As Finovate prepares for its first conference in the Middle East, here’s a round up of recent fintech news and need-to-knows from the MENA region. Learn more about how to join us in Dubai in February for FinovateMiddleEast.
- Fidor opens regional headquarters in Dubai Silicon Oasis.
- Saudi Stock Exchange selects Nasdaq in post-trade technology infrastructure overhaul.
- Dubai Financial Services Authority (DFSA) signs fintech innovation cooperation agreement with Australian Securities and Investments Commission (ASIC).
MENA Fintech Fact Fintech investments in the MENA region in 2017 amounted to more than $24 million, a gain of more than 13% over the previous year. According to BCG, the MENA region has experienced the “most explosive growth” in recent years in terms global fintech funding compared to other areas.
- Al-Thiqa Islamic Bank in Iraq goes live with new core banking technology from ICS Banks.
- Axis Bank leverages Ripple to provide cross-border payments between Singapore and UAE.
- Abu Dhabi Global Market (ADGM) signs MOU with national health insurance company, Daman, to colloborate on insurtech solutions.
Thought Leadership Is MENA ready for FinTech? – Thomson Reuters blog post looks at how a balance between regulation and innovation could pave the way for greater financial inclusion for the region’s 86 percent of adults in the region without bank accounts.
- ADGM named “Financial Center of the Year (MENA) for second year in a row by Global Investor/ISF.
- Dubai International financial Center (DIFC) establishes $100 million fund for investments in early-stage, growth fintech startups.
- Bahrain Economic Development Board partners with FinTech Consortium to launch “the largest dedicated fintech hub in the Middle East and Africa,” Bahrain FinTech Bay (BFB).
- Dubai Financial Services Authority (DFSA) signs collaboration agreements with regulators in Hong Kong.