Isabela Ududec

The Middle East is on the brink of a digital banking transformation. It’s visible everywhere from the billions being invested in cloud infrastructure to become the next AI superpower, to the luminaries who flocked to this week’s Dubai FinTech Summit. Our colleagues from Lab49 attended the event and noted that in addition to a heavy emphasis on AI, there was a lot of focus on how the financial arena is being disrupted. A confluence of events is driving change. There is the diversification of economies beyond oil, the emergence of a growing number of funds and startups, as well as the appearance of foreign competition including neo banks such as Revolut and Alipay. Lab49 established a presence in the UAE a few years ago anticipating the need for large banks to reimagine their customer touchpoints, and in turn their underlying data and services infrastructure. The fintech summit attracted more than 8,000 people from 118 countries, including Charith Mendis, Head of Worldwide Banking Industry at AWS; Michael Demissie, Head of Applied AI and Practice at Bank of New York; Kfir Godrich, Chief Innovation Officer at Blackrock and Alfonso Castillo, President & CEO of Santander’s U.S. Private Bank. One notable speaker was Nik Storonsky, Founder & CEO of Revolut, a bank created in 2015 that has taken Europe by storm. It has attracted 35 million customers in 38 countries by offering digital-native and mobile-first banking services. Storansky said that Revolut is in the process of applying for a banking license in the region and expects to be operational in 2025. The expansion of digital services in the Middle East has led to an unprecedented increase in the number of people with access to financial services. It was that kind of promise that prompted Mashreq Neo to open the first digital bank in the region in 2017. Mashreq Neo offers a mobile-first banking experience, including transactional accounts, savings accounts, person-to-person payments, insurance, and investment products. For the established banks, a lot of the challenge comes down to offering new products and services, and distributing them in new ways for a changing business demographic while rapidly overcoming their legacy constraints.  Young tech-savvy entrepreneurs expect digital native experiences. Even mature businesses want easier and more efficient ways to manage tax payments, treasury operations, cross border payments, and employee compensation. They want the ability to make wire payments without paying exorbitant fees. Neo banks have grown fast worldwide, but many have struggled to reach profitability in the U.S., the world’s largest market. AI will also be a wildcard. Startups benefit from agility, but incumbents have reams of data and analytics that could help them better anticipate and service client needs. For the incumbent institutions there are risks, but also big opportunities.

٨٥

٦ تعليق

🚀 Exciting News from Noqoody Payment Services Co. HQ! 🚀 Today, we were thrilled to host a landmark meeting at our headquarters with Michael Javier, CEO of CWALLET. Together with Mr. Nayef Rashwan ♕ , we delved deep into the vibrant #FINTECH landscape of #Qatar and the #GCC, discussing the challenges and opportunities presented by the current economic slowdown. Our discussions were not only insightful but also extremely promising. We debated various strategies to overcome market challenges, emphasizing the power of collaboration and long-term integration between our companies. This partnership is set to not only enhance our service offerings but also pave the way for broader collaborations within the #FINTECH community in #Qatar and eventually, across the #GCC. The highlight? We're excited to announce that CWALLET will soon be integrated with Noqoody Payment Services Co.’s Qatar Pay POS for seamless remittances and will also link with the #Noqoody Super App to leverage more tools for public service. Stay tuned! Both parties are gearing up to reveal thrilling news that will undoubtedly revolutionize the #FINTECH market approach in #Qatar. The future looks bright, and we can't wait to share more with you. 🌟 #Fintech #Innovation #Partnership #NoqoodyPayments #CWALLET #Qatar #GCC #paymentserviceprovider #VISA #mastercard #QNB #paymentgateway #seamless #pos #CBQ #westbay #prepaidcards 😊

٩٠

٩ تعليق

The growth of the #fintech sector in UAE has been phenomenal With projections, indicating the market will escalate from USD 3.16 billion in 2024 to USD 5.17 billion by 2029 Our CEO, Nicolas Levi, has been featured in Integrator Magazine. In this insightful interview Nicolas shares how du Pay leverages Du's strong brand for financial services, targeting underserved populations. Discover the strategies driving our success and shaping the future of fintech in the region. Check out the full interview now! Link in the comment section #moneytransfer #uae #internationalmoneytransfer #paymentapp #dubai #dupay #yourmoneyyourway l The Integrator l Umair Yousaf

