Bobby Kakar

The State of Payment in the UAE This report provides a comprehensive overview of the payment landscape in the United Arab Emirates. It highlights how the financial sector of UAE has undergone a major transformation, with the Central Bank of the UAE issuing licenses to several financial institutions marking UAE’s position as a vibrant and innovative player globally. This reflects an expanding regulatory environment and a growing demand for innovative payment solutions. This report gives insight about the technological advancements, regulatory support, and a diverse range of players and entities supporting the consistent growth. ✅ UAE has seen a remarkable increase in digital engagement, with approximately 9 million internet users and 19 million internet phone ✅ It boasts 7 million digital buyers, with diverse payment methods comprising credit cards, debit cards, digital vault, digital wallet, online wire transfers etc. ✅ All these facts are indicating a strong shift towards online shopping, digital inclusion, innovation and digital transactions. ✅ The financial indicators reveal robust growth in the banking and financial sector indicating a healthy economic environment conducive to investment and innovation. ✅ UAE’s payment landscape is characterized by a mix of government initiatives, traditional banks, and fintech companies. ✅ It emphasizes the importance of regulatory support in fostering innovation within the payment sector – e.g. initiatives like Al Etihad Payments and UAE PASS, which has 5 million users. ✅ Astra Tech's acquisition of PayBy and Amazon's takeover of PayFort, highlights the growing interest and investment of the global entities in the UAE's payment sector. ✅ There is a strong boost to Regulatory Environment and Infrastructure Development in UAE; ✅ There is rapid growth in large value payments, swift expansion of the Instant Payment Instruction (IPI) and significant growth in currency issuance; all these developments point towards a robust evolving financial ecosystem. 

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National Bank of Fujairah has chosen Intellect Global Transaction Banking | iGTB's eMACH.ai to to enhance its digital capabilities 📲 🏦 🏢 NBF currently serves corporates and SMEs through its network in the UAE, and provides financial services to optimise commercial opportunities AND achieve sustainable growth for their clients. 🇦🇪 ☁ This partnership ALSO marks iGTB's FIRST cloud-managed service in this region and NBF can offer their clients a COMPREHENSIVE suite of solutions 👨‍💻 Manish Maakan, CEO of iGTB commented, “By selecting Intellect Global Transaction Banking, NBF has chosen a strategic technology partner that offers scalability, operational efficiency, and the ability to grow alongside their business. NBF’s commitment to advancing its transaction banking infrastructure reflects the critical role of technology to drive growth and innovation in Commercial Banking.” He added, “This is our first deal to be hosted on eMACH.ai Cloud managed services in the region and is a significant step in UAE’s digital transaction banking landscape. Today, over 60% of the world’s best transaction banks #winwithiGTB and this deal signifies a pivotal step in cementing iGTB’s leadership position within the UAE & GCC market, underscoring our dedication to offering leading-edge digital banking solutions.” Read more on the link below 👇 Uppili Srinivasan Prashant Lalchandani Sachin Salian Shishir J. Amit Gupta Razia Ahmed Rajesh Saxena Nachu Nagappan #UAE #igtb #transactionbanking #digitalbanking #commercialbanking #GCC #cloudbanking #fintech #managedcloud

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Commercial Bank International partners with areeba to advance FinTech payments in the UAE Commercial Bank International (#CBI) has announced a strategic #partnership with areeba, a global #payment #infrastructure provider in the #UAE. The partnership aims to empower #FinTechs with #scalable, #securecard #management capabilities and accelerate the growth of the country’s #digital payment ecosystem. With the UAE already accounting for 46% of FinTech #startups in the #MENA region, the agreement aims to further support the growth of the local FinTech landscape by enabling businesses to adopt innovative solutions. Source: IBS Intelligence

