Massachusetts-based software provider LogMeIn has acquired Nanorep, a chatbot and virtual assistant company, for $45 million to boost its artificial intelligence (AI)-powered ambitions in customer engagement. Headquartered in Herzliya, Israel, Nanorep uses AI and patented natural language processing technologies for self-service solutions. A number of companies, such as financial software firm Intuit, Vodafone, and non-fintech […]
Abu Dhabi Global Market (ADGM), the International Financial Centre of Abu Dhabi, Labuan International Business and Financial Centre (Labuan IBFC) and Labuan Financial Services Authority (Labuan FSA) have partnered to boost their financial ecosystems in Malaysia and Abu Dhabi. Labuan is a federal territory of Malaysia – and its capital, Victoria, is used as an […]
The Abu Dhabi Global Market’s (ADGM) Financial Services Regulatory Authority (FSRA) and the Australian Securities and Investments Commission (ASIC) have signed a co-operation agreement for financial innovation. This agreement, which follows on from recent deals with Hong Kong and Japan, expands ASIC’s network to the Middle East and North Africa (MENA) – which are “currently […]
Emirates NBD has launched FaceBanking, a “first-to-market service” offering video and live chat with advisors on its revamped online banking platform and mobile banking app. The new 24×7 service lets its customers connect with a personal banking advisor for queries and transactions by clicking a button on the online banking platform, “thus effectively bringing in […]
A unified clearing house could be on its way to the UAE, with a trio of organisations making noise that they’re working together to make it happen. The Abu Dhabi Securities Exchange (ADX) has signed a memorandum of understanding (MoU) with Dubai Gold and Commodities Exchange (DGCX), and its parent company, Dubai Multi Commodities Centre […]
The Saudi British Bank (SABB) has chosen Bolero International’s electronic trade document solutions for its corporate clients. According to Bolero, SABB is the first bank in the Kingdom of Saudi Arabia to let its clients initiate transactions electronically – and so “eradicate time-consuming inefficiencies associated with paper documents”. David Dew, managing director, SABB, says the […]
Oman Arab Bank (OAB), a long-standing customer of Finastra (formerly Misys), is implementing the Fusionbanking Essence core banking system. It will replace Misys’ Equation platform, in operation at the bank for over three decades.
In its recent survey of the Islamic finance industry, S&P estimated that the sector’s total assets have now reached just over $2 trillion. Given that the modern version of Islamic finance is only decades old, this represents exceptional growth over a comparatively short period of time.
Turkey’s largest private bank, Isbank, has unveiled its entrepreneurship programme for fintech start-ups in the country. Since forming an innovation team within its Digital Banking Unit, the bank says it has become “much closer” to tech entrepreneurs in the republic. The innovation team is working remotely at Kolektif House Levent (a co-working space for Turkish […]
The Central Bank of Bahrain (CBB) has announced new regulations to create a regulatory sandbox for fintech start-ups and firms to test and experiment their banking ideas and solutions. The framework provides a “virtual space” and it is open to existing CBB licensees and other local and foreign firms. The testing duration is nine months, […]
Turkey-based Garanti Bank’s new mobile app has won BBVA’s “Open Talent Ideas” fintech competition. BBVA launched the competition in February, and yesterday (5 June) the ten finalists presented their idea to experts from BBVA’s senior management. The winning idea was GarantiStore, a mobile app able to identify products automatically. Through image recognition techniques or by […]
Bahrain-based Eazy Financial Services will launch the region’s “first” biometric payment network powered by NCR. Consumers will be able to register their fingerprint through any bank linked to Eazy’s network and then use that at any device (ATM or POS) to start a transaction rather than using a card. In the first phase, NCR will […]
ICS Financial Systems (ICSFS) has signed a core banking software deal with National Bank of Yemen, and has gone live at BOND Savings and Loans in Ghana.
The Dubai Financial Services Authority (DFSA) will allow firms to apply for a financial services licence as it seeks to boost innovation in the region. As reported in March, DFSA issued a new consultation paper and proposed its licence plans. The licence, known as an Innovation Testing Licence (ITL), will allow qualifying firms to develop […]
Abu Dhabi Global Market (ADGM) has approved its first batch of Regulatory Laboratory (RegLab) firms comprising five local and international fintech start-ups. The start-ups were selected from a pool of 11 applicants and are now ready to further develop and test their innovations at the fintech regulation lab. Richard Teng, CEO of the Financial Services […]
Dubai-based Mashreq is planning its future as a branchless bank, according to a speech by CEO Abdul Aziz Al Ghurair at its 50th anniversary ceremony. With the rise in digital banking, Al Ghurair used the speech to express his understanding of the real world; and set out the bank’s vision of job cuts and embracing […]
The Middle East and Africa (MEA) is the payment cards region increasing the quickest across the globe, according to research by Retail Banking Research (RBR). According to RBR’s Global Payment Cards Data and Forecasts to 2021, the number of cards in issue in MEA increased by 13% to 611 million in 2015, making it the […]
Samsung Pay is expanding to four more countries – with official launches in Sweden and the United Arab Emirates (UAE), and it enters early access in Hong Kong and Switzerland. The launches in the UAE and Sweden are Samsung Pay’s first markets in the Middle East and the Nordics. Last month, Nordea launched the beta […]
Saudi Arabia’s Islamic lender Amlak International has chosen Temenos’ T24 core banking system for a tech revamp. The implementation and delivery will be done by National Data Consultants (NDC), a Pakistan-based system integrator and Temenos partner in the Middle East and Asia. T24 will replace Silverlake Axis’ SIBS core banking system, which has been in […]
First Abu Dhabi Bank, the new entity created as a result of a merger between First Gulf Bank (FGB) and National Bank of Abu Dhabi (NBAD), is to centralise its operations on Temenos’ T24 core banking system. The new platform will support the bank’s conventional and Islamic banking operations across the board (retail, corporate, investment […]
Al Khaliji France, a Paris-based subsidiary of Qatar’s Al Khaliji Bank, has gone live with a new core banking platform, Temenos’ T24, at its branches in the UAE.