١٥

٣ تعليق

Financial Services Trends in the Middle East The Middle East, is experiencing a transformation in its financial services sector. As the region diversifies its economy and embraces technological advancements, several trends emerge: 1.With a growing young population and increasing smartphone usage, the region presents immense opportunities for fintech innovation. Startups focusing on digital payments, peer-to-peer lending, robo-advisory services, and blockchain technology have gained significant traction. Governments and financial institutions are fostering fintech ecosystems through regulatory support and investment, aiming to enhance financial inclusion and efficiency. 2.Compliant with Sharia principles, Islamic finance offers unique products such as Sukuk (Islamic bonds), Takaful (Islamic insurance), and Islamic investment funds. The region, is witnessing a surge in demand for Sharia-compliant financial services. Governments promote Islamic finance as part of their economic diversification strategies, attracting both domestic and international investors seeking ethical and interest-free banking alternatives. 3.Digital transformation is reshaping traditional banking. Established banks are investing heavily in technology to enhance customer experience, streamline operations, and mitigate cybersecurity risks. Mobile banking apps, online account openings, and AI-powered chatbots are becoming ubiquitous, catering to the evolving preferences of tech-savvy consumers. The COVID-19 pandemic accelerated the adoption of digital banking solutions. 4.Regulatory reforms modernize the regulatory framework and promote financial stability in the Middle East. Governments implement measures to enhance transparency, combat financial crime, and strengthen consumer protection. Regulatory sandboxes are being introduced to facilitate innovation while ensuring regulatory compliance while initiatives such as Open Banking gain momentum. 5.Sustainable investing is gaining traction as investors increasingly prioritize environmental, social, and governance (ESG) factors. Sovereign wealth funds and institutional investors are incorporating ESG criteria into their investment decisions, driving demand for green bonds, renewable energy projects, and socially responsible investment funds. 6.Cross-border collaboration is fostering greater integration and connectivity within the Middle Eastern financial services sector. Regional economic blocs such as the Gulf Cooperation Council (GCC) are promoting financial integration to facilitate trade and investment flows. Bilateral agreements and partnerships between Middle Eastern countries and international financial centers enhance cross-border financial services, including trade finance, wealth management, and capital markets activities. As the region embraces these trends, it positions itself as a dynamic and competitive hub for financial services, poised for sustained growth and development in the years to come.

١٨

Amnah Ajmal, Executive Vice President of Market Development for Eastern Europe, Middle East, and Africa at Mastercard, delves into the critical importance of human sentiment towards AI, the steps needed to ensure its ethical use, and the significance of gender inclusion in the evolving #AI landscape. Discover how biases have emerged with AI advancements and what can be done to address them. Watch the full video here: https://lnkd.in/dSAR7pna

٢٢

In Tahseen Consulting's #MENA+ #techpolicy insight, you'll read about the #UAE’s Al Etihad Payments partnering with G42 on #OpenFinance, UBS opening a branch in #SaudiArabia, #Egypt and the UAE’s Fujairah discussing an oil free zone, #Pakistan’s Pakistan Stock Exchange - PSX reaching a record high, ADQ and Oman Investment Authority announcing a $180M #MENA #tech fund, OQ and TotalEnergies planning an #Oman #LNG hub, #Singapore’s Thunes acquiring Tilia, the #Philippines telling Google and Apple to remove Binance from app stores, and #India’s private sector activity hitting a 14-year high. 🇦🇪 #UAE ADQ eyes $1B stake in #Australian asset manager Plenary Group 🇸🇦 #KSA Low-cost carrier flynas targeting an #IPO this year 🇪🇬 #EGYPT, B Investments buys a stake in Orascom Financial Holding 🇵🇰 #PAKISTAN Saudi Arabia to invest $5B to bolster economy 🇧🇭 #BAHRAIN, #HongKong ink MoU to boost trade 🌍 #MENA Chinese #EVs to drive sales, UAE at 13% EVs, Jordan leads at 45%   🇹🇷 #TURKEY #EVs to hit 4M by 2035, 350,000 chargers 🇵🇭 #PHILIPPINES GoTyme Bank to enter #Vietnam, #Indonesia this year 🇲🇾 #MALAYSIA Ant International to build digital hub 🇮🇳 #INDIA Reliance Industries Limited to enter #consumerdurables with private labels in challenge to industry leader Arzooo

