Abrar Siddiqui

#BreakingNews: The Central Bank of the United Arab Emirates (#CBUAE) has successfully launched the Minimum Viable Product (MVP) platform for wholesale cross-border payments and settlement under Project #mBridge! This marks a significant milestone in the world of cross-border payments. CBDCs are gaining traction: The mBridge project highlights the growing acceptance of CBDCs as a viable solution for cross-border payments. Successful implementation of cross-border CBDC projects requires strong collaboration between central banks and financial institutions. Benefits for all: mBridge offers the potential for faster, cheaper, and more transparent cross-border transactions, benefiting businesses and individuals alike. The mBridge project is a groundbreaking development in the financial services industry. Its progress will be closely watched by everyone interested in the future of cross-border payments.

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As e-commerce grows and technology advances, the payments landscape is evolving fast. Could gesture or voice-based payments become the norm? How will AI transform how we transact, and could blockchain disrupt the industry? At the MEA Finance Magazine’s MEA Finance Leaders in Payments Conference in Dubai, Altaf Ahmed, our Director of Digital Payments and Retail Solutions, joined a panel with industry leaders from noon, HSBC, and RAKBANK to address these questions. Under the theme ‘The Path for Payment Gateways,’ they discussed the impact of shifting consumer behaviours, fintech innovations, and the critical role of AI in enhancing payment processes. As leaders in the rapidly advancing digital payments space, we’re excited to take key learnings from today’s event as we continue to build the future of fintech👏 #MEA #eAndenterprise #PaymentGateway #Fintech #Innovation

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🌟 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

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Much needed and awaited nationwide KYC is here.

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Fintech Movers & Shakers - Ex-Tinkoff CEO Oliver Hughes joins Tabby's board as it expands its financial services #uaefintech #fintechuae #fintech #fintechnews #finance #technology #tech #technews #moversandshakers #jobs #fintechjobs #financialservices

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#Buna's CEO, Mr. Mehdi Manaa participated in a panel discussion on G20 Roadmap for enhancing cross-border payments: Interlinking of fast payment systems as a priority action, held during European Central Bank's conference last week. He highlighted, "Buna plays a pioneering role in cross-border payments interlinking between the Arab world and Europe. Buna’s leg-in/leg-out scheme creates tangible business opportunities for the participating banks that will facilitate cross-border payment interoperability with Target Instant Payment Settlement (TIPS), in collaboration with the European Central Bank." Watch the discussion here: https://lnkd.in/dNkEtuJt

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Abu Dhabi wealth fund ADQ has partnered with Switzerland’s EQTY Lab to accelerate the adoption of artificial intelligence (AI) technologies within its portfolio companies. The partnership seeks to implement an AI Integrity suite designed to ensure its AI models are reliable, secure, transparent, and aligned with best practices in AI governance. The initiative aims to build trust and accountability in the wealth fund’s AI implementations and drive transformation across its portfolio. The collaboration between ADQ and EQTY Lab collaborated in 2023 and launched ClimateGPT, an open-source AI model designed to tackle climate change and sustainability. Powered by Erasmus and trained by Apptek, ClimateGPT provides researchers, policymakers, and business leaders with access to a multi-language model that incorporates billions of climate-related data points. The initial deployment of ClimateGPT is hosted at Al Dhafra Solar PV, the world’s largest solar plant, ensuring the platform operates entirely on renewable energy. ADQ and its portfolio companies, ADNEC Group, Etihad Rail, TAQA, and Masdar, will be the first to utilise ClimateGPT in the UAE. ADQ | EQTY Lab | #ClimateGPT | #AbuDhabi

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Network International and Mastercard Partner to Transform UAE’s Commercial Payments Landscape Nandan Mer, Group CEO of Network International commented: “We are delighted to achieve yet another milestone in Network’s 30-year journey of creating world-class digital payments infrastructure and services for clients in the UAE and the wider region. By launching the new Business Payment Solutions for the first time, Network aims to unlock further growth opportunities for businesses and corporations in the UAE. By making progressive inroads into digitisation of commercial payments, Network continues to contribute towards the UAE’s aspirations for a cashless economy.” https://lnkd.in/d6CbKxDM J.K. Khalil #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

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In a pivotal step towards transforming the region’s financial landscape, iACCEL GBI has joined forces with TrustIn, the #UAE and #MiddleEast's first fully regulated digital #escrow platform. At iACCEL GBI, we continue our commitment to bringing groundbreaking technologies that can reshape industries and solve real-world business challenges. Our unique value proposition lies in bridging the gap between disruptive technology and real-world implementation, ensuring startups not only succeed but also contribute to the region’s long-term economic goals. TrustIn's digital escrow platform not only elevates the standard for secure financial transactions but also opens up new possibilities for growth, trust, and efficiency in the region’s thriving business ecosystem. Their technology addresses one of the most persistent challenges in P2P payments—the risk of non-payment. By integrating escrow services with regulatory backing from ADGM FSRA, their platform ensures that both parties in a transaction can proceed with confidence, knowing that funds are securely held until all conditions are met. This innovative solution can be applied across diverse industries, including #Automobile, #RealEstate, and Goods & Services, effectively safeguarding businesses from the complexities of payment failures. This partnership marks another milestone in our mission to bring disruptive technologies to the UAE and beyond, creating impactful solutions that empower #SMEs, and large enterprises alike. Read more about how this collaboration will reshape the payment ecosystem in the Middle East: https://lnkd.in/d4vJPBz6 https://lnkd.in/dgKeDuc8 https://lnkd.in/djDC5mhK Abdulbaset Al Janahi Abdelaziz Almaazmi Dubai SME Momeen Ahmad Parvez Akram Siddiqui Dr. Vivek Mansingh Sivarama Subramanian Bashar Kilani Deepak Ahuja Anishkaa Gehani Shalabh Jakhetia Divya Bathija Ankita Natarajan

