SunTec inks two VAT tech deals with UAE banks
Finance House and Union National Bank sign up for flagship Xelerate platform.
Middle East
Ripple fuels UAE Exchange’s cross-border payments
Via the deal, UAE Exchange joins RippleNet, its enterprise blockchain network.
NCR overhauls ATM network at BankDhofar, expands ATM access in India
The breadth of NCR’s work with financial institutions and underbanked populations around the world.
New go-lives and clients for core banking tech vendor BML Istisharat
BLC Bank has ousted Ambit Treasury Management in favour of BML Istisharat’s ICBS.
ADGM heads e-KYC utility project in UAE
Abu Dhabi Global Market has started the development of an electronic know your customer utility.
Saudi Arabia to build new testing and certification scheme for payments
FIME to develop a bespoke cloud-based testing platform and certification process.
Growth, wealth and modernisation drive fintech innovation in MENA region
An interesting place to be a bank or a fintech!
Payoneer partners with Waze to power local payments
Currently available in Texas, California and Israel.
Sharjah Islamic Bank implements SunTec’s Xelerate for VAT
SunTec will facilitate in computing and invoicing of the new Value Added Tax (VAT) for SIB in the Gulf region.
Al Hilal Bank selects SunTec to sidestep VAT law splat
Will use Xelerate solution for the management of the newly introduced Value Added Tax (VAT) regime.
Central Bank of Bahrain’s fintech sandbox heats up
Welcomes three new faces – investment service Wahed, BitArabia and online Bitcoin exchange Belfrics.
Crealogix moves on Middle East with Innofis acquisition
Swiss firm buys 100% of Innofis – a digital banking supplier for the Middle East.
Jordan Ahli Bank launches chatbot service, ahli bot
The first bank in Jordan to introduce a chatbot service. It is currently in beta version.
ACI Worldwide and HyperPay partner to fight fraud in MENA
The two companies will offer integrated, real-time fraud prevention solutions for e-commerce payments for merchants in MENA.
Invitation for tender: bank & non-bank institutions supervision BI/DW in Iran
Informatics Services Corporation (ISC) invites bidders.
Bahrain Middle East Bank chooses Wolters Kluwer’s OneSumX for Finance
Will provide the basis for its core banking and reporting system.
Emirates NBD appoints chief digital officer, seeks fintech partnerships
Emirates NBD’s new chief digital officer is on the lookout for partnerships with fintechs.
NetGuardians teams up with Masaref Business & Systems Consulting
Will bring the Swiss fintech’s anti-fraud solutions to FIs in the Middle East.
Viola plans to pull strings with $100m fintech fund
Israeli investment group Viola has tuned up nicely with an initial closing of $100 million toward a target of $120-$150 million for its new global fintech fund.
Saudi stock exchange in post-trade tech revamp with Nasdaq
The Saudi Stock Exchange (Tadawul) has chosen Nasdaq to overhaul its post-trade technology infrastructure, which includes registry, depository and risk management technologies.
ADGM goes out to Plug and Play for Middle East innovation
The agreement by Silicon Valley accelerator Plug and Play and Abu Dhabi Global Market (ADGM) is the latest sign that the hot MENA fintech sector is about to get a lot warmer, reports David Penn at Finovate (Banking Technology’s sister company). The new partnership calls for Plug and Play to open a new office in Abu Dhabi […]
East vs. East: a comparison of regional fintech trends
With our newest conferences – FinovateAsia and FinovateMiddleEast – back-to-back, we wanted to examine unique trends to those regions, reports Julie Muhn at Finovate (Banking Technology’s sister company). Each place has its own distinctive culture, and with that comes not only individual financial needs, but also a particular set of regulatory rules. These factors not only create […]
Kamco to revamp investment tech with Finastra
Kamco, an investment company in Kuwait with $10.4 billion in assets under management (AUM), has selected Finastra’s Fusion Invest platform.
Bahrain launches largest fintech hub in MENA region
The Bahrain Economic Development Board (EDB) and FinTech Consortium (FTC) have launched Bahrain FinTech Bay (BFB), the “largest dedicated fintech hub in the Middle East and Africa”. The new hub aims to further the development and acceleration of firms as well as the interaction between investors, entrepreneurs, government bodies and financial institutions. BFB, with an […]
BMB Investment Bank in treasury tech revamp with TCS Bancs
Bahrain-based BMB Investment Bank has opted to modernise its treasury operations with the TCS Bancs system from TCS Financial Solutions.
