The financial industry is undergoing a seismic transformation, with artificial intelligence and fintech reshaping everything from regulatory compliance and customer experience to counter-fraud measures. Across the globe, banks are adopting generative AI and machine learning to drive innovation, reduce costs, and enhance security. Saudi Arabia is emerging as a key player, with local tech companies…
Islamic finance has attracted considerable attention over the last two decades as a substitute to traditional finance. It essentially refers to banking and financial activities that are conducted in accordance with Sharia, or Islamic law. Approximately 25% of the global population is Muslim – the community with the fastest rate of growth. With a median…
Fintech firm FIS posted a 37% rise in its third-quarter profit on Monday, driven by increased demand at the banking and payments processing unit and for its capital market solutions. A shift toward digital and online banking services has significantly increased demand for FIS’ banking and payment processing solutions. Small and mid-sized banks, in particular,…
The ninth edition of the Singapore FinTech Festival will kick off next week from 6 to 8 November 2024. This year, Artificial Intelligence (AI) and quantum technology will take centre stage, underscoring their transformative potential for the financial sector. With rapid advancement in the adoption of AI and in quantum technology, SFF 2024 offers a unique…
CryptoBlox Technologies Inc. has announced its acquisition of Blockchain Fintech Unipessoal LDA, a Portuguese company specializing in blockchain-based financial technologies. The announcement was part of the amended agreement that revises the initial acquisition terms disclosed on March 5, 2024, reflecting the latest developments in CryptoBlox’s strategic pursuit to expand its blockchain ecosystem. Under the new…
Zain KSA has announced its financial results for the first nine months of 2024, achieving revenue of SAR 7.7 billion, a 4.5% year-on-year growth. Net profit over the period amounted to SAR 322 million, a 33% increase compared to the corresponding 2023 period, excluding the tower sales earnings. This financial performance reflects Zain KSA’s strategic…
The FDI boom is a product of Saudi Arabia’s ‘Vision 2030’ plan, first announced in 2016. Driven by a desire to diversify away from hydrocarbons, Saudi Arabia is looking to transform its economy by nurturing new industries, attracting investment and positioning itself as an early adopter of advanced technologies. One area that Saudi Arabia is…
e& enterprise, the digital transformation arm of the global technology group e&, and its partner World Wide Generation (WWG) are enhancing the ‘Sustainability as a Service’ offering for the MENA region. By joining forces with UAE entities—including regulators, financial institutions, and government bodies—they aim to support banks, investors, and corporations in meeting upcoming reporting regulations,…
Investcorp, a leading global alternative investment firm, is pleased to announce a commercial partnership with Awaed, the first commission-free Saudi trading platform. Under the terms of the partnership, Awaed will enable their clients to invest into Investcorp’s Saudi Pre-IPO Growth Fund. Investcorp is one of the first global asset manager to set up a strategic…
The Financial Secretary of the Hong Kong Special Administrative Region (HKSAR) government Paul Chan has recently stated that fintech cooperation between Hong Kong and the Middle East region will enter a new milestone. Chan said in his blog that he will lead a business delegation consisting of representatives from the financial and innovation sectors to…