Bahrain-based Bank ABC (Arab Banking Corporation) is modernising its digital channels for retail and wholesale banking customers with Backbase’s tech.
Dubai International Financial Centre (DIFC) is seeking applications for its FinTech Hive at DIFC accelerator programme. 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. Successful applicants will be offered the opportunity to develop, test and modify their innovations in collaboration […]
Al-Ahli Bank of Kuwait (ABK) has gone live with a new core banking system at its two branches in the UAE. The new platform is Finacle, supplied by Infosys’ product subsidiary EdgeVerve.
Make the most of your limited time with this brief blockchain and Bitcoin round-up. Featuring Commercial Bank of Qatar, Russia, Waves Platform, and a farmer. The Commercial Bank of Qatar has completed an initial pilot phase using the “first ever” blockchain network to process international transfers in partnership with ABank in Turkey, National Bank of […]
Across the world, branches are disappearing or even getting smaller, but Alawwal Bank, with the help of financial services IT consultancy Synechron, has opened a new digital branch in Saudi Arabia in the form of a coffee shop. The Ibda café is located in the Nakheel mall in Riyadh. The bank says customers can open […]
The kingdom of Bahrain is looking to Singapore’s success as it tries to boost its fintech fortunes with a new ecosystem and regulatory framework. The Bahrain Economic Development Board (BEDB), Singapore Fintech Consortium (SFC) and Dubai-based asset management firm Trucial Investment Partners have teamed up for the development plans. Khalid Al Rumaihi, BEDB’s chief executive, […]
Turkey’s largest bank, Isbank, has introduced a digital mortgage process where users can follow up credit pre-approval, the actual appraisal and overall credit process 24×7. In the bank’s “instant transaction” area, users’ mortgage applications are pre-approved within a “few seconds” and users can upload title deed images and pay the appraisal fee online to start […]
Abu Dhabi National Insurance Company (ADNIC) has implemented Profile Software’s IMSplus Insurance Investment Management solution. ADNIC uses IMSplus to monitor sector and asset class exposures of its invested assets. Profile says the system allows investment managers to analyse the company’s invested assets (cash, fixed term deposits, equities, bonds, funds, private equity and real estate) and […]
It’s a digital double as Warba Bank has launched the “first” e-signature function and online account opening in Kuwait. Called “Express Finance”, the e-signature is the result of an agreement between Warba and Kuwait’s Public Authority for Civil Information. It allows users to authorise the bank to view their information on the credit network (Ci-net) […]
Israel’s insurtech provider Atidot has launched the “first” Software-as-a-Service (SaaS) based predictive analytics platform for the life insurance sector. The firm says its big data modelling and decision making tools will “accelerate the pace” at which life insurance executives can use intelligence in their decision making. Existing company data is loaded to the proprietary Atidot […]
Dubai Financial Services Authority (DFSA) has issued a new consultation paper to find the ways to avoid creating a standalone regime to facilitate fintech companies. Instead, keeping in line with practices followed in the UK and Australia, DFSA will review innovative fintech business propositions and match them with applicable rules already prevailing in the region.
Al Etihad Leasing Company, a new venture launched by Jordan-based Bank Al Etihad, has completed its technology set-up. It has implemented ICS Banks Finance Lease System from regional vendor ICS Financial Systems (ICSFS).
The Monetary Authority of Singapore (MAS) and Abu Dhabi Global Market (ADGM) have signed a co-operation agreement to help fintech entrepreneurs and support innovation in financial services in Singapore and Abu Dhabi. The agreement establishes a framework for both regulators to assist start-ups and innovators to understand the regulatory regime in each jurisdiction and provide […]
Egypt-based El Taamir Mortgage Finance Company has gone live on Intellect Design Arena’s lending suite. Intellect says the implementation was completed in seven months including data migration. The suite equips El Taamir with automation of regulatory reports for the central bank as per Egyptian mortgage laws and generation of receipts for cash payments. Hassan Hussein, […]
Nasdaq and Borse Dubai have signed a new infrastructure agreement for Dubai’s stock exchanges, Dubai Financial Market (DFM) and Nasdaq Dubai, to improve post-trade practices. Under the agreement with Borse Dubai, the parent company of DFM, Nasdaq will deliver a new INET-powered, multi-asset trading technology engine (Nasdaq matching engine), a cash equities clearing module (Nasdaq […]
Japan’s Financial Services Agency (FSA) is looking to work closer on banking supervision with the Central Bank of the Islamic Republic of Iran (CBI). The pair have exchanged letters on co-operation and the plan is to examine the performance of their respective duties for the “safe and sound functioning” of banking organisations in their countries. […]
IBM has launched a blockchain initiative for trade finance with telecom operator du, Dubai Customs, Dubai Trade, Emirates NBD and Banco Santander. The plan is to explore the use of logistics solutions for the import and re-export process of goods in and out of Dubai. Using Hyperledger Fabric and IBM Cloud, their blockchain solution transmits […]
Emirates NBD has launched Cockpit Application, an intelligent new CRM solution for branches. The bank has also introduced biometric digital signatures and straight-through processing (STP) of digital forms.
Turkey’s largest bank Isbank has launched a new P2P money transfer service, called “social account”, available for the “first time” in the republic. The launch quickly follows on from the release of its new app, IsCep, to allow “for the first time” banking and stock exchange transactions through one application with real-time data. With the […]
