As technology evolves at an ever-increasing pace, decision-makers are coming to terms with the need to embrace change and transform the way they conduct business. In fact, 85% of the CEOs interviewed in PWCs most recent Global Annual CEO Survey agreed that AI would significantly change the way they did business in the next five years. In the Middle East, this number was even higher at 91% while, 78% of these Middle Eastern CEOs see AI as having a greater impact than the internet. Further PwC research estimates that AI will contribute US$320 billion to the Middle East economy by…

Jumio a nnounced a partnership with Bank ABC.  The partnership enables Bank ABC’s new mobile-only bank to compliantly onboard new individual customers using Jumio’s biometric-based identity verification solution. Based in Bahrain, Bank ABC currently serves customers on five continents, covering countries in the Middle East, North Africa, Europe, the Americas and Asia. Bank ABC plans to launch one of the region’s first digital banks and has invested in establishing digitised operations including a fully digital KYC capability. Simplifying and streamlining the onboarding process is central to these efforts. Traditionally, it takes consumers one to two weeks to create a new…

The digital financial advisory industry is destined for strong growth in the United Arab Emirates (UAE), and while business-to-consumer (B2C) solutions are rapidly gaining traction from the public, business-to-business (B2B) robo-advisor providers are emerging as key enablers for banks and financial institutions, enabling them to quickly deploy powerful platforms. The UAE market poised for growth According to Hasan Heider, a partner at venture capital firm 500 Startups, much of the existing banking and wealth management efforts in the Middle East are focused on ultra-high net worth and high net worth individuals, giving digital financial advisory platforms a “massive opportunity” to…

In conjunction with the FinTech Abu Dhabi Festival 2019,  Abu Dhabi Global Markets (ADGM) announced that they will be launching their inaugural “FinTech 50” and the 3rd edition of their “Innovation Challenge” Up to 12 finalists from the Fintech 50 will be selected by a global judging industry panel to demo their solutions on the main stage at FinTech Abu Dhabi 2019. These finalists will have the opportunity to be matched with financial institutions and corporates in the UAE to develop Proofs-of-Concepts that can be deployed in Abu Dhabi and the wider UAE. Two of these finalists will be selected…

E-commerce in Africa and the Middle East is poised for growth. Thanks to a combination of fast-growing developing markets, highly affluent, connected, yet underserved mature markets, and growing Internet and smartphone penetration, according to PPRO Financial’s Payments & E-commerce Report Middle East & Africa report. E-commerce in Africa With 400 million Internet users, Africa has one of the most digitally connected populations on the planet, and represents a market that e-commerce platforms should be excited about. One country that’s showcased in the report is Nigeria, one of the continent’s most dynamic digital economies. Nigeria’s fast-growing e-commerce industry is rising…

The Saudi Arabian Monetary Authority (SAMA) has selected 18 companies to form the second batch of ventures to join its fintech regulatory sandbox. The companies will be testing fintech solutions they intend to launch in the country. The 18 companies were unveiled by Abdulelah Alsayegh, a fintech entrepreneur in the Middle East involved in companies that include UniGulf, an investment, management and technology company, and Tahseel, a digital wallet. The companies are: Geidea Solutions, a digital payment company from Saudi Arabia Saudi Post, Saudi Arabia’s postal services provider Saudi Fintech Company (Alinma Pay by Saudi Arabia’s Alinma Bank) Sulfah, a…

The United Arab Emirates (UAE) has been working towards becoming one of the world’s top ten innovation leaders by 2021. Earlier this year, the UAE government announced that it would provide long-term visas to founders and owners of tech startups from around the world, and last year, the Abu Dhabi Global Market (ADGM) introduced its tech startup licenses with a competitive annual fee of US$700. In Dubai, startups already make up 50% of the companies registered in the city and employ half of its workforce but the local government continues to multiply initiatives, announcing at the World Economic Forum (WEF)…

Mastercard announced a partnership with Bahrain FinTech Bay in their effort to support the development of Bahrain’s fintech industry. Through the partnership, Mastercard and Bahrain FinTech Bay will work together to offer Bahraini startups and SMEs with educative and commercial opportunities that advance their technological capabilities and business prospects. Mastercard has committed to hosting knowledge-sharing workshops for startups, mentoring them on current trends within the fintech space, helping them find the best suited strategic partners for their expansion, and offering them the chance to receive first-hand insights from Mastercard’s global leadership team on the latest in international payments technology. Participating…

Egypt’s multi-partner backed FinTech accelerator program Startupbootcamp-Pride FinTech Cairo holds its first Demo Day to present 10 graduating startups to investors, industry experts and entrepreneurship ecosystem stakeholders on the 22nd of May. The maiden programme was first announced officially in April. SBC-Pride FinTech Cairo’s first Demo Day comes after three months of an intensive acceleration program, more than 180 one-to-one matchmaking sessions, awareness, engineering, validation, pitching and growth-hacking modules, all resulting in 14 proof-of-concept engagements. Building on the importance of financial inclusion and its effect on Egypt’s GDP, the 10 FinTech startups will take center stage and pitch their innovative…

Abu Dhabi Islamic Bank announced that it signed on to be part of TradeAssets, a trade finance e-marketplace headquartered in UAE. By being part of this fintech platform Abu Dhabi Islamic Bank will be able to use TradeAsset to automate primary and secondary trade finance pricing and communication with banking counterparts globally. Haytham Elmaayergi Global Head of Transaction Banking at Abu Dhabi Islamic Bank commented this collaboration marks an important step for the bank to use emerging technologies in driving greater efficiency. TradeAssets is described as a company that is built to create efficiency and transparency in the traditional deal-making process,…

