Latest news with #Jaywan
TECHx
12-06-2025
- Business
- TECHx
RTA Hosts Fintech Symposium on Digital Payments
Home » Smart Sectors » Mobility » RTA Hosts Fintech Symposium on Digital Payments Dubai's Roads and Transport Authority (RTA) announced the successful hosting of a fintech symposium focused on digital finance and seamless payments. The event revolved around the theme 'RTA Fintech Beyond Mobility.' It brought together key leaders from the Central Bank, finance, technology, and mobility sectors. RTA revealed that the symposium highlighted the growing connection between fintech and mobility. It reinforced the authority's commitment to building a smart, customer-focused, and seamless transportation ecosystem. Mohammed Yousuf Al Mudharreb, CEO of RTA's Corporate Support Technology Services Sector, delivered the opening address. He welcomed guests from major financial institutions and fintech firms. Al Mudharreb stated that RTA is focused on innovation at the intersection of technology, finance, and transport. He added that their goal is to create an intelligent, cashless mobility system aligned with Dubai's broader digital and AI strategies. The event also featured several key presentations and discussions: Salahaldeen Mohamed Al Marzooqi presented nol card's transition from Card Based Ticketing (CBT) to Account Based Ticketing (ABT). Paul Kayrouz, Chief Fintech Officer at the Central Bank of the UAE, reported on initiatives supporting the UAE's cashless economy and fintech ecosystem. Jan Pilbauer, CEO of Al Etihad Payments, shared insights on the UAE's payment transformation. He discussed the domestic card scheme Jaywan and the instant payment platform Aani. Mohammed Ali Yusuf, CEO of Fuze, explored the role of stablecoins and Central Bank Digital Currencies (CBDCs) in the evolving digital payment ecosystem. The event also included a panel discussion on building successful fintech and digital banks. The panel was moderated by fintech expert Shafique Ibrahim. Participants included Hasan Al Fardan, CEO of Al Fardan Group, Wael Fakharany, CEO of Edenred, and Mohammed Yusuf. They shared their views on driving innovation and growth in the fintech and digital banking space. The symposium concluded with a guided tour of the RTA nol Digital Payment Excellence Centre for distinguished guests. RTA reiterated its commitment to advancing digital finance and building a future-ready fintech environment.
Web Release
29-05-2025
- Business
- Web Release
'Comera Finance, Part of Abu Dhabi's Royal Group, Receives In-Principle Approval From The Central Bank of UAE For A Finance Company License.'
'Comera Finance, Part of Abu Dhabi's Royal Group, Receives In-Principle Approval From The Central Bank of UAE For A Finance Company License.' Comera Finance, part of Comera Financial Holding and Abu Dhabi's Royal Group, has received in-principle approval from the Central Bank of the UAE to operate as a fully licensed Non-Banking Financial Company (NBFC). This significant milestone reinforces Comera's commitment to delivering a seamless, tech-powered financial ecosystem tailored for the UAE's digitally connected future. Comera Finance will offer the entire spectrum of products including Retail, SME and Corporate lending. These would include Credit Cards, Personal Loans, Mortgages, Vehicle Finance and other borrowing requirements of Consumers and Letters of Credits, Bank Guarantees, Performance Bonds, Working Capital lending and tailor made Supply Chain Finance to its SME's and Corporate clients. At the heart of Comera's offering will be its advanced digital infrastructure. Built on scalable cloud architecture, the platform leverages real-time processing, advanced security, AI-driven fraud detection, and instant payment notifications to create a frictionless experience for users. This approval aligns with the UAE leadership's ambitious vision to build a world-class digital economy, promoting financial inclusion, innovation, and seamless access to digital services. As part of this national vision, Comera Finance will integrate with AANI, the Instant Payment Platform (IPP) and support Jaywan card issuance—paving the way for greater adoption of cashless transactions across the country. 'With this NBFC license, Comera is stepping into a transformative role in the UAE's fintech ecosystem,' said Akhtar Saeed Hashmi, Chief Executive Officer and Managing Director of Comera Financial Holding. 'Our technology-first approach supports the nation's long-term goal of a cashless, digitally empowered society led by visionary leadership and robust regulatory frameworks.' As the UAE accelerates toward becoming a regional fintech leader, Comera stands ready to support that journey—merging innovation with trust to reshape financial experiences for the modern era. Comera Finance is expected to go live to public by end of Q3 2025 with a host of digital offerings.
