UAE on way to become cashless economy by 2025

• According to World Bank, the UAE has about 61 automated teller machines (ATMs) per 100,000 adults, much more than the world’s average of 43 ATMs
• The central bank digital currency (CBDC) could be launched in the UAE and Saudi Arabia in the next two to five years

UAE, Bahrain lead MENA’s fintech sector boom

• The fintech sector in the Middle East has been growing at a Compounded Annual Growth Rate (CAGR) of 30%
• Close to 47% of the fintech deals in 2019 were sealed in the UAE and nearly half of the fintech firms in the region are based in this Gulf country

Lebanon’s bank chief vows no forex raid to fund fuel unless law changed

• The country's Foreign exchange reserves have dwindled in recent months to now stand at $14 billion
• Earlier this week, the central bank had said it would no longer subsidise fuel imports

Bank ABC Islamic H1 gains hit $19.2m

• The profit reflects the bank's success in returning to normal performance after absorbing the one-off exceptional fraud related impairment in 2020
• Other key highlights include the total operating income of US$21.5 million which is 8.1% lower than the same period last year

$600m crypto theft case about to be solved?

• Poly Network on Tuesday identified the vulnerability that had been exploited to break into its platform
• A threat actor named an entity named PolyNetwork Exploiter is now transferring funds back to the company

DIB ups foreign ownership limit to 40 percent

• Group CEO says the bank geared towards benefitting from the re-opening of the Dubai economy post Covid-19 pandemic.
• The enhancement of FOL was executed through the Dubai Financial Market.

Millennial, Gen Z Muslims to adopt Islamic banking if it gets more accessible

IMF officially approves increased lending capacity

HSBC MENA’s pre-tax profit at $700m in H1

Bahrain court six jails bank officials for in $1.3-billion money laundering case