Sujit Routray

Digital lending is the future for GCC banks. A golden opportunity awaits at the intersection of technology and finance. The SME sector, the backbone of sustainable economic growth, is ripe for digital transformation. GCC banks can step up to the plate, not just as lenders, but as trusted advisors. The key? Embracing #digital #lending. This isn't just about securing necessary funding. It's about providing #SMEs with crucial advice on everything from cashflow management to surviving lean times. And the benefits are numerous. Faster processing times. Enhanced loan assessment due to data-driven decision-making. Better customer engagement through personalised dashboards. But it doesn't stop there. Imagine combining payments, lending, and insurance on a single app. A financial powerhouse in the palm of the customer's hand. This is the winning proposition for banks aiming to elevate themselves as trusted advisors to SMEs. The target audience? Younger, digitally-savvy #entrepreneurs who expect a fast, frictionless experience. Investing in digital solutions is more than a smart move. It's a game changer. So, let's embrace this digital revolution. Because the future of banking isn't just about money. It's about empowering businesses to thrive. And that's a future worth investing in. 💼📈🚀🏦

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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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Exiting news coming from UAE Fintech landscape

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How much could your business save with lower #interchange fees? The Central Bank of the UAE is capping interchange fees, potentially saving businesses significant money on #transactions! My article at Finance Middle East breaks down the new regulations and what they mean for your bottom line. What impact do you think this will have on businesses in the UAE? 👇 #CBUAE #payments #fintech #savings #costreduction #CentralBankUAE

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#FinTech | 🚀 𝗧𝗵𝗲 𝗨𝗔𝗘'𝘀 𝗣𝗮𝘆𝗺𝗲𝗻𝘁 𝗥𝗲𝘃𝗼𝗹𝘂𝘁𝗶𝗼𝗻 1/ 🌟 The UAE is a hub of innovation in the payment sector! With a GDP of $509B in 2023 and a projected 4% growth in 2024, it's no wonder this market is booming. 📈 #FinTech #UAE 2/ 🔥 Revenue in the payment sector is expected to reach $19.8B by 2027, growing at a CAGR of 3.6%. Big names like Visa, Mastercard, and local champions like NymCard are leading the charge! 💳 #Payments #Growth 3/ 🏦 The UAE's banking sector is a powerhouse! First Abu Dhabi Bank (FAB), Emirates NBD, and Mashreq Corporate & Investment Banking Group are pioneering digital innovation with neobanks and advanced payment solutions. 🌐 #Banking #Innovation 4/ 🌐 With 9.38M internet users and 19.05M internet phone subscriptions, digital payments are on the rise. 48% of transactions are made with credit/debit cards, followed by digital wallets at 23%. 💳📱 #DigitalTransformation 5/ 🤝 Government-backed initiatives like Al Etihad Payments and platforms like #DubaiPay and #AbuDhabiPay are creating a seamless digital payment ecosystem. 🏛️ #GovTech #SmartCities 6/ 📊 In 2023, the UAE's payment systems handled a whopping 333.4M transactions worth AED 19.12 trillion! Retail Payment Systems made up 72.95% of transaction volume but only 10.25% of the total value. 💸 #Finance 7/ 🌟 Major investments are fueling this growth! e& UAE invested $400M in Careem’s Super App, and Astra Tech raised $490M, acquiring payby and Botim. 🚀 #Investment #Startups 8/ 🌍 The UAE's payment ecosystem is diverse, with global and local players. From giants like Amazon Payment Services to local #fintechs like Tabby , the market is buzzing with activity! 🌐 #GlobalMarkets 9/ 📈 Financial indicators are strong! Total deposits rose to AED 2.52 trillion by Dec 2023, and assets grew to AED 4.07 trillion. The future looks bright! 🌟 #Economy #Growth 10/ 🏦 The UAE Central Bank licensed 61 banks, 17 finance companies, and 77 exchange companies, fostering a vibrant and competitive environment. 📊 #Regulation #Finance 11/ 🚀 Digital and mobile banking are key! Apps like iSAP Exchange FZCO Mashreq NEO, #Liv., and Payit are making banking more accessible and user-friendly. 📱💸 #MobileBanking 12/ 🌟 The UAE is pushing for a cashless society with initiatives like the UAE PASS and platforms integrating payment services into government applications. 🌐 #CashlessSociety #DigitalPayments 13/ 🔍 For an in-depth look at the UAE's payment landscape, check out the full report by Majid Dodehaki. It's packed with insights! 📖 #FinTech #Payments www.wallet.isap.exchange www.isap.exchange iSAP Exchange FZCO iSAP Group Investments ltd Tino Herold

