IslamicFinance.de

Here’s a round up of recent fintech news from the MENA region. Saudi Arabia’s central bank has signed a deal with Ripple to use distributed ledger technology to settle payments. Dubai Multi Commodities Centre (DMCC) reports that gold trader Regal RA DMCC is the first company in MENA to gain a licence to trade cryptocurrencies. Honeywell launches Middle East industrial cybersecurity center. International Data Corporation reports that MENA spending on blockchain technology will grow to $80 million this year compared to $39 million in 2017. By 2021, regional blockchain spending is expected to reach $307 million. Monami Tech introduces digital payment service, Lendme, while Monetary Authority of Singapore and Central Bank of Egypt forge fintech partnership.

In this interview HE Younis Haji Al Khoori, Undersecretary of the UAE Ministry of Finance (MoF), talks about the country's innovation strategy and fintech environment. Through this strategy, MoF aspires to showcase its innovation projects like the Mohammed bin Rashid Innovation Fund, which grants access to affordable financing solutions. In addition, MoF offers its employees comprehensive skills-building and training programmes. 2017 has seen fintech enter the popular consciousness. The rise of Bitcoin, developments in mobile payment technology and the introduction of Blockchain have pushed the sector’s growth. The UAE can consolidate its leading position in the fintech sector by developing cutting edge business infrastructure and providing accessible funding through funds and incubators.