Archive
Saudi and UAE Central Banks Release Report on Joint Digital Currency Project Aber
The Saudi Central Bank (SAMA) and the Central Bank of the United Arab Emirates (CBUAE) have released the report on their joint central bank digital currency (CBDC) initiative dubbed as Project Aber. The wholesale CBDC used only by the central
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SEED Group Partners German Blockchain Firm Ubirch for UAE Expansion
Venture capital firm SEED Group has partnered with German blockchain and cybersecurity specialist Ubirch. As part of this agreement, SEED Group will facilitate Ubirch to expand its business portfolio in the United Arab Emirates (UAE) and the wider Middle East region
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Open Banking Makes Foray Into the Middle East
Globally, initiatives across different jurisdictions have emerged to make open banking a reality, ranging from direct regulatory requirements, like what’s been done in the UK and the European Union (EU), to market-coordination and industry-led initiatives such as in the US
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UnionPay, Abu Dhabi Islamic Bank to Enable Contactless Payments on NFC Terminals
Card company UnionPay International partners Abu Dhabi Islamic Bank (ADIB) to enable UnionPay card and contactless payment transactions on the bank’s 15,000 near field communications (NFC) terminals in the UAE. As a safer payment method during the COVID-19 pandemic, UnionPay International
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Payment Gateway FSS Expands Its Reach to Saudi
FSS (Financial Software and Systems), a global payments technology company, announced that it would be expanding its footprint to the Kingdom of Saudi Arabia (KSA). KSA is among the advanced digital payment economies in the Gulf Cooperation Council (GCC), with
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ADGM Forms Ties With Israel Securities Authority for Fintech Agreement
The Abu Dhabi Global Market Financial Services Regulatory Authority (ADGM FSRA) and the Israel Securities Authority (ISA) have entered into a fintech cooperation agreement. The agreement provides a framework for information sharing as well as facilitating the movement of startups,
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Western Union to Snatch up 15% Stake in stc pay for $200 Million
Western Union, an American worldwide financial services and communications company, has set out to acquire a 15% stake for $200 million in Saudi Digital Payments Company (stc pay), a fully owned subsidiary of Saudi Telecom Company. The transaction is expected
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Singaporean Robo Advisor StashAway Expands Its Footprint to the UAE
StashAway, a South East Asian digital wealth manager, has launched in the Dubai International Financial Center (DIFC), a financial hub for the Middle East, Africa and South Asia (MEASA) markets. The platform is available to local and international clients in
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Dubai’s New Residency Program Targets Overseas Remote Workers and Digital Nomads
Dubai has launched a new one-year residency program targeted at overseas remote workers, digital nomads and their families. The so-called “virtual working” program gives these professionals the possibility relocate to the emirate and continue to work for their current overseas
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DIFC Innovation Hub Launched to Bolster Dubai’s Fintech Ecosystem
DIFC has launched its startup incubator dubbed as the DIFC Innovation Hub. Collectively, over 250 firms are able to work together to develop and introduce innovative solutions and business models that will redefine the future of finance with the aim
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