DIFC unveils five-year innovation strategy for financial services

Dubai International Financial Centre (DIFC) and Refinitiv have revealed a five-year outlook for innovation in the financial services industry. Following the initial wave of innovation sparked during the pandemic, the global financial services industry continues to see major transformations. Tailored to the evolving preferences and expectations of customers and clients, the high demand for convenient […]

FAB, Magnati unite with Geidea to boost digital payments

First Abu Dhabi Bank (FAB) and Magnati have entered into a strategic alliance with Saudi Arabia’s largest fintech company Geidea to provide digital payment acceptance services for businesses in the Kingdom.The collaboration has the potential to be transformative in the Saudi payments space and is set to create exceptional value for clients, bridging the gap […]

SoftBank nears deal to sell Fortress to Mubadala for up to $3bln- FT

SoftBank Group Corp is in late-stage talks to sell asset manager Fortress Investment Group to Abu Dhabi-based sovereign wealth fund Mubadala for as much as $3 billion, the Financial Times reported on Wednesday. The talks have been going on since last year and a deal, which will help Softbank pay down its debt, could be […]

Dubai: Fintech helps DIFC grow faster than emirate’s overall economic growth

  Financial technology (popularly known as Fintech) has become a major growth driver for the Dubai International Financial Centre (DIFC), helping it to grow faster than Dubai’s overall growth rate. Essa Kazim, governor of DIFC, said the financial centre has become a major engine of growth for the emirate’s economy and a significant contributor to […]

DIFC to host inaugural Dubai FinTech Summit next week

  Dubai is set to host the first-ever Dubai FinTech Summit on 8th and 9th May under the patronage of H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance. The Summit will be organised by Dubai International Financial Centre (DIFC) at Madinat Jumeirah and […]

MBME to list on Abu Dhabi Securities Exchange Growth Market on April 17

MBME Group, the UAE’s largest payment aggregation platform, has announced that it will list on the Growth Market of the Abu Dhabi Securities Exchange (ADX), thus becoming the first fintech company to be listed on the UAE’s financial markets. MBME is to list on April 17. The Group says it will expand its offerings, access […]

Fawry, BOTIM cooperate to enable international money transfers for Egyptian expats in UAE

The leading Egypt-based e-payment company Fawry has signed a memorandum of understanding (MoU) with the Emirati calling app BOTIM to offer residents in the UAE and Gulf Cooperation Council (GCC) countries money transfer and invoice payment services via BOTIM app, according to an emailed press release on February 27th. As per the MoU, users in […]

Dubai DIFC’s 2022 revenue tops $272mln for first time

Dubai International Financial Centre (DIFC) added new companies to its register and grew revenue to over 1 billion dirhams ($272 million) for the first time. The number of active companies in the financial freezone is now 4,377, up 20% year-on-year, a Dubai Media Office statement said on Monday. In 2022, DIFC’s combined revenue grew 18% […]

UAE: Collaboration, not competition, creates wins for neobanks, say CEOs

  Digital banking apps are shaking things up and introducing a seamless, cost-effective, and flexible way of accessing financial services to customers in the UAE. Although some of the worst pandemic forecasts have not yet materialised, banks continue to face long-term revenue pressure and tighter competition. The opportunity to fast-track banking transformation has never been […]

Abu Dhabi cloud kitchen start-up The Cloud raises $10mln

UAE-based cloud kitchen start-up, The Cloud, has secured $10 million in a new funding round led by a consortium of venture investors. The Cloud is a B2B2C kitchen platform where food businesses can leverage their excess capacity by hosting third party restaurants. The investment, led by Middle East Venture Partners (MEVP) and Olayan Financing Company, […]