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In H1 2024, GCC banks demonstrated improved profitability compared to H1 2023. Key indicators ? ▪️Return on Assets (ROA): The ROA increased to 1.74% in H1 2024, up from 1.65% at the end of 2023, indicating a positive trend in profitability. ▪️Lending Growth: There was a 10.4% annualized growth in lending for the top 45 GCC banks, compared to a 6.7% growth in 2023, reflecting strong demand in the non-oil sectors, particularly in Saudi Arabia and the UAE. ▪️Net Interest Margins: Margins remained stable at 2.7%, supported by persistently high interest rates, despite a shift in deposits from non-interest-bearing instruments to interest-earning accounts. ▪️Cost of Risk: The cost of risk was maintained at 60-70 basis points, which contributed to the banks' ability to sustain profitability amidst economic fluctuations. Key insights: Resilience to Shocks GCC banks have proven resilient to recent shocks and are well-positioned to weather future challenges, with the region's banking indicators continuing to buck global trends. Strong Capitalization They are well-capitalized, with an average Tier 1 capital ratio around 17.1% as of June 30, 2024, ensuring resilience against market challenges and supporting continued growth in lending and profitability. Robust Liquidity Profiles GCC banks are predominantly funded through strong local deposit franchises, although liquidity strains could emerge in externally levered systems like Qatar and where domestic funding is growing slower than credit. Stable Asset Quality S&P regards asset quality in the GCC as relatively strong and does not expect much deterioration, given high levels of precautionary provisioning. Profitability Outlook Saudi Arabia and the UAE have the strongest return on assets (RoA) forecasts, and when considering their high levels of capitalization, compare well with that of regional or global peer groups Overall, these metrics suggest that GCC banks are well-positioned for continued strong performance in 2024, benefiting from effective cost management and rising lending volumes. See the slides below for more data-driven insights Source : Researchers.me #gccbanks #uaebankingindustry #dataanalytics #marketresearch

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🌍 Exploring the UAE's Payment Landscape: A Deep Dive 💳 "The State of Payment in the UAE" delves into the dynamic and rapidly evolving payment ecosystem in the UAE, highlighting key players, regulatory frameworks, and emerging trends. Key takeaways: - Robust Growth: The UAE's payment sector is poised for substantial growth, with a projected revenue increase of 3.6% CAGR over the next five years. - Diverse Ecosystem: From government initiatives like Al Etihad Payments to innovations from global giants like Visa, Mastercard, and local fintechs, the UAE's payment landscape is thriving. - Digital Transformation: UAE national banks and fintech companies are leading the charge in digital innovation, with investments in AI, blockchain, and the creation of neobanks. - Strategic Alliances: The sector is seeing significant acquisitions and partnerships, underscoring the UAE's commitment to becoming a global financial hub. For professionals and stakeholders in the financial sector, this report is a must-read to stay ahead in this fast-paced environment. 📊 #UAE #Fintech #DigitalTransformation #Payments #Innovation #FinancialServices

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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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With the current crisis in the Middle East showing no signs of abating, S&P Global conducted a hypothetical stress test on the banks in the GCC to see how would they fare in case of economic calamities. Read my analysis of the test here - https://lnkd.in/gRYaM8sq

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About time to talk in length about Super Apps in Fintech in GCC region 🥳🎉 however, I could still AI being looked as " hype " by the banking industry, at least here!! is this a Barnes n Noble for the legacy banks 🤷‍♂️ or will they be mandated to change.. interesting times !! #bankingsummit

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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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UAE 🇦🇪 has the highest rates of crypto ownership globally As my friend Vinod Kashyap mentioned in his post, 30.4% of the UAE population owns cryptocurrency! Several reasons for the high rate of adoption of crypto in the UAE: 1. Favorable regulatory frameworks 2. Tax-friendly policies for crypto owners and crypto businesses 3. Innovation-friendly regulatory focus and early adoption of advanced technologies 4. Economic stability 5. High level of public awareness, interest, and engagement with cryptocurrencies UAE 🇦🇪 is the absolute leader globally in crypto adoption and I'm delighted to contribute to the rapidly growing ecosystem! Learn more about LYFFE, our utility token powering Lykke ecosystem: https://bit.ly/3JJ3KSR #uae #dubai #abudhabi #crypto #web3 #bitcoin Follow 👉 Anton Golub & share ♻️ with your network

