Asheesh Gaur

Central Bank of UAE launches 'Sanadak', UAE's first Financial & Insurance Ombudsman Reported by Sucheta Sarkar Read More Here-https://lnkd.in/gtZ6Gp9y #CBUAE #CentralBankofUAE #FinancialandInsuranceOmbudsman #consumerprotection #MENAregion #Ombudsman #Sanadak #UAE #scconline #SCC #legalnews #legalknowledge #scctimes #legalblog #legalupdates #lawstudent #legalresearch #legalstudies #surestwaytolegalresearch #bringingyouthebestlegalnews

٧

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)

٣

١ تعليق واحد

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

١

𝗞𝗲𝗿𝗮𝗹𝗮: 𝗘𝗽𝗶𝗰𝗲𝗻𝘁𝗲𝗿 𝗼𝗳 𝗕𝗮𝗻𝗸𝘀’ 𝗕𝗮𝘁𝘁𝗹𝗲 𝗳𝗼𝗿 ₹𝟮.𝟳𝟰 𝗟𝗮𝗸𝗵 𝗖𝗿𝗼𝗿𝗲 𝗡𝗥𝗜 𝗗𝗲𝗽𝗼𝘀𝗶𝘁𝘀 Indian banks are escalating efforts to secure NRI deposits in Kerala, which attracts ₹2.74 lakh crore annually, growing 11% YoY. Federal Bank, Canara Bank, and Tamilnad Mercantile Bank are enhancing Gulf operations, launching products like South Indian Bank’s NRI-SAGA, and opening dedicated NRI branches. Kerala’s households receive ₹2.2 lakh annually on average, cementing its status as the hub for lucrative remittances. #finance #NRI #KeralaBanking #GulfInvestments #EconomicGrowth Source:- https://lnkd.in/gSEn-fU7

Our latest insight on Kuwait Banking metrics analyses the financial indicators of Kuwait banks over a period of past 5 years from 2017 to 2023. Read more https://lnkd.in/gJTJytkt #kuwait #banks #interest #interestrate #markaz #marmoreresearch 

٧

Dubai-listed Mashreq Bank has agreed to sell a 65% stake ($𝟯𝟴𝟱𝗺𝗹𝗻) in NeoPay, the brand name for its subsidiary IDFAA Payments Services, to Arcapita and Turkish FinTech firm Dgpays. The bank said that it was entering into a long-term shareholder arrangement with the purchasers for the future growth of the business. "With Mashreq retaining a key minority stake, NEOPAY is poised for continued success as it scales its operations, expands into new markets, and enhances its service offerings across the Middle East." they announced on its website. The payment system company is used by businesses to process transactions, including in point of sale (POS) terminals, eCommerce, mobile payment, and other non-cash payments. The transaction is subject to the required regulatory approvals and consents. Source: https://lnkd.in/dTt8dyzu Find this helpful? [ 𝗿𝗲𝗽𝗼𝘀𝘁 ] Anything to add about this subject? [𝗶𝗻𝘃𝗶𝘁𝗲𝗱 𝘁𝗼 𝗰𝗼𝗺𝗺𝗲𝗻𝘁] Nice story, Marcel. Next! [ 𝗹𝗶𝗸𝗲 ] 

٢٠٩

٩ تعليق

Digital Finance Elite Convenes in Dubai: The UAE Decision-Makers Roundtable (Nov 12th) I’m glad to be invited for #The_Leaders_Roundtables_in_UAE to participate in such valuable discussion. We will discuss a critical topics like digitization, ecosystem building, digital payments, AI and data, and emerging technologies. A special thanks to Decimal Technologies

