💳 Usman Naeem

Following JoPACC's recent launch of the eCommerce payment through Jordan’s Instant Payment System (CliQ and JoMoPay), we are proud to be the first bank that supports this seamless shopping experience and enabling IATA Pay.   IATA Pay is a transformative payment solution in the airline industry under EU’s Payment Services Directive 2 (PSD2), helping airlines reduce payment processing fees by up to 99% while providing a secure and popular payment option for travelers. In 2023 alone, 27 airlines adopted IATA Pay, with 41 more currently implementing it, and 145 airlines representing over 70% of all tickets sold worldwide are part of the IATA Pay community.   Airlines in Jordan are now adapting IATA Pay, and it will be live very soon. This will allow customers to purchase their airline tickets directly from airline websites using IATA Pay and CliQ QR Code or Request-To-Pay (RtP). The pre-authorized RtP service enhances user experience by eliminating the need for customers to switch between multiple apps, ensuring a smooth and efficient checkout process.   We extend our gratitude to the dedicated implementation teams at JKB, A2A, and IATA Pay for their hard work and collaboration to make this a reality.   #JKB #IATA #IATAPay #JoPACC #CliQ #A2A #OpenFinance #DigitalPayments Javier Orejas Nabil Halaseh Maram Nweiran Zuhair AlSalkhadi

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Experience the ease of #FREE transfers and capitalize on the highest exchange rates with the GCC Exchange Mobile App. Download & Send Money Now: https://lnkd.in/dWN3UcSw #GCCExchange #GCCExchangeApp #MoneyTransferApp #InternationalMoney Transfer #SendMoney #SendMoneyFromUAE #India #FreeMoneyTransfertolndia Alex Fernandes Tajo Joseph Karuppiah Anguchamy

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Payments Recap - Latest Happenings 💳 Klarna has relaunched their #creditcard product with #BNPL being the default payment option. There is no interest if paid early and rates vary based on when you make the payment. Affirm has a similar set up with their #debitcard product. It will be important to see how adoption of these products goes, especially with the younger generation. If this becomes a product demand most #banks and #creditunions are not set up to support this and could continue to lose market share to the providers. 💳 Uber has begun to offer #paybybank to consumers with incentives to switch from their card on file. As we have discussed, the key to adoption for pay by bank is making it compelling enough for consumers to switch. The benefit to this is almost exclusively for the merchant. If they can make it compelling enough to shift behavior this could have a material impact especially on #debit cards. 💳Bank of America Earnings Tidbits Zelle® send transactions 2X checks written (224MM v 100MM) Total Zelle growth is 26% v 29% last year Digital Sales continue to represent 50% of total consumer sales Credit Card Chargeoff is up from 2.21% to 3.62% YoY RAM is down from 8.69% to 6.81% as a result Outstanding grew by almost 9% Credit quality and continued impact on margins will have to be closely monitored. My guess is the current numbers are closer to the new normal and will have to be baked in moving forward. In terms of Zelle the growth continues to impress but BOA as you see if very much displacing checks and other offline payments. The impact on cards has still not been material though Zelle for Small Business does represent a risk. Finally Digital Sales continue to be outstanding and candidly something than other Banks and CUs need to prioritize 💳JPMorgan Chase & Co. Earning Tidbits Credit Card Chargeoff is up from 2.07% to 3.32% YoY Outstandings were up 13% due to increased revolve rates and new accts Acquisition cost for new cards were also higher Net revenue rate was down from 10.38 to 10.09 The message here is consistent with Bank of America margins in credit card are getting squeezed and losses are returning to the normalized historical rates of 3-4%. Consumers are also revolving more balances which can help with margins but also drive losses. These shifts do not even contemplate the potential impacts of #CCCA or the Visa/Mastercard settlements which be anywhere from immaterial to game changing depending on the outcome. So What - The #Payments business continues to get more and more competitive and margins continue to see pressure. You must be diligent and aggressive at managing this business to ensure you can maximize your returns and stay competitive in the marketplace. What did I miss? Brandi Gregory Lindsay Hooks Kevin Von Holten Jayme Madden Emily Osburn Mary Wisniewski Sam Kilmer Glenn Grossman