٥

١ تعليق واحد

In Tahseen Consulting's #MENA+ #techpolicy insight, you'll read about #UAE #creditcard payments reaching $200B+ by 2028, #SaudiArabia’s Alat expanding into #renewableenergy and #AI, #Egypt’s Basata Holding for Financial Investments eyeing a #digitalbank license, #Pakistan flagging PTCL.Official’s acquisition of Telenor and Orion Towers as a competition threat, Apparel Group and Nykaa targeting 100 #GCC stores, Astra Tech patenting the #MENA’s 1st palm pay tech, Amazon Web Services (AWS) investing $9B in #Singapore to boost #cloud infrastructure, #Malaysia’s Ministry of Investment, Trade and Industry (MITI) encouraging partnerships with #Saudi services firms, and #India’s consumer market becoming the 3rd largest globally by 2026. 🇦🇪 #UAE 1,000+ #fintechs registered in DIFC 🇸🇦 #KSA commits $2.5B to Middle East Green Initiative 🇪🇬 #EGYPT Communications Ministry partners with Xceed for #AI call centers 🇵🇰 #PAKISTAN Supreme Court orders #climatechange authority establishment 🇰🇼 #KUWAIT considering #consumerprotection platform to regulate #ecommerce on #socialmedia 🌍 #MENA #VC funding ▼ 78% MoM 🇹🇷 #TURKEY Turkish Competition Authority fines Meta $16M+ 🇹🇷 #TURKEY Paynet Ödeme Hizmetleri acquires Prosus Group-owned iyzico for $87M 🇮🇩 #INDONESIA GoTo Group planning private placement, $200M buyback 🇮🇩 #INDONESIA OECD - OCDE sets out roadmap for joining 🇮🇳 #INDIA #UPI still preferred despite retail #CBDC push

٥

١ تعليق واحد

Saudi Arabia’s digital revolution in banking has significantly enhanced the nation’s economic landscape, facilitating effortless financial transactions for customers. Speaking to Arab News, partner Fabrice Franzen highlighted that the Kingdom has been one of the first countries to issue full digital banking licenses without branches, supported by SAMA’s promotion of the digital bank model. He emphasized that this development will foster competition, drive innovation, and enhance customer experience. Franzen also noted SAMA’s active support for the fintech scene, providing diverse licensing options, and the role of local investors in funding fintech ventures. He pointed out that customers now expect digital banking services that match the convenience of other mobile solutions, particularly benefiting those in remote areas with fewer branches. Read the full article. https://dy.si/F6hhEJ2

٢

Are #secondaries the solution to #MENA's Exits? In a recent conversation with Basil M. from Key Capital, we discussed the emerging potential for IPOs, secondaries and exits in the market. Secondary funds, which target shares in early stage investment rounds at a discount, can stimulate market participation by providing liquidity to existing shareholders without diluting company equity. These investments enable early investors to exit, allowing founders to clean up their cap table and receive a potential fresh injection of capital. Of course, the secondaries market in the #MENA region is still emerging, but given the global increase in secondary investments, perhaps it’s not too long before it becomes more commonplace in the region. Check out my full conversation with Basil M. for more MAGNiTT insights: https://lnkd.in/gT5X5Q7D PS: Great recent pod from the Unreasonable Podcast discussing just this and the impact in the South East Asian Venture space. Well worth a lisen! CC: Hian Goh, Vishal Harnal and Michael Blakey #webinar #exits #IPOs #venturecapital #startups

