GSS Group’s CEO on real-time payments, open finance — and what fintech still gets wrong
Financial inclusion
Latest in Financial inclusion
bank account
UAE reports 94% surge in bank account ownership
New independent survey data from YouGov and Daleel highlights growing financial inclusion, but also reveals gaps in consumer confidence and engagement
Al Etihad Payments
Al Etihad Payments, Mastercard launch Jaywan co-badged cebit and prepaid cards in UAE
Jaywan-Mastercard debit and prepaid cards will enable cardholders to carry out secure, simpler, smarter and more accessible payment transactions, including e-commerce transactions
banking industry
Mastercard, Mashreq partner to launch digital bank in Pakistan, boosting financial inclusion
New partnership aims to drive financial inclusion, innovation, and sustainable growth in Pakistan’s digital economy
Artificial intelligence
DFSA co-leads report on AI’s impact in financial services
The report, prepared alongside UK’s FCA, provides key insights on the use of consumer-facing AI in global financial services
digital banking
Open banking fuels GCC fintech boom as UAE, Saudi lead regional growth surge
The open banking payments volume in the GCC is projected to quadruple to over $930 billion by 2028 from $230 billion in 2023 amidst all the member countries running real-time payment programmes
banking industry
CBI records 30% annual growth as profit hits $60.65 million
Transformation journey pays dividends as Dubai bank revenue soars to 29% to 191.4 million and assets grow to $5.7 billion
Al Ansari Financial Services
Al Ansari Financial Services, Halan partner to launch financing solutions in UAE
The partnership introduces two key services: Salary Advance and Send Now, Pay Later (SNPL), which offer greater financial flexibility and convenience for Al Ansari Financial Services’ customers
Debt financing
MENAP fintech Abhi secures $15mn debt financing led by Shorooq Partners, Amplify Growth Partnership
The new funding will allow it to scale its operations and further expand its earned wage access to serve the blue- and white-collar working populations in the country
Bahrain
Bahrain’s BENEFIT partners with Zphin to launch first consumer lending and insurance marketplace
The transformative marketplace, integrated into the BenefitPay super app, will empower credit providers of all types to reach the entire bankable population
Blockchain
Blockchain network HAQQ reveals plans for gold-backed stablecoin, tokenised sukuk to boost Islamic interbank market
The move comes close on the heels of the UAE central bank approving issuance of stablecoin regulation
digital payments
du Pay, Visa announce new partnership to increase UAE digital payment options
The collaboration looks to advance digital payments across the UAE by formalising du Pay’s membership to the Visa network
astra tech
Astra Tech empowers inclusion and financial equity at ‘AccessAbilities Expo’ in UAE
The partnership aims to introduce an innovative digital solution designed to empower People of Determination to seamlessly showcase and sell their merchandise via the Botim store
Al Etihad Payments
UAE Domestic Card Scheme gets a boost from Al Etihad Payments, NPCI International partnership
NPCI helped transform India become a predominantly cashless society and are the developers of the highly successful RuPay
banking industry
Iraq races to digitise unbanked population amid corruption crack down and US dollar transaction ban
Here’s how the Central Bank of Iraq’s initiatives, government mandates, and Visa’s contributions are shaping Iraq’s path towards a cashless economy by 2030, according to Visa boss Leila Serhan
banking industry
Dubai Islamic Bank picks up 20% stake in Turkey’s TOM Group
DIB has the option to increase shareholding to 25 percent within 12 months; valuations not disclosed
Financial inclusion
Yoosr’s Shariah-compliant home financing to help community members amid rising interest rates, property prices
This will be offered by an upcoming Islamic-value-based fintech venture in partnership with a wide network of real estate developers