Tuesday 1 December 2020

Saudi Arabia’s SAMA renamed Saudi Central Bank

Saudi Arabia’s King Salman bin Abdulaziz Al-Saud has approved the new Saudi Central Bank Law, which includes changing the name of the Saudi Arabian Monetary Authority (SAMA) to the Saudi Central Bank, with direct reporting to the King. The Saudi Central Bank will continue t


DIFC signs landmark agreement with Israeli fintech company

DIFC FinTech Hive, a major financial technology hub in the region and part of Dubai International Financial Centre (DIFC) has signed a landmark agreement with Israel’s FinTech-Aviv.   FinTech Aviv was established in 2014 and serves the needs of the Israeli


Dubai-based accountant wins global role with Acca

A  Dubai-based accountant has won the election to the global governing council of one of the world’s leading professional bodies.   Nauman Asif Mian was chosen by fellow members all around the world to serve on the Council of Acca (the Association of


Visa Commercial Pay brings virtual card capabilities

Visa , the world’s leader in digital payments, and Conferma Pay, the world’s foremost provider of virtual payments technology, have announced a strategic partnership to launch Visa Commercial Pay. It is a suite of B2B payment solutions, to help improve cashflow for businesses and


Islamic banking penetration on growth track: EI report

The penetration of Islamic banking products has increased gradually from 47% to 58% in the UAE since 2015, while conventional banking products have seen a reduction from 70% to 64% over the years, a report said. Emirates Islamic (EI), one of the leading Islamic financial institut


Apicorp extends $50m to finance solar projects

The Arab Petroleum Investments Corporation (Apicorp), a multilateral development financial institution, has signed a $50 million revolving construction facility with Yellow Door Energy Limited.     Yellow Door will develop solar-PV plants in the region


Emirates NBD unveils digital global banking platform

Emirates NBD, a leading bank in Mena and Turkey (MENAT) region and a front-runner in digital banking solutions, has unveiled its next-generation global corporate banking platform, ‘businessONLINE’. The Group-wide, single instance, omnichannel platform delivers a full


Dubai issues 32,158 new licences in 10 months

The Business Registration and Licensing (BRL) sector in Dubai Economy issued 32,158 new licences during the first 10 months of 2020, an increase of 6% compared to the same period last year. Among the new licenses issued during the first 10 months, 57% were professional and 42% co


Dubai launches initiative to become cashless society

The Government of Dubai has formed the ‘Cashless Dubai Working Group’ to create an action plan to shift all payment transactions in Dubai to secure and easy-to-use cashless platforms across sectors. The initiative brings together Smart Dubai, Dubai’s Department


UnionPay, ADIB partner for contactless payment

UnionPay International (UPI) has partnered with Abu Dhabi Islamic Bank (ADIB), a leading bank in the UAE, to enable UnionPay card and contactless payment transactions on the bank's 15,000 near field communications (NFC) terminals in the UAE. All of the bank's point of sal

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