Beijing, China--China maintained a basic balance in its international payments last year, with its current account surplus amounting to US$264.2 billion, the country's foreign exchange regulator said on Sunday. According to China Central Television, the State Administration of Foreign Exchange (SAFE) disclosed that the ratio of the current account surplus...

The Noqodi platform will enable digital payments.

iPhone users can download alternative app stores.

Riyadh, Saudi Arabia -- Nearly 43 percent of people in Saudi Arabia expect to send cross-border payments more frequently in the next 12 months, according to Mastercard’s Borderless Payments Report 2023. Globally, the report highlights two in five (40 percent) senders, and half of receivers, intend to use cross-border payments...

Dubai, UAE -- Nearly 48 percent of individuals in the UAE anticipate an uptick in cross-border payments over the next 12 months and 36 percent expect to receive more cross-border payments during the same period, according to the recently released Mastercard Borderless Payments Report for 2023. Globally, the report indicates...

Abu Dhabi, UAE -- The Arab Monetary Fund (AMF) and the State Bank of Pakistan (SBP) have signed an MoU to enhance cross-border payments. The partnership aims to create a framework for cooperation between Buna, the cross-border payment system operated by the Arab Regional Payments Clearing and Settlement Organization (ARPCSO),...

NEW DELHI, INDIA – The Chief General Manager of the Reserve Bank of India's Department of Payment and Settlement Systems, said that the country is looking forward to more meaningful cooperation with the UAE in the field of digital payments. Speaking to the Emirates News Agency (WAM) on the sidelines...

NEW YORK, US – In the last three years, poverty rates in low-and lower-middle-income countries have surged, with the number of additional individuals living on less than $3.65-a-day reaching 165 million by 2023, said a United Nations Development Program (UNDP) in a new policy brief. According to the policy brief...

Results of large US banks released underscored the boon from higher interest rates, as executives described the world's biggest economy as "resilient" but facing risks. JPMorgan Chase, Citi and Wells Fargo all enjoyed the benefits of being able to charge higher rates on loans, while not suffering much from elevated...

BAGHDAD, IRAQ - A powerful alliance of pro-Iran factions in Iraq called on Sunday on Baghdad to pressure the United States to unlock pending payments to Tehran for crucial gas imports. Iraq, ravaged by decades of conflict and international sanctions, relies on gas imported from its eastern neighbor for a third...

Dubai, UAE-- Making payments digitally for every purchase may have become a universal thing, but it is not always the safest method, according to a new survey by Kaspersky. The survey revealed that some 18% of respondents from the Middle East experienced financial losses associated with threats when using online...

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...

The EU announced the discovery of a sophisticated US$2.3-billion VAT tax fraud that triggered raids in 14 countries, including France, Germany, Greece and Spain. Over 600 people participated in the scheme, "believed to be the biggest VAT carousel fraud ever investigated in the EU," according to the European Public Prosecutor's...

Bank announced a share buyback of US$1.4 billion.

Will enable SMEs to access e-commerce faster.

A leading retailer in the UAE has said that over 15 percent of its customers have now shifted to 'Buy Now, Pay Later' (BNPL) mode.

Unstable political conditions in several Arab countries make them high- or extreme-risk places for businesses.

Post pandemic, the logistics sector is best placed to support e-commerce businesses in tapping the unlocked potential of the large and still untapped market. The Middle East, which is continuing to experience rapid growth in e-commerce, may get an additional push from the logistics sector, she adds.

GCC countries are accelerating economic integration by activating the financial links between companies, banks, and stores to make life smoother for citizens and residents.

Most luxurious vacations are purchased through crypto, same goes for luxury real estate and many more retail services, says Atul Hegde, NFT & digital marketing expert.

The rise of digital payments also increases the chances of payment frauds in the region, Damon Madden, Head of Business Development - Fraud at ACI Worldwide, tells TRENDS.

The sector, according to a KPMG report, scores low on customer satisfaction due to operational issues, lack of timely support, long waiting times and lack of feedback.

More countries are experimenting with CBDCs and some are beginning to bring them to market, potentially offering lessons for the rest of the world.

The Saudi Central Bank (SAMA) announced that the number of Points of Sale (PoS) terminals inside the kingdom have exceeded the 1 million mark. These terminals can be found at commercial sales outlets in more than 180 cities and villages, SAMA said, attributing the achievement to a plan that was...

Payment landscape in Gulf countries is headed for a significant change, Ralf Wintergerst, Group CEO of G+D tells the TRENDS. "CBDC solves several challenges of today’s payment and crypto-currency world. There’s a multitude of payment options, be it cash or digital, as well as the emergence of new forms of...

New data out Friday showed $590 million in ransomware-related payments were reported to US authorities in the first half of 2021 alone, setting a pace to beat totals for the whole previous decade as cyber-extortion booms.

Apple was forced to loosen the grip it holds on its App Store payment system. The tech giant requires developers to adhere to its rules for what apps can or can't do, and makes them use the App Store payment system for all transactions there.

The number of financial transactions in H1 2021 exceeded 1.6 million, double the number in the same period last year.