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Network International and Zand Bank Forge Strategic Partnership in UAE Fintech Sector. Network International, a leading digital commerce enabler in the Middle East and Africa, has entered into a referral partnership with Zand Bank, the UAE's first digital bank. This collaboration aims to transform the fintech landscape by enhancing and expanding financial services for fintechs and startups in the region. The partnership leverages Network International's expertise in card processing to support Zand's objective of becoming a digital economic accelerator, particularly through BIN Sponsorship opportunities. This initiative will enable fintechs to access card schemes and advanced digital financial services, facilitating card issuance and other financial operations. The UAE has been actively fostering a fintech ecosystem centered on innovation and collaboration, with the country holding a significant share of fintech investment deals in the MENA region. This partnership aligns with the UAE government's efforts to encourage the development of a robust fintech environment. Michael Chan 陈玉涛, CEO of Zand Bank, highlighted the partnership as a significant milestone in revolutionizing financial services in the UAE, aiming to drive greater financial inclusion and accessibility. Navneet Dave, Managing Director & Co-Head of Processing Services at Network International, expressed enthusiasm about the partnership's potential to transform the fintech landscape in the UAE. #Fintech #Africa #UAE #DigitalBanking #NetworkInternational #ZandBank

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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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RAKBANK completed its first cross-border payment using the mBridge platform, a multi-CBDC (Central Bank Digital Currency) solution. Who’s involved? mBridge was developed by the BIS Innovation Hub and the central banks of the UAE, China, Thailand, Hong Kong, and Saudi Arabia, with support from RAKBANK and Chinese banks. How it works? mBridge enables peer-to-peer payments between banks using CBDCs, removing the need for correspondent banks. RAKBANK exchanged CBDC dirhams for China’s eCNY, completing a direct international transfer. Why it’s important? This innovative platform accelerates payments, reduces costs, and enhances transparency. It’s a significant step in transforming cross-border payments, making international transactions faster, more efficient, and secure with blockchain technology. #CBDC #blockchainpayments #crossborderpayments #fintech #paymentinnovation #digitalcurrency #businessdevelopment #strategicpartnerships #keyaccountmanagement #rakbank #mbridge #BIS #bankingtech https://lnkd.in/grQ4hRi8

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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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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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Network International and Biz2X partner to transform SME financing in the UAE #uaefintech #fintechuae #fintech #fintechnews #finance #financialtechnology #usfintech #finance #businessloans #businesslending #lending #loans #borrowing #businessfinance

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#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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Qatar Central Bank (QCB) has announced the availability of QPay payment services through the FAWRAN instant payment platform. This new service enables merchants to easily register and accept payment transactions for customer purchases using FAWRAN, offering more flexibility and convenience in Qatar’s growing digital payments ecosystem. One of the standout features of this service is that customers are no longer required to use bank cards to make online payments. Instead, payments can be processed using a phone number or name alias, ensuring a smoother transaction experience. Additionally, the service adheres to the highest standards of protection and security through QCB's systems, reinforcing confidence in local e-commerce transactions. (Image by GulfNews) #Fintech #Qatar #Payments #DigitalFinance #Ecommerce #FinancialInnovation

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First Abu Dhabi Bank (FAB) Completes Programmable Payments Pilot With JPM Coin "...This successful pilot opens up the possibility of a dynamic and automated funding and settlement solution to FAB and J.P. Morgan’s mutual clients,” the release said. “This solution will enable clients to benefit from Onyx’s real-time and/or event-based programmable capabilities.” The pilot included FAB’s successful completion of time-based and threshold balance-based account funding into deposit accounts to execute a payment obligation, according to the release. This innovation can provide flexibility to clients, enable banks to build a wide range of programmable scenarios, and allow treasurers to transition from cash forecasting to dynamic or just-in-time funding, the release said..." #programmable #payments #JPMcoin #Onyx #blockchain JPMorganChase PYMNTS Naveen Mallela Peter Rathgeb Lutz Karl Sandeep K. _________________________________ If you want to immediately see new content that I curate 👉🏻 Ring my bell (🔔) and follow #informationbanker or Informationbanker and if you want to get the posts that got noticed in my weekly What’d I miss newsletter, subscribe here: "https://lnkd.in/d5_KvWwu"

