Abu Dhabi, UAE:  A total of 70.81 percent of companies anticipate expanding their workforce in Abu Dhabi Global Market during 2024, with 29.93 percent expecting significant increases and 40.88 percent planning moderate growth in staffing, a study said. According to the study by ADGM, the international financial center (IFC) of...

The company has been licensed for fintech services by the CBUAE.

Riyadh, Saudi Arabia--The biggest tech show in the Middle East, LEAP 2024, hosted by Saudi Arabia in Riyadh, is preparing for what organizers are terming as "record-breaking" final day with more announcement of investments expected to be made on the occasion. Abdullah Al-Swaha, Saudi minister of communications and information technology,...

The region sees a robust future for digital cross-border transfers in the Middle East, marked by innovation and a strong commitment to financial inclusion, says a report.

"The UAE's dedication to innovation and international partnerships as vital to enhancing its position on the global economic stage, bolstering the national economy," he adds, observing significant strides in diversifying the economy beyond oil through investments in tourism, technology, renewable energy, and financial services.

Over the past decade, the UAE has become a global hub for innovation and entrepreneurship, attracting significant interest from international and female-led startups.

In January 2024, MENA startup funding dropped 34% to US$ 86.5 million across 33 deals, with the UAE leading, followed by Egypt's recovery and Saudi Arabia's steady input.

DUBAI, UAE - With support from the Abu Dhabi Investment Office (ADIO), Hub71-backed ABHI, an embedded finance platform founded in Pakistan, is advancing to its next growth stage by establishing its global HQ in Abu Dhabi to grow its international operations. ABHI joined Hub71, Abu Dhabi’s global tech ecosystem, in...

DUBAI, UAE – The Mohammed bin Rashid Establishment for Small and Medium Enterprises Development (Dubai SME), a part of Dubai Department of Economy and Tourism (DET), has joined forces with Chi-X Digital Assets (CXDA), an AI-based fintech platform. CXDA provides short-term debt products that help generate liquidity, facilitate investment, maximize...

Islamic finance, with 70% of sector assets, is revolutionizing the global economy through ethical practices and digital innovation, gaining widespread traction.

Islamic banking, making up 70% of the Islamic finance market's assets, is undergoing a transformative phase, fueled by fintech innovations and poised to hit $4 trillion by 2026.

The sector's growth, driven by the transition to digital transactions and tech innovations, positions UAE as a leader in the evolving global payments landscape, says a report.

While the digital revolution continues to unfold, the core of customer trust and regulatory frameworks stays unshaken, shaping the future of banking in the region, says a report.

Riyadh, Saudi Arabia - The Saudi Central Bank (SAMA) signed an agreement with the Monetary Authority of Singapore (MAS) on Wednesday, in the fields of fintech and innovation. The agreement aims to strengthen collaboration between the two organizations. It seeks to facilitate their activities in international markets while respecting the...

The Gulf country "remains commitment to international strategies and plans targeting financial crime. In 2023, FATF completed its evaluation of Qatar's anti-money laundering and counter-terrorism financing system, where Qatar achieved significant success," adds Sheikh Ahmed.

The region's fintech growth, fueled by a tech-savvy populace, robust regulations, and digital adoption, is drawing global focus, heralding the future of financial services.

The financial services sector is witnessing transformative changes, driven by rising demands for personalized services and the integration of cutting-edge technologies.

Qatar Investment Authority, with a diversified $450 billion portfolio across 60 countries, is adeptly poised to tackle global economic hurdles and seize expansion prospects.

Doha, Qatar--Qatar Central Bank (QCB) has exhorted companies willing to work in providing website services to compare prices of insurance policies to promptly submit applications to receive the required license from the bank. In a statement on Saturday, QCB outlined that this announcement comes in alignment with financial sector and...

“Our cooperation with Japan External Trade Organisation (JETRO) is part of these efforts as Japanese experience and progress reflect role of competent talent in the scientific and technological fields, and the effectiveness of its human capital development programmes,” he adds.

Share buyback plan values Ant Group at $78.5 billion.

Riyadh, Saudi Arabia – The SMEs Bank system of the National Development Fund has signed 20 agreements valued at more than SAR 1 billion ($266 million) with several financial technology entities, local and international investment funds and e-commerce platforms. These deals include 10 agreements and MoU by the SMEs Bank...

GCC authorities, however, acknowledge the accompanying challenges and are developing regulations to enhance digital banking experiences. A key requirement is that Cloud Service Providers must reside in their service regions, overcoming which could significantly expand regional financial services and mark a new phase in GCC's financial evolution.

At $445 million, startups in the region witnessed a robust 153 percent year-on-year growth in venture funding despite a 7 percent drop in deal volume, says a latest report.

Sharjah, UAE - Bybit, the world’s third most visited crypto exchange, will contribute AED 1 million ($272,257) via a partnership with the American University of Sharjah (AUS) in a move to advance crypto adoption in the UAE. The partnership will see the establishment of a scholarship fund that is likely...

Dubai, UAE-- In order to fulfill demand for working capital in Africa, DP World has partnered with Standard Bank, the largest bank in Africa by assets, to offer trade finance solutions jointly with DP World Trade Finance. African companies looking for trade finance will now be able to seamlessly access...

