finance

  • Blockchain and banking: A blessing or a curse?

    The word blockchain has been thrown around a lot recently and has become the ultimate buzzword within several industries. Applying blockchain in banking has become one of the most discussed topics within the banking and finance sector.

  • China introduces facial recognition payment infrastructure

    China, home to one of the most advanced mobile payment infrastructure in the world, has adopted facial payment technology.

  • Crypto.com welcomes Enjin’s new ENJ Coin

    On Tuesday, the pioneering cryptocurrency platform announced that Enjin’s ENJ Coin has been addedto their Wallet & Card App alongside bitcoin (BTC), ether (ETH), Litecoin (LTC), Binance Coin (BNB) and XRP.

  • DFSA to launch cybersecurity platform for Dubai’s financial sector

    The Dubai Financial Services Authority (DFSA) has announced a special platform which they have set up to ensure greater cybersecurity of financial firms within the city.

  • DIFC’s FinTech Hive unveils ‘Scale Up Program’

    DIFC’s FinTech Hive revealed the launch of a new funding accelerator program for FinTech start-ups in the MEASA region.

  • Entrust Datacard acquires nCipher Security from Thales

    Acquisition extends the Entrust Datacard portfolio to include general purpose hardware security module offering that provides enhanced cloud, data security, compliance and payments capabilities.

  • Etisalat collaborates with 8 banks on new Blockchain platform

    Etisalat Digital, in partnership with First Abu Dhabi Bank (FAB) and Avanza Innovations, have developed UAE Trade Connect (UTC), a new nationwide platform that will use the latest disruptive technologies to digitise trade in the UAE. The initial phase will focus on addressing the risks of double financing and invoice fraud before turning to other key areas of trade finance.

  • Etisalat’s new eWallet partnership to enable real-time international money transfers

    A joint venture between Etisalat and Noor Bank, Digital Financial Services LLC, has partnered with MoneyGram, a global leader in cross-border P2P payments and money transfers, to offer international remittance services in the UAE.

    With this partnership, eWallet customers will be able to make international money transfers in real-time to friends and family in over 200 countries and territories worldwide through an expansive network of mobile wallet operators, bank account deposit services, and over 350,000 walk-in locations. 

    Regulated and licensed by the Central Bank of the UAE, eWallet is a revolutionary digital payment service aimed at empowering the UAE residents with safe, convenient and flexible payment solutions through an easy-to-use eWallet mobile app. 

    Unlike other mobile wallets and payment apps, a unique feature of eWallet is that there is no need to have a bank account, credit or debit card to do digital payments. Customers need a valid Emirates ID and a UAE mobile number to open an eWallet account.

    Once registered, users can instantly top-up their wallet balance and start sending and receiving money between mobile phones, transfer to own or third-party bank accounts, and do merchant payments, bill payments, and mobile recharges. In addition to sending money globally through MoneyGram, users can also withdraw cash from their wallets by visiting the nearest MoneyGram agent location.

    Commenting on the partnership, Ahmed Al Awadi, Chairman of Digital Payment Services, said: “eWallet continues to be an innovative solution that uplifts the way UAE residents conduct financial transactions today. Our partnership with MoneyGram will further enrich our consumers with the state-of-the-art customer service experience which MoneyGram is renowned for and will boost our future expansion plans.”

    “Etisalat has digitally transformed its business to adopt to the increasingly tech-savvy lifestyles of its customers, which is an extremely diverse population as the UAE is home to over 200 different nationalities that comprise one of the world's highest percentage of immigrants,” said Grant Lines, Chief Revenue Officer at MoneyGram.

    “We're excited about how this partnership will help accelerate digital growth as we bring our leading customer-centric capabilities to reach more people in the third biggest outward remittance country in the world."

    Etisalat and Noor Bank have brought their key strengths in technology, banking, marketing, distribution networks, and superior digital experience to launch this new service in the UAE. The partnership is in line with the UAE Vision 2021 of creating smart knowledge economies that will enable a shift to a cashless economy.

  • Experts forecast IoT spending to hit $745bn

    The International Data Corporation (IDC) Worldwide Semiannual Internet of Things Spending Guide has predicted worldwide spending of Internet of Things (IoT) will reach $745 billion in 2019.

  • HSBC UK launches green finance range for SMEs

    HSBC UK Commercial Bank has announced its latest offering of a variety of ‘green’ finance services to help support businesses looking to meet their environmental and sustainability goals.

  • Huawei enables “AI+Data” for Smart Finance

    Huawei held their Global FSI Summit 2019 with its partners I Shanghai, China on Thursday where industry key players discussed the latest developments in FinTech.

  • Japan’s Seven Bank launches facial recognition system in ATMs

    Japan’s Seven Bank has recently partnered with NEC to introduce ATMs that implement facial recognition into their systems, incorporating biometric authentication along with a QR code scanner. This new system would not only allow banks to identify its customers, but also allow people to open bank accounts on the spot.

  • LIBF awards Ahmed Ali Al Sayegh with honorary award

    The London Institute of Banking & Finance (LIBF) has accorded an honorary Master’s Degree award to His Excellency Ahmed Ali Al Sayegh, Minister of State (UAE) and Executive Chairman of Abu Dhabi Global Market, during its annual graduation ceremony held at the Guildhall in central London.

  • Lyft shares decrease in light of Uber’s looming IPO

    Uber has announced its initial public offering (IPO) to be released on Thursday and will make its market debut in May.

  • SADAD partners with Oracle to deliver next gen security-enabled payment services

    Saudi Payment’s SADAD, the national electronic bill presentment and payment service provider for the Kingdom of Saudi Arabia has chosen Oracle solutions to implement a robust payment security system, develop digital economy ready services and drive cost efficiencies.

  • SAS and NVIDIA join forces for AI development

    SAS and NVIDIA have announced a new partnership which aims to help organizations bring artificial intelligence (AI) into their businesses.

  • Startups gather in Dubai to participate in FinTech Hive Accelerator program

    In line with the continuous growth and development of the Dubai International Financial Centre’s financial innovation ecosystem, the DIFC FinTech Hive, announced today the commencement of the 2019 edition of its accelerator programme.

  • UAE businesses increase tech investment due to pandemic, KPMG study finds

    Almost half of technology leaders, both globally and in the UAE, expect budgets for IT/technology to increase, driven by a surge in spending on operational efficiencies, customer engagement and data-driven insights. This is among the key findings of The Harvey Nash/KPMG CIO Survey 2020, one of the largest IT leadership surveys in the world, with over 4,200 responses from CIOs and technology executives across 83 countries.

  • UAE consumers increasingly trust digital payments over cash, according to survey

    The Department of Economic Development (DED) in Dubai, and the world’s leader in digital payments, Visa (NYSE: V), today launched ‘Stay Secure,’ a consumer education campaign that aims to promote safe digital payment (card and mobile) practices among UAE consumers.

  • UK watchdog raises concerns about unregulated crypto market

    The UK’s Financial Conduct Authority has raised concerns about the cryptocurrency market and has warned the public of the threats involved with unregulated cryptocurrencies.