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Fintech startups in The UAE

World Economic Magazine May 11, 2023

The United Arab Emirates has become a hub for fintech startups due to a tech-savvy population and supportive government policies. With the ADGM open banking framework and regulation for crypto assets activities, UAE regulators are keeping up with technological advancements while ensuring data privacy and protection. The challenges for foreign fintech companies looking to operate in the UAE include data processing restrictions and obtaining a local license, but with the right partnerships, these hurdles can be overcome to tap into the immense potential of emerging markets.

Overall, the UAE remains a globally competitive country in fintech, with regulators committed to staying ahead of the curve.

Mobile Sector Adds $5.2 Trillion to Global Economy

World Economic Magazine May 11, 2023

Mobile technologies and services generated 5% of global GDP, a contribution that amounted to $5.2 trillion of economic value added. The greatest benefits came from productivity effects, which reached $3.5 trillion, followed by mobile operators, which generated $650 billion.

Dyson to Develop New Facilities in Singapore, UK and Philippines

World Economic Magazine May 8, 2023

The Singapore headquartered consumer electronics major Dyson on Wednesday announced that it will be building new manufacturing facilities and technological hubs at Tuas in region Singapore, the Philippines, and the UK as part of its ongoing five-year $3.4 billion global investment plan for the development of its software and AI capabilities.

Electric Car Sales to Reach 14 million in 2023, says IEA

World Economic Magazine May 3, 2023

Electric car sales are expected to continue strongly through 2023 and more than 2.3 million electric cars were sold in the first quarter, about 25% more than in the same period last year, International Energy Agency (IEA) said on Wednesday.

How Digital Disruption is Impacting Traditional Banking in the Middle East?

World Economic Magazine May 2, 2023

Digital banks in UAE, Kuwait, and Saudi Arabia are posing significant challenges and opportunities for traditional banks in the region. While the prevalence of cash payments remains high, recent government policies, regulatory initiatives, and the outbreak of the COVID-19 pandemic are spurring rapid changes in the payments landscape. According to a survey conducted by McKinsey, 90% of payment practitioners believe that the shift toward digital payments will be permanent. Nonbank payment providers are predicted to emerge victorious by 60% of survey respondents, highlighting the importance of traditional banks prioritizing digitizing customer journeys and investing in fintech to remain relevant in this dynamic space.

Fintech startups in The UAE

World Economic Magazine May 11, 2023

The United Arab Emirates has become a hub for fintech startups due to a tech-savvy population and supportive government policies. With the ADGM open banking framework and regulation for crypto assets activities, UAE regulators are keeping up with technological advancements while ensuring data privacy and protection. The challenges for foreign fintech companies looking to operate in the UAE include data processing restrictions and obtaining a local license, but with the right partnerships, these hurdles can be overcome to tap into the immense potential of emerging markets.

Overall, the UAE remains a globally competitive country in fintech, with regulators committed to staying ahead of the curve.

Mobile Sector Adds $5.2 Trillion to Global Economy

World Economic Magazine May 11, 2023

Mobile technologies and services generated 5% of global GDP, a contribution that amounted to $5.2 trillion of economic value added. The greatest benefits came from productivity effects, which reached $3.5 trillion, followed by mobile operators, which generated $650 billion.

Dyson to Develop New Facilities in Singapore, UK and Philippines

World Economic Magazine May 8, 2023

The Singapore headquartered consumer electronics major Dyson on Wednesday announced that it will be building new manufacturing facilities and technological hubs at Tuas in region Singapore, the Philippines, and the UK as part of its ongoing five-year $3.4 billion global investment plan for the development of its software and AI capabilities.

Electric Car Sales to Reach 14 million in 2023, says IEA

World Economic Magazine May 3, 2023

Electric car sales are expected to continue strongly through 2023 and more than 2.3 million electric cars were sold in the first quarter, about 25% more than in the same period last year, International Energy Agency (IEA) said on Wednesday.

How Digital Disruption is Impacting Traditional Banking in the Middle East?

World Economic Magazine May 2, 2023

Digital banks in UAE, Kuwait, and Saudi Arabia are posing significant challenges and opportunities for traditional banks in the region. While the prevalence of cash payments remains high, recent government policies, regulatory initiatives, and the outbreak of the COVID-19 pandemic are spurring rapid changes in the payments landscape. According to a survey conducted by McKinsey, 90% of payment practitioners believe that the shift toward digital payments will be permanent. Nonbank payment providers are predicted to emerge victorious by 60% of survey respondents, highlighting the importance of traditional banks prioritizing digitizing customer journeys and investing in fintech to remain relevant in this dynamic space.

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