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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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🎥 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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💡List of crypto friendly banks in the UAE 🇦🇪 Big “thank you” to Zana Jablan Musa for the support and find below the crypto-friendly banks: 👇 Commercial Bank of Dubai Emirates NBD Zand Mashreq RAKBANK 🚩 Above mentioned banks can open corporate bank accounts for Virtual Asset Service Providers (VASPs) with Virtual Assets Regulatory Authority (VARA) initial approval. For custody & client accounts, crypto companies need a No Objection Certificate (NOC) from the Central Bank. The NOC can be obtained after receiving a Full Market Product license, which is the final stage of the regulatory process. 🚀 Additionally, I want to mention that both AMINA Bank and Sygnum Bank have Abu Dhabi Global Market (ADGM) licensed subsidiaries in Abu Dhabi. Finally, I have heard about very positive experiences with Wio Bank. ✅ Like and/or comment below if you need help with an intro to the crypto-friendly banks listed above. 🙏 Share with your network to get the word out and support the crypto ecosystem. #uae #dubai #abudhabi #crypto #friendly #bank #web3 #vasp #vara Follow 👉 Anton Golub & share ♻️ with your network

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The Central Bank of the UAE (CBUAE) has launched “Project Aperta,” a cross-border open finance initiative to enhance financial interoperability. Collaborating with international bodies, the project focuses initially on supporting SMEs in trade finance, simplifying access to financial products and reducing costs in international trade. The initiative allows cross-border data sharing, aiming to streamline account openings with foreign banks and foster economic growth through a secure, interconnected financial network. #uae #projectaperta #crossbordee #openfinance #sme #trade #banks #payment Your thought 💭??

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💣 Exciting news from Qatar 🇶🇦 ... 𝐓𝐡𝐞 𝐐𝐚𝐭𝐚𝐫 𝐂𝐞𝐧𝐭𝐫𝐚𝐥 𝐁𝐚𝐧𝐤 (𝐐𝐂𝐁) 𝐡𝐚𝐬 𝐬𝐮𝐜𝐜𝐞𝐬𝐬𝐟𝐮𝐥𝐥𝐲 𝐜𝐨𝐦𝐩𝐥𝐞𝐭𝐞𝐝 𝐭𝐡𝐞 𝐢𝐧𝐟𝐫𝐚𝐬𝐭𝐫𝐮𝐜𝐭𝐮𝐫𝐞 𝐟𝐨𝐫 𝐢𝐭𝐬 𝐂𝐞𝐧𝐭𝐫𝐚𝐥 𝐁𝐚𝐧𝐤 𝐃𝐢𝐠𝐢𝐭𝐚𝐥 𝐂𝐮𝐫𝐫𝐞𝐧𝐜𝐲 (𝐂𝐁𝐃𝐂) 𝐩𝐫𝐨𝐣𝐞𝐜𝐭, 𝐦𝐚𝐫𝐤𝐢𝐧𝐠 𝐚 𝐬𝐢𝐠𝐧𝐢𝐟𝐢𝐜𝐚𝐧𝐭 𝐬𝐭𝐞𝐩 𝐭𝐨𝐰𝐚𝐫𝐝𝐬 𝐚 𝐝𝐢𝐠𝐢𝐭𝐚𝐥 𝐞𝐜𝐨𝐧𝐨𝐦𝐲. ℹ The QCB, in alignment with Qatar's Third Financial Sector Strategy, Fintech Strategy, and Qatar National Vision 2030, will now focus on developing custom applications and testing the CBDC for large payment settlements with local and international banks 🏦 . 📌 The experimental phase is set to commence in October, leveraging cutting-edge technologies like AI, Distributed Ledger Technologies (DLT), and more. The QCB is also exploring additional use cases to enhance the efficiency of current systems and instant settlements ✔ 📈 With this development, Qatar is the second Arabic nation, after the UAE 🇦🇪, to reach the experimentation stage of its CBDC program. The future of digital currency is unfolding, and Qatar is at the forefront! #Qatar #CentralBank #DigitalCurrency #CBDC #QatarNationalVision2030 #Fintech #DigitalEconomy Bonfiglioli Raphael Daniel R. Eric Babaud Harry Lars Ghillemyn Leonel Marques Maria Bezmelnitsina Michael Duval Nazim Morera Thibault Pasquier Markus Willms Wesley Deglise Ongun Duman Julien Choveton-Caillat Triana Hilgersom Claudia Sasso Jesús Peña García 💥 Roberto P. Moustapha Adjadj Aude Forestier Nicoleta D. Alexandru Dan Manuel De Vits

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