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In the latest meeting chaired by H.E. Mohammed Omran Al Shamsi, the UAE Banks Federation highlighted achievements in #bankingsector growth and #Emiratisation efforts, emphasising trust and #innovation for #SMEs and #sustainablefinance. Click here to read the complete story: https://shorturl.at/Ks0ao Follow SME10X for regular updates. #sme10x

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In Tahseen Consulting's #MENA+ #techpolicy insight, you'll read about the #UAE’s Mashreq partnering with DBS Bank on near-instant #crossborder payments, #SaudiArabia’s Saudi Tadawul Group buying a stake in Dubai Mercantile Exchange (DME), #Egypt’s Banque Misr launching a #startup #accelerator, #Pakistan’s Pakistan Telecommunication Authority (PTA) proposing #OTT regulations, 15-year licenses, #Jordan seeing an 11% ▲ in digital payments as #digitalcards hit 6.4M, Qatar Airways exploring a 20% stake in Virgin Australia, Singtel and Grab injecting fresh funds into #Singapore #neobank GXS Bank, and #India's #MeitY overhauling the National Policy on Electronics to boost manufacturing. 🇦🇪 #UAE Abu Dhabi Investment Authority (ADIA) backs $53B hedge fund Jain Global LLC 🇸🇦 #KSA aramco has highest reserves amongst world’s largest oil companies 🇪🇬 #EGYPT Shops to shut by 10 PM as part of energy saving plan 🇵🇰 #PAKISTAN Mashreq Pakistan gets approval for #Islamic banking 🇧🇭 #BAHRAIN Bahrain Mumtalakat Holding Company ("Mumtalakat"​) announces investment in Racing Force Group 🌍 #MENA NVIDIA, Trend Micro partner on #AI #datacenter security 🇹🇷 #TURKEY Interest rate likely to remain at 50% with slowing #inflation 🇹🇷 #TURKEY rules out minimum wage hike to keep inflation in check 🇹🇭 #THAILAND Gulf Energy Development Public Company Limited, Google to launch #cloud operations 🇮🇩 #INDONESIA #EV ambitions get boost from regional supply chain shift 🇮🇳 #INDIA Flipkart launches #fintech #app super.money

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🚀 Saudi Central Bank – SAMA Joins mBridge Project as MVP Platform Participant 🚀 While everyone is buzzing about Central Bank of The UAE role in UAE remittances, let’s shine a light on the significant strides by the Saudi Central Bank (SAMA) in KSA! 🌍 Saudi Central Bank – SAMA Joins mBridge Project SAMA has joined the BIS mBridge project as a participant in the Minimum Viable Product (MVP) platform. This multi-wCBDC system aims to revolutionize cross-border payments between commercial banks across different jurisdictions. ✨ Key Highlights: Private sector invited to develop value-added solutions for the mBridge MVP platform. More central banks can join through the mBridge MVP legal framework. Expanding international cooperation with new full members and observers. Project mBridge, started in 2021, includes collaboration from BIS Innovation Hub, Bank of Thailand 🇹🇭, Central Bank of The UAE 🇦🇪, Digital Currency Institute of the People's Bank of China 🇨🇳, and Hong Kong Monetary Authority (HKMA) 🇭🇰. Now, with SAMA as a full participant, the project addresses inefficiencies in cross-border payments, financial inclusion, and operational complexities. Stay tuned for more updates on this groundbreaking initiative! 💡 #fintech #KSA #Remittances #GCC #future

