An Overview about Fintech in Dubai. The United Arab Emirates (UAE), and in particular the city of Dubai, is poised to become a regional fintech hub as the country looks to take the lead in the digital race. Backed by government initiatives to encourage greater use of digital tools and platforms, the UAE has undergone a digital revolution in a short period of time. And already, the country is outperforming the UK in percentage terms for connected devices, according to Jason Stokes, the chief executive of Eastside Co., a digital website agency. Figures by BMI Research suggest that the UAE’s e-commerce…

The fintech market in the Middle East and North Africa (MENA) region is predicted to enter a new era of growth. By 2022, startups in the region are set to attract US$2.5 billion in deals, according to a new study by MENA Research Partners (MRP). The research estimates that the MENA fintech market will witness an annual growth of US$125 million until 2022, driven by investors interest in the region’s fintech opportunity. By 2020, MENA is predicted to be hosting some 252 startups. “In the last six years, the landscape of major funding players has been changing,” said Anthony Hobeika,…

Here are selected Fintech Events in the Middle East to attend in 2018. If an important event is missing (there are so many), send us an Email or comment on this post. 15-16 April Seamless Middle East 2018 Dubai Read more 16-17 April World Blockchain Forum: Investments & ICOs Dubai Read more 23-24 April 3rd RegTech MENA Dubai Read more 30 April New Age Banking Summit Oman 5th Edition Oman Read more 02-03 May Future Blockchain Summit Dubai Read more 02-03 May Blockchain Oman 2018 Oman Read more 03-06 May Futurama Blockchain Innovators…

mada, Saudi Arabia’s domestic payment network, and Mastercard announced the launch of a joint partnership initiative to enable online payments using Mastercard’s Payment Gateway Services technology. Furthermore, all local online merchants will be enabled to accept mada cards as a primary mode of payment on their websites. Opening up online payments via the mada network will drive economic growth by offering mada cardholders and domestic merchants the opportunity to transact online. “mada represents the innovative generation of electronic payments in Saudi Arabia and one of the fastest growing payment systems in the world. Utilizing Mastercard’s technology to facilitate online payments via…

In the Middle East, fintech sandboxes and government driven initiatives have supported the growing base of fintech startups, which more doubled in size between 2013 and 2015, rising from only 46 fintech startups based in the Middle East and North Africa (MENA) to 105 startups, according to the State of Fintech in MENA report. Fintech in the Middle East In MENA, the UAE, Lebanon, Jordan and Egypt have arguably the most advanced fintech sectors, hosting to them four 75% of the region’s fintech startups. The UAE is the most dynamic hub, accounting for half of all of MENA’s fintech…

Realizing that their dependency on oil has put them in a precarious position, Middle Eastern economies have begun exploring other sectors for greater diversification. Many of these such as Saudi Arabia and the United Arab Emirates (UAE) are putting their focus on technology and innovation. Saudi Arabia, for instance, has launched Vision 2030, a wide-ranging and ambitious plan to rebalance the kingdom and focus on technology and innovation. Dubai too has a similar initiative called Smart Dubai, a plan that use and leveraging cutting-edge technology to turn Dubai into “the world’s smartest and happiest city.” Fintech has been named as…

With 11% of the population having a formal banking account, the lowest number of ATMs in the Middle East and Northern Africa (MENA), and a smartphone penetration of just 17%, the lowest in the region, Iraq is not what we would qualify as a natural ideal territory for fintech products and ventures. But according to Hussein Kanber agha, the founder of Ideal Payments, there is no reason for Iraq to be left in the dust of its neighbors and as the world moves towards greater digitalization. “A bottleneck is created by cash-on-delivery and it is preventing lots of things from…

The fintech sector in the Middle East, despite being relatively small when compared with the likes of the US or Europe, has grown tremendously these past years with locations such as Abu Dhabi and Dubai in the United Arab Emirates (UAE), but also Egypt, Jordan and Lebanon emerging as regional fintech hubs. Several local startups have expanded regionally and experiencing rapid growth. Many have even caught the eye of foreign investors who have begun pouring millions to fuel their growth. Here is our list of the top eight fintech startups in the Middle East to keep an eye on in…

Accuity, a global provider of risk and compliance, payments and know your customer solutions has been selected by First Abu Dhabi Bank (FAB) to provide integrated global sanctions screening and data. First Abu Dhabi Bank (FAB), the UAE’s largest bank and one of the world’s largest and safest financial institutions, is going to use Accuity’s Fircosoft data and technology solutions to strengthen its transaction, customer and third-party screening processes. The banking industry is experiencing unprecedented levels of change driven by three factors: relentless expansion of international regulation to combat financial crime and prevent the funding of terrorism; technology and regulatory-based…

2017 was the year initial coin offerings (ICOs) became mainstream. The fundraising method has raised in popularity and is now being used by an increasing number of startups in blockchain and cryptocurrency space looking for capital. In 2017 alone, startups raised more than US$3.5 billion was raised through token sales. While the ICO phenomenon has taken off in most parts of the world, startups in the Middle East still mostly rely on traditional venture capital funding. UAE-based Arabianchain raised US$817,000 last year from Ahmad Abdullah Bugshan, a board member of Arabian Bugshan and the vice president of the House of…

