News

July 3, 2018
Qatar mulls implementation of virtual currencies: central bank chief
Qatar’s central bank will consider the topic of virtual currencies and there may be an opportunity in the future to introduce them in Qatar, Reuters reported. Central Bank governor Sheikh Abdullah bin Saud al-Thani made the remark as he delivered a speech on Qatar’s plans to build a hub for financial tec...
October 24, 2017
‘Kodak moment’ looms for banks as fintech makes inroads
Banks, especially those built on the traditional “face-to-face” service model could be facing a “Kodak moment,” no matter what the benefits of the “human touch” are. Photography pioneer Eastman Kodak sold the first consumer cameras in the 19th century. But it struggled to face the unstoppable wav...
October 9, 2017
Qatar Commercial Bank Uses Infosys’ Cloud Blockchain for Money Transfer Pilot
Commercial Bank, Qatar’s first private bank has announced the successful completion of an international money transfer pilot using a cloud-based blockchain developed by a subsidiary of Indian software giant Infosys. Last month, Commercial Bank unveiled its blockchain pilot that saw the bank conduct trial...
October 8, 2017
Huge potential for fintech market in Qatar: KPMG
The global financial technology (fintech) market in the first quarter of this year (Q1,2017) saw a total investment of $3.2bn across 260 deals, according to the Q1,2017 edition of The Pulse of Fintech – KPMG International’s quarterly report on fintech investment. “In the US, the UK, China and other jur...
August 31, 2016
Abu Dhabi Global Market Issues Public Consultation on its FinTech Legislative Framework
The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) today issued a public consultation paper inviting public feedback and comments for its proposed legislative framework to implement and govern the FRSA Regulatory Laboratory (“FSRA RegLab”). This follows closely f...
August 16, 2016
Market leading software provider Temenos partners with MENA New Age Banking as Lead Sponsor
World’s leading banking software vendor, Temenos, has announced its participation at the MENA New Age Banking Summit as the Lead Sponsor. The event is organized by UMS Conferences, creating a platform that will witness developments, global trends, innovations and tech-solutions in the banking industry ...
August 11, 2016
Digital wallet: UAE bank allows customers to use mobile phones as credit, debit card
Using NFC technology, customers can now ditch their plastic money and use their mobile device to make payments Given the number of banks who are eager to hand out credit or debit cards, more consumers are finding themselves using cash less and less – even when making smaller purchases. Going cashless offer...
August 9, 2016
Why Banks Will Fail to Apply Blockchain Technology
Despite years of development, the finance industry has failed to showcase a working application of the blockchain technology. Experts believe that banks may have overlooked the most important concept of the technology: decentralization. The formation of the R3 consortium and the increasing interests from maj...
August 7, 2016
Fintech or bust: Can banks catch up?
Following the news that Lloyds Banking Group will close more than 200 branches, with 3000 workers set to lose their jobs, the future for high street banking is clearly digital. Is it too late for banks to compete with fintech firms on the digital front? At Lloyds Banking Group’s annual results announce...