Dubai FinTech Summit gathers experts as MENA startups in sector are valued at $15.5bn
fintech ecosystem
Latest in fintech ecosystem
COP28
New payments platform with sustainability features launched in UAE ahead of COP28
The company said Fils’ new product will demonstrate that the Middle East is at the forefront of ESG innovation, enabling progress the world over
API
MENA must end screen scraping to protect consumers
Fidelity’s recent decision to address data vulnerability through screen scraping has sparked a critical conversation about balancing fintech’s rapid growth with consumer interests
AI
Banking sector fintec major Zafin eyes $5bn market with early AI product launch in Middle East
Middle East is estimated to account for about 5% of the $100 billion global market opportunity globally in the AI-driven ‘pricing and promotion’ functions of banks
cloud computing
Banking sector fintech major Zafin to set up third global operational centre in Dubai
It is also in talks with Microsoft, its global partner for cloud operations, to explore the tech giant’s data centre spread out in the region for tie-ups for housing data related activities
DIFC
Dubai-based fintech set to disrupt cross-border remittance businesses with cash back offers
Xare will first launch its new ‘get-paid for remittances’ services in the UAE-India corridor, with plans to expand the services between other GCC countries and India in few months
DIFC
Dubai FinTech Summit eyes $305bn market
Dubai FinTech Summit will focus on emerging finance sector as city looks to be global hub
Central Bank of the UAE
Astra Tech granted SVF and RPS licences by UAE Central Bank
Astra Tech given Central Bank of the UAE approvals ahead of launching the Ultra Platform
financial institutions
Saudi Central Bank launches ‘Open Banking Lab’ to promote innovation in the county
The lab will provide banks and fintechs a technical testing environment to enable them to develop, test, and certify their open banking services to ensure compatibility with the Open Banking Framework
fintech
UAE fintech Xare to set up regional HQ in Silicon Valley in bid for global expansion
The startup will house part of its product management and marketing teams from the US office for its global operations
DIFC
Dubai fintech firms net $545m funding in 2022
Dubai fintech activity is booming, 3,000 applications sent to DIFC
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
Abu Dhabi
Abu Dhabi Global Market announces forming crypto hub in the emirate
ADGM said it planned to introduce progressive frameworks and regulations around digital technologies and assets
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
DIFC
DIFC to hold mega global fintech summit in Dubai mid next year
The event, expected to bring together more than 5,000 experts, thought leaders, policymakers from around the world, is to discuss ways to shape a new wave of innovation, enterprise and growth for the international financial industry
financial institutions
Wally Global Arabia, Istishraf Al-Bayanat among new companies approved by SAMA for open banking solutions
The latest approvals take the total number of permitted firms operating under SAMA’s Regulatory Sandbox to 42
banking industry
GCC financial sector to see fierce rivalry with pure-play fintech players like YAP set to enter lending segment
So far, fintech ventures have been majorly confined to challenging traditional players in the financial and banking sector in their digital segments with smarter and faster financial tools