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…
Kuwait Finance House (KFH) is set to implement Indian software vendor Gieom’s Digital Blueprint software to centralize and streamline its policy and procedure management. The software will enable the $55 billion-asset Islamic bank to create role-based business process flows in collaboration with employees and stakeholders using Gieom’s in-built BPMN 2.0-compliant drawing tool or Microsoft Visio….
Qatar Financial Centre (QFC), a leading onshore financial and business hub in the region, has been recognized with three notable awards, highlighting its dedication to fostering innovation in financial services and impactful corporate social responsibility (CSR) initiatives. Among the accolades is the esteemed Emerging Technology Initiative Award, presented at the 8th Middle East Enterprise AI…
National Bank of Fujairah (NBF), a full-service corporate bank based in the UAE, has extended its partnership with Intellect Global Transaction Banking (iGTB) to digitize its wholesale business. The $15.1 billion asset bank first signed for the vendor’s open finance platform eMACH.ai in August, a move credited at the time as the first deployment of…
Bahrain FinTech Bay (BFB), a leading hub for financial technology innovation, proudly announced the inception of the MENA Innovation Academy. This initiative is dedicated to cultivating talent, fostering fintech expertise, nurturing an innovation mindset, and enhancing career readiness within financial organizations across the MENA region. MENA Innovation Academy will be established in partnership with the…
The gargantuan rise of the fintech industry continues to spearhead transformation within the electronic payments sector, with a profusion of mobile wallets and payment systems offering staggered, interest-free settlements hitting the market. The shift towards non-cash payments is accelerating regionwide. By 2027, most payments in Saudi Arabia are expected to be electronic, with real-time payments…
Although Middle Eastern countries have been considered cash-forward economies, with the majority of residents using local fiat currencies to complete transactions and conduct trade, and although in some countries, cash is still considered to be the dominant form of payment, other advanced economic centers are changing their direction. As the advancement of digital payments and…
The Middle East and North Africa (MENA) region is becoming a global contender in the cryptocurrency world, securing the seventh-largest spot in the market by 2024. With $338.7 billion in on-chain value received between July 2023 and June 2024, MENA accounts for 7.5 per cent of the world’s total transaction volume. Although the market lags…
Egypt-based Paymob, the financial services enabler in the MENA region, has announced a $22 million Series B extension round, bringing the company’s total Series B funding to $72 million. EBRD Venture Capital led the extension round, which also saw participation from Endeavor Catalyst and existing investors BII, A15, Helios Digital Ventures, and Nclude. The GCC…
Barq, a pioneering FinTech startup from Saudi Arabia, has joined forces with the global financial services giant, Mastercard. Barq is known for its innovative approach in the financial sector, offering a range of services designed to modernise and streamline payment processes for its clients. The partnership aims to empower Barq’s customers through Mastercard Gateway by…
