Singapore Gulf Bank to Raise $50M and Acquire Stablecoin Payments Firm
Singapore Gulf Bank, a digital-focused bank licensed in Bahrain, is reportedly aiming to secure at least $50 million (RM222.9 million) through an equity funding round. According to sources familiar with the matter, the bank also plans to acquire a stablecoin payments company in 2024 as part of its growth strategy. The bank, launched by Singapore’s […]
UAE Ranks 5th Globally in 2024 AI Index, Surpassing Major Nations
The United Arab Emirates (UAE) has secured the fifth spot in the 2024 AI Index, issued by Stanford University, outperforming several leading nations. The ranking, which saw the United States, China, the United Kingdom, India, and the UAE take the top five positions, highlights the country’s growing leadership in artificial intelligence (AI). France, South Korea, […]
ADGM’s IT Risk Management Guidance: Securing Digital Assets in MENA
As blockchain technology and digital assets continue to reshape the financial landscape, the risks associated with their adoption grow more complex. Institutions in the MENA region, especially those operating within decentralized ecosystems, face challenges in ensuring security, compliance, and operational resilience. Recognizing these needs, the Abu Dhabi Global Market (ADGM) has introduced a comprehensive Information […]
UAE Leads Middle East in Digital Banking Innovation with $3.2 Trillion Assets and Blockchain Integration
The United Arab Emirates (UAE) is solidifying its position as a leader in Middle Eastern banking innovation, commanding the largest share of the region’s $3.2 trillion in banking assets. A new report by Arthur D. Little highlights the UAE’s transformative approach to digital banking and its influence on reshaping the financial industry across the Gulf […]
Abu Dhabi Welcomes BlackRock with New Commercial License
BlackRock, the world’s largest asset manager, has obtained a commercial license to operate in Abu Dhabi, further solidifying its presence in the Middle East. This development accentuates the company’s growing interest in the region, which is becoming an increasingly important global financial hub. The license, granted on November 18, allows BlackRock to deepen its engagement […]
The Global Blockchain Congress Returns Back Home to Dubai for its 14th Edition
The Global Blockchain Congress (GBC) is making its grand return to Dubai on February 5-6, 2025, hosted by Agora Group. As a leading platform for connecting blockchain innovators with top investors, the GBC has built a stellar reputation through 13 previous editions in Dubai and international ventures in Vietnam, the UK, and Singapore. The event […]
Dubai’s VARA Mandates VASPs to Register for EOCN Sanction Alerts
Dubai’s Virtual Assets Regulatory Authority (VARA) has issued a crucial directive for all Virtual Asset Service Providers (VASPs) operating within the emirate. As of September 18, 2024, VASPs must register with the Executive Office for Control & Non-Proliferation (EOCN) system for sanction alerts. This measure aims to ensure robust compliance with targeted financial sanctions (TFS) […]
ADGM’s Virtual Asset Regulation Amendments Await Market Feedback
The Abu Dhabi Global Market (ADGM) has issued a new consultation paper as part of a broader regulatory update. This proposal aims to enhance the Financial Services Regulatory Authority (FSRA) guidelines for virtual asset activities, and ADGM is actively seeking feedback from market participants. Background: The Wider Context of Regulatory Amendments The current consultation, labeled […]
MetaEssence Partners with RTA to Conduct the Region’s First Rail Readiness Drill Using Metaverse and Digital Twin Technology
MetaEssence has teamed up with Dubai’s Roads and Transport Authority (RTA) as the official technology provider for the region’s first rail readiness drill. This pioneering exercise, utilizing metaverse and digital twin technologies, aims to enhance the crisis preparedness of the Dubai Metro, setting a new standard for public safety, operational resilience, and smart city innovation. […]
Ripple Partner Tranglo Expands Cross-Border Payment Services to Oman, Qatar, and Bahrain
Tranglo, a global leader in cross-border payments, has expanded its services to three new Gulf Cooperation Council (GCC) markets: Oman, Qatar, and Bahrain. This move is expected to bring secure and affordable remittance options to more than 30 million migrant workers in these countries, further supporting the growing demand for streamlined financial services across the […]