DWS Group a subsidiary of Deutsche Asset Management entered into a binding agreement to acquire 15% stake in Neo Technologies, a fintech firm operating in the digital asset management space within the MENA region. Neo Technologies operates a platform-as-as-service model for the financial services industry to allow them to rapidly introduce digital asset management solution to their end clients. Built as a white-label solution, the company provides an integrated front, middle and back office that is designed according to local regulatory requirements and language. Notably, working with NBK Capital, Neo Technologies was responsible in launching Kuwait’s first digital investment service…

After nearly 12 months of testing, robo-advisory firm Sarwa has become the first participant to graduate from the Dubai Financial Services Authority’s (DFSA) sandbox. Sarwa’s services much like most robo-advisor offers consumers automated investing that matches the user’s risk appetite with a range of investment portfolios. It was also dubbed to be the first to allow for a fully digital account opening in UAE’s wealth space. Most recently the company saw their Pre-Series A raised at US$ 1.3 million, which brings its total funding to a healthy level of US$ 1.5 million Services like the ones offered by Sarwa has been…

Emirates NBD is jumping in on the open banking bandwagon through its debut of an API sandbox. The platform consists of over 200 APIs and 900 endpoints covering retail, corporate and SMEs. The API Sandbox makes Emirates NBD more accessible to developers with API technology, boosting the bank’s ability to create increased for value for its customers. Evans Munyuki, Chief Digital Officer at Emirates NBD, shared that the launch of this platform will enable fintechs from the region access to lucrative opportunities and provide them the right tools to turn their ideas into working prototypes which they can then test…

The Abu Dhabi Smart Solutions and Services Authority (ADSSSA) formally launched its  ‘Abu Dhabi Government Digital Payment platform’ (ADPay). Launched in collaboration with the First Abu Dhabi Bank (FAB), the platform aims to facilitate simplified digital payment mechanisms for both customers and investors in the kingdom. The platform aims to consolidate the payment interfaces across all government channels to one destination, enabling users to register using a unified access and verification system. They will be able to pay several government services in a single platform by creating a shopping basket for all government services, and over time, cultivate a digital…

Over the past years, Dubai has been positioning itself as a leading fintech hub in the Middle East and North Africa region, supported by government initiatives to establish a favorable environment for financial innovation and attract foreign fintech players. As of May 2018, there were more than 45 fintech companies registered at the Dubai International Financial Center (DIFC). A magnet for global foreign investors, Dubai attracted Dh 17.7 billion (US$4.8 billion) in foreign direct investment (FDI) in the first half of 2018, with sectors such as e-commerce, artificial intelligence (AI), blockchain and fintech witnessing significant traction. To keep up with…

Singapore based fintech firm Touché has signed an agreement with SEED Group as their local partner. In this agreement SEED will assist Touché in expanding their fingerprint-based payment and loyalty management solution to the Middle East. Based in Dubai, SEED Group is owned and chaired by the Private Office of Sheikh Saeed Bin Ahmed Al Maktoum, a billionaire member of Dubai’s ruling Al Maktoum family. The group is a diversified entity seeking to establish strategic partnerships with various sectors to accelerate their presence in the Middle East. Touché’s solution connects and manages loyalty programmes, and points and discounts are instantly applied…

Citizens and residents of Dubai will be able to make digital payments for school fees, bills and retail purchases with a stable, digital currency after a partnership between blockchain payment provider Pundi X, Ebooc Fintech & Loyalty Labs LLC  and emcredit – Dubai’s Credit Bureau. Consumers in Dubai, UAE will be able to use digital currency to make retail payments in-store, pay for government utilities, telecommunication, and school fees in government shopfronts via emcash – Dubai’s digital currency launched by emcredit, a state-backed subsidiary of the Dubai Department of Economic Development. The bespoke, Pundi X POS  device created for ebooc fintech & loyalty labs for the exclusive use of emcredit with…

Saudi Arabia’s fledgling sovereign fund is putting in a further US$45 billion into Matsumoto Son’s famed Softbank, which in turn holds known technology companies like Alibaba, Sprint, Uber, Didi Chuxing, WeWork, Nvidia, and many others. This money follows a previous US$100 billion that was put into SoftBank Vision Fund two years ago, which shows that Saudi Arabia may be prepared to follow through with further investments in the future. The US$45 billion will be coming from the coffers of the Public Investment Fund (PIF), which has turned to technology investments in the nation’s strategy to move away from oil revenues.…

Earlier this year, Bahrain Development Bank launched its Al Wafa fund of funds, with USD100 million available for tech startups in Bahrain. Now, the Economic Development Board (EDB) is also launching a fund worth USD100 million, but this time specifically catered to the nascent but promising fintech startup scene. To be announced soon, the fund will be raised privately and could be another stepping stone to cultivating the funding ecosystem for startup growth within the country—and provide crucial cashflow to fintech startups that are known to struggle for money throughout their life cycle. It will remain to be seen if this…

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…