Growth, wealth and modernisation drive fintech innovation in MENA region
An interesting place to be a bank or a fintech!
UAE
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.
Emirates NBD appoints chief digital officer, seeks fintech partnerships
Emirates NBD’s new chief digital officer is on the lookout for partnerships with fintechs.
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.
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 […]
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”.
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 […]
Emirates NBD raises profile with FaceBanking launch
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 […]
UAE gives all clear for unified clearing house
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 […]
Dubai regulator unveils fintech innovation licence to thrill
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 […]
Five start-ups fire up with Abu Dhabi Global Market’s RegLab
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 […]
Mashreq bank mulls branchless future
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 […]
Al Khaliji France moves to new core banking system, Temenos’ T24
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.
Al-Ahli Bank of Kuwait swaps Misys’ Equation core banking system for Infosys Finacle
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.
DFSA proposes innovation testing licences
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.
Nasdaq revamps Borse Dubai market tech
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 […]
Emirates NBD steps up digital banking game with Cockpit Application launch
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.
Dubai gets first fintech accelerator
FinTech Hive, to be housed at the Dubai International Financial Centre (DIFC) in Dubai’s Central Business District (CBD), is set to launch this quarter. Accenture runs fintech innovation labs in New York, London, and Hong Kong; and has been tasked with setting up and operating the accelerator. Aimed at providing better financial services technology to […]
New digital bank coming to Middle East, Bank Clearly
Bank Clearly, a new digital banking service, is being set up in the UAE. Clearly will offer account opening “in seconds, completely online”.
Emirates Islamic Bank live with new core banking system
Emirates Islamic Bank, a Shari’ah-compliant banking subsidiary of Emirates NBD, has migrated to a new core banking platform, Infosys’ Finacle.
Commercial Bank of Dubai to launch digital-only bank
Commercial Bank of Dubai (CBD), will launch ‘CBD NOW’ next year, which it claims to be the nation’s “first” digital-only bank targeting millennials and “digitally connected” customers. However, two other banks in the region have also said the same thing. As Banking Technology reported in June, Emirates NBD is planning to launch the UAE’s “first” […]
Abu Dhabi launches fintech regulation lab
Abu Dhabi Global Market (ADGM) has launched its Regulatory Laboratory (RegLab) as it looks to boost innovation in the region. As Banking Technology reported in August, the Financial Services Regulatory Authority (FSRA) of ADGM was looking for public feedback and comments for its proposed RegLab. Richard Teng, chief executive officer, FSRA of ADGM, says it […]
Islamic Finance House in Temenos T24 core banking system upgrade
UAE-based Islamic Finance House (IFH) has upgraded its core banking system to Temenos’ T24 R14 platform. IFH has been using T24 since its inception in 2004, and says the latest enhancement “has given way to resource optimisation, scalability management and shortened approval processes”.
Emirates NBD unveils innovation lab
Emirates NBD has established its Future Lab, part of its digital strategy to speed up the development of digital and mobile banking services in the UAE. The bank says the lab is the “first of its kind in the UAE banking sector”, and will act as a “strategic think tank” in addition to being a […]
Abu Dhabi plans fintech regulation lab
The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) is looking for public feedback and comments for its proposed FRSA Regulatory Laboratory (RegLab). The RegLab will provide a “controlled environment to allow the development and testing of innovative fintech solutions”. It will be the “first of its kind” in the Middle East […]
SAB lands first core banking software deal in UAE, with Reem Finance
UAE-based Reem Finance has overhauled its core software with French vendor SAB and its flagship core banking system, SAB AT. This is the first taker of the system in the UAE, to Banking Technology’s knowledge. Banking Technology understands that on the way out is the Ethix system from regional vendor International Turnkey Systems (ITS). It […]
CustomerXPs releases real-time intraday liquidity monitoring solution for UAE banks
Banking analytics vendor CustomerXPs has unveiled its new Clari5 Intraday Liquidity Monitoring Solution. This “real-time, packaged and ready-to-deploy” solution aims to help banks in the UAE to comply with BCBS 248 requirements for intraday liquidity risk management, says CustomerXPs. The deadline for compliance with the BCBS 248 regulations is January 2017. CustomerXPs’ offering promises data […]
Al Hilal Bank’s new CIO looks to collaborate with fintechs
UAE-based Al Hilal Bank has got a new CIO, Gopi Krishnan. He is calling on fintech CEOs to get in touch “to explore ways to collaborate”.
Emirates NBD launches mobile contactless payments solution
Emirates NBD has unveiled Emirates NBD Pay, an NFC-based mobile contactless payment solution. The UAE-based bank says it is the “first” in the Central Europe, Middle East and Africa region (CEMEA) to incorporate Visa’s Token Service technology to launch a contactless payment solution. Suvo Sarkar, senior EVP and group head – retail banking and wealth […]
Emirates NBD to launch UAE’s “first” digital bank for millennials
Emirates NBD is planning to launch the UAE’s “first” digital bank targeted at millennials. The new bank is part of its three-year AED 500 million ($136 million) strategy to improve its processes, products and services. Shayne Nelson, group CEO of Emirates NBD, says this “digital transformation plan” is its “commitment to the future”. The bank’s […]
The rise of ‘halal hubs’ represents an Islamic finance opportunity
An interesting trend is developing in the halal sector: regional hubs are developing in places that have some local demand but not the size that would be significant markets on their own. Think of Malaysia (the largest) or Dubai or tiny Brunei. Each sees the halal sector as being strategic to their economic growth, and for Dubai and Brunei at least, as key aspects of their economic diversification. This trend has the potential to support global growth in the Islamic economy as well as SME development but need a lot of (costly) infrastructure put in place to open up the international side to SMEs