٧٥

٢ تعليق

We're thrilled to announce the appointment of Mr.Niraj Kumar from United Arab Bank and Mr.Mohit Gandhi, CDCS from Abu Dhabi Commercial Bank as the elected co-chairs of our steering committee! The #trade #finance experts bring a wealth of #knowledge and #experience, driving #innovation and #digital transformation in banking. Their role, along with that of the #consortium's steering committee, will be to continue to drive the platform's #innovation and #digital #roadmap in the #banking industry, as well as interfacing with Central Bank of the United Arab Emirates (CBUAE) and UAE Banks Federation, among others. Please join us in welcoming the co - chairs ! Al Masraf ADIB - Abu Dhabi Islamic Bank Abu Dhabi Commercial Bank Commercial Bank International Commercial Bank of Dubai Dubai Islamic Bank Emirates NBD First Abu Dhabi Bank (FAB) Mashreq Corporate & Investment Banking Group Invest Bank National Bank of Fujairah RAKBANK United Arab Bank Beehive Fintech DP World haifin, an e& enterprise company - Built by the Banks, For the Banks #Fintechnews #UAETradeConnect #Digitisation #Interoperability #Artificialintelligence #Machinelearning #Blockchaintechnology #Globaltrade #Hyperledger #Cocreation #Powerofnetwork #Innovation #supplychainfinance #TradeFinance #FinancialInnovation #Collaboration #PartnershipAnnouncement #InnovationInFinance #StrategicCollaboration #FinanceIndustry #FinancialLeadership #FCI #ITFA #ICC #GTR #UAEbanks

١٥٩

٦١ تعليق

ADIB is the first fully shariah compliant banking group in the world to enable VIS for covered cardholders in the UAE; Mashreq subsidiary NEOPAY is first acquirer to enable solution at local merchants VIS is available at select retail stores and brands in the UAE Dubai, United Arab Emirates:– Abu Dhabi Islamic Bank (ADIB), a leading Islamic financial institution, in partnership with Visa (NYSE: V), a world leader in digital payments, has announced “Visa Installments Solution (VIS)” is officially live for ADIB covered cardholders in the UAE. NEOPAY, the payment subsidiary of Mashreq, becomes the first acquirer to enable VIS at local merchants in the UAE. The solution is available now at Sharaf DG (Dubai Mall), Jacky’s (Mall of Emirates, Deira City Centre, Khalidiyah Mall, Burjuman Centre and Zahia City Centre) & iStyle (Mirdif City Centre) with more merchants to enable VIS soon. According to the agreement, ADIB Visa-covered cardholders can now opt for “Visa Installments” to pay back, the utilized amount from their covered cards for their spending, into smaller, equal payments at checkout in-store to effectively manage their budgets and afford larger purchases effortlessly. "We are excited to see “Visa Instalment Solution” officially live in the UAE. This is the result of Visa's efforts in line with the government’s digital commerce agenda to enable banks and merchants in bringing this innovative solution to the UAE retail sector. Thanks to our partners ADIB and NEOPAY, the UAE has become the first market worldwide to roll out the VIS with a set of unique, industry-wide features, including cross-border Installments. This partnership is a testament to our commitment to delivering an enhanced digital retail journey for consumers who seek and deserve better, more rewarding payment experiences,” said Dr. Saeeda Jaffar, Visa’s SVP and Group Country Manager for GCC. Amit Malhotra, Global Head of Retail Banking at ADIB, commented: “The launch of Visa Installments Solution (VIS) for ADIB cardholders marks a significant milestone in our commitment to enhancing financial convenience for our customers. As the first fully Shariah-compliant banking group globally to enable VIS for covered cardholders in the UAE, we are proud to offer this innovative solution in partnership with Visa. Through our collaboration with Visa, ADIB cardholders can now enjoy the flexibility of paying back, the utilized amount from their covered cards for their purchases, into smaller, manageable easy installment payments at select retail stores, empowering them to make larger purchases effortlessly while staying within their budgets. This initiative underscores our dedication to providing cutting-edge financial solutions that cater to the evolving needs of our customers and contribute to the growth of the digital commerce landscape in the UAE.”👇👇👇

٢

Speech by Talal Ali Al Zadjali, Chief Executive Officer of Oman Banks Association. He talks about the role of Oman Banks Association in encouraging Banks and Finance organizations to embrace and innovate and how they facilitate #DigitalTransforation in the BFSI Sector in Oman. #Oman #OBA #Banking #technology #DigitalBanking #Transformation #OnlinePayments #Finance #NABS2024

١٢

Rajeev Chalisgaonkar, Head of Business Banking and NEObiz at Mashreq, talks about the challenges SMEs face with banking and what Mashreq has done to resolve these obstacles. #GFD #GFDpodcast #mashreq #mashreqsolutions #bankingsolutions #businessapplications #banking #SMEsolutions #SME #mashreqgoals #businessgoals

