First Abu Dhabi Bank (FAB), recognized as one of the largest and safest financial institutions globally, has achieved a significant milestone by becoming a Direct Participant (DP) of the Cross-border Interbank Payment System (CIPS). This system serves as the official infrastructure for Renminbi (RMB) cross-border payments. This achievement highlights FAB’s commitment to digital transformation and...
The Saudi Central Bank (SAMA) has announced new credit card regulations aimed at reducing costs for customers while increasing transparency in the credit card sector. These updated rules will come into effect within 30 to 90 days and focus on improving the issuance and operation of credit cards. Under the new framework, credit card issuers...
First Abu Dhabi Bank (FAB) has made history by becoming the first bank in the MENA region to join the Cross-border Interbank Payment System (CIPS) as a Direct Participant. This system serves as the official cross-border payment infrastructure for the Renminbi (RMB), marking a significant step for the UAE’s global bank and one of the...
The Central Bank of the United Arab Emirates (CBUAE) has announced that it will maintain the base rate applicable to the overnight deposit facility at 5.40%. This decision, made on November 1, 2023, aims to support the UAE’s economic stability and growth. Credit: HiDubai Focus The CBUAE emphasized that the decision aligns with its commitment...
Emirates NBD, a prominent financial services brand in the UAE, has launched the fourth cohort of its National Digital Talent Incubator (NDTI) program. This initiative is designed to support the next generation of Emirati fintech founders. The program is supported by the Dubai International Financial Centre (DIFC) Innovation Hub, global payments leader Visa, and technology...
China International Capital Corporation Limited (CICC), recognized as China’s leading investment bank, has officially opened a branch in the Dubai International Financial Centre (DIFC), a prominent global financial hub serving the Middle East, Africa, and South Asia (MEASA) regions. This new branch operates under the name China International Capital Corporation Hong Kong Securities Limited, holds...
Eightcap, a forex and contracts for differences (CFDs) broker based in Melbourne, has obtained a regulatory license in Dubai, allowing it to provide financial consultation and function as an introducing broker. This development was reported by FinanceMagnates.com. The license, categorized as Category 5, has been issued to Eightcap Financial Services MENA, a local entity that...
ANAX Capital Financial Markets LLC, a financial services firm based in Dubai, has officially launched its operations after receiving its first category license from the Securities and Commodities Authority (SCA). The launch was celebrated at an exclusive event held at Palazzo Versace, attended by VIP guests, international celebrities, industry professionals, and media representatives, highlighting the...
First Abu Dhabi Bank (FAB) has established a strategic partnership with EDGE Group, a leading entity in advanced technology and defense. This collaboration focuses on two major financial initiatives: the implementation of FAB’s advanced Supply Chain Finance (SCF) solution and the deployment of its AI-powered Treasury Management System (TMS). Credit: Economy Middle East According to...
The European Union announced on Tuesday that it has removed the United Arab Emirates from its money-laundering “high-risk” list. This decision reflects the EU’s assessment of the UAE’s efforts to strengthen its financial controls against illicit activities. In addition to the UAE’s removal, the European Commission indicated that it has added Monaco to the list...