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📢 SPEAKER ANNOUNCEMENT: BONDS, LOANS & SUKUK MIDDLE EAST 2024 📢    🎙️ Sidra T., Director, Loan Syndication, Sales and Distribution, Mashreq   We are thrilled to introduce the excellent speakers we have with us for Bonds, Loans & Sukuk Middle East 2024. Sidra T. will be speaking on the following:    “Unravelling liquidity, competition, risk appetite and the impact on the loan market.”    Join our speakers at the Middle East’s largest corporate and investment banking event; gain expert insights to better understand how market leaders are navigating the current economic backdrop and the impact it has on the Middle East’s capital markets.    Then further benefit from our networking opportunities: access 1,400+ of the Middle East's leading regional & international sovereigns, corporates, investors, banks, law firms & service providers in 1 location at 1 time.    Use code LKD500 to save £500 off your registration.    Register your place: https://lnkd.in/eBx9RQ-C Visit the website: https://lnkd.in/dbMFeNG   See you in Dubai – 4th & 5th June 2024!    #BondsLoans #Sukuk #GFCMediaGroup #DCM #ECM #DebtCapitalMarkets #EquityCapitalMarkets #PrivateCredit #FinancialMarkets #FinancialEvents #MiddleEast 

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SMEs' needs are evolving, but they are chronically underserved. In the second article of our GCC Retail Banking Radar Series, Mukund Bhatnagar, Zeeshan Idris Khwaja, Naman Sharma, and Ather Marwat explore how #banks can rethink their offerings to SMEs through partnerships, segmentation, and more: https://bit.ly/4cKPHbZ. #banking #Createwhatsnext

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Episode 70 of Drag & Drop: Low Code Unplugged is now live! 🎙️ This week, I had the pleasure of speaking with Hamzah Asmall, General Manager: Digitalisation at Al Baraka Bank South Africa. Al Baraka Bank is a subsidiary of Bahrain-based Al Baraka Group, a global leader in Islamic banking. Islamic banking offers alternatives to traditional banking, emphasizing risk-sharing, transparency, integrity, and social responsibility. Unlike conventional banks, Islamic banks operate as traders, investors, leasers, and service providers to their clients. In this episode, we delve into: 👉🏽 Identifying the key drivers for change 👉🏽 Why Low Code emerged as a solution. 👉🏽 Evaluating the vendor selection process and the decision to choose Mendix. 👉🏽 Detailing the implementation process. 👉🏽 Addressing resistance from traditional developers towards Low Code. 👉🏽 Key Mendix features that have benefited the business. 👉🏽 Developing knowledge bots with Generative AI. and much more…. Catch the full episode on all major platforms now! 🎧 (Link in comments) #lowcode #mendix #generativeai #artificalintelligence

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Fime to Support Set Up of UAE’s Domestic Card Scheme (Jaywan) Lionel Grosclaude, CEO at Fime, adds: “Fime is proud to be facilitating the growth of digital transactions in the UAE in partnership with Al Etihad Payments. Our experts will support the country on its path to digitalization using an industry-leading combination of global payments knowledge and local insight.” https://lnkd.in/er5tbGbe Central Bank of The UAE Jan Pilbauer #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

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Breaking New Ground! Dive into the future of banking with AR technology. Download CBK vision and experience banking like never before! Commercial Bank of Kuwait #NextGenBanking Mohammad Al Haid Mohamed Nabbagui Bader Qamhieh 🇵🇸

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The world of payments is undergoing a rapid transformation, with new technologies and methods emerging all the time. This is driven by factors like growing demand for faster & more convenient #payment options. #visa #creditCard