٧٢

٥ تعليق

Al Etihad Payments (AEP), a subsidiary of the Central Bank of The UAE (CBUAE), has partnered with G42's Core42 to initiate the implementation of #OpenFinance in the #UAE. This collaboration aims to establish global standards for open finance and enhance #digital #financialinclusion. Open Finance facilitates secure data sharing and financial transactions, promoting innovation and customer-centric services. Under CBUAE regulations, Open Finance will begin with Open Banking followed by Open Insurance, reaching the majority of customers by 2024. AEP has engaged Ozone API and Raidiam as technology providers within the Core42-led consortium for Open Finance Implementation. This initiative is part of CBUAE’s Financial Infrastructure Transformation (FIT) Programme, which aims to advance the UAE's financial services industry, accelerate digital financial services adoption, and provide consumers with innovative and secure financial products and services. The UAE leads globally in implementing a consolidated trust framework and centralised API hub, ensuring secure access to banking and insurance markets with customer consent. With the launch of Open Finance, Al Etihad Payments is strengthening the UAE's financial services sector and establishing itself as a leader in the global open finance movement. This is an exciting development that will benefit consumers and businesses alike. “The implementation of Open Finance marks a significant advancement in the UAE’s financial services industry and its financial #infrastructure transformation. It will accelerate the adoption of digital financial services, providing more innovative and safer digital financial products and services in the country. In addition, it will provide a seamless financial experience, ensuring consumers have control over their finances and efficient access to a diverse range of financial products.” - Fatma Al Jabri, Assistant Governor for Financial Crime, Market Conduct and Consumer Protection at the CBUAE. Jan Pilbauer #openbanking #fintech #digitalbanking #psp #payments #finance #fraud #‍digitalbanking #dubai #abudhabi #eu #innovation #startups #sustainability #law #fintech #ksa #india #crypto #leadership #lawenforcement #technology #banking #management #openinsurance #digitalwallets #wallets The Fraud Fellas‍‍

٢٢

This growth should continue.

١

Most banks are racing to understand what the new generation of digitally savvy mobile-oriented consumers want from their banking services. Our new Bank of the Future Saudi Arabia Retail Banking Survey revealed a clear demand for improved services and innovative products. But what exactly do consumers want from the bank of the future? ▪ 68% say they are comfortable to be guided by AI in their day-to-day decisions ▪ 84% want apps that provide personalized insights into their finances ▪ 86% want a better view of all their financial products in one place. Do you agree? 👉 To read the full report and explore how banks should respond, click here: https://okt.to/Xndyma Contact: Naim Alame, Kushal Dhammi, Nadir Basma, PhD #BankingSaudi #MiddleEastBanking #SaudiBanking #BankOfTheFuture #CapcoMiddleEast #GenAI #Hyperpersonalization #FutureOfBanking #CoreTransformation

٢

As CEO of Wealthface with two decades in the investment sector, I am calling for urgent action in Lebanon. The recent banking crisis has devastatingly impacted countless lives, wiping out savings accumulated over generations due to severe financial mismanagement. We must prioritize financial literacy and implement stringent regulatory reforms to prevent such disasters in the future. Here's how we can help: Educate: Integrate financial literacy into school curriculums and digital platforms to empower individuals. Regulate: Advocate for stronger oversight and accountability of financial institutions. Prepare: Encourage personal financial practices like diversifying investments and building emergency funds. Together, we can foster a stable and prosperous future for all. Let's stand united for financial literacy and justice in Lebanon. #FinancialLiteracy #LebanonReform #financial #banks #EconomicJustice #Wealthface #InvestSmart #gulf #arab #millenials #MENA

٧

MENA FINTECH ASSOCIATION presents "Executive Interviews". Checkout the teaser from our upcoming interview series. In this episode, we dive into how Al Etihad Payments, who is driving a national agenda is simplifying #transactions and making #payments more convenient than before with Jan Pilbauer, CEO of Al Etihad Payments as our guest and Imane Adel, EVP of Strategy at Paymob and Co-Chair of MFTA SHIFT: Payments Working Group as our host. Stay tuned for the full interview, releasing soon! For more information, shoot us an email at marketing@mena-fintech.org #Interviews #Podcast #Events #Finance #Fintech #UAE #MENA #Technology #Payments #FutureofFinance

٥١

🌟 Exciting Growth in Digital Banking in the UAE 🌟 Digital banks in the UAE are booming! Our CEO, Ghady Rayess, discusses the transformative role of the UAE Central Bank and FinTech innovations in a recent feature at Al Bayan Newspaper. Discover how new licenses, diverse payment solutions, and AI are shaping the future of finance. Read the full article 👇 #DigitalBanking #FinTech #Innovation #UAE

٧٢

١ تعليق واحد

The Islamic finance industry continues to grow worldwide, surpassing Dh16.5 trillion in 2022 and is forecast to grow to Dh24.5 trillion by 2027. Nivetha Dayanand speaks to Christoph Koster, CEO of ruya, about how the UAE bank is leveraging technology to offer Sharia-compliant digital banking services. Follow the link for more information: https://lnkd.in/dfaVi7NP #ruya #digitalbanking #islamicfinance #financemiddleeast

٤