While embracing digital technology is a step in the right direction, it alone won’t ensure growth in the banking sector
financial technology
Latest in financial technology
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
anti-money laundering
Information technology: Changing the financial crime landscape
Fighting financial crime appears a daunting prospect, but technology can help
AI
ChatGPT impact: Boon or bane for the finance industry
The disruptive technology of ChatGPT is coming for all industries
acquisitions
India to allow in-bound travellers from abroad to use UPI payment gateway
RBI said to begin with, this service will be permitted to travellers from G20 countries arriving at select international airports
digital economy
Payments platform Pine Labs announces UAE expansion
Pine Labs opened a new UAE office at Emaar Business Park, Sheikh Zayed Road, Dubai
acquisitions
First UAE fintech announces India UPI payment integration, opening door to NRI remittances
Industry insiders said several other fintech ventures in the UAE and other GCC countries are also hurriedly making plans to get into the UPI-related payment segment either through acquisitions or starting their own platforms
digital banking
Dubai’s Mashreq Bank to begin digital banking in Pakistan
The new initiative is with aim to support the country’s digital landscape and financial inclusion
digital payments
Where is the finance sector heading in 2023?
It’s a good day to be in tech in the UAE
bilateral cooperation
Saudi-Swiss Financial Dialogue opens in Riyadh
The two sides signed a good will declaration document citing the enhancement of cooperation in a number of areas related to the financial sector, including banking services, financial technology, sustainable finance and insurance
digital payments
Tweeq International gets Saudi Central Bank nod to offer e-wallet services in the country
This takes the total number of payment companies licensed by SAMA to 23
Central Bank Digital Currency
FTX downfall: DeFi is a broken system and is the antithesis of decentralisation
The collapse of FTX illustrates how the DeFi system is fundamentally broken
AI-powered payment cards
UAE fintech Xare to unveil a breakthrough in payment cards: Borderless, language-less card checkout
Customers can shop globally with ‘Xare Anywhere’, even if they do not own a credit or debit card by using a card that is shared by a relative or a trusted friend, without having to provide card details
Blockchain
Crypto venture KoinBasket zeroes in on UAE for next global expansion, after the US
The venture is also eyeing partnerships and alliances with leading financial technology and crypto companies in the Middle East region for faster growth
Blockchain
Samsung to launch crypto exchange in 2023
Samsung isn’t the only firm aiming to break into this market, multiple others in South Korea have also been reported to venture into crypto exchanges
Dubai
Dubai’s biggest lender looks to startups to join metaverse craze
The ten-week program, organised in partnership with Fintech Hive, will see startups pitch ideas around financial technology, which the bank could use to develop new metaverse-related products
digital payments
Dubai startup trials ‘payment keyboard’ that allows invoicing via WhatsApp, Messenger
The Dubai startup, which is backed by American accelerator Y Combinator, hopes to assist small business owners in the UAE “who run the entirety of operations themselves.”