Binance, a global blockchain ecosystem and cryptocurrency infrastructure provider, announced that it has been granted a crypto-asset service provider license from the Central Bank of Bahrain (CBB). The license will allow Binance to provide crypto-asset trading, custodial services and portfolio management to customers under the supervision of the Bahrain regulators. Binance said that this is its first license as a crypto-asset provider in The Cooperation Council for the Arab States of the Gulf (GCC) and “demonstrates its commitment to being in regulatory compliance as the first of its group of companies in the region”. The firm will be setting up…

The COVID-19 pandemic has increased the prioritization of fintech among regulators in the Middle East and North Africa (MENA) region. These have moved fintech up the regulatory agency and introduced a number of measures to harness the opportunities introduced by technology-enabled financial services all the while mitigating the new risks brought about by these novel solutions, a new report by the Cambridge Centre for Alternative Finance (CCAF) at the University of Cambridge Judge Business School says. A report titled Fintech Regulation in the Middle East and North Africa shares findings from a study that sought to review how MENA jurisdictions…

In his capacity as the Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister, issued the Dubai Virtual Asset Regulation Law aimed at creating an advanced legal framework to protect investors and designing much-warranted international standards for virtual asset (VA) industry governance that will promote responsible business growth, under prudential regulations. Under the law, the provisions of which are applicable throughout the Emirate, including special development zones and free zones, except for the Dubai International Financial Centre, the Dubai Virtual Asset Regulatory Authority (VARA) shall be established. The authority has legal personality and…

Mashreq has announced an investment in the FinTech Touché, which is revolutionizing the F&B and hospitality industries with its streamlined payment system. The partnership re-enforces Mashreq’s commitment to support the burgeoning FinTech ecosystem across the UAE, working with innovators and entrepreneurs to improve the overall customer experience from every touchpoint. Touché enables the F&B and hospitality world to service clients through a single certified device, which links to their infrastructure and acquirer. Fernando Morillo, Global Head of Retail Banking, Mashreq Bank, said: “We are constantly looking to collaborate with innovative FinTech operators who offer solutions to help transform life for…

Bahrain Fintech Bay, a fintech hub spearheaded by the government, has identified open banking APIs, artificial intelligence (AI), customer-centric models, and fintech as infrastructure as the four key trends in the domestic fintech ecosystem expected to boom this year on the back of regulatory initiatives and market developments. These predictions were shared in the newly released Bahrain Fintech Ecosystem 2022 report, which looks at the evolution of the local fintech landscape since the release of the previous edition of the report back in 2018, and shares findings from an industry survey. A pool of 230 industry stakeholders, including startup executives,…

Amazon Payment Services is collaborating with Princess Sumaya University for Technology (PSUT) in Jordan to nurture and invest in cybersecurity talent. Aiming to develop forward-thinking security innovation and information security leadership in the region, the collaboration will offer students attending PSUT in Jordan the chance to take on exciting internship opportunities in cybersecurity, while top cybersecurity talent will also get the chance to enjoy scholarships. A natural next step in the long-standing relationship between Amazon Payment Services and Jordan’s leading center of excellence in Information and Communication Technology (ICT) education and research, this collaboration is testament to both parties’ commitment…

The United Arab Emirates (UAE)’s real estate industry is witnessing a major digital shift, fueled by so-called proptech innovation that are using digital platforms and applying artificial intelligence (AI), big data analytics, cloud computing and other technologies to optimize operations and improve customer experience. In this nascent yet burgeoning ecosystem, we’ve selected a list of six proptech startups from the UAE to watch closely. These ventures have witnessed strong traction over the past year, have attracted global investors’ interest and are poised for further growth this year. Property Finder Founded in 2007 and headquartered in Dubai, Property Finder owns and…

As investment and trading activity in virtual and digital assets continue to grow in the Middle East, economic zone financial regulator, the Dubai Financial Services Authority (DFSA), is looking to introduce new regulation for the asset class as well as a licensing regime for virtual asset services providers in the Dubai International Financial Centre (DIFC), the regulator said in a new report. The DFSA introduced its Investment Token regime back in October 2021, allowing for authorized financial institutions to provide financial services using tokenized digital representations of assets such as securities or derivative products. It’s now drawing up proposals for…

In March 2021, Capital Bank of Jordan partnered with Codebase Technologies to build Blink, the first digital-only neobank in Jordan. The project officially commenced in late 2021 and in February 2022, Blink went live for Jordanian customers. Blink was born out of a simple belief: money is meant to be easy; it’s meant to work for people, and not the other way around. Jordanians can open a Blink account directly from their smartphone with their Jordanian ID, in just 15 minutes, gaining access to an instantly issued virtual debit card and account. A physical card will be delivered directly to…

Buy now, pay later (BNPL) arrangements are becoming increasingly popular in Saudi Arabia, a trend that has been fueled by the e-commerce boom and embraced by the country’s youth, tech-savvy population eager to adopt what they feel is a more convenient and transparent way to finance purchases. During the LEAP tech conference held earlier this month in Riyadh, global payment solutions provider Checkout.com shared findings from a survey of Saudi consumers it conducted in partnership with YouGov, and shared key growth metrics, outlining the rapid expansion of Saudi Arabia’s e-commerce market, and rising eagerness from the public to use BNPL…