WhatsApp has become a integral part of many of our lives,  over 1 billion people in over 180 countries use WhatsApp to stay in touch with friends and family. Wari, an African-based startup said that Whatsapp’s ubiquity is precisely the reason why they have integrated with WhatsApp Business solution to enable customers – through strategic partnerships – to request its financial services around the world on WhatsApp. The startup claims Wari customers will be able to request access to various services from opening accounts to sending and receiving money through Whatsapp. According to their press release the service is currently…

At the Financial Sector Conference last month in Riyadh, Saudi Arabia, Saudi British Bank (SABB), one of the five largest banks by deposits in the country, announced the launch of a real-time cross-border transfer service based on the Ripple blockchain network. Majed Najm, deputy managing director of corporate and institutional banking at SABB, said the technology will allow customers to gain access to faster, safer and more transparent cross-border payments. “The Indian Rupee (INR) is a positive start to an upcoming roadmap being the first currency to be activated in SABB,” Najm said. “This plan aims to provide customers with…

National Bank of Bahrain (NBB) announced that they have started enabling open banking services to its customers. This service enables account holders to share their account information and payment history externally with other banks and with licensed third parties. NBB’s new systems are provided by Tarabut Gateway, a new fintech providing open banking infrastructure. Tarabut Gateway’s technologies will enable NBB’s customers to connect their account to any bank in Bahrain and create a consolidated view of their finances from within the NBB’s online and mobile banking apps. Commenting on the open banking initiative, Yaser Alsharifi, Chief Strategy Officer at the…

The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) announced that it has enhanced its “Guidance for the Regulation of Crypto Asset Activities”. This is the second edition to the initial guidance published in June 2018. The updated Guidance reinforces FSRA’s focus and commitment as a financial services regulator to support innovation and maintain rigorous regulatory practice. It includes key updates in a number of areas to take into account recent global developments. Stablecoins/Fiat Tokens: Stablecoins that are fully backed by fiat currencies (Fiat Tokens) will be treated as a form of digital representation of money. Where used…

Visa has partnered with Bahrain FinTech Bay to further support the development of the FinTech ecosystem in Bahrain. Bahrain FinTech Bay was established a year ago and it claims to have around 100 partners . The partnership will focus on the development of joint innovation and educational initiatives alongside a payments focused event to discuss the latest trends in payments, e-commerce, security and risk. In addition, it will contribute to both the regional and global initiatives in which Bahrain Fintech Bay is an active participant across Fintech Consortium’s platform which includes Silicon Valley and Singapore. On this occasion, Khalid Saad,…

Fintech is booming in the Middle East and North Africa (MENA) as regulators and government agencies in countries including the United Arab Emirates (UAE), Bahrain and Saudi Arabia are pushing for innovation in the financial services industry to improve financial inclusion and keep up with international counterparts. As fintech innovation continues to grow in importance in MENA, a growing number of events and conferences are being organized in the region this year. Here are the most anticipated fintech and digital finance events in MENA in the coming months 22nd MFC Annual Conference May 29 – 31, 2019 TITANIC DOWNTOWN…

Fenergo, a recognised Dublin-based provider of digital Client Lifecycle Management (CLM) solutions for financial institutions, today announces that it’s working with Bahrain’s Electronic Network for Financial Transactions (BENEFIT) in designing and implementing a national Know Your Customer (KYC) utility incorporating blockchain. Still in its early phase the platform is said to be geared for use in the banking, asset management, insurance and telecommunications industries. Financial institutions subscribed to BENEFIT can complete KYC and Anti-Money Laundering (AML) compliance procedures when onboarding new individual and corporate customers through the Fenergo-powered eKYC hub and rules engine. Its API-first solution taps into the Bahrain national…

Lebanon’s fintech industry has been growing rapidly in the past years, fueled by a supportive ecosystem, a wide range of public and private initiatives aimed at developing the sector, and a tech-savvy population. Lebanon is the Middle East and North Africa (MENA)’s 3rd most advanced fintech startup ecosystem and it is home to  14% of the region’s fintech startups, according to an Investment Development Authority of Lebanon (IDAL) report. It is also the fourth most served market by fintech companies with 27% of MENA fintech startups serving the Lebanese market. Consumers have been adapting to fintech with 54% of the…

Fintech in the Middle East and North African (MENA) region is booming with the number of startups in the field more than doubling between 2013 and 2015 from 46 to 105 ventures. Growth is expected to accelerate over the next few years fuelled by demand for accessible, digital financial services, new funding avenues, and a desire from governments to improve financial inclusion. Some studies predict that there will be 250 fintech company in MENA by 2020. Industry observers have noted Jordan’s young population with 70% of the population under the age of 30, high Internet penetration, and the large pool…

Dubai’s special economic zone, the Dubai International Financial Centre (DIFC), has released a new report that explores the opportunities related to fintech in the Middle East and African (MEA) region. The report provides recommendations and guidance for fintech firms looking to capitalize on the growth of fintech in region. The whitepaper,  draws on the experience of industry participants. It was produced in collaboration with LendIt Fintech, the organizer of one of the world’s largest fintech event series, and was launched at the LendIt Fintech USA 2019 conference which took place in San Francisco on April 8 and 9, 2019. …