Newsletter #05
Mohammed Azim Ansari
Ex-IDC, BCG, e& | FinTech | Digital | Tech | Strategy | Consulting | Advisory | Analytics | Growth | Market Research | KSA Vision2030 | Startups | Entrepreneur | Consultant
Latest MENA News
The Saudi Central Bank – SAMA announced the issuance of the Implementing Regulations for the Law of Payments and Payment Services to support the objective of enhancing the soundness and efficiency of the payment systems infrastructure. The implementing regulations will help create an attractive environment for investment, stimulate innovation and competition, and encourage the introduction of payment products and services.
Emirates NBD WhatsApp banking allows customers to use 15 everyday banking services including:
Kuwait International Bank (KIB), a sharia compliant Kuwaiti Bank, announced that it has joined the Visa Ready for Fintech Enablement program in an effort to provide both Fintechs and traditional issuers full enablement stacks for digital issuance speeding up their time to market and addressing the needs for digital/technology first strategies. Through KIB’s work with Visa, KIB will offer card issuance solutions to Fintechs and non-Banking entities in Kuwait.
Open Banking Service Provider Spare has announced that it has obtained the KSA Open Banking certification based on the Open Banking Framework cementing it status as a trailblazer within KSA’s dynamic Open Banking ecosystem. The KSA Open Banking certification serves as a testament to Spare’s ongoing commitment to regulatory compliance, innovation, and customer-centric services.
CrediMax B.S.C has renewed its partnership with Mastercard to drive digital innovation in Bahrain and strengthen its position as a key player in the kingdom. 萬事達卡 's' Digital First programme gives consumers a whole host of options in making payments - from ecommerce to contactless to QR, using any digital device of their choice.
Emirates NBD, a leading banking group, has revamped its digital bank Liv Digital Bank , with a new value proposition targeting Generation Now (Gen Now) empowering them with a better financial future through innovative offerings. Reflected in its new tagline, ‘Liv Ahead’, Liv’s differentiated value proposition offers customers a host of new innovative and rewarding products and services.
ROSHN l ???? , a Public Investment Fund (PIF) giga project and Saudi Arabia’s leading real estate developer, has signed a MoU with the nation’s Expenditure and Projects Efficiency Authority ( Expro ) to help boost the efficiency and sustainability of planning and operating its projects. Under this MoU, Roshn will work with Expro to accelerate service delivery and achieve sustainability goals for its upcoming developments.
The Saudi Central Bank (SAMA) granted " Tamara " a permit to provide Buy Now Pay Later (BNPL) solutions pursuant to Saudi Central Bank Law and Finance Companies Control Law. With Tamara, there are now four authorized companies offering BNPL solutions. SAMA granted permits to Spotii and Madfu to provide consumer finance through the BNPL platforms, which will also attract a new segment of investors and value-added firms to achieve more efficient operations.?
Saudi Arabia has been ranked first globally in the "government strategy" sector of a recently published artificial intelligence report, which evaluates more than 60 countries in the world, the Saudi Press Agency reported.
In support of Saudi Arabia's financial development strategy, the Kingdom's payment network provider, mada | ??? , has granted a gateway certification to the regional fintech company Tap Payments .
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Emirates NBD, a leading banking group, has announced a transformation focused on harnessing the power of generative AI to change its operations and enhance productivity across various business functions supported by 微软 . This collaboration aims to unlock new opportunities for innovation, efficiency, and customer experience within the banking industry. The transformation encompasses three key initiatives that will drive significant advancements in software development, collaboration, and customer engagement.
The South African Reserve Bank (SARB) announced the launch of PayShap SA , a real-time rapid payment platform that is aimed at offering safer, faster and significantly more convenient payment options for South Africans. PayShap is the outcome of an industry-spanning collaboration, driven by BankservAfrica, the Payments Association of South Africa and the South African banking community, with the aim of modernizing the national payments industry.
GCC Exchange , the fastest-growing money transfer, foreign currency exchange, and payroll solutions brand, proudly announces the official launch of its groundbreaking money transfer mobile app and web portal. The app is setting a new standard in the industry by employing cutting-edge technology and providing users with an effortless and secure platform for conducting financial transactions on the go.
Saudi Arabia has unveiled its strategy to accomplish Vision 2030 by revealing intentions to establish 59 logistics zones by 2030. This announcement took place during a reception hosted by the Saudi Transport General Authority in London. Dr Rumaih Al Rumaih, the Deputy Minister of Transport and Logistic Services, outlining the plans for the logistics zones, stated, “Our aim by 2030 is to be among the top ten countries in the Logistics Performance Index.”
Saudi Arabia’s Public Investment Fund (PIF) and ENGIE have signed a Memorandum of Understanding (MoU) to develop green hydrogen projects and its derivatives in the kingdom in line with the objectives of the Saudi Vision 2030. This move will see ENGIE working closely with PIF to help the Kingdom in strengthening its international competitiveness in producing and supplying hydrogen and derivatives.?
Etisalat by e& announced a remarkable achievement as its Super App, GoChat, surpassed 5 million downloads in less than a year since its official launch.?GoChat GPT is more than just an assistant; it’s a productivity and exploration partner that opens the door to a world of possibilities. From gathering information and generating text to tackling complex questions and igniting innovative ideas, GoChat Messenger offers a plethora of services, and GoChat GPT adds another layer of convenience.
?Latest Global News
Car IQ Inc. has partnered up with Visa to enable vehicles to transact directly with merchants and banks in the Visa network. Through the new partnership, consumers will now be able to pay for fuel, tolls, parking, insurance, service and repairs through the Car IQ Pay vehicle wallet. The wallet enables vehicles to have their own payment accounts, through which payments can be made directly to merchants without the need of a physical card.
Alphabet Inc. -owned 谷歌 launched its generative artificial intelligence platform Bard in Arabic on July 13 with distinct features that address Arabic speakers' needs, amid its rivalry with Microsoft-backed ChatGPT. The conversational AI service can understand questions in 16 Arabic colloquial dialects including Egyptian, Saudi and Emirati, among others, but answers will be given in classical Arabic
Organized criminal gangs exploited erroneous discrepancies in Revolut ’s US and European payment systems to steal more than $20 million in funds. According to FT, the flaw caused a total of $23 million to be stolen, and despite recovery efforts, the fintech is sitting on a $20 million net loss as a result of the error.
UK-based fintech and alternative banking solution Suits Me is shunning chatbots in favor of “a more personal touch” with the introduction of a new face-to-face appointment service. The multilingual service can be utilised by the fintech’s banking customers if and when complex problems arise with their accounts. Customers can be “hand-held and spoken to when they need to”, according to the official announcement, connecting them with a real customer service representative rather than a chatbot.
TonePe Products has been setting records for user growth since its launch, with celebrities, politicians and other newsmakers joining the platform that is seen by analysts as the first serious threat to the Elon Musk-owned microblogging app.
Tesla CEO Elon Musk said on Friday that he plans for his newest venture, the artificial intelligence startup xAI to collaborate with the automaker both on the “silicon front” and on the "AI software front."