SEBA Bank, a fully integrated, Swiss FINMA licensed digital assets banking platform, announced that it has secured a Financial Services Permission (FSP) from Abu Dhabi Global Market (ADGM)’s Financial Services Regulatory Authority (FSRA) effective as of 07 February 2022. Following receipt of this FSP, SEBA Bank has opened an office in Abu Dhabi ADGM to strengthen support for its regional partners in the provision of regulated digital asset services. The FSP authorises SEBA Bank to conduct regulated activities in the ADGM, including advising on investments or credit, arranging credit and custody, and arranging deals in investments; pursuant to the Financial…

Physical, in-person events are back in full force this year as governments around the world ease up social distancing and traveling rules. As Dubai continues to see its fintech landscape grow and thrive, organizers are increasingly choosing the city to host fintech conferences and events. For this list, we’ve chosen 11 of the biggest in-person fintech events taking place in Dubai in H1 2022. DIFC AI Festival February 21-23, 2022 Open Stage, DIFC Innovation Hub (inside Gate Avenue) The Dubai International Financial Centre (DIFC), a special economic zone and fintech hub, is hosting the DIFC AI Festival between February 21…

The tech revolution is alive and well in the UAE with more than 90% of the population using digital banking. That means millions of people across the nation are using smartphones and mobile banking apps to open new accounts and make their banking transactions in minutes, shop through e-commerce channels, and make and receive payments. Forward-thinking leaders and tech-savvy residents are keeping banks and other institutions in the region on their toes, demanding more from banking apps, and seeking out benefits that make going digital even more rewarding. Read on to find out how to squeeze the best benefits from…

Home to more than 800 fintech companies, Israel is today considered a powerhouse in the global fintech scene, having minted some of the world’s most notable startups including online broker eToro, paytech startup Rapyd, and insurtech provider Lemonade. In 2021, fintech continued to be investors’ favored industry, accounting for 70% of all vertical capital volume, a new report by IVC, a local high-tech startup research institution, and Meitar, the largest law firm in Israel, says. In 2022, the momentum is expected to continue as the Israel Securities Authority starts granting licenses for fintech companies to operate in Israel, a major…

Pyypl (pronounced “People”), announces it has closed a US$ 11 million series A financing round with participation from a diverse group of international family offices and HNWI’s. The international blockchain technology-based company provides digital payments and financial services for smartphone users to carry out online transactions, without the need for a bank account or credit card. Backed by a diverse group of investors from Europe, North America, Asia, and the Middle East – the funding round was oversubscribed. This follows significant investment in previous rounds from Global Ventures, an UAE-based, international venture capital firm. The proceeds will enable Pyypl to…

As the world emerges from a pandemic which has seen both market dynamics and consumer behaviours change, CR2, along with senior banking leaders and market influencers, tease out some off the key trends that they feel will impact and shape banks of the future. The report, ‘The Bank of the Future’ looks at the post-pandemic challenges and opportunities for banks in Africa, the Middle East and Asia and hears from thought leaders Daniel Awe (Innovation Leader and Head of African Fintech Foundry Access Bank, Nigeria); James Koni (Seasoned Banking Leader and CEO); Fintan Byrne (CEO of Market-leading Digital Banking and…

Accenture has been selected by the Central Bank of the UAE (CBUAE) to lead a consortium of companies to help execute its National Payment Systems Strategy. In collaboration with SIA, now part of Nexi Group, and G42, Accenture will build and operate the National Instant Payment Platform (IPP) over the next five years. The new platform lays the groundwork for transforming the financial services ecosystem in the UAE. It represents the beginning for the next generation of payment services in the region, enabling safe, innovative, and convenient electronic payments in the country. IPP is the first significant milestone of the…

In the United Arab Emirates (UAE), digital payments and cashless transactions are becoming the new norm as both consumers and small and medium-sized enterprises (SMEs) continue to actively embrace these solutions. A new research study by Visa found that compared to global averages, UAE SMEs and consumers are showing a higher level of willingness to embrace cashless payment solutions. 52% of surveyed consumers in the country, against 41% globally, plan to be cashless by 2024 or are already cashless. Nearly all respondents (99%) indicated seeing benefits of a cashless society. To meet customers’ expectations, 71% of surveyed SMEs in the…

CR2’s latest market insight report, ‘Adopt an Agile Digital Banking Platform’ has been written in collaboration with Stessa Cohen, an internationally recognised expert on the digital transformation of the global banking industry. In the report, Stessa identifies how bankers must have an agile digital banking platform to support global and local trends and requirements, helping them to identify new niche markets that will drive innovation, create new value and increase profitability. The report identifies a set of capabilities that a digital banking platform must have that will help take banks into a competitive future and urges banks to select a…

Personetics, a provider of data-driven personalization solutions, announced it has raised US$85 million from software investment firm Thoma Bravo. The firm will be partnering with Thoma Bravo to leverage the latter’s operational expertise in software and financial technology. The funds will be used to help accelerate Personetics’s momentum, the introduction of new products and technology, and the platform‘s reach to financial institutions and their customers across the globe. Personetics had previously secured a total funding of over US$160 million from Viola Ventures, Lightspeed Ventures, Sequoia Capital, Nyca Partners and Warburg Pincus last year. The company’s AI-based engagement platform is focused…