Mobile payments are on the rise in the United Arab Emirates (UAE) as the country’s young population is eager to embrace the latest technologies. Mastercard registered in record number of secure mobile transactions in 2018, which it credited to the UAE’s largely young population and high mobile penetration rate of 173%, the highest in the world.“The increase in the adoption of secure mobile payments in the UAE is a positive indicator of the country’s rapid shift towards a cashless society and firmly puts the spotlight on mobile technologies as the future of payments,” said Girish Nanda, Mastercard’s general manager for…

Standard Chartered today announced the start of the second phase of its digital-only retail bank across Africa. In response to growing consumer demand for innovative banking services on the continent, the Bank will launch its digital solution in four key markets during the first quarter of 2019 starting in Uganda in January, followed by Tanzania in February, with Ghana and Kenya to follow. Following the successful launch of Standard Chartered’s first digital retail bank in Côte d’Ivoire last year, the second phase builds on the original CDI platform that onboards clients in under 15 minutes and provides 70 of the…

After banning the trading of cryptocurrencies, Saudi Arabia is now developing a blockchain-based digital currency in collaboration with the United Arab Emirates (UAE). The central banks of the two countries are planning to run a pilot of a shared digital currency for cross-border transactions, according to a report by the National earlier this month. According to news site WAM the Saudi-Emirati pilot cryptocurrency  is a first of its kind joint pilot cryptocurrency which will rely on use of a blockchain platform between the two central banks and participating retail banks from both sides. It will aim to safeguard customer interests,…

Between accelerators, the development of fully digital banks and government initiatives, the UAE is in the midst of an exciting time in fintech. The government, entrenched financial institutions and the humble innovators are all working in tandem with a vision of bringing some of the more exciting digital innovations into our own financial developments. UAE has made a strong claim for fintech in its own right, and this claim goes beyond our significant efforts towards Islamic finance. According to a report created by the Economist for Visa, the UAE is one of the only two countries to provide a complete suite of…

yallacompare, comparison site for financial products based in UAE and Dubai has recently announced the launch of their affordable life insurance product. According to the company, the product dubbed “Smart Term Life Insurance” can be purchased online within 5 minutes and without needing to go through medical examination. It is available to the general public for as low as 3 AED per day. Since launching the comparison platform in 2016, the company has built a dominant position in digital insurance sales in the UAE, accounting for more than 75% of online insurance transactions. This news follows their recent announcement of…

Since the launch of the Bitcoin network in 2009, cryptocurrencies have evolved into a multi-billion-dollar industry. With around 12,000 exchange marketplaces where cryptocurrencies such as bitcoin, ether and others are traded, according to cybersecurity company Carbon Black, the cryptocurrency market is massive, weighting over US$127 billion as of January 10, 2019. Today, cryptocurrencies are present in nearly all countries around the world, including the United Arab Emirates (UAE). Though UAE-based customers can buy cryptocurrencies from international exchanges such as Kraken, Bittrex, and Binance, local options also exist. These include BitOasis, a cryptocurrency exchange based in Dubai and present in the…

The Dubai Financial Services Authority (“DFSA”) announced the acceptance of seven new firms into its cohort process, which permits companies to apply for an Innovation Testing Licence (“ITL”). The ITL forms part of the DFSA’s commitment to support innovation and the development of financial technology by enabling successful applicants to test their FinTech solutions in and from the Dubai International Financial Centre (“DIFC”). With the pace of technological development in the financial services sector, FinTech continues to have a significant impact on the financial services industry in the Middle East and beyond. A great variety of applications was received from firms wanting…

Telenor Microfinance Bank, in partnership with Valyou Malaysia, has introduced Pakistan’s first blockchain-based cross-border remittance service using blockchain technology developed by Alipay, the online payment platform operated by Ant Financial Services Group (“Ant Financial”). The blockchain remittance service is provided by Telenor’s Easypaisa and Valyou, a financial technology company that provides remittances to underbanked communities. The plan was unveiled at an event in Islamabad attended by State Bank of Pakistan Governor Tariq Bajwa, marking a major milestone in the country’s journey to promote financial inclusion. The blockchain technology will significantly boost the speed and efficiency of remittances from Malaysia to…

The Security and Commodities Authority (SCA), the United Arab Emirates (UAE) financial regulator, will introduce regulations for initial coin offerings (ICOs) by the end of the first half of 2019, a move aimed at providing company with an alternative, regulated avenue for companies to raise capital through crowdfunding, reports the National. “We have signed agreements with law firms to come up with the sandbox and rule books for the issuance of ICOs,” said Obaid Al Zaabi, the SCA chief executive. “Legal requirements will be finished by the end of the first half of 2019… then there will be adoption of…

The Middle East is witnessing a burgeoning mobile payment market with a number of players offering a multitude of diverse services. The United Arab Emirates (UAE) in particular has seen a boom in the number of available mobile payment services. Mobile operator Etisalat launched its mobile wallet Etisalat Wallet in 2016, the same year, that Emirates NBD bank released NBD Pay, a near-field communication- (NFC) based mobile contactless payment service. Apple Pay launched in the UAE last year while Samsung Pay arrived this year. And a consortium of 16 banks in the UAE launched the Emirates Digital Wallet (EDW) in…

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…