Dubai International Financial Centre (DIFC) hosted its 6th annual International Finance Corporation (IFC) FinTech CEO Summit.  This is the first time IFC, a member of the World Bank Group, has held the event outside its Washington D.C. headquarters. The event gathered close to 200 of the world’s leading CEOs and innovators in the world of fintech to discuss the latest developments and most critical, strategic issues that are facing the industry today. The event was hosted by His Excellency Essa Kazim, Governor of DIFC and during his welcome remarks highlighted that the IFC’s decision to bring the Summit to Dubai was a testament…

In a bid to promote fintech innovation in the capital market, the Capital Market Authority (CMA) is accepting applications for the second batch for the Financial Technology Experimental Permit (FinTech ExPermit) that is closing soon—on the 15th of December 2018. The FinTech ExPermit aims to provide a regulatory framework conducive to the innovation of fintech in the capital market within the kingdom. The FinTech ExPermit was announced by the authority in 2017, and the first batch of applications were submitted by February this year. FinTech ExPermits were finally granted to two applicants from the first batch to create equity crowdfunding platforms. In a bid to…

The Department of Economic Development (DED) in Dubai and its long-standing partner, Visa, have signed a Memorandum of Understanding (MoU) to help grow the UAE’s consumer e-commerce sector by encouraging more merchants to take their businesses online, and educating consumers on the benefits of digital payments and shopping and paying online. The MoU follows continuous efforts by DED and Visa to promote retailing and safe online shopping habits. This partnership follows DED’s trend of creating public-private partnerships in achieving their consumer protection goals, and in this particular case, enable consumers and businesses in Dubai to increase online shopping activities while still…

Al Hilal Bank has executed the world’s first sukuk transaction on a blockchain ledger. The state-owned Islamic bank used a DLT ledger for the resale and settlement of an Islamic sukuk—a small portion of a US$500 million five-year sukuk that was issued in September. The sukuk transaction was worth US$1 million, and sold by Al Hilal to a private investor, according to a statement made to Reuters. Sukuk are bonds that are compliant with Islamic banks that follow the tenets of Sharia, and adhere to the religious laws set in many Middle Eastern nations. They are comparable to government-issued bonds, but…

His Excellency, Dr. Mohammad Y. Al-Hashel, the Governor of the Central Bank of Kuwait has announced that the bank has issued a Regulatory Sandbox Framework for fintech companies. With a goal of spurring firms to experiment with emerging sectors in the fintech space, the sandbox guidelines will be providing flexibility to participants in meeting some regulatory or licensing requirements. The sandbox will also allow banking systems to test new technologies in a controlled environment, which the regulator hopes will improve stability. The sandbox will include four phases, and according to Reuters, representatives from local banks are joining a central bank taskforce to assess…

Over the years, Bahrain has become a significant fintech presence in its own right, and seems set on entering a new phase of growth. The region launched its own fintech hub that has housed some amazing projects, and in more recent news, culminated in the launch of a new training course, BlockOn 2018, that will be training C-level executives, innovation leaders and developers in blockchain theory and applications. One often associates fintech in Bahrain with the Fintech Bay, and for good reason. Not only is it a center for fintech activity across Bahrain, but it is also popularly deemed the…

Mobile wallet player BEAM was recently acquired by Majid Al Futtaim, a Dubai based property firm which owns and operates 23 shopping malls, 13 hotels and 4 mixed-use communities. The acquisition comes with full ownership of Beam’s IP rights, branding and e-wallet services across the region. BEAM is far from the property firm’s first investment into tech startups, as recent as last month Majid Al Fultaim invested $US 30 Million into Wadi Grocery, an online grocery delivery platform. The move to acquire BEAM is likely part of the group’s wider strategy to enable an omni-channel experience. Currently the mobile wallet is already…

Investments in Gulf-based fintech startups are expected to reach US$ 2 billion in the next decade, compared to a mere US$ 150 million invested in the last 10 years, according to a new study by MENA Research Partners (MRP). The MRP research indicates that 35% of the total investments in fintech startups in MENA over the past 10 years were made in 2017. This momentum is expected to prevail over the next few years, albeit at a much higher pace. The UAE and Saudi Arabia are expected to play a key role in unlocking the GCC growth potential and shaping…

Central Bank of Bahrain seems going on partnership spree this as week as they sign yet another MOU with Abu Dhabi Global Market following their earlier partnership agreement with the Monetary Authority Singapore. The agreement was signed in Manama, Bahrain between H.H Abdulla bin Zayed Al Nehyan, Minister of Foreign Affairs and International Cooperation of the United Arab Emirates and H.E Shaikh Khalid bin Ahmed bin Mohammed Al Khalifa, Minister of Foreign Affairs of the Kingdom of Bahrain. The MoU provides an official platform for both Authorities to cooperate on initiatives and regulatory efforts to advance the development of the…

The Central Bank of Bahrain (CBB) and the Monetary Authority of Singapore (MAS)  signed a Memorandum of Understanding (MOU) to foster innovation in financial services between the two countries. This follows Bahrain’s series of strategies to bolster its fintech sector  The MOU will support the sharing of information on emerging Fintech trends and developments, and facilitate co-operation on innovation projects in Bahrain and Singapore. The MOU also sets out a common framework to help FinTech companies prepare for regulatory requirements in both countries. Mr. Rasheed Al Maraj, Governor of the CBB, said, “This MOU represents our ongoing cooperation with the…

