DUBAI: Mashreq Bank’s net profit rose to AED9 billion in 2024, an increase of about 4 percent compared to 2023, after paying taxes worth AED869 million. Net Profit Before Tax reached AED9.9 billion, representing a 12 percent increase in 2024. Mashreq achieved AED 13.4 billion in revenue, representing a 24 percent increase year-on-year (YoY) and […]
Dubai, United Arab Emirates: Newgen Software, a global leader in AI-enabled digital transformation solutions, has announced a partnership with AJIL Financial Services Company (AJIL), a prominent financing company in Saudi Arabia. As AJIL’s digital transformation partner, Newgen will provide its flagship Low-Code Platform and Shariah-compliant financing solutions to streamline its offerings, including Murabaha, Ijarah, and other […]
Emirates NBD’s profit before tax climbed to a record AED 27.1 billion in 2024 as it expanded its regional presence and enhanced its Wealth Management franchise. Income grew to over AED 44 billion in 2024 with the Group’s strategic investment in digital banking and branch network, generating significant new revenue streams. All business units achieved […]
UAE banking sector is the largest in the Middle East, boasting total assets of AED 4.457 trillion. Launch of the world’s first Open Finance regulation. Issuance of the Middle East’s first regulation for licensing and overseeing stablecoins. 152.85% Emiratisation rate achieved, exceeding the 2024 target. Five FinTech regulations issued to promote digital transformation, attracting 260 […]
San Francisco, CA – Elon Musk’s social media platform, X (formerly known as Twitter), has announced a strategic partnership with global card network giant Visa to introduce a new digital payments tool later this year. The collaboration was confirmed in a post by X’s CEO, Linda Yaccarino, on Tuesday. X Money: The ‘Everything App’ Yaccarino […]
Silkhaus elevates CFO Ankit Shah to Co-founder & Board director New Board appointments include Abdul Wahab Al Halabi, Nitin Reen and Hassan Alfarsi KSA and UAE short-term rental market together exceeds $2.5 bn growing 46% per year Landlords earn 20-40% more with Silkhaus’ technology-driven model for short-term rentals RIYADH, KSA and DUBAI, UAE | Silkhaus (www.silkhaus.com), a […]
– Fintech Galaxy is the first Open Banking company accepted into the Central Bank of Jordan’s regulatory sandbox, JoRegBox. – Through its FINX Connect platform, Fintech Galaxy aims to empower third-party providers with secure, consent-driven access to customer data for innovative financial services. – Open Banking will contribute to Jordan’s vision to become a regional […]
Dubai, UAE – 28 January 2025: Arab Financial Services (AFS), a leading provider of digital payment solutions and a prominent fintech enabler across the Middle East and Africa, announced its strategic expansion into the United Arab Emirates (UAE). This move follows the successful acquisition of a Retail Payment Services License – Category II from the Central Bank […]
Network International LLC (Network), a leading enabler of digital commerce across the Middle East and Africa (MEA) region, has been appointed by Emirates NBD, a leading banking group in the Middle East, North Africa, and Türkiye (MENAT) region, to enable acceptance of Jaywan cards issued by the bank at Network’s merchant terminals. Network will leverage its […]
Ras Al Khaimah, United Arab Emirates – The National Bank of Ras Al Khaimah (RAKBANK) today reported its financial results for the full year and the fourth quarter of 2024 Highlights Full year 2024 Total Income AED 4.7B +7% YoY Total Assets AED 88.3B +19% YoY Deposits AED 59.6B +18% YoY Return on Equity 18.4%FY’24 Return […]