News18
26-05-2025
- Business
- News18
JP Morgan-backed ISG, Bank of Baroda UAE Launch Jaywan Cards In UAE
Last Updated: JP Morgan-backed ISG has partnered with Bank of Baroda UAE to launch Jaywan Cards, enhancing local payment solutions with lower costs. JP Morgan-backed fintech venture, In-Solutions Global (ISG), has partnered with Bank of Baroda UAE to launch Jaywan Cards in the UAE. The introduction of Jaywan Cards will significantly enhance merchant acceptance by offering lower costs and fees, improved transaction controls, and a fully digitised environment for payments and reporting. This creates a more efficient and attractive solution for the UAE's evolving payments ecosystem. The Jaywan Scheme operates under defined scheme guidelines, ensuring transactions comply with the highest security and regulatory standards. The Jaywan Card seeks to simplify financial transactions using the UAE's own card network. As the card service provider, ISG will ensure high acceptance rates across various merchant categories in the UAE, including retail, hospitality, and e-commerce. Jaywan Cards offer lower transaction costs and reduce reliance on foreign card networks by enabling optimized domestic payment processing. They also promote stronger financial inclusion by encouraging the shift from cash to digital payments. Additionally, the cards ensure enhanced security and full regulatory compliance under the framework set by the Central Bank of the UAE (CBUAE). Praveen Balusu, SVP – Product & Delivery at ISG, added: 'ISG is proud to be at the forefront of fintech innovation in the UAE. By enabling end-to-end Jaywan card issuance, we are helping regional banks and financial institutions adopt a fully localized payment system that is both efficient and scalable. In future, Jaywan's interoperability with RuPay also provides a seamless cross-border experience, making it a game-changer for businesses and consumers alike" ISG has been a trusted partner for major banks across the UAE and Saudi Arabia, providing industry-leading settlement and reconciliation services. The company's deep expertise in domestic payment processing ensures seamless Jaywan implementation, enabling banks like Bank of Baroda, UAE to offer innovative and cost-efficient solutions to their customers. First Published: May 26, 2025, 13:17 IST
Khaleej Times
20-05-2025
- Business
- Khaleej Times
Jaywan: UAE's new domestic card payment scheme; all your questions answered
In today's fast-paced digital economy, seamless, secure, and cost-effective payment solutions are essential for both consumers and businesses. The way we pay for goods and services is evolving rapidly, with an increasing focus on digital transactions. While global payment networks have long dominated the landscape, many countries are now developing their own domestic card schemes to strengthen financial sovereignty, enhance economic efficiency, and provide more tailored solutions for their citizens. The UAE is no exception to this trend. Recognising the need for a homegrown payment solution that aligns with the country's economic ambitions and consumer needs, Al Etihad Payments, a subsidiary of the Central Bank of the UAE, has launched Jaywan, the nation's domestic card scheme. Here is all you need to know about Jaywan card: What is Jaywan? Built for the UAE, by the UAE, Jaywan is the UAE's national card payment scheme, meaning it provides a homegrown option to internationally issued debit and prepaid cards. What is the purpose? For many years, transactions in the UAE have been processed primarily through global card networks. While these networks provide convenience, they also limit the ability to customise solutions for local needs and increase reliance on external payment systems. The primary goal of Jaywan is to strengthen the country's payment infrastructure by offering an efficient, secure, and widely accepted payment solution that aligns with national economic priorities. What kinds of cards does Jaywan offer right now? There are a range of cards tailored to different customer needs. These include: * Debit cards are issued by participating banks as they will allow consumers to make purchases and withdraw cash directly from their bank accounts. They provide an easy and secure way to manage daily expenses. * Prepaid cards are ideal for budgeting and controlled spending. They can be loaded with a set amount of funds, making them useful for travel, gifting, and specific spending purposes. * Credit cards will