Tagged: uae

Fintech: The Gulf Cooperation Council (GCC) Region May Experience Significant Increase in the Use of Financial Technology Platforms Due to COVID-19

The Gulf Cooperation Council (GCC), an intergovernmental political and economic union consisting of the Arab states of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates, is expected to experience a significant increase in the use of Fintech platforms and services. The anticipated… Read More

New MENA Region Fintech Report Released by Dubai-based Global Ventures, a Leading VC Firm

Global Ventures, a Dubai-based venture capital firm that recently finalized a $50 million investment round, has released a new report that discusses the state of Fintech in the Middle East region. Global Ventures’ extensive 59-page report covers the ongoing growth and development of the Fintech… Read More

Fintech TransferWise to Charge Small Fee to Produce, Deliver New Debit Cards, Becomes First Fully Online Money Transfer Service in UAE

Fintech TransferWise, a London-based online money transfer service founded in 2011, has been offering debit cards to its customers at no extra cost. The company supports hundreds of currency routes across the globe, including GBP, USD, EUR, AUD, and CAD. However, TransferWise recently noted: “From… Read More

Dubai-based VC Firm, Global Ventures, Secures $50 Million in Capital, Company’s Managing Partner, Basil Moftah, Confirms

Dubai-based Global Ventures, a venture capital firm established by Noor Sweid who was previously involved with the Dubai Future Foundation and Leap Ventures, has secured $50 million in capital. This, according to Basil Moftah, the firm’s managing partner, who shared the details of the investment… Read More

Dubai-based Fintech Mamo Pay Secures $1.5 Million in Funding to Launch Peer to Peer Payments App

Dubai-based Mamo Pay, a Fintech firm established by former Google employees, has secured  $1.5 million in capital, in order to streamline peer to peer (P2P) payments in the United Arab Emirates and wider Middle East region. As reported by Mena Bytes, Mamo Pay’s seed investment… Read More

Contactless Payments: Fintech PayBy Introduces Fast and Secure Mobile Payment App in the UAE, Following COVID-19 Outbreak

Individuals and organizations are increasingly looking for ways to access services that require minimal or no physical contact, following the deadly Coronavirus (COVID-19) outbreak. Fintech firm PayBy has introduced a fast and secure mobile payment services platform in the United Arab Emirates (UAE). PayBy’s solution… Read More

Padmini Gupta’s Dubai-based Fintech Firm Rise, which Helps Low Income Migrant Workers, Secures New Investments

Dubai-headquartered Fintech firm Rise has secured funding via an investment round led by Middle East Venture Partners (MEVP). The round was carried out through a partnership with Dubai International Financial Centre (DIFC) Fintech Fund, 500 Startups, Khwarizmi Ventures and Phoenician Funds. The amount invested has… Read More

Liv, the Digital Banking Unit of Emirates NBD, to Provide UAE Customers Instant Access to Credit Scores

Liv, the digital banking division of Emirates NBD, a Dubai government-owned banking institution and one of the largest financial institutions in the Middle East, is planning to provide customers instant access to their credit scores, with just a single click. The Al Etihad Credit Bureau… Read More

Fintech Firms, Aion Digital and Qarar, Team Up to Accelerate Development of Online Lending Platforms in the Middle East

Two major Fintech companies, Aion Digital and Qarar, are teaming up in order to accelerate the growth and development of online lending platforms across the Middle East region. According to a press release, the collaboration between the two Fintechs aims to “revolutionize the credit market”… Read More

Digital Transformation: UAE Banking Executive Explains How Fintech, AI, Robotic Process Automation is Transforming Finance Sector

The United Arab Emirates’ (UAE) banking sector has become increasingly competitive due to the significant increase in the number of Fintech firms in the Middle Eastern country. The UAE has also established (for the most part) progressive regulatory guidelines and is in the process of… Read More