The government of Bahrain wants to make the country the go-to place in the Middle East for fintech companies and it’s betting on its banking know-how to help it establish a healthy fintech ecosystem. Bahrain has one of the freest economy in the Middle East and one of the world’s fastest growing financial centers. The country’s capital city Manama is home to more than 400 domestic, regional and international financial institutions. Notably, the nation is considered to be amongst the most experienced in Islamic banking in the region, second only to Malaysia, according to the Thomson Reuters 2017 Islamic Finance…

WeInvest, a Singapore-based digital wealth services and robo-advisory firm, announced that its next phase of expansion will be into the United Arab Emirates (UAE). WeInvest combines robo-advisory and software-as-a-service for banks, wealth and asset managers, insurance companies and independent financial advisors. WeInvest recently secured their Series A funding of US$12.2 million from Schroders. Some of WeInvest’s products include GrowWealth, a robo-advisory-as-a-service providing goal-based and thematic investing journey for a Bank’s usualy underserved or self-directed clients. The company also offers AdviseWealth, an Relationship Manager-assisted advisory which equips advisors to grow and deliver client service in the face of challenges like system, product and…

DWS Group a subsidiary of Deutsche Asset Management entered into a binding agreement to acquire 15% stake in Neo Technologies, a fintech firm operating in the digital asset management space within the MENA region. Neo Technologies operates a platform-as-as-service model for the financial services industry to allow them to rapidly introduce digital asset management solution to their end clients. Built as a white-label solution, the company provides an integrated front, middle and back office that is designed according to local regulatory requirements and language. Notably, working with NBK Capital, Neo Technologies was responsible in launching Kuwait’s first digital investment service…

After nearly 12 months of testing, robo-advisory firm Sarwa has become the first participant to graduate from the Dubai Financial Services Authority’s (DFSA) sandbox. Sarwa’s services much like most robo-advisor offers consumers automated investing that matches the user’s risk appetite with a range of investment portfolios. It was also dubbed to be the first to allow for a fully digital account opening in UAE’s wealth space. Most recently the company saw their Pre-Series A raised at US$ 1.3 million, which brings its total funding to a healthy level of US$ 1.5 million Services like the ones offered by Sarwa has been…

Emirates NBD is jumping in on the open banking bandwagon through its debut of an API sandbox. The platform consists of over 200 APIs and 900 endpoints covering retail, corporate and SMEs. The API Sandbox makes Emirates NBD more accessible to developers with API technology, boosting the bank’s ability to create increased for value for its customers. Evans Munyuki, Chief Digital Officer at Emirates NBD, shared that the launch of this platform will enable fintechs from the region access to lucrative opportunities and provide them the right tools to turn their ideas into working prototypes which they can then test…

The Abu Dhabi Smart Solutions and Services Authority (ADSSSA) formally launched its  ‘Abu Dhabi Government Digital Payment platform’ (ADPay). Launched in collaboration with the First Abu Dhabi Bank (FAB), the platform aims to facilitate simplified digital payment mechanisms for both customers and investors in the kingdom. The platform aims to consolidate the payment interfaces across all government channels to one destination, enabling users to register using a unified access and verification system. They will be able to pay several government services in a single platform by creating a shopping basket for all government services, and over time, cultivate a digital…

Over the past years, Dubai has been positioning itself as a leading fintech hub in the Middle East and North Africa region, supported by government initiatives to establish a favorable environment for financial innovation and attract foreign fintech players. As of May 2018, there were more than 45 fintech companies registered at the Dubai International Financial Center (DIFC). A magnet for global foreign investors, Dubai attracted Dh 17.7 billion (US$4.8 billion) in foreign direct investment (FDI) in the first half of 2018, with sectors such as e-commerce, artificial intelligence (AI), blockchain and fintech witnessing significant traction. To keep up with…

Singapore based fintech firm Touché has signed an agreement with SEED Group as their local partner. In this agreement SEED will assist Touché in expanding their fingerprint-based payment and loyalty management solution to the Middle East. Based in Dubai, SEED Group is owned and chaired by the Private Office of Sheikh Saeed Bin Ahmed Al Maktoum, a billionaire member of Dubai’s ruling Al Maktoum family. The group is a diversified entity seeking to establish strategic partnerships with various sectors to accelerate their presence in the Middle East. Touché’s solution connects and manages loyalty programmes, and points and discounts are instantly applied…

Citizens and residents of Dubai will be able to make digital payments for school fees, bills and retail purchases with a stable, digital currency after a partnership between blockchain payment provider Pundi X, Ebooc Fintech & Loyalty Labs LLC  and emcredit – Dubai’s Credit Bureau. Consumers in Dubai, UAE will be able to use digital currency to make retail payments in-store, pay for government utilities, telecommunication, and school fees in government shopfronts via emcash – Dubai’s digital currency launched by emcredit, a state-backed subsidiary of the Dubai Department of Economic Development. The bespoke, Pundi X POS  device created for ebooc fintech & loyalty labs for the exclusive use of emcredit with…

Saudi Arabia’s fledgling sovereign fund is putting in a further US$45 billion into Matsumoto Son’s famed Softbank, which in turn holds known technology companies like Alibaba, Sprint, Uber, Didi Chuxing, WeWork, Nvidia, and many others. This money follows a previous US$100 billion that was put into SoftBank Vision Fund two years ago, which shows that Saudi Arabia may be prepared to follow through with further investments in the future. The US$45 billion will be coming from the coffers of the Public Investment Fund (PIF), which has turned to technology investments in the nation’s strategy to move away from oil revenues.…