initially launch with debit and prepaid cards. However, if there is sufficient demand, it will expand to include credit cards as well. Can international transactions be made with a Jaywan card? Jaywan allows consumers to make both domestic and international transactions while ensuring that more financial value remains within the UAE. What are Jaywan's unique features? * Cards can be used across the UAE and globally due to strategic partnerships with international networks such as Visa, Mastercard, Discover, and UnionPay. * Build with EMV chip technology, tokenisation, and advanced fraud monitoring to ensure secure transactions. * Offers debit and prepaid cards, with plans for additional product types based on market needs. * Supports tap-to-pay functionality and digital wallet integration for convenience and speed. What are the general benefits? By introducing Jaywan, the UAE benefits in several ways: * Ensures that payment processing is managed within the country, reducing dependence on external providers * Offers businesses a cost-effective option and reduces operational expenses. * Keeps a greater portion of transaction fees within the UAE's economy, supporting financial institutions and merchants. * Customised services and benefits to meet the unique needs of UAE residents and businesses. What will consumers or businesses gain? Jaywan is designed to benefit the entire ecosystem - from everyday consumers to small businesses and large enterprises. By offering a secure, locally managed, and cost-efficient option, Jaywan creates tangible value on both sides of a transaction. Consumers * Whether shopping online or in-store, Jaywan ensures a seamless and protected transaction experience. * Jaywan cards support NFC-enabled tap-and-go payments and integration with mobile wallets. * Thanks to partnerships with major international networks, Jaywan can be used both within the UAE and abroad. * As a UAE-based card scheme, Jaywan is designed specifically for the UAE's residents, offering localised benefits such as merchant discounts and exclusive access to certain services within the country. Businesses * Jaywan reduces the cost of payment processing, making it a more affordable proposition for businesses of all sizes * Jaywan provides smaller merchants with cost-effective digital payment acceptance, driving financial inclusion and reducing reliance on cash.
Fintech News ME
14-05-2025
- Business
- Fintech News ME
Botim and Mbank Launch UAE's First Fintech-Integrated Jaywan Card
Astra Tech 's flagship platform Botim has partnered with Mbank, a digital bank in the UAE, to introduce the country's first fintech integrated Jaywan card scheme. The agreement was announced during a signing ceremony at the Dubai Fintech Summit. Through this partnership, Botim, powered by PayBy, becomes the first fintech platform in the UAE to issue Jaywan cards. The initiative supports the Central Bank of the UAE's efforts to establish a national payment system and aligns with the country's aim to reduce reliance on cash transactions. The new prepaid card service will allow Botim users to make digital payments across the Emirates without requiring a traditional bank account. Users will be able to apply for and activate their Jaywan card directly within the Botim app. Dr Tariq Bin Hendi, CEO and Board Member of Astra Tech and Botim said, 'The launch of the Jaywan scheme via Botim represents a strategic commitment to enhancing the accessibility and infrastructure of financial services in the UAE. By integrating this national payment solution into our platform, we are empowering users with greater financial autonomy and contributing to the UAE's digital transformation goals.' Mohammed Wassim Khayata, CEO of Mbank added, 'Our partnership with Botim to introduce the Jaywan card scheme is a testament to our shared vision of driving financial innovation and inclusion in the UAE. This initiative underscores our commitment to providing cutting edge digital banking solutions that meet the evolving needs of our customers.' The Jaywan card scheme, developed under the supervision of the Central Bank of the UAE and powered by Network International, is the country's first domestic card system. It is intended to strengthen financial sovereignty and provide interoperable local payment solutions. This addition builds on Botim's existing financial services, which include multi currency prepaid cards, global remittance capabilities, micro lending, and in app financial tools.
