Bil Ahmed

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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Paymentology and #Zand will enable fintechs to thrive by offering a range of specialised services, including #BIN-sponsorship, #virtual #IBANs, and Client Money Accounts. These services are designed to help fintechs launch and scale faster, providing them with the infrastructure to bring their solutions to market efficiently. The timing aligns with the #UAE government’s push to establish a strong digital economy through the UAE Digital Economy Strategy, which aims to double the sector’s contribution to the nation’s GDP from 9.7% (April 2022) to 19.4% over the next decade.

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CEO of CoorB Ahmed Gaber sat down with MENA Tech - مينا تك to discuss how partnerships between traditional banks and fintech companies can successfully achieve seamless digital transformation and open up innovative opportunities. ➡️ Read the full interview: https://lnkd.in/dmbdJNQg

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Bahrain's financial sector has reached a major milestone with a ground-breaking partnership between Benefit, the Kingdom's top fintech innovator and leader in electronic financial transaction services, and Tarabut, the MENA region's leading open banking platform. Together, they have launched Bahrain's first centralised open banking authentication solution, a ground-breaking technology designed to transform the way consumers access financial services. This innovative solution streamlines the customer experience by enabling a seamless app-to-app process that eliminates the need for multiple authentication steps, making financial services faster, easier and more secure. Flooss, Bahrain's first digital finance provider, is the first to take advantage of this new platform. By using Benefit's centralised authenticator, Flooss can now offer users faster and more secure loan approvals, placing Bahrain at the forefront of open banking innovation on a global scale. This partnership further highlights BenefitPay, Bahrain's national e-wallet, as a trusted authenticator. By simplifying the connection between consumers and their banks, the initiative enhances the user experience while reinforcing Bahrain's position as a leader in digital financial services innovation. The collaboration showcases the strength of Bahrain's financial ecosystem and demonstrates the power of local synergies to drive ecosystem-wide benefits. Benefit's role as the primary authenticator for open banking transactions cements its leadership position in the financial services industry and reflects its ongoing commitment to empowering users, building trust and fostering the growth of Bahrain's fintech ecosystem. By streamlining authentication and consent processes, Benefit is ensuring that the entire financial landscape is more accessible and consumer-friendly. Tarabut's technology plays a critical role in connecting banks, fintechs and service providers across Bahrain. Its API-driven platform improves the accessibility, speed and affordability of financial services, enabling Bahrain's open banking network to serve as a model for innovation and collaboration across the region. (Image by Benefit) #OpenBanking #FinTech #DigitalTransformation #Innovation #MENA #FinancialServices

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Commercial Bank's launch of Fawran is set to change Qatar's payments ecosystem - and it's about more than just speeding up transactions. It's about revolutionising the way businesses interact with financial services in real time. Fawran offers instant local payments, 24/7 accessibility and a seamless user experience. It's not just another feature; it's a view into the future of business banking. With faster payments, businesses can free up working capital, optimise cash flow and stay ahead in an increasingly competitive market. Here's the key takeaway: Payments are no longer a back-office function - they have become a strategic asset for growth. The companies that win in this new landscape will be those that prioritise speed and convenience as part of their financial strategy. Agility and adaptability are now essential to setting new industry standards. The future of B2B fintech isn't just about transactions - it's about experiences. Are we ready to embrace this future? (Image by CommercialBank) #PaymentsInnovation #Fintech #DigitalBanking #BusinessTransformation #DigitalPayments #Qatar

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The Gulf is rewriting the payments playbook. From a cash-first mindset to leading the global shift toward digital-first payments. Key Insights: - Digital Payments Boom - Saudi Arabia Pushing Ahead - BNPL on the Rise What It Means: The GCC isn’t just adapting to a digital payment future—it’s defining it. 📖 Read the full article to explore how the Gulf is shaping the global payment landscape and the opportunities (and challenges) it brings. 🔗 https://lnkd.in/eHpyT27N

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🚀 Exciting News from Noqoody Payment Services Co. HQ! 🚀 Today, we were thrilled to host a landmark meeting at our headquarters with Michael Javier, CEO of CWALLET. Together with Mr. Nayef Rashwan ♕ , we delved deep into the vibrant #FINTECH landscape of #Qatar and the #GCC, discussing the challenges and opportunities presented by the current economic slowdown. Our discussions were not only insightful but also extremely promising. We debated various strategies to overcome market challenges, emphasizing the power of collaboration and long-term integration between our companies. This partnership is set to not only enhance our service offerings but also pave the way for broader collaborations within the #FINTECH community in #Qatar and eventually, across the #GCC. The highlight? We're excited to announce that CWALLET will soon be integrated with Noqoody Payment Services Co.’s Qatar Pay POS for seamless remittances and will also link with the #Noqoody Super App to leverage more tools for public service. Stay tuned! Both parties are gearing up to reveal thrilling news that will undoubtedly revolutionize the #FINTECH market approach in #Qatar. The future looks bright, and we can't wait to share more with you. 🌟 #Fintech #Innovation #Partnership #NoqoodyPayments #CWALLET #Qatar #GCC #paymentserviceprovider #VISA #mastercard #QNB #paymentgateway #seamless #pos #CBQ #westbay #prepaidcards 😊

