Banco Bradesco, one of Brazil’s largest banks, is planning to trial a new digital wallet and mobile finance app that leverages blockchain technology for payments and money transfers. The trial will take place in Paraisopolis, a neighborhood located in the southern area of Sao Paulo. The solution was developed by domestic startup eWally. eWallet was one of…
Since the launch of the National Strategy for Innovation, the UAE has become a hotbed for advancement across multiple fields, from space travel to sustainability. However, since the UAE cabinet allocated AED2 billion to the Mohammed bin Rashid Innovation Fund, one sector has seen the level of innovation reach a fever pitch – the finance sector. Uniting fintech’s…
The Dubai Financial Services Authority (DFSA) will co-host the 2nd Fintech Summit with Naseba, a business facilitation company, on October 30 in Dubai, United Arab Emirates. The summit will provide a platform for the region’s banking, financial services and insurance (BFSI) decision makers to source and evaluate the latest developments in FinTech. The DFSA’s involvement…
With the explosion of financial technology (fintech) and the resulting disruption of traditional business models, banking financial services and insurance (BFSI) firms have no choice but to now adopt new technologies to adapt to the changing market dynamics. For our latest interview, we sat down with Sagheer Mufti the Chief Operating Officer of Abu Dhabi…
While the GCC region remains a technologically sophisticated BFSI market, many financial institutions are still missing out on the digital innovations that are radically changing business models and redefining customer experiences. Digital-only banking is a new wave that is expected to change the way the banking industry works, with concepts such as card-less payments, blockchain…
Dubai Financial Services Authority has recently announced the launch of its Innovation Testing Licence (ITL). The ITL will ease regulatory requirements for firms that provide financial technology services in the region, allowing qualifying firms to develop and test innovative concepts from within the Dubai International Financial Centre (DIFC). Firms under the new licence will not…
Emirates NBD is among the many banks that are flocking to blockchain technology. The bank recently announced that it will be working with ICICI Bank, India’s largest private sector bank by consolidated assets with total assets of over 139 billion USD and a presence in 17 countries. ICICI is also the first Indian bank to…
The fintech revolution is taking hold in the Middle East, and bringing with it a slew of attention-grabbing developments affecting the entire finance industry. Fintech trends have spread from the offices of startups to the hallways of the more established, sedate banking institutions. This is unsurprising, given that what the banking sector needs now more…
Fintech has become a familiar entry in the banking lexicon. Gone are the days when “finance technology” was a brand new concept, spoken of only in the pages of niche publications. Fintech is now a full-fledged phenomenon, a darling of both the tech world and the finance industry alike. In 2015, fintech received 14.5 billion…