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A rising tide raises all ships, but is the tide turning? Our quarterly UAE banking pulse report is out. It's not news that banks continue to perform very well in this current environment. Progress across the sector continues, but the signs of a slowdown are evident. As the probability of Fed rate cuts in the next couple months increase along with greater nervousness about the extend positive credit cycle, a number of our clients are taking preemptive action. So what's on their agenda? - Strategic cost reduction - Plugging revenue leakage - Value realization from capital investments. If you are a UAE Bank leader and want to see how you compare click on the link to download the report, or drop me a DM. Fernando Plaza Fernando Morillo Suhail Bin Tarraf Vikram Sandhu Ali Khan Shehzad Hameed Dhiraj Kunwar Jayesh Patel Arjun Vir Singh Gaurav Dhar Ronit Ghose Renjit Philip Luke Eley #UAE_Banks #UBF #CBUAE #Cost_reduction #Revenue_Leakage #VRO

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The National Bank of Kuwait (NBK) has taken a major step forward in the digital payments landscape by acquiring a 51% majority stake in UPayments, a leading payment services provider and e-commerce enablement platform in Kuwait. This move combines NBK's deep banking expertise with UPayments' technological leadership to revolutionise digital payment solutions in Kuwait. NBK, a leader in the region's financial sector, has long been at the forefront of facilitating various payment solutions, from issuing debit and credit cards to enabling merchant payment acceptance via POS systems and payment gateways. The acquisition aligns with the bank's digital transformation strategy, leveraging its regulatory expertise and deep understanding of customer and market needs to drive innovation. UPayments brings robust technology capabilities and a suite of user-centric digital products for businesses of all sizes. Its reputation for delivering secure, innovative solutions across multiple sectors has positioned it as a leader in Kuwait's rapidly evolving fintech ecosystem. With Kuwait experiencing rapid growth in e-commerce and digital payments, the partnership will enable NBK and UPayments to simplify and enhance the payment experience for businesses, while meeting the Central Bank of Kuwait's guidelines for fintech innovation. (Image by WayaMedia) #DigitalPayments #FinTech #Innovation #Kuwait #ECommerce #BankingTechnology

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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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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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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.

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Marc Ganzi and DigitalBridge keep pushing the industry into the future. Investors are mobilizing $billions in private capital to underwrite Intelligent Infrastructure Economic Zones. Enabling AI, Spatial Computing, and Autonomous Systems. https://lnkd.in/gEhdxBpN INTELLIGENT INFRASTRUCTURE will be the most transformational investment asset class for enabling AI within our communities. Building a Stronger and More Connected Nation. 21st-century asset classes will complement condominiums, pipelines, cell towers, fiber optic, energy plants, data centers, . . . Now PINNs, AI Data Centers, Vertiports, Drone Depots, Smart Hubs, and ASOCCs. Intelligent Infrastructure Economic Zones enable Automated Mobility Districts and other solutions like Drone-aaS, Digital Twin-aaS, Maintenance-aaS, AI-aaS, Mobility-aaS, Delivery-aaS, Freight-aaS, . . . The ERA of AUTONOMY will create millions of new jobs and economic growth nationwide. Autonomy Institute https://lnkd.in/gSaQncSC

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Network International is ranked #1 Merchant Acquirer in the Middle East and Africa by volume processed in the 2023 Nilson Report. We are also the fastest growing acquirer in the region by volume processed.    This achievement reflects 30 years of innovation and excellence in digital payments technology, enabling over 120,000 merchants to grow their business.    #NetworkInternational #30YearsOfExcellence #LeadingAcquirer #PaymentsIndustry #BusinessGrowth #DigitalPayments

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Watch Muhannad Ebwini's interview at Seamless 2024 with Entrepreneur Middle East talking about his thoughts on the future prospects of the fintech industry in Saudi Arabia. #HyperPay #Fintech #MENA #OnlinePayment #PaymentSolutions #Future #SaudiArabia

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We’re proud to announce our partnership with Euronet, uniting our strengths to deliver cutting-edge Banking as a Service (#BaaS) across the Middle East and Africa. Our goal? To create a payment landscape where every transaction is seamless, secure, and empowering for both #businesses and individuals. #OpenBanking simplifies #payments, drives #financialinclusion, enabling greater access to financial services, and transforming how communities interact with their finances. This is #innovation with purpose. ✅ Read the full press release to learn how we’re building a future where financial services are accessible to everyone: https://lnkd.in/dXUbVdzS #InnovateToInspire #OpenBanking #BaaS #FinancialInclusion #Euronet #FintechGalaxy #FutureOfPayments

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