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Today we are pleased to announce our partnership with G42. Private markets - valued in the hundreds of trillions - represent the world's largest asset class, yet remain constrained by fragmented data and opaque processes. We’re changing that by delivering the next generation of AI and enterprise-grade data architecture. Together with an ecosystem of partners, we bring unprecedented trust, efficiency and transparency across critical industries. Together, this new partnership will empower private market participants to securely share, analyze, and transact on trusted data, setting a new standard for how private markets operate. We’ve been architecting the data solutions to transform the future of private market assets. Now, with G42, we're not only envisioning that future, we are launching it at scale. An-Nawawi writes on Hadith 26 about the role of charity, and G42’s investment is described in here: “Every joint of a person must perform a charity each day that the sun rises: to judge justly between two people is a charity. To help a man with his mount, lifting him onto it or hoisting up his belongings onto it, is a charity. And the good word is a charity. And every step that you take towards the prayer is a charity, and removing a harmful object from the road is a charity.” I am thankful for G42 for lifting us onto our mount as we drive the next generation of capital markets, utilizing Inveniam as the mechanism for data operations for private market owners to manage and control their data as the use AI and other forms of automation with total data sovereignty. An-Nawawi’s rough contemporary, philosopher and writer Bachya ben Joseph ibn Pakuda, in 11th century Spain writes in Chovos Halevavos (Duties of the Heart), that our entire service to God is based on the acknowledgment of the many gifts we have received from our Heavenly Father. For the past eight years we have been blessed in a measure far beyond what we deserve. Our shareholders, partners, and coworkers deserve a great thank you as we now begin at scale delivering automated private market asset data servicing using AI with attribution, context, and trust. We thank all of you, our newest partner G42, and we thank God for our blessings. "For the Spirit God has given us is no cowardly Spirit, but one that makes us strong, loving, and wise." - 2 tim 1:7

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According to ACI’s 2024 Prime Time for Real-Time report, released earlier this spring, the Middle East continues to be the fastest-growing market for real-time payments. The region experienced 33.6% YoY growth in 2023 – with real-time transactions reaching 855 million – and our projections suggest transactions will grow to 3 billion by 2028. This significant increase and evolution of the region’s real-time ecosystem signals a broader shift toward a cashless economy – and also means that financial institutions, if they haven’t already, will need to modernize their existing payment infrastructures in order to meet the increasing demand for real-time payments. https://aciw.co/4aXYaY8

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I talked about how we need to have a grown up conversation about Islamic funds. Well, here’s where we will be pretty honest and work on this Apex Group Ltd looks after a substantial number of Islamic funds and we look to welcome our client’s and partners to the round table :) it’s awesome to have the support of DIFC and Simmons & Simmons partnering with us on this. #islamicfunds #shariafunds #islamicassetmanagement

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Capco’s new research with over 1,200 UAE consumers explores key trends including the take-up of digital-first banking, preferred payment methods such as digital wallets and BNPL, and consumer comfort with AI-guided financial decisions. Mobile-oriented convenience, integrated views and personalization are key themes in the evolving marketplace, with 81% of respondents using mobile apps to access banking and 72% willing to share more personal data to unlock personalized products. 💡 Swipe now to learn more about these trends and the demand for new tailored insights into personal finances. 👉 Read the full report here: https://lnkd.in/eBqTixAg Contacts: Naim Alame Kushal Dhammi Paul Sommerin Nadir Basma, PhD Hannah Cameron #Capco #BankOfTheFuture #GenAI #DigitalBanking #FutureOfBanking #CapcoMiddleEast #UAEbanking