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ACI Worldwide's 2024 Prime Time for Real-Time report has revealed that the Middle East is the FASTEST growing market for real-time payments for the SECOND year running 👏 🏛 💸 Governments in the region are implementing real-time payment schemes where businesses and consumers are REAPING the benefits; and is propelling the region into a NEW ERA of financial transformation 🤯 📈 The Middle East ALSO saw a remarkable YoY growth of 33.6% in 2023 with 855 million real-time payment transactions and last year marked a significant milestone as Oman, Kuwait and Qatar each launched their OWN national real-time payment schemes, 👨‍💻 “Real-time payments eliminate payment friction, inject greater liquidity into the system, and promote economic growth and financial inclusion. Yet, their full potential can only be realized when banks transcend legacy silo systems. With real-time payment schemes now operational in every GCC nation, local banks are at a pivotal juncture where they must harness technological evolution as the catalyst for innovation. The path to innovation lies in modernizing and future-proofing their infrastructure, enabling them to fully leverage the potential of real-time payments,” said Santhosh Rao, Senior Vice President, Sales at ACI Worldwide MEASA. “Active collaboration is the cornerstone of a thriving real-time payment ecosystem, fostering an environment where banks must navigate a delicate balance of competition and cooperation with emerging market players. The world’s most successful real-time payment schemes, exemplified by India’s achievements, showcase a myriad of real-time payment methods via QR codes, mobile apps, or online accounts, pushing the boundaries of innovative use cases. With the Middle East leading the world in real-time payments growth, financial institutions should seize the opportunity to carefully study these successes and extract valuable insights to inspire the launch of their own pioneering real-time payment solutions.” Read the report on the link below! 👇 #aciworldwide #payments #middleeast #realtimepayments #gcc #digitaleconomy #mobilepayments #paymentsolutions

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EmiratesNBD and Nium join forces to transform global #CrossBorderPayments in the Middle East Emirates NBD, a leading banking group in the MENAT (Middle East, North Africa and Türkiye) region and Nium, a global leader in real-time in cross-border payments have announced a strategic alliance to empower customers with a cutting-edge remittance solution and redefine the financial services landscape in the Middle East. The partnership, subject to regulatory approvals, seeks to elevate the remittance experience with seamless, instantaneous cross-border transfers between the UAE and countries worldwide. Remittances from the UAE have been driven by a growing expatriate population and cross-border trade. By leveraging Nium’s payouts services, Emirates NBD offers customers real-time, cost-effective payment solutions with speed and unparalleled reliability.... https://bit.ly/3wgL7Tj Marwan Hadi | Emirates NBD Prajit Nanu | Nium LetsTalkCity #Dubai #Banking #Payment #UAE #GCC #MiddleEast

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Wishing you a blessed EID MUBARAK, As we rejoice in the spirit of Eid, let's cherish the moments spent with friends, family, and loved ones. #eidmubarakk #Eid #muslim #celebrationn #fintech #banking #happy #trendingreelsvideong #CapCutut #startupbusiness #trendingpost

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Comex Bank Muscat Dhofar and ظفار الإسلامي Dhofar Islamic Bank Spearhead Digital Innovation for Enhanced Customer Experience. Comex Muscat Bank Dhofar and ظفار الإسلامي Dhofar Islamic Bank have taken proactive steps to embrace #digital innovation, empowering customers with convenient access to #banking services through digital platforms, thereby revolutionizing the #banking experience with seamless and personalized #solutions. #ComexOman #DigitalBankingRevolution #MuscatBank #DhofarBanks #ArabNews #ArabTimes #ArabTimesNews

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Episode 70 of Drag & Drop: Low Code Unplugged is now live! 🎙️ This week, Feroz Khan had the pleasure of speaking with Hamzah Asmall, General Manager: Digitalisation at Al Baraka Bank South Africa. Al Baraka Bank is a subsidiary of Bahrain-based Al Baraka Group, a global leader in Islamic banking. Islamic banking offers alternatives to traditional banking, emphasizing risk-sharing, transparency, integrity, and social responsibility. Unlike conventional banks, Islamic banks operate as traders, investors, leasers, and service providers to their clients. In this episode, they delve into: 👉🏽 Identifying the key drivers for change 👉🏽 Why Low Code emerged as a solution. 👉🏽 Evaluating the vendor selection process and the decision to choose Mendix. 👉🏽 Detailing the implementation process. 👉🏽 Addressing resistance from traditional developers towards Low Code. 👉🏽 Key Mendix features that have benefited the business. 👉🏽 Developing knowledge bots with Generative AI. and much more…. Catch the full episode on all major platforms now! 🎧 (Link in comments) #lowcode #mendix #generativeai #artificalintelligence

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