Spending on blockchain solutions in the Middle East and Africa (MEA) is set to more than double this year, according to the latest insights from International Data Corporation. The global technology research and consulting firm’s recently launched Worldwide Semiannual Blockchain Spending Guide shows spending in the region totalling $80.8 million for 2018, up 107% on the $38.9 million spent in 2017. “There is clearly an immense amount of interest around distributed ledger technologies (DLT) in the region,” says Megha Kumar, IDC’s research director for software in the Middle East, Africa, and Turkey. “This is being driven by the pressing need for…

The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, announces the initiation and development of an electronic-Know-Your-Customer (e-KYC) utility in close collaboration with a key team of the UAE’s largest financial institutions. This initiative follows the first Regional Regulators’ Roundtable for MENA regulators hosted by ADGM at its FinTech Abu Dhabi Festival in October 2017 and forms part of an inclusive programme of ADGM’s institutional-focused projects for 2018. An industry consortium*, comprising Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Al Ansari Exchange, Al Fardan Exchange, First Abu Dhabi Bank,…

In the United Arab Emirates (UAE), peer-to-peer (P2P) lending has emerged as a way to support local small and medium-sized businesses (SMEs), many of which have been rejected by conventional banks. According to data from Khalifa Fund, approximately 50-70% of SMEs applications for funding are declined by traditional banks. Loans to SMEs account for less than 4% of the outstanding bank credit in the UAE, below the Middle East and North Africa (MENA) region average of 9.3%. Lenders are sometimes unwilling or unable to serve SMEs given their limited assets or lack of proven record of company operations. This makes…

The Middle East’s fintech ecosystem grew significantly in 2017 and further development is expected in the coming years fueled by government support and increasing demand for accessible, cheap, tech-enabled financial solutions. Fintech startups have raised over US$100 million in the Middle East and North Africa (MENA) region in the last 10 years but the number of startups launched and investments raised will more than double by 2020, said an industry expert. “105 fintech startups were launched in the region in 2016, and it will rise to 250 by 2020. The region is small when compared to the global proposition in…

The Turkish fintech ecosystem has shown strong growth with the support of a solid banking industry, a thriving startup scene, and a growing young population. In particular, Istanbul, the most populous city in Turkey and the country’s economic, cultural and historic center, is quickly emerging as a global financial center, thanks to its geographical proximity to leading markets such as London and Dubai, strong Internet infrastructure and large pool of well-educated, tech-literate of talents. Istanbul is already the startup hub in Turkey with venture capital funding growing year on year and a continuously growing number of young people entering the…

The fintech sector in the Middle East and North Africa (MENA) region is flourishing driven by the large pool of financially underserved individuals and businesses, and a thriving e-commerce sector, according to a report by the Wamda Research Lab and Payfort. In the last three years, the number of fintech ventures in MENA doubled from 46 to 105. While these startups span 12 countries, over 70% of these startups are based in four countries. The United Arab Emirates (UAE), Egypt, Jordan and Lebanon are the region’s most advanced startup ecosystems and the region’s rising fintech hubs, aided by government support,…

The United Arab Emirates (UAE) is poised to become a fintech nexus in the Middle East, aided by government agencies and regulators working together to turn the country into a global fintech powerhouse, according to a new report. These are driving a range of initiatives aimed at fostering a burgeoning fintech ecosystem with examples that include the RegLab launched by the Abu Dhabi Global Market (ADGM) to allow financial institutions and new entrants to develop and test their fintech proposition, the Fintech Hive, a fintech accelerator program by the Dubai International Financial Centre, and 2020 blockchain ambition in Dubai, which…

Singapore-based startup Sky Magic delivered a visual spectacle for Qatar’s 46th National Day Week celebrations at Katara Cultural Village in Qatar, in the form of a drone show featuring a 300-strong fleet. This was the first time a live drone show had been performed in Qatar. The celebrations kicked off with a series of drone formations showcasing symbolic images of Qatar, accompanied by traditional Arabic music. The formations began with a giant heart with the word “Qatar” in Arabic, which morphed into a giant outline of Qatar. These were followed by an image of an Oryx, the national animal of Qatar,…

Bahrain FinTech Bay has announced a partnership with Bahrain Development Bank and its Rowad Program. Bahrain Development Bank will be a founding partner of BFB and will work closely with the BFB to deliver certain initiatives supporting Fintech entrepreneurship, through its Rowad Platform which includes the Rowad Program, SeedFuel-Rowad, and the Invested Platform. This will provide entrepreneur support programs, access to the BFB for the Seed Fuel program for qualified Fintech companies of up to BHD 25,000 in equity investment, and the ability access the investor platform Invested™. In addition to creating this direct affiliation between Rowad Platform and BFB,…

The Central Bank of Bahrain  has announced a partnership officially endorsing the launch of Bahrain FinTech Bay and its Fintech initiatives in the Kingdom of Bahrain. The announcement is the most recent in a series of steps affirming the CBB’s commitment to developing Bahrain into a leader of Fintech innovation and investment in the GCC region. The CBB and its recently announced FinTech & Innovation Unit will work closely with the BFB to support the development of the Bahrain Fintech ecosystem and ensure the participation of financial institutions seeking to innovate and invest in Fintech. In addition, the CBB will…