Latest from Fintech News ME
Fintech News ME
a day ago
- Business
- Fintech News ME
Dubai Named as First Sibos Host Outside Traditional Regions for 2029
Swift, a Belgium-based member-owned cooperative and provider of secure financial messaging services, has announced the host cities for its flagship Sibos conference through to the end of the decade, naming Dubai as the 2029 host, marking the first time the event will be held outside the traditional rotation of Europe, North America, and Asia-Pacific. The announcement signals a strategic shift in Swift's approach to the global event, with an expanded focus on financial inclusivity across emerging markets. Starting in 2029, Sibos will rotate every fourth year to regions in Asia, the Middle East, Africa, and Latin America. Swift stated that this broader rotation aims to reflect the diversity of its network, which includes over 11,500 institutions across more than 200 countries and territories. 'Swift is a convener of and for the global financial industry and as the breadth of our network continues to grow, we're delighted to be able to expand Sibos to more locations around the world,' said Rosemary Stone, Chief Corporate Officer at Swift. 'No other event brings the industry together on the same scale as Sibos, and the addition of even more perspectives to the event's debates and discussions will be increasingly valuable as the industry navigates rapid technological change and the growing risk of fragmentation.' Dubai's selection highlights the Middle East's rising significance in global finance. Often referred to as the 'Gateway to Africa,' the city's Dubai International Financial Centre (DIFC) has grown into a key financial hub since its establishment in 2004, now hosting nearly 7,000 companies and a major portion of the Gulf's fintech ecosystem. The Sibos 2029 edition will follow events in Frankfurt (2025), Miami (2026), Singapore (2027), and Paris (2028), the latter of which will mark the 50th anniversary of the event. Sibos, which began in 1978, brings together stakeholders from across the financial services sector to discuss topics in payments, securities, cash management, and trade. It regularly draws over 10,000 delegates and is awarded to host cities through a competitive bidding process that considers financial significance, logistical and technological infrastructure, and venue capacity. The conference shifted online in 2020 due to the COVID-19 pandemic and has maintained a virtual attendance option since resuming in-person events in 2022.
Fintech News ME
2 days ago
- Business
- Fintech News ME
Mashreq Opens Türkiye Office to Deepen Regional Financial Links
Mashreq has opened a representative office in Türkiye, signalling a continued commitment to supporting Turkish financial institutions and corporates. As one of the most active correspondent banks operating in the country, Mashreq has facilitated risk capacity and capital flows to Turkish banks and businesses. The bank has also served as a lead bookrunner for major bond issuances by Turkish borrowers, including capital-raising efforts by well-established local banks. This involvement has reinforced Mashreq's role in improving access to international capital markets and deepening financial links between Türkiye and global partners. The establishment of the new office follows increased collaboration with Turkish institutions in areas such as syndicated lending, trade finance, payments, treasury services, and capital markets. The move forms part of Mashreq's broader regional expansion strategy and adds to its growing global footprint. Ahmed Abdelaal, Group Chief Executive Officer at Mashreq, said: 'Türkiye's strategic location, dynamic economy, and strong trade and investment ties with the UAE present significant opportunities for collaboration. This strategic milestone strengthens our ability to support clients in Türkiye and the broader region with world-class financial solutions, while advancing our vision for sustainable and diversified growth.' Economic ties between the UAE and Türkiye have strengthened in recent years, with bilateral trade surpassing US$20 billion in 2024. The Comprehensive Economic Partnership Agreement, signed in 2023, is expected to further drive non-oil trade, which is targeted to reach US$40 billion by 2031. Türkiye remains one of Europe's key manufacturing hubs and plays a central role in regional supply chains. With this latest addition, Mashreq now maintains a presence in 15 countries globally.
Fintech News ME
2 days ago
- Business
- Fintech News ME
Codebase Technologies Partners with Fuze to Offer Digital Asset Capabilities to Banks in the Middle East
Dubai-based Codebase Technologies has announced a partnership with Fuze, a digital asset infrastructure firm headquartered in Abu Dhabi, to integrate crypto and digital asset capabilities into its Digibanc platform. The collaboration aims to support banks and fintechs in the region seeking to expand their service offerings to include digital assets. The partnership comes amid rising institutional interest in cryptocurrencies across the Middle East. 'We're not trying to ride a trend,' said Omar Mansur, Managing Director, APAC at Codebase Technologies. 'Our clients are asking how to offer digital asset services in a way that fits into their existing systems and without undue burden on their compliance and operations teams. This partnership gives them a practical and fast way to do that, to capitalise on the significant market potential.' Fuze will provide the infrastructure to enable Digibanc users to offer crypto services via a streamlined integration process. This includes access to digital asset tools designed to minimise operational complexity for financial institutions. 'Banks have been circling the digital asset space for a while,' said Mo Ali, CEO at Fuze. 'What's been missing is a setup that feels familiar, that fits how they already operate. That's what we're offering with Codebase Technologies.' Codebase Technologies has previously worked with financial institutions across MENA, APAC, and Europe, delivering digital banking solutions through its Digibanc platform. Fuze, meanwhile, brings expertise in supporting institutions with the technical and regulatory challenges of launching digital asset products. Together, the companies intend to provide banks and fintechs with a practical route into the digital asset space that aligns with institutional requirements and existing infrastructure.
Fintech News ME
2 days ago
- Business
- Fintech News ME
UAE Central Bank Suspends Bank's Islamic Window Onboarding, Imposes AED 3.5M Fine
The Central Bank of the UAE (CBUAE) has suspended the onboarding of new customers to the Islamic Window of a bank operating in the UAE for a period of six months and imposed a financial penalty of AED 3,502,214. This action was taken in accordance with Article 137 of Decretal Federal Law No. (14) of 2018 Regarding the Central Bank and Organisation of Financial Institutions and Activities, as amended. The sanctions follow a Sharia supervision inspection by the CBUAE, which identified the bank's failure to comply with the relevant instructions governing Sharia governance of its Islamic Window, as well as the provisions of the aforementioned law. In exercising its supervisory and regulatory functions, the CBUAE remains committed to ensuring that all banks and their employees comply with UAE laws, regulations, and the standards set by the Central Bank, in order to uphold the transparency and integrity of the banking sector and safeguard the UAE's financial system.
Fintech News ME
3 days ago
- Business
- Fintech News ME
Altery MENA Receives DFSA License to Operate in UAE
Altery, a UK-based fintech company, has confirmed that its MENA subsidiary, Altery MENA, has been granted a regulatory license by the Dubai Financial Services Authority (DFSA). The authorisation forms part of Altery's broader strategy to develop regionally compliant financial hubs. The UAE, particularly noted for its high uptake of digital payments and forward-leaning regulatory environment, has been identified by Altery as a key location for regional operations. With the new license, Altery MENA is permitted to facilitate the collection and expenditure of funds in local currencies (AED/GCC) within the UAE. The license does not cover activities related to cryptocurrency or cross-border money transfers. However, the company stated that this approval marks 'a critical first step,' as it allows for onboarding of users in a priority market and the establishment of the necessary compliance infrastructure. Altery is currently working with the DFSA to implement the operational, technical, and compliance frameworks required ahead of its market launch. The firm said the approval signals a 'strategic milestone,' underlining its commitment to regulated expansion and alignment with international financial standards.
