Tagged: middle east

December 19, 2023 @ 7:09 am By Omar Faridi  |  

The UK economy is limping along while high interest rates and policy uncertainty take their toll on global growth, according to an update from KPMG. KPMG noted that activity has outperformed expectations, but the UK economy “remains weak and vulnerable to shocks.” Here are some… Read More

December 14, 2023 @ 9:27 pm By Omar Faridi  |  

UAE-based legaltech Clara announced its acquisition of BOTH Corporate Services Limited (BCS), a provider of corporate services in Abu Dhabi Global Market (ADGM). This deal is a key milestone for Clara as it initiates “an acquisition strategy to expand its customer base and extend its… Read More

December 12, 2023 @ 8:01 pm By Omar Faridi  |  

Accenture (NYSE: ACN) has signed a strategic agreement with the Commercial Bank of Dubai (CBD) in order to drive its technology transformation program and “further enhance its banking services to personal and business customers.” Accenture will set up “a development center of excellence (COE) to… Read More

December 1, 2023 @ 5:00 pm By Omar Faridi  |  

Global equity management company Carta announced plans to expand operations to the Middle East—citing a 180% increase in year-over-year bookings across the broader Asia Pacific region, and “launching with flagship Middle East customers including Global Ventures, BECO Capital, Cotu Ventures, and Outliers VC and Middle… Read More

December 1, 2023 @ 4:56 pm By Omar Faridi  |  

Copper will facilitate the transition of financial market infrastructure to blockchain-based rails addressing key goals in Abu Dhabi’s Economic Vision. Integration of blockchain-based services with financial infrastructure “will provide a solid foundation for the expansion of the local capital markets and attract international investors to… Read More

November 30, 2023 @ 4:51 pm By Omar Faridi  |  

Paxos, the regulated blockchain & tokenization infrastructure platform, secured the in-principle approvals (IPAs) of the Financial Services Regulatory Authority (FSRA) in the Abu Dhabi Global Market (ADGM) for “the necessary Financial Services Permissions to issue US dollar and other currency-backed stablecoins, as well as to… Read More

November 30, 2023 @ 4:33 am By Omar Faridi  |  

Hong Kong Exchanges and Clearing Limited (HKEX) is pleased to welcome the listing of Asia Pacific’s first ETF to “track Saudi Arabian equities – the CSOP Saudi Arabia ETF (Stock code: 2830 / 82830).” This ETF, which tracks the FTSE Saudi Arabia Index, “provides investors… Read More

November 28, 2023 @ 11:21 pm By Omar Faridi  |  

Wahed Invest Limited, the UAE robo-advisory subsidiary of Wahed Inc., a global Shariah-compliant fintech that aims to advance financial inclusion through accessible, affordable and value-based investing, has launched after “having been granted a Financial Services Permission (FSP) from the Financial Services Regulatory Authority (FSRA) of… Read More

November 19, 2023 @ 2:15 pm By Omar Faridi  |  

Foodics, the restaurant management and payment solutions in MENA, announced its collaboration with Suplyd in Egypt, the digital supply chain management and procurement platform. This partnership offers a comprehensive supply chain management solution to restaurants in Egypt, making it easier “for restaurant owners to manage… Read More

November 14, 2023 @ 8:36 pm By Omar Faridi  |  

Crypto.com announced that its Dubai entity, CRO DAX Middle East FZE, has been granted a Virtual Assets Service Provider (VASP) License “for specified virtual asset service activities by Dubai’s Virtual Assets Regulatory Authority (VARA).” Crypto.com’s VASP License is “subject to the Company fully satisfying select… Read More

November 8, 2023 @ 4:21 am By Omar Faridi  |  

SC Ventures, Standard Chartered’s innovation, fintech investment and ventures arm, is partnering with SBI Holdings, a Japanese financial conglomerate, to establish a Digital Asset Joint Venture investment company in the United Arab Emirates (UAE). The parties say that they intend “to capitalize the vehicle with… Read More

November 7, 2023 @ 9:36 pm By Omar Faridi  |  

Liv, UAE’s digital bank launched by Emirates NBD, a banking group in the MENAT region, has launched a new digital offering. Till the end of 2023, eligible Liv customers can benefit from instant personal loans without any fees via the Liv app. The digital bank… Read More

November 5, 2023 @ 5:42 pm By Omar Faridi  |  

Tabby, the MENA region’s shopping and financial services app, has raised $200 million in equity financing led by Wellington Management, which claims to be one of the world’s major independent investment management firms. The equity financing drew additional participation “from growth equity investor Bluepool Capital,… Read More

November 2, 2023 @ 9:53 pm By Michael Wong  |  

Abu Dhabi Securities Exchange (ADX) is working with HSBC Bank Middle East (HSBC) to develop digital fixed-income securities, paving the way for the introduction of a broader array of capital market use cases in the Middle East. The partnership leverages the investment product knowledge of… Read More

November 2, 2023 @ 8:07 pm By Michael Wong  |  

Bahrain’s Labour Fund (Tamkeen) has recently partnered with Safaghat, a crowdfunding investment platform licensed by the Central Bank of Bahrain, to offer alternative financing options to micro, small, and medium-sized enterprises (mSMEs) in the country. This strategic collaboration aims to empower Bahraini enterprises, particularly those… Read More

October 22, 2023 @ 4:46 pm By Omar Faridi  |  

Northern Trust (Nasdaq: NTRS) is expanding the global presence of its Front Office Solutions (FOS) business with the addition of new clients in the EMEA (Europe, Middle East and Africa) region. Globally, FOS has nearly $500B in assets under administration as of July 2023. The… Read More

October 15, 2023 @ 11:21 am By Omar Faridi  |  

The Saudi Central Bank (SAMA) issued its semi-annual performance report of the finance companies sector and real estate refinance for H1 2023. According to the report, most of the indicators in the finance companies sector “grew at varying rates in H1 2023.” The paid-up share… Read More

October 12, 2023 @ 10:50 am By Omar Faridi  |  

The Central Bank of Jordan (CBJ) has taken a significant step towards modernizing the financial services landscape in the Kingdom by unveiling comprehensive guidelines for Open Finance services. These guidelines apply to all banks operating “within the jurisdiction of CBJ, as well as online payment… Read More

October 11, 2023 @ 8:21 am By Omar Faridi  |  

UnaFinancial, a Singapore-headquartered Fintech group (previously known as Robocash), has teamed up with Velexa, a UK-based wealthtech firm, in order to introduce a digital investing platform in the UAE. UnaFinancial and Velexa revealed that the collaboration aims to leverage Velexa’s expertise in investment tech and… Read More

October 10, 2023 @ 9:36 am By Omar Faridi  |  

Tarabut, MENA’s leading open banking platform, has announced a new partnership with FLOOSS, a Bahrain-based digital lending platform. FLOOSS is reportedly the “first” and fastest digital loan app in Bahrain “offering consumer loans of up to BHD 750 with a repayment period of up to… Read More