Monday 21 August 2017

FinTech Hive at DIFC begins accelerator programme

FinTech Hive at the Dubai International Finance Centre (DIFC), the first-of-its-kind accelerator in the region, has the commencement of its inaugural accelerator programme today (August 21). The programme features 11 finalists and brings together an emerging generation of technol


Al Fardan, Paykii sign strategic partnership

UAE-based Al Fardan Exchange and Paykii, a cross border bill payment hub, have signed an agreement to provide utility bill payments in India, Pakistan, Indonesia and the Philippines with more countries to come soon. This partnership between the two organizations is meant to ease


ADGM calls submissions for fintech contest

The Abu Dhabi Global Market (ADGM), the international financial centre in Abu Dhabi, UAE is inviting applicants to apply to the FinTech Abu Dhabi Innovation Challenge taking place on October 22. Submissions close on August 25. The Innovation Challenge, which is org


Morocco to host IMF-led economic forum

The International Monetary Fund (IMF), Arab Monetary Fund (AMF), Arab Fund for Social and Economic Development (AFESD) and Government of Morocco will co-host a high-level conference in Marrakesh next year on promoting higher economic growth, job creation, and inclusiveness in the Arab World.


Goldman Sachs Saudi gets licence to expand

Goldman Sachs has been authorised to perform activities such as principal dealing, underwriting, managing investment funds and custody activities in Saudi Arabia. A statement from the Saudi Capital Markets Authority (CMA) said the company had requested the approval to amend its b


UAE Central Bank reserves surge to $34 billion in H1

The banking sector increased its statutory reserves at the UAE Central Bank by Dh8.6 billion ($2.34 billion) during H1, 2017, bringing to Dh125.5 billion ($34.16 billion) the total required reserves by the end of June, according to CB statistics. Statutory reserves are the minimu


Qatar tells banks to seek overseas funding: report

Qatar is requesting banks to tap international investors to raise financing, instead of mainly relying on government funding as the impact of the ongoing Arab boycott puts pressure on liquidity, according to an international report. The central bank is holding regular meetings wi


Barclays expands private bank team in Mena

Barclays announced today the appointment of Bjorn Holderbeke as Mena head of global investments and solutions (GIS) for its private bank. Based in Dubai, Holderbeke will be responsible for product and platform development and will liaise with subject matter experts to assist in d


Saudi Arabia denies ban on Qatari riyal dealings

The Saudi Arabian Monetary Agency (Sama) has debunked reports circulating on social media suggesting that it has instructed local financial institutions to stop dealing in Qatari riyals. The Saudi Press Agency (SPA) quoted Sama as saying that it did not issue any instructions to


DGCX to launch Sharia compliant spot gold contract

The Dubai Gold & Commodities Exchange (DGCX) and Ayedh Dejem Group, a conglomerate from Saudi Arabia, have agreed to launch the Middle East’s first-ever Sharia compliant Spot Gold contract to be traded on an international exchange. The partnership enables both entities

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