Dubai, UAE - Dubai-based consumer technology holding group Astra Tech has launched the world's first "Ultra app" - Botim 3.0.  The app is a combination of fintech, e-commerce, GPT, and communications in a single user experience, built on top of a communication platform.  Botim GPT is an executional GPT that...

London, United Kingdom -- From digital bank Revolut to money-transfer group Wise and payments company Checkout, London is Europe's fintech champion and intends on keeping its crown. "Before Brexit, the UK was a great place" for the sector developing financial technology, Revolut's global head of government affairs, Adam Gagen, told UK...

In an age driven by rapid innovations, more people are turning to fintech and digital banking solutions as traditional banking systems become increasingly outdated and untrustworthy. By focusing only on regulating legacy banks, the US government risks falling behind in a fast-changing sector, adds Nigel Green.

Dubai boasts a thriving community of startup incubators and accelerators, as well as regulatory sandbox schemes for the development and testing of new tech business models.

The UAE is poised to become a hub for blockchain firms and startups, and a leading example for the rest of the world to follow. As we continue to innovate and build the ecosystem, the robust and consistent rules that are being laid out will make UAE a leading blockchain...

Startups in the Middle East and North Africa raised $3.94 billion in 2022, a 24 percent increase in investment value compared to 2021, according to Wamda.

There is a rise in the interest of foreign investors in the MENA startup ecosystem as their share increased from 20 percent in 2021 to 47 percent in 2022, reports suggest.

Dubai, UAE-- Dubai Chamber of Commerce has unveiled a new financial technology (fintech) and payments business group to join the forces of all companies within the fintech and payments sector. The new entity aligns with the Chamber’s plans to raise the number of business groups representing economic sectors across Dubai...

Riyadh, Saudi Arabia---The Saudi Central Bank (SAMA) has licensed Manafa, a finance company specialized in debt-based crowdfunding in the kingdom. Manafa  is a closed joint-stock company with a capital of SAR 40 million. The license was granted to the company after a successful trial run in SAMA's Regulatory Sandbox, an...

Fintechs remain popular with investors mainly due to their scalability, rapid market growth and dependency of people on technology, says Theresa Doan of SEE Institute.

Abu Dhabi, UAE -- Abu Dhabi Islamic bank (ADIB) and Abu Dhabi Global Market (ADGM) will collaborate to support the growth needs of the financial community of Abu Dhabi. They signed an agreement under which the ADIB will provide clients with ADGM licensed managers for Sharia compliant banking services and...

Abu Dhabi, UAE---Liquidity Group, a FinTech company, became the first Israeli firm to join the $545 million Abu Dhabi Investment Office (ADIO) Innovation Programme. The partnership will support Liquidity Group’s establishment of an R&D centre in Abu Dhabi to develop its proprietary technology-enabled underwriting algorithm and other financial solutions. Liquidity...

Years of strict pandemic controls and a political crackdown have hammered the Asian finance hub's economy and sparked an exodus of talent authorities say they now want to reverse.

Riyadh, Saudi Arabia---Saudi Ports Authority (Mawani) and the Saudi Information Exchange Company (Tabadul) signed an MoU to develop new port community management systems. The MoU aims to achieve the expansion of services provided in Saudi ports and doubling their number from 46 to 150 besides. It also aims at enabling...

Riyadh, Saudi Arabia---The Central Bank of Saudi Arabia has authorized four new financial technology companies to work under the umbrella of the legislative pilot environment in open banking. The new companies-- Wali Global Arabia for Information Technology, Sanam Saving Company for Information Technology, and Saber Arabia Company. Finance, and the...

The strategic partnership, which initially began in 2020, brought to market a new digital GIB financing platform to ensure swift and efficient access to finance.

Hub71, Abu Dhabi's global tech ecosystem, has selected its latest cohort of tech startups from a large number of applicants worldwide that chose to setup and scale from the UAE's capital. For the next two years, the new cohort will participate in Hub71's Incentive Programme, benefiting from equity-free incentives worth...

The GCC region is now witnessing an increase in adoption of open banking system and implementation plans are being put in place as regulators set new market policies.

Saudi’s Ministry of Finance and the National Center for Debt Management has partnered with Al-Ahly Financial Company to develop and launch savings bonds for individuals, and motivate them to save. This also includes discussing strategic partnerships with the private sector. The entities signed a deal regarding this, which is aimed...

The establishment of over 40 financial free zones in the UAE has encouraged innovation in digital banking. The fintech market in Saudi Arabia, meanwhile, is expected to grow by 55 percent by 2033.

Venture capital investments in Saudi Arabia have posted a staggering 244 percent increase to $584 million in the first half of 2022.

During the first half of the current year, startups in the Middle East have succeeded in raising $1.8 billion, according to a MAGNiTT report. The fintech sector remained the most capital attracting sector, raising nearly $1.7 billion and accounting for 34 percent of the total funding secured across all markets....

The painful combination of chronic 1970s-style inflation and a shrinking economy means that you might need to rebalance your investments, warns Nigen Green, the CEO of deVereGroup, an independent financial advisory, asset management and fintech organization. The warning from Green comes as global stock markets are tanking as investors fret...

Fortunes will be made in this current bear market as in-the-know investors use the 20 percent drop as a major buying opportunity, says Nigel Green, CEO and founder of deVere Group, an independent financial advisory, asset management and fintech organization. Green’s observation comes as the S&P 500, Wall Street’s main...