Cryptocurrency exchange Bybit is on the verge of obtaining a full operational license in the United Arab Emirates after recently experiencing a significant hack that resulted in a loss of $1.4 billion. The exchange announced that it received in-principle approval from the Securities and Commodities Authority (SCA) to operate as a virtual asset platform within...
Aani, the instant payments platform launched by the Central Bank of the UAE, has successfully enrolled 1.5 million users since its inception. This significant milestone reflects the Emirates’ ongoing efforts to enhance financial inclusion and modernize its payment systems. The platform has also partnered with 57 financial institutions and onboarded approximately 80,000 merchants, further expanding...
Dubai Islamic Bank (DIB), the largest Islamic bank in the United Arab Emirates, has launched its first-ever Sustainability-Linked Finance Facilities Financing Framework. This initiative makes DIB the first Islamic bank in the world to create such a framework, which aligns with the International Capital Market Association’s Sustainability-Linked Loan Principles Accroding to MSN, the newly introduced...
Gulf Bank K.S.C.P., one of Kuwait’s leading conventional banks, has successfully signed a $650 million Senior Unsecured Syndicated Term Loan Facility. This marks Gulf Bank’s debut in the international syndicated loan markets and provides a sustainable and diversified financing route for the bank. The loan was coordinated by Emirates NBD Capital Limited and Standard Chartered,...
Veefin Solutions, a well-known company that makes digital supply chain finance technology, has teamed up with Invest Bank, one of the best banks in the UAE. The goal of this partnership is to completely digitize Invest Bank’s Supply Chain Finance (SCF) services, swapping out the old paper-based methods for a more modern digital platform. Businesses...
DIFC has started a new study series called “Future of Finance“. The first study, “The Global Finance and Investment Outlook: Charting technological shifts and new global flows,” was put out with the help of Asia House, a research partner. This report talks about important changes and trends that are happening in the global financial services business....
Energy trader and gas carrier owner BGN has successfully doubled its revolving credit facility to $232.5 million, receiving support from the Abu Dhabi Exports Office (ADEX) and First Abu Dhabi Bank (FAB). This significant increase in funding reflects the strong confidence from lenders in BGN’s operations and growth potential. The original facility was set at...
Abu Dhabi Islamic Bank (ADIB), a prominent Islamic financial institution, has announced the successful completion of a host-to-host integration project tailored for the Emirates Red Crescent (ERC). This project aims to enhance automated payment processes, showcasing both organizations’ commitment to innovative financial solutions that support humanitarian work across the UAE. The integration project was designed...
Dubai’s hedge fund sector has experienced significant growth, increasing the number of operating hedge funds to 75. This surge comes as the emirate welcomes new multi-billion dollar firms, including Tudor Investment Corp and Walleye Capital. In addition to these prominent firms, Dymon Asia and JJJ Capital also established offices in Dubai last year, further enhancing...
e& enterprise, the digital transformation arm of e&, has announced a strategic partnership with PayPal, a globally recognized payment solutions provider. This three-year collaboration aims to enhance the payment capabilities available through the e& enterprise digital payments platform, enabling businesses in the UAE and beyond to offer a wider range of payment options. The integration...