The Middle East has been ramping up its efforts to fund fintech initiatives lately, seemingly throughout their life cycles until they become a corporation. Jordan’s Arab Bank is prepared to give out something between $1 million to $3 million to promising fintech startups with some traction—or up to $250,000 of seed capital for those that aren’t quite there yet. The new venture fund worth $30 million is projected to launch before the end of October, according to Reuters, and fully-owned by the bank. Very curiously, the fund is reportedly registered in the Cayman Islands, a known tax haven that usually appeals…

As the Middle East witnesses the emergence of a thriving fintech ecosystem, an increasing number of events and conferences are being held in the region to showcase its innovative products and latest initiatives. The followings are some of the Middle East’s upcoming fintech and blockchain events scheduled for the coming months: Fintech: A Land Of Opportunities October 8, 2018, 6:30 PM to 7:30 PM BDD @1075 Rooftop, Beirut Digital District, Lebanon The Fintech: A Land Of Opportunities masterclass, on October 8, will explore some of Fintech major trends globally, from three main points of view: technology, “smart” investment, and…

Emirates NBD announced that they are launching customised banking services via WhatsApp in the UAE region. Through WhatsApp business, their users can now use integrated banking activities, like checking account balances and temporarily blocking or unblocking an existing card. Emirates NBD claims that all messages sent through the bank’s verified WhatsApp Business account are encrypted, due to their sensitive nature. The service is currently being piloted for the bank’s employees, and will be rolled out to the public after passing some trials. Abdulla Qassem, Group CEO, Emirates NBD said: “Following the launch of the initial phase, we look forward…

Dubai is opening its doors to global investors who would like to start their business in the region without actually being located in the UAE. In an agreement between Dubai Investment Development Agency (Dubai FDI) and the US-based Alliance Business Centres Network (ABCN), global investors will now be able to use a network of 650 business centres spread across 85 cities in 45 countries to start a business in Dubai. Dubai has been drawing increasing global interest for investments and expansion, including in the burgeoning fintech sector. Not many global players would have bat an eye at Dubai’s fintech just five years…

The United Arab Emirates (UAE) is making strides to become a leader in blockchain technology enriching the blockchain UAE scene with vibrant projects. The Dubai government is currently working with 20 blockchain projects and has made partnerships with IBM and Consensys to consult on Smart Dubai, a city-wide initiative aimed at transforming Dubai into the “world’s smartest and happiest city.” It aims to become the world’s first blockchain-powered government and launched in April the so-called Emirates Blockchain Strategy 2021 which seeks to capitalize on blockchain technology to transform 50% of government transactions. This week, Smart Dubai announced the integration of…

Etihad Airways, the second largest airline of the United Arab Emirates, teamed up with US payments startup Modo to co-develop a new loyalty solution for the airline industry. The solution, which focused on the redemption of Etihad Guest Miles, was part of the Fintech Abu Dhabi Innovation Challenge 2018 and was showcased during Demo Day on September 17. The partnership marks Modo’s first experience working in the Middle East, said Brian Billingsley, chief revenue officer of Modo. Modo provides a cloud-based utility that allows to connect existing payment systems without requiring changes to those systems. Modo’s technology provides consumers with…

In line with it’s “Dubai Blockchain Strategy” the Smart Dubai Office teamed up with Dubai’s Department of Finance to launch a blockchain powered payment system. The new system introduces blockchain technology into the Department’s processes, allowing transactions to be performed accurately and in real time and economising time and effort. The Department of Finance’s current procedures rely is a time-consuming process that could take up to 45 days. The blockchain powered system named “Payment Reconciliation and Settlement” is said to enable near real-time reconciliations and settlement which allows for clear visibility of funds; immediate disputes and claims resolution; transparency and immutability…

Abu Dhabi Global Market (ADGM), the international financial centre, has gone into an agreement with two major telcos in the region namely; Etisalat and Du. Both MoUs were signed during the 2018 FinTech Abu Dhabi Summit by ADGM held under the patronage of His Highness Sheikh Hazza bin Zayed Al Nahyan, Vice Chairman of the Abu Dhabi Executive Council. The agreement will see Etisalat and Du deploying and showcasing solutions to transform digital offerings across the Al Maryah island, a financial free zone in Abu Dhabi. The parties will explore appropriate business opportunities in areas of communication, technology infrastructure, innovation…

Not only United Arab Emirates (UAE) have beeen recently scrutinizing this new financing mechanism, but they have as well recognized sold tokens as securities. Will this further step be the right one for the cryptosphere based in these new dynamic regions in which Blockchain activities keep massively growing? Initial Coin Offering Regulation in the United Arab Emirates Local financial regulators from the UAE, the Securities and Commodities Authority (SCA) have recently approved a new draft on the ICOs directives. Tokens sold through ICO will from now on be categorised as financial securities. This decision comes after a lengthy review of best…

Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, has approved its third batch of Regulatory Laboratory (RegLab) participants in its bespoke regulatory framework. RegLab allows successful applicants to test their products according to regulatory requirements tailored to contain the specific risks and impact of their particular test. This time around, its 10 local and international fintech startups were chosen out of 36 applications. Those selected hail from regions such as UAE, Kenya, India, Singapore and the United Kingdom. They will join a larger pool of 16 firms who were part of the first and second cohorts. CEO of…

Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, announced an initiative to launch a FinTech digital sandbox. The digital sandbox allows financial institutions (FIs) and FinTech innovators to come together to experiment on products and solutions in a digital platform environment, supported by regulatory standards developed by the Financial Services Regulatory Authority (FSRA) of ADGM. The ADGM digital sandbox allows: FIs to source and procure FinTech solutions locally and globally, run tests digitally on the platform, and adopt and orchestrate the best ones that meet their business needs. FinTechs to offer their innovative solutions to international…

Abu Dhabi Global Market (ADGM), the award-winning International Financial Centre in Abu Dhabi, today successfully launched its second edition of FinTech Abu Dhabi Summit under the patronage of His Highness Sheikh Hazza Bin Zayed Al Nahyan. At the FinTech Abu Dhabi Summit, H.E Ahmed Al Sayegh, Chairman of ADGM, announced several significant initiatives, which includes the launch of Abu Dhabi’s fintech digital sandbox to host the testing of new products and the capital city joining the ASEAN Financial Innovation Network to foster cross border opportunities between Abu Dhabi and Singapore. During the Fintech Abu Dhabi Summit, H.E Ahmed Sayegh also…

Egypt’s A15 has just announced that they’re exiting UAE-based Tpay today, selling off its majority stake to Helios from Africa. Now collectively holding 24% of the stake, A15 along with the current executive team will continue to lead the implementation of Tpay’s expansion phase, with input from its new owners. Prior to the sale, A15 held a 76% stake in the company. Established in 2014, Tpay was an early player in the open mobile payment platforms in the region and, today, holds a huge slice of the direct central billing (DCB) space, with availability across 16 countries including the Middle East…

Following its success with July with its maiden investment round, Smart Crowd, is celebrating the completion its second investment opportunity in just three days. Smart Crowd is a Dubai based real-estate crowdfunding platform which allows fractional ownership of properties. This form of co-ownership lowers the barrier of entry for property investment, which typically can be quite restrictive due to its high prices. Via crowdfunding, Smart Crowd the chance for those without high wealth to buy and share investments in property, as well as the catering to wealthier more seasoned investors. Smart Crowd Co-Founder Siddiq Farid says: “We offered the chance to…

Following Ripple’s recent pilot with the Saudi Arabian Monetary Authority, the National Commercial Bank (NCB) has joined RippleNet. NCB was the first bank established in the country; today, it’s one of the largest financial institutions in the Middle East with more than 5.4 million customers worldwide. NCB will connect to other financial institutions around the world through RippleNet. Ripple’s blockchain technology also provides their customers with faster and more transparent international payment services. The bank will first connect to financial institutions in North America and Asia, starting in Singapore. Launching these two critical payments corridors out of the gate offers immediate value to…

Mashreq Bank has begun implementing artificial intelligence, machine learning, and cognitive capabilities into its daily banking operations by buying into Virtusa Corporation’s Blue Prism Digital Workforce program. The UK-based software provides enterprise-level robotic process automation  that eliminates manual data entry and processing work. The software has been utilised by various banks across the globe like Barclays Africa Group, BNY Mellon, Commerzbank, Nordea, ING and Westpac. Some of the software’s functionalities include real-time insights, multi-lingual user interfaces, insights across a digital workforce, and ability to integrate with cloud-based platforms. Mashreq worked with Virtusa’s Global Automation practice to cater-make specific solutions that suit the…

Abu Dhabi Commercial Bank (ADCB) has been appointed as the corporate champion of the upcoming Innovation Challenge 2018 that will be held in September. This means that the bank will be bringing their corporate know-how to the table to collaborate with selected fintech firms—to develop an account receivables/invoice factoring service for SMEs that is seamless, paperless and secured. ADCB identified the problem that fintech startups will be innovating to solve, as a corporate champion perk. The result of their joint efforts will be presented at the 2018 FinTech Abu Dhabi Summit on 17 September to an audience of financial institutions, regulators,…

In the Middle East and North African (MENA) region, the fintech industry is rapidly growing with the number of fintech startups in the region more than doubling between 2013 and 2015. According to experts and industry observers, the staggering 86% of unbanked people are creating a huge opportunity for fintech and insurtech companies to create innovative solutions to fill the void left by incumbents. And a growing number of investors have recognized the prospects of fintech and insurtech in the region, pouring millions to help startups grow and expand. The followings are ten of the Middle East’s most well-funded fintech…

Across the Middle East, fintech is transforming the delivery of financial services. In recent years, many acceleration and incubation programs have emerged to nurture local fintech startups and develop a thriving ecosystem. Here are some of the Middle East’s most notable fintech accelerators and incubators: 1864 Accelerator –  Cairo, Egypt The 1864 Accelerator was the first local fintech-focused startup accelerator program of its kind to launch in Egypt. Powered by Flat6Labs in partnership with Barclays Bank Egypt, the accelerator acts as a platform for fostering the fintech innovation space in Egypt through enabling entrepreneurs to transform their disruptive ideas…

A national draft project is aiming at introducing a state-backed digital currency. Iran’s Central Bank deputy for innovative technologies, Nasser Hakimi, advances the regulatory apparatus should be finalized within one month. Ban crypto or create crypto? A previous post already commented on the severe and “unprecedented” U.S. sanctions Iran is currently facing. As a matter of fact, several French and European companies began to disinvest and cease their operations. Among others, let’s mention the heavyweights such as Total, PSA and the European aerospace corporation, Airbus which was about to enter into a new deal with IranAir. Before summer, the famous…