The Mena FinTech Association has teamed up with Binance, the world’s biggest cryptocurrency exchange by trading volume, to drive innovation and growth in the FinTech industry as the UAE continues efforts to consolidate its position as a hub for financial technology.
The two entities will collaborate on a range of initiatives to drive the industry forward and promote FinTech innovation, according to a statement from the group on Tuesday.
“We believe that the collaboration will create more opportunities for our members and contribute to the growth and development of the FinTech industry in our region,” said Nameer Khan, chairman of Mena FinTech Association.
Founded in 2018, the MFTA is a non-profit group set up to represent the growing number of FinTech companies in the Middle East and North Africa region. It has worked with regulators and policymakers with a view to offering a regional voice for the industry.
With a network of industry experts, policymakers and stakeholders, the association provides a platform for discussion and collaboration in the FinTech sector.
The global FinTech market is expected to grow at a compounded annual rate of 11.9 per cent between 2022 and 2027 to reach more than $266.9 billion by 2027, according to a report by Expert Market Research.
FinTech start-ups led in both funding and number of deals in the Middle East, Africa, Pakistan and Turkey region last year, according to data from Magnitt. The sector’s funding reached $2.25 billion across 351 deals in 2022.
Binance will provide expertise and resources to the partnership, while the Mena FinTech Association will provide its extensive network of industry connections and knowledge of the local FinTech market, the statement said.
“A free exchange of ideas and discussion is at the core of any successful industry and Binance views its role in the FinTech community as a driver and facilitator of progress through collaborations with institutions and governments to create regulatory frameworks that support innovation and protect customers,” said Richard Teng, regional head of Binance.
“The Middle East FinTech industry is at a critical juncture where stakeholders can develop a collaborative and interconnected community that will thrive for years to come.”
Dubai will host a FinTech summit, which will be organised by the Dubai International Financial Centre, on May 8 and 9 to discuss the future of the sector.
Its agenda will feature discussions on topics including the future of FinTech, embedded and open finance, sustainability, Web3 and digital assets.
The DIFC FinTech Week, which was held in June last year, saw the participation of more than 1,500 FinTech innovators, investment companies, banks, policymakers and service providers in the region.
Investments in the FinTech sector will continue to remain on venture capital and investment funds’ radars, despite slowing economic growth and mounting worries about a global recession, the two-day event heard at the time.
Tailors and retailers miss out on back-to-school rush
Tailors and retailers across the city said it was an ominous start to what is usually a busy season for sales.
With many parents opting to continue home learning for their children, the usual rush to buy school uniforms was muted this year.
“So far we have taken about 70 to 80 orders for items like shirts and trousers,” said Vikram Attrai, manager at Stallion Bespoke Tailors in Dubai.
“Last year in the same period we had about 200 orders and lots of demand.
“We custom fit uniform pieces and use materials such as cotton, wool and cashmere.
“Depending on size, a white shirt with logo is priced at about Dh100 to Dh150 and shorts, trousers, skirts and dresses cost between Dh150 to Dh250 a piece.”
A spokesman for Threads, a uniform shop based in Times Square Centre Dubai, said customer footfall had slowed down dramatically over the past few months.
“Now parents have the option to keep children doing online learning they don’t need uniforms so it has quietened down.”
Timeline
1947
Ferrari’s road-car company is formed and its first badged car, the 125 S, rolls off the assembly line
1962
250 GTO is unveiled
1969
Fiat becomes a Ferrari shareholder, acquiring 50 per cent of the company
1972
The Fiorano circuit, Ferrari’s racetrack for development and testing, opens
1976
First automatic Ferrari, the 400 Automatic, is made
1987
F40 launched
1988
Enzo Ferrari dies; Fiat expands its stake in the company to 90 per cent
2002
The Enzo model is announced
2010
Ferrari World opens in Abu Dhabi
2011
First four-wheel drive Ferrari, the FF, is unveiled
2013
LaFerrari, the first Ferrari hybrid, arrives
2014
Fiat Chrysler announces the split of Ferrari from the parent company
2015
Ferrari launches on Wall Street
2017
812 Superfast unveiled; Ferrari celebrates its 70th anniversary
Groom and Two Brides
Director: Elie Semaan
Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla
Rating: 3/5
About RuPay
A homegrown card payment scheme launched by the National Payments Corporation of India and backed by the Reserve Bank of India, the country’s central bank
RuPay process payments between banks and merchants for purchases made with credit or debit cards
It has grown rapidly in India and competes with global payment network firms like MasterCard and Visa.
In India, it can be used at ATMs, for online payments and variations of the card can be used to pay for bus, metro charges, road toll payments
The name blends two words rupee and payment
Some advantages of the network include lower processing fees and transaction costs
The bio
Favourite book: Peter Rabbit. I used to read it to my three children and still read it myself. If I am feeling down it brings back good memories.
Best thing about your job: Getting to help people. My mum always told me never to pass up an opportunity to do a good deed.
Best part of life in the UAE: The weather. The constant sunshine is amazing and there is always something to do, you have so many options when it comes to how to spend your day.
Favourite holiday destination: Malaysia. I went there for my honeymoon and ended up volunteering to teach local children for a few hours each day. It is such a special place and I plan to retire there one day.
Global state-owned investor ranking by size
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China
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Specs
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Range: Up to 610km
Power: 905hp
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The specs: Macan Turbo
Engine: Dual synchronous electric motors
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'Cheb%20Khaled'
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Classification of skills
A worker is categorised as skilled by the MOHRE based on nine levels given in the International Standard Classification of Occupations (ISCO) issued by the International Labour Organisation.
A skilled worker would be someone at a professional level (levels 1 – 5) which includes managers, professionals, technicians and associate professionals, clerical support workers, and service and sales workers.
The worker must also have an attested educational certificate higher than secondary or an equivalent certification, and earn a monthly salary of at least Dh4,000.
The Internet
Hive Mind
four stars
Company%20Profile
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Who's who in Yemen conflict
Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
Yemeni government: Exiled government in Aden led by eight-member Presidential Leadership Council
Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory
The%20specs
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Company profile
Date started: December 24, 2018
Founders: Omer Gurel, chief executive and co-founder and Edebali Sener, co-founder and chief technology officer
Based: Dubai Media City
Number of employees: 42 (34 in Dubai and a tech team of eight in Ankara, Turkey)
Sector: ConsumerTech and FinTech
Cashflow: Almost $1 million a year
Funding: Series A funding of $2.5m with Series B plans for May 2020
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