Tag "regulation"
Oman Jumps on Open Banking Bandwagon
The Central Bank of Oman (CBO) is drafting the so-called Open Banking API Strategy as part of a broader push to stimulate innovation in the finance sector. The intentions were outlined in the 2021 Arab Region Fintech Guide, a paper
Read More
Pakistan’s Nascent Fintech Ecosystem Gets a Boost
Despite a growing population and a large pool of unbanked, Pakistan has been a relatively slow-mover within the digital finance space, but new opportunities brought about the COVID-19 pandemic and government-led initiatives are expected to fuel growth. Out of a
Read More
2020 VC Funding Hits New All-Time High in Egypt; Fintech Makes up 8% of Total Funding
Egypt’s venture investment ecosystem has emerged as one of the most rapidly developing markets in the Middle East and North Africa (MENA), growing at a compound annual growth rate (CAGR) of 100% over the past five years, according to the
Read More
Nigeria Lays Groundwork for Open Banking
With a booming fintech sector, the Nigerian government and regulators are now setting the foundation for open banking, releasing regulatory frameworks for the safe and efficient transmission of data with hopes that subsequently new, innovative financial solutions will emerge and
Read More
Saudi Arabia: Open Banking Expected to Go Live in H1 2022
The Saudi Central Bank, previously known as Saudi Arabian Monetary Authority (SAMA), is planning to go live with open banking during the first half of 2022. The Go-Live Phase will be the third and last phase of SAMA’s open banking
Read More
Abu Dhabi Free Zone: Digital Bank Licensing Gains International Interest
Several firms from the United Arab Emirates (UAE), the broader Middle Eastern region, and Asia-Pacific, are looking to establish digital banks in Abu Dhabi’s financial free zone, said Richard Teng, chief executive of the Financial Services Regulatory Authority (FSRA), the
Read More
DIFC Launches New License for Tech Startups and Entrepreneurs
The Dubai International Financial Centre (DIFC), a special economic zone in Dubai and a financial hub for the Middle East, Africa and South Asia (MEASA) markets, has launched a new license for startups, entrepreneurs and technology companies. The Dubai Innovation
Read More
Saudi Arabia: Green Light To Test Robo-Advisory Service
Saudi Arabia’s capital markets watchdog has granted Haseed Investing Company and Wahed Capital a Fintech ExPermit, allowing the two companies to test their robo-advisory services, the Capital Market Authority (CMA) of Saudi Arabia informed. With the permit in hand, the
Read More
After Banning Crypto Saudi Arabia Plans Central Bank Digital Currency
After banning the trading of cryptocurrencies, Saudi Arabia is now developing a blockchain-based digital currency in collaboration with the United Arab Emirates (UAE). The central banks of the two countries are planning to run a pilot of a shared digital
Read More
United Arab Emirates: Scrutinizing ICOs Regulations
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
Read More