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.

GFH Financial Group has made significant investments in healthcare, education, logistics, and private lending in Saudi Arabia and the UAE, its CEO tells TRENDS in Davos.

Dubai, United Arab Emirates – Over-confidence is leaving consumers in UAE open to becoming victims of fraud, according to Visa’s annual Stay Secure study released Thursday. Despite more than half of respondents (61 percent vs. 56 percent global average) claiming to be savvy enough to sidestep online and phone scams,...

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.

The UAE is likely to remain the top e-commerce market in the GCC in 2023 but Saudi represents the largest potential growth over the medium and long term.

With an estimated 209 million people making purchases online at the height of the pandemic, e-commerce in the MENA area has grown faster than anywhere else.

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.

Local lenders are offering more services online to cater to a young, tech-savvy consumer base, speeding up the transition of the $200-billion digital business in the Middle East.

About 61% of the UAE consumers are opting for cards or digital wallets instead of paying in cash, a joint study by Dubai Economy and Visa has pointed out.

They will explore ways to boost cross-border payments.

The RTA’s Director-General Mattar Mohammed Al Tayer said this revenue came from just the authority’s e-payment portal and smart kiosks.

Analysts at Jordan-based Arab Advisors Group have said digital payments in Egypt and Saudi Arabia are on the rise

The Central Bank of the United Arab Emirates (CBUAE) has unveiled the Retail Payment Services and Card Schemes Regulation.

SMEs identify easier access to funding, digital payments, training and upskilling staff as key drivers of growth Rising cost of doing business worries the majority Confidence of Small and Medium Enterprises (SMEs) in the UAE is on the rise after the disruptions caused by the Covid-19 pandemic, says a Mastercard...

TRENDS speaks with Jorn Lambert, Group Executive, Digital Channels in Emerging Payments, Mastercard, about how Mastercard is offering richer experiences to its regional clients and sees massive opportunities in this region that are beyond developed markets. When it comes to evolving payment technology, how do you look at Middle East region? Today, consumer...