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.
UAE currency: the story behind the money in your pockets
If you go...
Fly from Dubai or Abu Dhabi to Chiang Mai in Thailand, via Bangkok, before taking a five-hour bus ride across the Laos border to Huay Xai. The land border crossing at Huay Xai is a well-trodden route, meaning entry is swift, though travellers should be aware of visa requirements for both countries.
Flights from Dubai start at Dh4,000 return with Emirates, while Etihad flights from Abu Dhabi start at Dh2,000. Local buses can be booked in Chiang Mai from around Dh50
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
Farasan Boat: 128km Away from Anchorage
Director: Mowaffaq Alobaid
Stars: Abdulaziz Almadhi, Mohammed Al Akkasi, Ali Al Suhaibani
Rating: 4/5
THE DRAFT
The final phase of player recruitment for the T10 League has taken place, with UAE and Indian players being drafted to each of the eight teams.
Bengal Tigers
UAE players: Chirag Suri, Mohammed Usman
Indian: Zaheer Khan
Karachians
UAE players: Ahmed Raza, Ghulam Shabber
Indian: Pravin Tambe
Kerala Kings
UAE players: Mohammed Naveed, Abdul Shakoor
Indian: RS Sodhi
Maratha Arabians
UAE players: Zahoor Khan, Amir Hayat
Indian: S Badrinath
Northern Warriors
UAE players: Imran Haider, Rahul Bhatia
Indian: Amitoze Singh
Pakhtoons
UAE players: Hafiz Kaleem, Sheer Walli
Indian: RP Singh
Punjabi Legends
UAE players: Shaiman Anwar, Sandy Singh
Indian: Praveen Kumar
Rajputs
UAE players: Rohan Mustafa, Ashfaq Ahmed
Indian: Munaf Patel
Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
Who was Alfred Nobel?
The Nobel Prize was created by wealthy Swedish chemist and entrepreneur Alfred Nobel.
- In his will he dictated that the bulk of his estate should be used to fund "prizes to those who, during the preceding year, have conferred the greatest benefit to humankind".
- Nobel is best known as the inventor of dynamite, but also wrote poetry and drama and could speak Russian, French, English and German by the age of 17. The five original prize categories reflect the interests closest to his heart.
- Nobel died in 1896 but it took until 1901, following a legal battle over his will, before the first prizes were awarded.
THE SPECS
Jaguar F-Pace SVR
Engine: 5-litre supercharged V8
Transmission: 8-speed automatic
Power: 542bhp
Torque: 680Nm
Price: Dh465,071
UAE currency: the story behind the money in your pockets
Charlotte Gainsbourg
Rest
(Because Music)
