Archive
World Bank’s IFC Launches New Venture Capital Platform to Invest in Tech Startups
The International Finance Corporation (IFC) has launched a new US$225 million venture capital platform to invest in early stage companies in Africa, Middle East, Central Asia, and Pakistan. According to the IFC, these regions collectively received less than two percent
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Saudi British Bank Partners With Visa’s Cybersource to Enhance Its Payment Gateway
Saudi British Bank (SABB) has partnered with Visa’s Cybersource to enhance its payment solutions and network uptime, and supplement the bank’s payment gateway proposition. According to a 2021 Visa survey, more than 60% of consumers surveyed in Saudi Arabia said
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CFS DIFC Gets DFSA License to Offer Insurance Advisory Services
Insurance broker CFS DIFC has secured a license from the Dubai Financial Services Authority (DFSA) to advise on financial products and investments related to long term insurance contracts. The DFSA license also sees the company joining the Dubai International Financial
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Bahrain, UAE and Saudi Arabia Recognized as Open Banking Leaders in the GCC
In the Gulf Cooperation Council (GCC), the open banking phenomenon is evolving at a rapid pace. Across the region, regulators are embracing the imperative aggressively, having acknowledged the potential of data sharing to improve customer experience and increase financial inclusiveness.
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Financial Innovation in Transferring Money From UAE & Holding Dirhams
Historically, the United Arab Emirates has seen significantly less financial innovation than the west. In part because most of the leading companies worldwide are based in the US and London, two countries that have a closer relationship with each other
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Emirates NBD Launches Emirates NBD Pay
Emirates NBD has expanded its portfolio in the payments space with the launch of Emirates NBD Pay. Launched in collaboration with Network International, NBD Pay will offer card acceptance solutions to the bank’s existing and potential institutional banking clients in
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UAE’s AUM Ventures Launches US$30M Fund to Invest in Indian Startups
UAE venture capital firm AUM Ventures has launched its first US$30 million fund that aims to invest in early and pre-growth stage tech and consumer-focused Indian startups. The fund, which is regulated by the Abu Dhabi Global Market (ADGM), was
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Gulf Capital Gets ADGM In-Principle Approval for an Asset Management License
Private equity firm Gulf Capital has opened its new global headquarters in the Abu Dhabi Global Market (ADGM) and obtained in-principle approval for an asset management license from the ADGM Financial Services Regulatory Authority (FSRA). The company is also pursuing
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UK’s Berg to Provide Multi-Currency Business Accounts to UAE SMEs
UK business payments platform Berg announced that it will be introducing its multi-currency and cross-border transaction services to SMEs in the UAE. Using Berg’s platform, SMEs will be able to manage their finances digitally on a mobile app, access multi-currency
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Tweeq Granted SAMA Payments License to Offer E-Wallet Services
The Saudi Central Bank (SAMA) has granted a payment license to Riyadh-based money app Tweeq to provide e-wallet services, bringing the total number of payment companies licensed by SAMA to 23. This comes in addition to five companies which have
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