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10 Most active Venture Capitalist and investors in Arab world According to Forbes and other financial analysts below are most active investors 1. Wamda Capital UAE based VC. Approximate investments 60M USD. 2. Middle East Venture Partners (MEVP) UAE based VC. Approximate investments 119M USD. 3. RAED Ventures KSA based VC. 4. MENA Venture Investments UAE based angel investor. Approximate investments 20M USD. 5. Arzan Venture Capital Kuwait VC Approximate investments 60M USD. 6. Flat6Labs Egypt based accelerator Approximate investments 5.3M USD. 7. BECO Capital UAE based VC. Approximate investments 50M USD. 8. LeapVentures Lebanon based VC. Approximate investments 40M USD. 9. Jabbar Internet Group UAE based VC. Approximate investments 20M USD. 10. twofour54 Abu Dhabi - Media and Entertainment Hub UAE based accelerator Approximate investments 20M USD. *Funding size is approx according to available data till 2023. For more updates and insights on startups and entrepreneurship you can join our startup whatsapp group (click on below link) 👇 https://lnkd.in/dTAicVie #startup #funding #venturecapital #investors #VC

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Finance Teams waste too much time and effort on : + Manually processing global payments + Overspending on transactions fees + Switching across multiple banking portals and authentication methods + Manually onboarding payees 𝐇𝐨𝐰 𝐝𝐨 𝐲𝐨𝐮 𝐡𝐚𝐧𝐝𝐥𝐞 𝐨𝐧𝐛𝐨𝐚𝐫𝐝𝐢𝐧𝐠 𝐚𝐧𝐝 𝐩𝐚𝐲𝐦𝐞𝐧𝐭𝐬 𝐭𝐨𝐝𝐚𝐲 ? #Noom #Tipalti #Payments

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Data Compliance & Governance in BFSI: A Necessity, Not a Choice‼️ Today, the Central Bank of The UAE fined a bank Dh5.8 million for failing to comply with anti-money laundering laws and combating the financing of terrorism regulations. This follows an investigation revealing deficiencies in the bank’s policies. The Central Bank stresses the importance of upholding UAE laws to protect the financial system's integrity. For more details visit https://lnkd.in/dSrgmQjt In today's rapidly evolving regulatory landscape, the importance of robust data compliance and governance solutions cannot be overstated, especially in the Banking, Financial Services, and Insurance (BFSI) sector. Several recent events, of failing to adhere to AML/CFT regulations highlight the urgent need for proactive measures in this domain. 🔍 Early Detection of Non-Compliance Veritas Data Compliance and Governance Solutions stand at the forefront of ensuring financial institutions stay ahead of regulatory requirements. By leveraging cutting-edge technology, Veritas provides tools for early detection of non-compliance issues such as Anti-Money Laundering (AML), Combating the Financing of Terrorism (CFT), Market Abuse, etc. 📊 Comprehensive Risk and Regulatory Intelligence According to the 2024 Risk and Regulatory Intelligence report by Veritas, financial institutions are increasingly under scrutiny, making it imperative to have a robust framework for data governance. Veritas solutions offer: Advanced analytics for identifying suspicious activities. Real-time monitoring to prevent market abuse. Automated compliance checks to ensure adherence to global standards. 🏦 Why BFSI Sector Must Act Now The recent fine by the UAE Central Bank is a stark reminder of the financial and reputational risks associated with non-compliance. Banks and financial institutions must adopt comprehensive data governance frameworks to mitigate these risks. Veritas solutions not only help in regulatory compliance but also enhance operational efficiency and build trust with stakeholders. 🔗 Learn More Read the full report here: Veritas 2024 Risk and Regulatory Intelligence https://lnkd.in/dxDNgKhn Stay compliant, stay ahead. Let Veritas Technologies LLC help you navigate the complexities of data governance & compliance. #DataCompliance #Governance #BFSI #Veritas #RegulatoryCompliance #AML #CFT #MarketAbuse #RiskManagement

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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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“We send manual emails to 1,000+ merchants every day with settlement files,” said the CEO of a licensed PSP in the GCC. Continuing my series on SME challenges and solutions in Qatar, Saudi, Kuwait & Oman, here is an example from a payment gateway: Challenge Step 1: Download Mastercard, Visa, and local scheme files daily and use mail merge to create a single settlement file — manual, so prone to errors. Step 2: Calculate merchant settlement based on individual rates (MDR) using Excel — again, manual. Step 3: Send individual emails manually to merchants. Step 4: Manage exceptions (voids, reversals, chargebacks) through VLOOKUPs across multiple Excel sheets. Step 5: Reconcile bank settlements with agreed rates — a time consuming task. 4 accounts/finance guys doing above task. Solution Step 1: Automate scheme file downloads. Step 2: Upload merchant rates and auto-generate settlement files. Step 3: Automate email to all merchants on T or T+1 as agreed. Step 4: Handle exceptions through a case management system. Step 5: Automate bank reconciliation. Step 6 (the most insightful): Introduced an AI-based dashboard for merchant insights and transaction forecasting. ChatGPT kind of prompt to run queries on their data ; revenue by merchant etc I loved seeing this transformation in action — from challenge to solution.

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