Saturday 24 June 2017

RakBank picks Samsung Pay Solutions for ATMs

RakBank is the first bank in the Middle East to introduce Samsung Pay solutions for its ATMs, in partnership with Samsung Gulf Electronics, a report said. This innovative digital solution enables the bank’s customers to make cardless cash withdrawals from RakBank ATMs using


Bahrain to launch national e-wallet on July 4

The Benefit Company has joined forces with Lebanese group FOO technologies to launch the National Mobile Electronic Wallet (BenefitPay), an e-payment software designed to streamline payment within the kingdom, on July 4.   A leading technology company based in B


UAE banks clear $175bn cheques in 5 months

A total of 12.922 million cheques worth Dh643.7 billion ($175 billion) were handled by the UAE Clearing Cheque System during the first five months of 2017, according to the UAE Central Bank data. A total of Dh28.9 billion worth of 546,000 cheques were bounced from January through


Xpress Money to expand in Brazil, Chile and Guatemala

Xpress Money, one of the world's leading money transfer organizations, has announced plans to expand its network in Brazil, Chile and Guatemala by virtue of strategic partnerships that are underway. This development is in line with Xpress Money's focus to increase its net


DME auctions 4m barrels of Iraqi crude for Somo

Dubai Mercantile Exchange (DME) hosted its latest Auctions today (June 21) on behalf of Iraq’s National Oil Company, Somo. This included the first cargo of Basrah Heavy crude sold via DME Auctions. A two-million barrel cargo of Basrah Heavy was awarded at a premium of $1.18 over


Visa launches first Everywhere Initiative in Mena

Visa has announced that its Everywhere Initiative, an innovation programme designed to encourage the development of the “next big thing” in payments, will expand into the Mena region. Entrants in Visa’s first-ever Mena Everywhere Initiative will have the opportu


Governments ‘must address distribution failures’

Globalisation, while delivering huge benefits, has rejected segments of society because of distribution failures, according to a London Business School expert. Linda Yueh, adjunct professor of Economics, made the comments while speaking on the BBC’s The Big Questions.


UAE discusses sustainable development at AIIB meet

A UAE delegation attended the meeting of the Board of Governors of the Asian Infrastructure Investment Bank (AIIB) aiming to strategise and discuss collaboration among Asian countries in sustainable infrastructure development. The second annual event was held for the first-time o


Saudi bourse in MSCI Emerging Market Index watchlist

The Saudi Stock Exchange (Tadawul) said it has been named by MSCI, a major provider of equity, fixed income, hedge fund stock market indexes, and equity portfolio analysis tools, to its Emerging Market Index watchlist.   The announcement comes on the heels of a


UAE cbank foreign currency assets top $87bn

The UAE Central Bank's foreign currency assets increased 1.5 percent to Dh322.4 billion ($87.75 billion) during the month of May from Dh317.44 billion in April, according to statistics released Tuesday by the bank. The surge is attributable to the rise in UAE banking balances

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