Sunday , 9 December 2018

Financial Services

Kuwait’s central bank sets up test ground for fintech

Bahrain has created a fintech regulatory unit and Abu Dhabi and Dubai is cultivating a financial startup scene. Kuwait’s central bank has issued regulatory guidelines for companies wishing to experiment with new financial technology products and services, it said on Monday. Kuwait’s regulatory testing framework, known as a ‘sandbox’, will include four phases, with representatives from local banks joining a …

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UAE eyes 15-20% FDI increase by 2020- Ministry of Economy official

The UAE last month approved a new law aimed at attracting more investments into the country The United Arab Emirates is expecting a 15-20 percent increase in the flow of Foreign Direct Investment (FDI) into the country between the end of this year and 2020, boosted by a new Foreign Direct Investment law that was passed last month, a Ministry …

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Google Pay launched in the UAE

Google Pay will allow users to make purchases using Android devices at stores Internet giant Google announced the launch of its contactless payment service in the UAE, furhter ramping up the competition sector that is gaining wider acceptance. Google Pay will allow users to make purchases using Android devices at stores that accept contactless payments, as well as across all …

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DIFC will make first investment from $100mln fintech fund “shortly”

Fund is “in the process of being seeded and structured as we speak”, says chief business development officer Salman Jaffery The first investment to be made from the $100 million financial technology (fintech) fund launched by Dubai International Financial Centre (DIFC) is set to be made “shortly”, according to the centre’s chief business development officer, Salmaan Jaffery. Speaking to Zawya …

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Mideast Stocks: Qatar firms after cabinet reshuffle; other markets subdued

Gulf markets broadly negative Doha’s main index closed up 0.5 percent at 10,331 points, with petrochemicals, metals and fertiliser producer Industries Qatar jumping 1.4 percent, Qatar Islamic Bank adding 1.1 percent, and Qatar National Bank (QNB) rising 0.8 percent. In Saudi Arabia, the main index was down 0.4 percent, with heavyweight Al Rajhi Bank and petrochemical giant SABIC losing 0.7 …

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Blockchain technology seen to boost global Islamic finance sector: GIES 2018

Industry experts at GIES 2018 in Dubai examine impact of advanced technologies on Islamic banking The adoption of blockchain, artificial intelligence, cryptocurrencies and other advanced technologies are expected to have a positive impact on the global Islamic finance sector and create new benefits and opportunities for banks and consumers alike, according to industry experts speaking at the Global Islamic Economy …

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Holding the key: SMEs play major role in economic growth but struggle to gain bank funding

Small and medium-sized enterprises (SMEs) need better access to finance instead of being forced to pay high interest rates and stringent conditions to gain bank loans, a new report states. However, the report published last week by Allied Investment Partners (AIP) adds that governments in the Gulf Cooperation Council (GCC) are addressing the issues faced by SMEs with a number …

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Will the next cryptocurrency revolution be green?

If bitcoin were a country, it would be 41st in the world in terms of energy consumption, just behind Chile and Austria Last year’s bitcoin frenzy appears to have run its course. The cryptocurrency’s near-vertical ascent to more than $19,000 was followed by an equally precipitous decline as speculators fled the market as fast as they had joined, leaving ownership …

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Could Rain from Bahrain be what MENA cryptocurrency traders have been waiting for?

Fledgling cryptocurrency exchange Rain hopes to become the region’s first to achieve full licensure Digital currency exchange Rain is aiming to become the first licensed cryptocurrency exchange in the Gulf Cooperation Council after graduating from Bahrain’s fintech sandbox. The exchange’s founders have been in discussions for two years to try to achieve a stable legal framework for digital currency traders, …

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Egypt’s CIB progresses plans to launch digital bank

Bank executive says digital banks are key to bringing around 45 million eligible Egyptians into the formal banking sector One of Egypt’s biggest banks, Commercial International Bank (CIB), is pressing ahead with plans to create a digital bank, in a bid to tap into the huge numbers of the country’s population that remains unbanked and bring them into the formal …

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