Crossfin, a South African fintech investment team, has initiated its global expansion by investing in UAE-based Unitey Digital Holdings. This investment is made through Crossfin’s newly established investment arm in Singapore, marking a significant step in targeting new markets in the Middle East and Asia. Anton Gaylard, co-founder and CXO of Crossfin, stated that since...
Financial institutions worldwide are facing a significant challenge as financial fraud has surged dramatically in 2023. Global losses from fraud scams and bank fraud schemes are estimated to be approximately $485.6 billion, underscoring the extensive financial impact of fraudulent activities. As schemes become more sophisticated, traditional detection methods are increasingly inadequate. To combat these evolving...
Mashreq Bank, a prominent financial institution in the MENA region, is focusing on digitalization to enhance customer experiences and drive business growth. According to Mashreq group CEO Ahmed Abdelaal, the banking industry is set to face significant disruptions driven by geopolitical instability, changes in customer expectations, and technological advancements. He emphasizes that Mashreq is adopting...
Jordan’s Bank al Etihad has finalized the acquisition of smaller peer Investbank, creating one of the largest lending institutions in the kingdom, according to bank officials on Thursday. The boards of both banks have approved a stock-for-stock acquisition that results in a combined entity with a total equity value exceeding $1.4 billion. Bank al Etihad...
China International Capital Corporation Limited (CICC), recognized as one of China’s leading investment banks, has officially launched its new branch in the Dubai International Financial Centre (DIFC). This financial hub is known as a premier global center in the Middle East, Africa, and South Asia (MEASA). The new branch operates under the name CICC (DIFC...
Abu Dhabi Islamic Bank (ADIB), a prominent Islamic financial institution, will serve as a Diamond Sponsor at the upcoming Dubai Fintech Summit 2025. This participation underscores ADIB’s commitment to transforming ethical finance through advancements in digital innovation, artificial intelligence (AI), and Sharia-compliant financial technology. At the Summit, ADIB will engage in two key panel discussions...
The Central Bank of the UAE (CBUAE) has decided to keep the Base Rate for the Overnight Deposit Facility (ODF) unchanged at 4.40%. This decision aligns with the recent announcement from the US Federal Reserve, which also chose to maintain its Interest Rate on Reserve Balances (IORB) at the current level. In addition to the...
Brown Advisory, a privately held global investment management firm managing $161.7 billion in client assets worldwide, has officially opened an office in the Abu Dhabi Global Market (ADGM). This expansion aims to address the increasing client demand for the firm’s global and US equities and fixed income strategies. Jack Weatherby has relocated to Abu Dhabi...
The Dubai Financial Services Authority (DFSA), which serves as the independent regulator for the Dubai International Financial Centre (DIFC), has officially published its Annual Report for 2024. This report outlines the DFSA’s achievements and the overall performance of the financial sector within the DIFC during the past year. In the report, the DFSA highlighted significant...
Bokra Holding has announced a partnership with iSUPPLY to provide $3 million in Sharia-Compliant revenue-based financing aimed at enhancing healthcare distribution innovation. This initiative marks a significant step towards improving access to healthcare services in the region. Credit: ZAWYA The collaboration focuses on developing innovative distribution solutions that align with Sharia principles, thereby ensuring that...