٢٨

Emirates NBD prevented $105M in #fraud loss across its Visa and non-Visa portfolios in 2023 using a single risk solution. Read this case study to learn how they achieved success using Visa Risk Manager (VRM) with scheme agnostic Visa Advanced Authorization (VAA) score.     Then, learn more about VRM and VAA:  https://lnkd.in/grir8ct7 #DigitalFraud #PaymentsFraud #banking

٧٩

١ تعليق واحد

Emirates NBD and Mashreq Bank have announced an investment in NewBridge Fintech Solutions, owner of LoanBook, an innovative platform designed to modernise the $5.5 trillion syndicated loan industry. LoanBook transforms the way borrowers, lenders and intermediaries interact by providing a centralised, digital marketplace that streamlines traditionally manual workflows. From loan syndication to secondary trading and lifecycle management, the platform automates key processes, bringing unprecedented efficiency, speed and transparency to a historically paper-based industry. Backed by Emirates NBD and Mashreq Bank, LoanBook is able to scale its operations, expand its market reach and introduce innovative features that improve liquidity, reduce inefficiencies and drive modernisation across the loan ecosystem. The platform has already demonstrated its capabilities by successfully managing a multi-billion dollar syndicated loan for a major regional government-related entity, proving its potential to handle large transactions. (Image by Mashreq) #FinTech #SyndicatedLoans #DigitalInnovation #InvestmentBanking #UAE #DigitalTransformation

١٨

١ تعليق واحد

Mashreq has successfully priced a $500 million Additional Tier 1 bond offering with a 7.125% coupon on June 3, 2024. This marks our return to the debt capital markets since 2022, achieving the largest price tightening by any UAE bank for an Additional Tier 1 issuance in the last five years. Key points: 🔹 Orderbook exceeded $2.1 billion early on. 🔹 Yield set at 7.125% with a reset margin of +270.5bps. 🔹 Global marketing efforts included a roadshow in London. 🔹 Investor allocation: 77.5% from the Middle East, 19.5% from Europe. Group CEO Ahmed Abdelal commented, “The robust investor engagement and support for this strategic transaction is gratifying. This will enable Mashreq to continue its growth plans into 2024 and beyond.” #Finance #Investment #BondMarket #Mashreq #UAE #Growth 𝘋𝘪𝘴𝘤𝘭𝘢𝘪𝘮𝘦𝘳 : 𝘊𝘰𝘯𝘵𝘦𝘯𝘵 𝘴𝘩𝘢𝘳𝘦𝘥 𝘩𝘦𝘳𝘦 𝘪𝘴 𝘧𝘰𝘳 𝘪𝘯𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯𝘢𝘭 𝘱𝘶𝘳𝘱𝘰𝘴𝘦𝘴 𝘰𝘯𝘭𝘺 𝘢𝘯𝘥 𝘯𝘰𝘵 𝘢 𝘱𝘳𝘰𝘮𝘰𝘵𝘪𝘰𝘯 𝘰𝘳 𝘦𝘯𝘥𝘰𝘳𝘴𝘦𝘮𝘦𝘯𝘵 𝘰𝘧 𝘢𝘯𝘺 𝘧𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭 𝘦𝘯𝘵𝘪𝘵𝘪𝘦𝘴 𝘰𝘳 𝘱𝘳𝘰𝘥𝘶𝘤𝘵𝘴.

١

The Central Bank of The UAE (CBUAE) issued a notice to all banks and insurance companies to allow the deferral of repayment of installments of personal and car loans for customers affected by the repercussions of the weather conditions for a period of six months. Know more: https://lnkd.in/e_3rHMMZ #UAEBanks #FinancialServices #LoanPayments

٨

Another type of scam, a task based scam. This one requests you to do basic tasks such as liking pages, re-posting, commenting, etc, and you earn income based on the completed tasks. Be on the look-out, do not share banking details, do not click unknown links, exit and report these WhatsApp groups. Be safe. https://lnkd.in/epSh3YNX

١٩

٢ تعليق

During the panel, Andrew Torre, Regional President of Visa CEMA, discussed the economic reboot of 2024, highlighting the resilience of markets and strong consumer spending. He said the GCC region also experienced robust growth across all sectors. Additionally, Torre noted that crypto has predominantly assumed the role of an asset rather than a means of transaction. #EconomyMiddleEast #EconomyMiddleEastSummit #AcceleratingFutureGrowth #Visa #Finance #Fintech

٩