San Francisco-based Paymentwall has integrated Iran’s local payment system, following the end of economic sanctions in the country. The US and the European Union had imposed economic sanctions on Iran until it complied with restrictions set for its nuclear program. After 35 years, Iran agreed to a nuclear deal with the US, and it can […]
Qatar Islamic Bank (QIB) has finally gone live with a new core banking system, Temenos’ T24, nearly six years after signing the original contract. Gopi Krishnan, CIO at QIB, describes the implementation as the “fastest and most complex transformation programme in the Middle East region in the recent past”. Despite this, it actually was a […]
Al Ahli Bank of Kuwait (ABK) has picked Infosys’ Finacle suite to replace Misys’ products as part of its technology revamp. The bank will deploy the complete suite of Finacle solutions, including core banking, trade finance, wealth management, CRM, e-banking, payments, treasury, alerts, SMS banking, liquidity management, retail and corporate loan origination. Abdulla Alsumait, deputy […]
Iranian banks are being reconnected to Swift’s international payments system after a four-year hiatus. Following the lifting of economic sanctions last month under the nuclear deal with world powers, Iran’s Central Bank and 15 other banks have restored access to Swift. The Central Bank says: “The on-boarding process including administrative and technical measures for all […]
An interesting trend is developing in the halal sector: regional hubs are developing in places that have some local demand but not the size that would be significant markets on their own. Think of Malaysia (the largest) or Dubai or tiny Brunei. Each sees the halal sector as being strategic to their economic growth, and for Dubai and Brunei at least, as key aspects of their economic diversification. This trend has the potential to support global growth in the Islamic economy as well as SME development but need a lot of (costly) infrastructure put in place to open up the international side to SMEs
The London Stock Exchange says that the launch of Turkish derivatives on its derivatives market represents part of the long-cherished goal of growing its derivatives business around the world. It also represents the exchange’s ‘open access’ policy.
Türk Ekonomi Bankası, one of the private sector commercial banks in Turkey, and a strategic partner of BNP Paribas, has launched an enhanced digital banking service featuring the ability to hold live chat sessions with bank staff.
Adoption of innovative technology will be central to the fulfilment of bullish growth predictions of 25% or more for transaction banks in the Middle East, according to a survey of market participants during a recent conference in Dubai.
Lebanese commercial bank Al-Mawarid has begun a bank transformation project focused on mobile and online banking using the FusionBanking Essence Digital software from Misys.
The London Stock Exchange is to begin trading Turkish futures and options, following a deal with Borsa Istanbul. The agreement will help to open up the Turkish market to more investors; it will also help to deepen the LSE’s derivatives market, which it has been trying to build up in recent years.
Bank of America Merrill Lynch has made a series of internal promotions in its EMEA Global Transaction Services team.
Controversy over Sharia Law reached Hollywood recently as protesters boycotted the glamorous Beverly Hills Hotel over a tough new code introduced by the hotel’s owner, the Sheikh of Brunei. More prosaically, bankers remain divided over how best to respond to demand for Sharia-compliant banking.
Banks are pioneering advanced technologies in Turkey, giving the country a headstart over many of its European counterparts. In Istanbul, Garanti Bank explained how it pays for its customers to get mobile internet access – and how it is using social media to attract and keep customers.
European trading venue BATS Chi-X Europe is set to expand into Turkey, starting on 3 November. The move is the first time a competitor has entered the Turkish market to take on Borsa Istanbul. It is also BATS’ first new market since it took over Chi-X in 2011 – and the company’s first venture into an emerging market.
A sustained rally in frontier markets is leading an expansion of size and liquidity as investors seek opportunities that are not available in the developed or emerging markets, according to a new report by research house Aite.
The Bahrain Bourse has replaced its trading platform with a new one provided by Nasdaq OMX, as part of a new drive to become a trading hub in the Persian Gulf region. The Bahrain Bourse was established in 2010 to replace the country’s previous stock market, the Bahrain Stock Exchange. Although the market was already […]
Turkish bank Yapi Kredi has partnered with mobile money specialist Monitise to develop branchless banking’ services in which the consumer can open an account and carry out all their transactions without the need for physical locations.
Turkey’s largest investment bank Aktif has begun using international payment services from specialist Earthport, in a move the bank says will help its corporate and retail customers to get a better deal on their cross-border payments.
