Akhil Rao

🎥 Watch this quick video to understand how Ebury Partners simplifies cross-border payments for businesses in the UAE. #Crossborder #PaymentSolutions #FX #RiskMitigation #EburyExplains

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Standard Chartered launch #digitalasset custody service in the UAE after being granted a licence by the Dubai Financial Services Authority (DFSA) within DIFC #uaefintech #fintechuae #fintech #fintechnews #finance #financialtechnology #technology #tech #technews #UAE #cryptonews #digitalcurrency #cryptocurrency #crypto #bitcoin #ethereum Brevan Howard Brevan Howard Digital

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When one of the largest FIs in the Middle East wanted to move into an already saturated acquiring market, it knew it needed to launch something truly different to be able to compete. Recognising the untapped potential of mobile payments in Jordan, the bank selected MobiCash Payments to launch a first-of-its-kind mobile #payments service in #Jordan that has empowered the bank to seamlessly execute its entire #acquiring strategy 📲 Read more about the project in our latest use case here ⬇️ #mobilepayments

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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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📢 CBO issues draft open banking framework for Consultation The Central Bank of Oman (CBO) recently issued its draft ‘Open Banking Regulatory Framework’ (OBRF) for public consultation. The release of the draft hashtag hashtag #OBRF is in line with the CBO’s ‘Fintech Framework and Roadmap’ announced in 2022. Among the several initiatives thereunder was an ‘Open Banking API Strategy’ in which the apex bank sought to develop a framework for the sector and has duly delivered on the initiative. The OBRF takes into consideration the latest technological advancements and global best practices in relation to open banking, having had the opportunity to benchmark against regional and globally existing frameworks. Key aspects include: 👉Regulatory Framework: Establishes a licensing and regulatory framework for open banking covering key aspects such as data and consumer protection, ongoing governance and compliance, fair business conduct, and participant exit plans. 👉API Standards: Provides API specifications addressing architectural styles, data formats, version control, error handling, testing, lifecycle management, and governance. 👉Technology Framework: Establishes technical enablers for open banking focusing on two types of platforms including an API management platform and a consent management platform. It also provides an outlook on the potential monetisation models for open banking APIs. 👉Data Security: In recognising the significance of data and information in enabling open banking, the OBRF provides a guideline for participant organisations in developing robust controls to safeguard themselves, their customers, and the broader ecosystem against data and information security threats. The establishment of the OBRF is a welcome initiative that is in line with global and regional regulatory trends to regulate and enable the open data sector. Other Arab countries including Jordan, UAE, Bahrain, and KSA have already instituted robust frameworks for open banking/finance and Oman’s OBRF will greatly add to these initiatives in the region. Further, the implementation of an open banking framework could significantly boost Oman’s fintech market increasing healthy market competition while encouraging collaborative initiatives between incumbent institutions and FinTechs. The draft framework is currently available for public review, allowing relevant stakeholders to deliberate and share their thoughts before the OBFR is enacted into law. KARM Legal frequently collaborates with Central Banks and monetary authorities to assist with policy initiatives like this one, while consistently supporting the fintech ecosystem by focusing on fostering innovation through regulation. #regulatoryupdate #consultationpaper #openbanking Read the consultation here - Consultation of Open Banking Regulatory Framework (OBRF) https://lnkd.in/gtNHgJaX

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EBAday Roundtable: Navigating the Testing Waters of Bank Transformation #payments #banking #EBAday #instantpayments #ISO20022 Fascinating insights from the EBAday roundtable on navigating bank transformation! Key takeaways: 1- Top payment priorities: • Instant payments regulation (75% of audience) 2- ISO 20022 migration (58% of audience) 3- Challenges: • Major regulatory changes (especially for global institutions) • Legacy technology • Balancing compliance with innovation • Fraud prevention and real-time processing for instant payments • Too many priorities & lack of talent 4- Opportunities for collaboration: • Request to Pay (53% of audience) • One leg out credit transfer schemes (45% of audience) 5- Expert advice: • Think strategically about future regulations • Leverage partnerships and existing infrastructure ️• Invest in core infrastructure and user experience • Prioritize talent and project management What are your biggest challenges and opportunities in bank transformation? #digitaltransformation #financialtechnology #tech #financialservices #innovation #neurobay

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🇸🇦 Saudi Central Bank – SAMA has published the second release under its Open Banking Framework, which is focused on payment initiation. The second major release of the framework is intended to standardise how participants can offer PIS “reliably and securely”. Read the full story at the 🔗 #openbanking #fintechs #openfinance #centralbank #banks #payments #paymentservices https://lnkd.in/e6-9BXGG

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Explore how UAE banks' transfer services measure up against international payment platforms like Western Union and SWIFT. Our insight https://lnkd.in/eFsm7pHU delves into the transparency, reliability, and user experience challenges that expatriates face, offering insights and recommendations for UAE banks to stay competitive in the fast-evolving digital landscape. We are ready to work closely with the challenges and opportunities of the UAE's banking sector. The UAE has an ambitious digitalization agenda, and our soon-to-be-released research Mobile Banking Review UAE 2024 provides a deep look into how this vision is unfolding for personal digital banking. We pinpoint areas for improvement that can help UAE banks achieve a “the best future” in customer experience and competitiveness.

