be able to use their e-wallet for purchases made at Lulu hypermarkets, supermarkets, department stores across the UAE as well as in Lulu’s web store. The eWallet is regulated and licensed by the Central Bank of the UAE. The eWallet does not require a bank account, credit or debit card to do digital payments. Customers need a valid Emirates ID and a UAE mobile number to…

Ajman Bank now enables its customers the option of paying with Apple Pay in a bid to offer a safer and more secure payment method. Customers simply hold their iPhone or Apple Watch near a payment terminal to make a contactless payment. Every Apple Pay purchase is secure because it is authenticated with Face ID, Touch ID, or device passcode, as well as a one-time unique dynamic security code. Apple Pay is accepted in grocery stores, pharmacies, taxis, restaurants, coffee shops, retail stores, and many more places. Mohamed Amiri, Chief Executive Officer, Ajman Bank commented, “Digitisation has been a core…

The Qatar Financial Center Authority (QFC Authority) has signed a Memorandum of Understanding (MoU) with Malaysia’s Labuan International Business and Financial Center (IBFC). The MoU aims to develop long term cooperation and boost economic and financial sector ties between the two financial centers. It also entails a commitment to collaborate on certain objectives including, but not limited to, marketing, awareness activities and identification of mutually beneficial initiatives. Under the structure of the agreement, QFC and Labuan IBFC commit to exploring a mutually beneficial framework to allow relevant financial institutions in the State of Qatar to operate in Labuan IBFC and…

Morocco is the third largest fintech hub in the Arab world, hosting 13% of all 400 active fintech solutions, or about 40 fintech solutions, according to a research by financial inclusion think tank Consultative Group to Assist the Poor (CGAP). The report, titled Fintechs Across the Arab World, looks at the fintech ecosystem across the 22 member countries of the Arab League, and how the sector has grown over the past years. CGAP identified 400 fintech solutions offered by over 320 unique fintech providers in the region as of November 2020. The United Arab Emirates (UAE) hosted the most fintechs…