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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.

Crypto Enthusiasts Closely Watch the Ethereum Shanghai Upgrade

World Economic Magazine May 1, 2023

The Shanghai upgrade is a game-changing technical revamp that the

Exclusive: Tencent scraps plans for VR hardware as metaverse bet falters

World Economic Magazine February 17, 2023

Tencent Holdings is abandoning plans to venture into virtual reality hardware, as a sobering economic outlook prompts the Chinese tech giant to cut costs and headcount at its metaverse unit, three sources familiar with the matter said.

Toshiba warns on profit after Q3 slump; COO resigns over expenses

World Economic Magazine February 14, 2023

Japan’s Toshiba Corp cut its annual earnings estimate after third-quarter profit slumped and its chief operating officer resigned over the inappropriate use of entertainment expenses.

Exclusive: South Korea aims to join AI race as startup Rebellions launches new chip

World Economic Magazine February 13, 2023

South Korean startup Rebellions Inc launches an artificial intelligence (AI) chip on Monday, racing to win government contracts as Seoul seeks a place for local companies in the exploding AI industry.

Analysis: From Meta to Microsoft, AI’s big moment is here

World Economic Magazine February 6, 2023

This week, chief executives across the sector packed earnings calls with mentions of the heavily hyped technology, which until recently existed more in the background than as a solid contributor to the bottom line.

Dutch, Japanese curbs on chip equipment to China may not be tough enough -industry group

World Economic Magazine February 2, 2023

A chip industry group is warning that if U.S. allies do not adopt curbs on semiconductor manufacturing equipment to China that are comparable to U.S. controls, they will not be effective.

U.S. stops granting export licenses for China’s Huawei – sources

World Economic Magazine January 31, 2023

The Biden administration has stopped approving licenses for U.S. companies to export most items to China’s Huawei, according to three people familiar with the matter.

Exclusive: Dutch officials headed to Washington to talk controls on chipmaking gear – sources

World Economic Magazine January 26, 2023

Dutch and U.S. officials will meet in Washington on Friday to discuss potential new controls on exporting semiconductor manufacturing gear to China, with a deal possible by the end of the month, according to two sources familiar with the matter.

IBM cuts 3,900 jobs, misses annual cash target

World Economic Magazine January 26, 2023

IBM Corp on Wednesday announced 3,900 layoffs as part of some asset divestments and missed its annual cash target, dampening cheer around beating revenue expectations in the fourth quarter.

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.

Crypto Enthusiasts Closely Watch the Ethereum Shanghai Upgrade

World Economic Magazine May 1, 2023

The Shanghai upgrade is a game-changing technical revamp that the

Exclusive: Tencent scraps plans for VR hardware as metaverse bet falters

World Economic Magazine February 17, 2023

Tencent Holdings is abandoning plans to venture into virtual reality hardware, as a sobering economic outlook prompts the Chinese tech giant to cut costs and headcount at its metaverse unit, three sources familiar with the matter said.

Toshiba warns on profit after Q3 slump; COO resigns over expenses

World Economic Magazine February 14, 2023

Japan’s Toshiba Corp cut its annual earnings estimate after third-quarter profit slumped and its chief operating officer resigned over the inappropriate use of entertainment expenses.

Exclusive: South Korea aims to join AI race as startup Rebellions launches new chip

World Economic Magazine February 13, 2023

South Korean startup Rebellions Inc launches an artificial intelligence (AI) chip on Monday, racing to win government contracts as Seoul seeks a place for local companies in the exploding AI industry.

Analysis: From Meta to Microsoft, AI’s big moment is here

World Economic Magazine February 6, 2023

This week, chief executives across the sector packed earnings calls with mentions of the heavily hyped technology, which until recently existed more in the background than as a solid contributor to the bottom line.

Dutch, Japanese curbs on chip equipment to China may not be tough enough -industry group

World Economic Magazine February 2, 2023

A chip industry group is warning that if U.S. allies do not adopt curbs on semiconductor manufacturing equipment to China that are comparable to U.S. controls, they will not be effective.

U.S. stops granting export licenses for China’s Huawei – sources

World Economic Magazine January 31, 2023

The Biden administration has stopped approving licenses for U.S. companies to export most items to China’s Huawei, according to three people familiar with the matter.

Exclusive: Dutch officials headed to Washington to talk controls on chipmaking gear – sources

World Economic Magazine January 26, 2023

Dutch and U.S. officials will meet in Washington on Friday to discuss potential new controls on exporting semiconductor manufacturing gear to China, with a deal possible by the end of the month, according to two sources familiar with the matter.

IBM cuts 3,900 jobs, misses annual cash target

World Economic Magazine January 26, 2023

IBM Corp on Wednesday announced 3,900 layoffs as part of some asset divestments and missed its annual cash target, dampening cheer around beating revenue expectations in the fourth quarter.

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