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Al Etihad Payments (AEP), a subsidiary of the Central Bank of The UAE (CBUAE), has partnered with G42's Core42 to initiate the implementation of #OpenFinance in the #UAE. This collaboration aims to establish global standards for open finance and enhance #digital #financialinclusion. Open Finance facilitates secure data sharing and financial transactions, promoting innovation and customer-centric services. Under CBUAE regulations, Open Finance will begin with Open Banking followed by Open Insurance, reaching the majority of customers by 2024. AEP has engaged Ozone API and Raidiam as technology providers within the Core42-led consortium for Open Finance Implementation. This initiative is part of CBUAE’s Financial Infrastructure Transformation (FIT) Programme, which aims to advance the UAE's financial services industry, accelerate digital financial services adoption, and provide consumers with innovative and secure financial products and services. The UAE leads globally in implementing a consolidated trust framework and centralised API hub, ensuring secure access to banking and insurance markets with customer consent. With the launch of Open Finance, Al Etihad Payments is strengthening the UAE's financial services sector and establishing itself as a leader in the global open finance movement. This is an exciting development that will benefit consumers and businesses alike. “The implementation of Open Finance marks a significant advancement in the UAE’s financial services industry and its financial #infrastructure transformation. It will accelerate the adoption of digital financial services, providing more innovative and safer digital financial products and services in the country. In addition, it will provide a seamless financial experience, ensuring consumers have control over their finances and efficient access to a diverse range of financial products.” - Fatma Al Jabri, Assistant Governor for Financial Crime, Market Conduct and Consumer Protection at the CBUAE. Jan Pilbauer #openbanking #fintech #digitalbanking #psp #payments #finance #fraud #‍digitalbanking #dubai #abudhabi #eu #innovation #startups #sustainability #law #fintech #ksa #india #crypto #leadership #lawenforcement #technology #banking #management #openinsurance #digitalwallets #wallets The Fraud Fellas‍‍

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Indeed, #customerexpectations increased and their #loyalty decreased during the past years . This has greatly affected the #banking sector and forcing #banks to adopt #disruptivetechnologies, otherwise, customers will find solutions somewhere else.

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Commercial Bank International (CBI) has entered into a strategic partnership with areeba, becoming the first UAE-based lender to offer areeba's comprehensive card and payment solutions to fintechs across the country. This collaboration marks a great step forward in the UAE's rapidly evolving digital payments landscape. Through this partnership, CBI will leverage areeba's advanced payment platform to provide fintechs with scalable, secure and efficient solutions for launching and managing digital payment products. The initiative is designed to provide UAE-based fintechs with robust card management capabilities, accelerating the growth of the country's digital payments ecosystem. This development is in line with the growing fintech sector in the UAE, where assets under management (AUM) are expected to reach $5.70 billion by 2029. (Image by Areeba) #FinTech #DigitalPayments #Innovation #UAE #CardSolutions #Partnerships

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Tarabut, the MENA region’s leading regulated open banking platform, has partnered with geidea, Saudi Arabia’s leading payment solutions provider, to explore and potentially develop tailored SME financing solutions. Saudi Arabia is home to 1.3 million SMEs, yet they face a financing gap exceeding SR300 billion ($80 billion). The current financing process for SMEs is often lengthy, complex, and costly, making it difficult for these businesses to manage cash flow, support day-to-day operations, and achieve growth. This partnership between Tarabut and Geidea seeks to address these challenges by collaboratively exploring solutions that create more efficient and accessible financing opportunities. The goal is to empower SMEs across Saudi Arabia, including those underserved by traditional financial services, to thrive. By leveraging Tarabut’s advanced technology stack and bank partnerships, Geidea hopes to develop a real-time, secure financing solution aligned with Saudi Arabia’s Vision 2030 goals of digital transformation and financial inclusion. Geidea, which holds over 75% of Saudi Arabia’s point-of-sale market share, processes millions of transactions daily for a wide variety of businesses. Through this partnership, Geidea will combine its market expertise with Tarabut’s secure and scalable open banking technology to redefine digital lending. By working with Geidea, Tarabut aims to identify opportunities for economic growth that align with regulatory requirements, ensuring that even the smallest businesses can access the funding they need to grow and succeed. (Image by Geida) #OpenBanking #SMEFinancing #SaudiArabia #Vision2030 #DigitalTransformation #FinTech

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At Paymentology, we have some great news for fintechs in the UAE who are looking to bridge the gap between their impressive tech stack and launching their solution to market! We have announced our partnership with Zand to empower fintechs by enabling them to issue payment methods and pave the way for new initiatives. Together, we are providing fintechs with a powerful suite of specialised services. These include BIN-sponsorship, virtual IBANs, and Client Money Accounts, equipping fintechs with the essential infrastructure needed to launch and scale faster. This partnership marks a significant step towards reinforcing our commitment to supporting the next-generation infrastructure that fintechs require to thrive, and contribute to the growth of the UAE’s digital economy. https://lnkd.in/eDzzDKp9 #Fintech #Innovation #Partnership #UAE #DigitalEconomy #Paymentology #Zand

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🎤 What Ms.Suzy Al Zeerah had to say when asked about the How could micro-financing services transform the economy growth in Bahrain?⁣ ⁣ #BedeAsks #bahrain #Finance #fintech

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