Abu Dhabi wants eyes open wide via digital currency guide
The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) has set out its approach to initial coin offerings (ICOs) and virtual currencies under the Financial Services and Markets Regulations (FSMR). It cites the usual stuff that distributed ledger technology (DLT) has “extraordinarily wide application to financial services and markets as a whole” […]
Mashreq launches Neo digital bank for millennials
Dubai-based Mashreq has confirmed its future as a branchless bank, with the launch of its digital entity Mashreq Neo. As reported in May, Mashreq was mulling the branchless route in a speech by CEO Abdul Aziz Al Ghurair at its 50th anniversary ceremony. At that time, Banking Technology expected this to be a digital bank […]
Calypso lands IT overhaul deal with Invest AD
Abu Dhabi Investment Company (Invest AD) is implementing new treasury and asset management software from Calypso, front-to-back office.
Temenos vs Finacle in Union Bank of Israel’s core banking system search
EXCLUSIVE: Union Bank of Israel (also known by its Hebrew name – Bank Igud) is looking for a new core banking system and supplier.
Bank of Khartoum turns to Path Solutions core banking system for UAE move
Bank of Khartoum (BOK) is implementing Path Solutions’ iMAL Islamic core banking system for its new branch in the United Arab Emirates – BOK International UAE. As reported last year, BOK opened its first international branch (in Bahrain), underpinned by Path’s iMAL. Path Solutions is a long-standing tech supplier to the Sudanese bank, but says […]
Commercial Bank of Dubai in core banking platform upgrade
International Turnkey Systems (ITS) has upgraded its core banking system, Ethix, at Commercial Bank of Dubai (CBD).
Mashreq Bank revamps with NCR tablet and video banking tech
Dubai-based Mashreq Bank will revamp its banking services in the UAE with the help of NCR technology over the next six months. NCR says Mashreq will be the first in the region to deploy its tablet-based Interactive Banker, which lets tellers come out from behind their counters to help customer’s complete transactions. Sandeep Chauhan, head […]
Bahrain’s fintech sandbox fires up with dynamic duo
Anything UAE can do, we can do better. No you can’t, yes we can. The UAE has got some competition as the Central Bank of Bahrain (CBB) has welcomed the first members to its new regulatory sandbox – mobile banking firm Now Money and finserv provider Tramonex. As reported in June, CBB announced new regulations […]
Dubai and Hong Kong hug for fintech innovation
The Dubai Financial Services Authority (DFSA) and the Securities and Futures Commission (SFC) in Hong Kong have entered an agreement to establish a framework of co-operation for fintech innovation. Both authorities will share information on developments and the agreement “also intends to encourage both regulators to refer innovative firms to one another’s markets and to […]
Dubai’s FinTech Hive accelerator kicks off
Dubai International Financial Centre’s (DIFC) inaugural FinTech Hive accelerator programme has started with the first batch of 11 finalists. As reported in April, DIFC called for applications for its FinTech Hive. The 12-week programme is designed to help early and growth-stage firms accelerate product and business development by gaining exposure to financial institution executives. Raja […]
Abu Dhabi Global Market and UAE Exchange partner for “vibrant fintech ecosystem”
Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi and UAE Exchange have teamed up “to support, develop and promote the fintech” ecosystem in the country.
Al Masraf to swap ITS Ethix for Temenos T24 core banking system
UAE-based Arab Bank for Investment and Foreign Trade (Al Masraf) is modernising its front-to-back office technology with Temenos. On the way out is the Ethix core banking system from regional vendor International Turnkey Systems (ITS).
Abu Dhabi’s first fintech innovation challenge for start-ups launched
Abu Dhabi Global Market (ADGM) and KPMG are launching the first Fintech Abu Dhabi Innovation Challenge – a five-week programme for “innovative and mature start-ups across the globe”.
Efigence designs interface for Emirates NBD’s new digital banking platform
Emirates NBD has launched a new digital banking platform with interface design developed by Efigence Group, a Poland-based customer experience (CX) specialist. Efigence, through its Artegence business, worked on “enhanced information architecture, re-designing user experience with a new graphical user interface (GUI) and supporting the implementation of front-end technology”.
Abu Dhabi and Kenya form fintech bridge
Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, and the Capital Markets Authority (CMA) Kenya have signed a co-operation agreement for fintech innovation. The agreement provides a framework for information sharing; and keeping abreast of regulatory and relevant economic or commercial developments in the respective markets. They will also support fintech […]