Online investment bank Saxo Bank has opened an office in Abu Dhabi to target demand for sophisticated financial services from the increasingly wealthy population of the United Arab Emirates.
Emirates NBD has launched a tablet banking service, which it says makes it the first bank in the Middle East to offer tablet-based financial planning. Launched for the bank’s priority banking relationship managers and wealth management advisors, the new apps allow them to access customer information using their tablets.
Commercial Bank of Qatar has implemented a new tool from Experian into its credit risk team, which it says will help it to automate customer scoring and decision making on loans and credit cards.
Abu Dhabi Securities Exchange has gone live on a new trading engine provided by US exchange group Nasdaq OMX. The upgrade project provides the Middle Eastern exchange a trading platform that will allow it to trade new asset classes and further its rivalry against Dubai and other regional exchanges.
The International Bank of Qatar has installed a financial crime risk management platform from tech vendor Fiserv, which it says will help it to better manage its money laundering and fraud prevention strategy.
Four Middle Eastern exchanges – Amman, Beirut, Tunis and Muscat – are to migrate to Euronext’s Universal Trading Platform, replacing the older NSC trading engine they are currently using.
US broker BGC Partners and UAE government-run free zone the Dubai Multi Commodity Centre have done a deal to promote Islamic ‘Murabaha’ products, as part of a drive to turn Dubai into an Islamic finance hub. The DMCC has a trade platform called DMCC Tradeflow, which operates in the Jumeirah Lakes Towers Free Zone. A […]
Oman’s Bank Muscat has installed tech firm Charles River’s investment management solution for its asset management business in the Arabian country, which covers equity and fixed income.
Mobile money firm Monitise has acquired Pozitron Yazilim, an Istanbul-based mobile technology specialist, in a £24 million all-shares deal that highlights the growing demand for mobile financial services in the eastern Mediterranean’s largest market.
Hong Kong-based carrier services firm PCCW Global has banded together with 16 other high profile international network operators, including China Unicom, Telecom Egypt, Etisalat and Ooredoo, to construct a high capacity submarine cable system between Asia, Africa and Europe.
Turkish bank Türkiye Finans Katılım Bankası is collaborating with US infrastructure company Opengear to roll out remote management technology for its bank branch network, which it says will help to cut costs and improve efficiency.
MasterCard has acquired Turkish payments provider Provus in a deal that the firm says will increase its processing presence in a “high growth” payments market.
Islamic finance specialist firm NCB Capital Company has installed a Charles River front and middle office investment management platform, as part of a drive to improve internal efficiencies in its Saudi business.
Bank of Beirut has gone live on Misys Sophis Value platform, which the bank says will help it increase its STP rate, manage trade repository and cross-asset collateral and margin, and better interact with Lebanon’s other banks.
Turkey’s Garanti Bank and mobile operator Turkcell have partnered with Visa Europe in a deal aimed at bringing the Turkcell mobile wallet to more consumers in Turkey.
Arab Investment Bank Egypt has chosen Temenos T24 as its technology platform as it draws up its expansion plans for North Africa’s largest economy.
Standard Chartered has completed the rollout of its corporate actions platform across 39 countries in Asia, Africa and the Middle East, which the bank says will help clients cut costs and reduce their corporate actions risk exposure.
Saudi Arabia’s stock exchange the Tadawul has signed a deal with Nasdaq OMX to replace its trading engine with Nasadaq OMX’s X-Stream INET technology, beginning in January 2014.
Created in April 2013, Turkey’s new Borsa Istanbul exchange is at the heart of an ambitious project to turn Istanbul into a major global trading centre. With the country’s economy ascendant, Turkey has a lot to offer, according to Ali Çöplü, chief information officer of Borsa İstanbul.
Turkey’s Garanti Bank has launched a new ‘socially integrated’ mobile banking service called iGaranti, which connects with Facebook, Twitter and FourSquare to help users send money to friends and family.
The effects of Qatar and United Emirates’ impending upgrade by ratings agency MSCI are starting to ripple through to financial services firms, as Interactive Data Corporation beefs up its market data service to the Middle East and North Africa.
Rising technological sophistication offers the chance to reinvent retail banking in the Middle East, says Chris Weddell, business solutions group director Middle East and Africa at bank software and systems vendor Misys.