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In the latest edition, Middle East’s 5 Most Influential Fintech Leaders to Watch in 2024, CIOLOOK magazine is pleased to feature Amir Tabch, the Chief Executive Officer of Middle East at Liminal Custody, and other prominent leaders in the Fintech industry. Read More: https://bityl.co/SXQg #FinTechRevolution #DigitalBanking #BlockchainInnovation #CryptoTrends #DeFiSolutions #SmartContracts #businessmagazine #ciolook #middleeast

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Central Bank of UAE enhances cross-border open finance interoperability through ‘Project Aperta’ https://lnkd.in/dSi7aGUg Association of Certified Financial Crime Specialists - ACFCS ACFCS MENA Chapter #UAECB #crossborder #governance #regulations #guidelines

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🤩 Standard Chartered launches its digital asset custody service in the UAE, with Brevan Howard as its first client, marking a significant step in the bank's expansion into the #DigitalAsset space 👇 https://lnkd.in/dyb6-ZfP #Tokenization #blockchain #CryptoCustody #AssetManagement Brevan Howard Digital

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Tarabut, a UAE-based open banking platform, has acquired London fintech Vyne to enhance its global financial services. Established in Bahrain in 2019, Tarabut connects regional banks and fintechs via a universal API, while Vyne specializes in real-time account-to-account (A2A) payments. This acquisition, approved by Saudi and UK regulators, strengthens Tarabut’s position as the leading open banking platform in the MENA region. The deal, finalized on August 1, integrates Vyne’s technology into Tarabut’s operations, expanding A2A payment capabilities across Bahrain, Saudi Arabia, and the UAE. Vyne’s payment solutions will allow Tarabut to offer faster, cardless transactions for sectors like retail and SMEs. The acquisition also broadens Tarabut’s presence into the UK, solidifying its global leadership in open banking. This move follows Tarabut's $32 million Series A funding round in May 2023, with key investors including Visa and Tiger Global. Tarabut Vyne https://lnkd.in/dU3rY2gu

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Open finance is set to revolutionize financial services in the nation, allowing secure data sharing with third-party providers. The Central Bank of the UAE has enacted stringent laws to oversee this sector, ensuring safe and seamless implementation. Banks are required to establish secure APIs for third parties to access client accounts and payment services, fostering innovation and competition in the industry. Customers' data privacy is paramount, with explicit consent needed for sharing information. This control empowers customers to manage their data and revoke consent if needed. Compliance with strict security measures during data transmission and storage builds trust in open banking, enhancing customer confidence in financial services. Integrating open finance principles into the banking sector can boost the UAE's industrial competitiveness, drive economic growth, and enhance financial service accessibility. The UAE's commitment to innovative technologies and the future of finance is evident through its open finance plan. By prioritizing security, innovation, and transparency, the UAE leads the way in sustainable financial growth and positive industry transformation. Learn more at the Central Bank of the UAE website: [Link to the article](https://lnkd.in/dEK25Sdf)

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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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🔒 Securing the Future of Digital Payments: How RBI’s New Guidelines Are Raising the Bar for Non-Bank Payment Operators 💳 Every time you send money to a friend or a merchant, you expect that transaction to be safe from hackers and cyber-attacks. Non-bank Payment System Operators (PSOs) like NPCI, Google Pay play a crucial role in this process, handling vast amounts of money and sensitive data daily.   The #RBI recently issued Master Directions on Cyber Resilience and Digital Payment Security Controls, emphasizing the need for a robust cybersecurity framework. As digital payments become the backbone of our economy, these guidelines ensure that non-bank PSOs are equipped to withstand cyber threats and protect customer data.   What does this mean for non-bank PSOs? They must now adhere to the same high standards of security, risk management, and governance that banks follow. This eliminates any regulatory loopholes, ensuring a level playing field and safeguarding the financial system from potential risks.   Key highlights from the RBI’s directions include: ▶ The Board of Directors at each PSO is now directly responsible for overseeing information security risks, including cyber resilience. ▶ Cyber Crisis Management Plan (CCMP): Every PSO must prepare a Board-approved CCMP to detect, contain, respond to, and recover from cyber threats. ▶ PSOs must conduct thorough cyber-risk assessments before launching new products or making significant changes to their existing systems. ▶ PSOs using cloud services must implement a robust cloud operation policy. ▶ Any cyber-attack, system outage, or internal fraud must be reported to the RBI within six hours. Cybersecurity incidents must also be reported to CERT-IN. ▶ Regular training programs on information security for employees and vendors are now mandatory. ▶ Real-time fraud monitoring solutions must be in place to detect and alert on suspicious activity. ▶ Online sessions on mobile applications must automatically terminate after a set period of inactivity, prompting customers to re-login for continued security. ▶ PSOs must implement a comprehensive data leak prevention policy to protect business and customer information. ▶ PSOs are required to develop a business continuity plan that considers various cyber threat scenarios, including extreme events. ▶ When sending SMS or email alerts, PSOs must ensure that confidential information, like bank account or card numbers, is redacted or masked to protect customer privacy.   These new standards reflect the RBI’s commitment to strengthening the digital payment ecosystem, ensuring that all transactions are not only efficient but secure. Non-bank PSOs now have the roadmap they need to build even more resilient and trustworthy platforms for their customers. #CyberSecurity #DigitalPayments #LIPostingChallengeIndia #LinkedInNewsIndia --- I write on Banking, Technology and Risk. You can consider following Durgesh P. Sharma for more such content.

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Careem Pay also introduced a remittance feature enabling direct transfers from the UAE to businesses abroad, starting with India. Read here: https://lnkd.in/gReSAsN8 -with Abhishek Tripathi #fintech #remittance #payments #moneytransfer

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