Digital Trade Finance: Giant Banking Group, Emirates NBD, Uses Fintech LiquidX’s Network to Sell Commodities 

New York-headquartered LiquidX, a globally accessible network for illiquid assets, recently revealed that it has added Emirates NBD to its network. Emirates NBD is a Dubai government-owned banking institution and one of the largest financial institutions in the Middle East in terms of total assets… Read More

State-Owned Dubai International Financial Centre Adds Over 2,000 Jobs, Records $139 Million in Net Profits

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The financial sector in Dubai will be expanding at a gradual pace and only if there is enough demand for new platforms and services, according to the local financial district’s governor. The state-owned Dubai International Financial Centre (DIFC) began expanding its operations in 2019. It’s… Read More

Dubai International Finance Center and UAE’s Mashreq Bank Are Promoting the Use of a Secure Blockchain-enabled KYC Data Sharing Solution

Dubai International Finance Center (DIFC) and Mashreq Bank, the oldest privately-owned bank in the United Arab Emirates (UAE) with over $2.2 billion in annual revenue, are trying to encourage  other banks in the Middle East to take part in a blockchain-enabled know-your-customer (KYC) data sharing… Read More

Dubai International Financial Center Signs MoU for Tech Development with Singapore’s Tribal Accelerator for Blockchain and DLT Initiatives

The Dubai International Financial Center (DIFC) has committed to a memorandum of understanding (MOU) with Singapore’s Tribe Accelerator, a government-backed blockchain or distributed ledger technology (DLT) project accelerator. According to the terms of the MoU, the DIFC and Tribe Accelerator aim to work cooperatively on… Read More

WeChat Pay to Expand Operations and Services in the UAE Following Agreement with Tencent Holdings, Network International

WeChat Pay is planning to expand its operations and services in the United Arab Emirates (UAE), after an agreement was finalized between Tencent Holdings and UAE-headquartered solutions developer Network International. Merchants that use Network International in the UAE will soon have the option to set… Read More

Digital Tranformation Report: Traditional UAE Banks to Consolidate to Compete with Digital Banking Challengers

Large banks based in the United Arab Emirates (UAE), one of the Middle East’s leading financial hubs, have been investing in digital transformation projects to compete in an industry with rapidly changing consumer requirements – according to analysis performed by Bloomberg Intelligence. The analysis revealed… Read More

UAE-based aafaq Islamic Finance Launches New Core Digital Banking Platform, Developed by InfoSys

United Arab Emirates (UAE)-based aafaq Islamic Finance has officially launched its core banking, Islamic banking and payments platforms, which have been developed by Infosys. aafaq’s management confirmed that the financial institution has upgraded its digital, payments and Islamic banking with software designed by Infosys, an… Read More

Dubai Multi Commodities Center to Develop New Blockchain and Smart Contract-based Sugar Trading Platform

Dubai Multi Commodities Center (DMCC), an organization formed in 2002 by Dubai’s government to offer physical, market and financial infrastructure needed to establish a hub for global commodities trade, has committed to strategic membership agreement with Al Khaleej Sugar and Universa Blockchain.  According to the… Read More

UAE’s Ministry of Health and Prevention Teams Up with Other Local Agencies to Launch Blockchain Platform for Managing Healthcare Records

The United Arab Emirates’s (UAE) Ministry of Health and Prevention (MoHAP) has teamed up with the nation’s Ministry of Presidential Affairs, Dubai Healthcare City and several other local government agencies in order to launch a blockchain-enabled health data storage platform. The Emirates News Agency reported… Read More

Dubai-based Fintech Sarwa Secures $8.4 Million via Series A Round Led by Kuwait Projects Company

Dubai-headquartered Sarwa confirmed on January 27 that it had finalized an $8.4 million Series A investment round, which was led by Kuwait Projects Company (KIPCO). The firm’s hybrid automated investment platform aims to simplify the process of investing while making it more affordable. Sarwa’s platform… Read More

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