banking

June 26, 2019

RAS AL KHAIMAH, 25th June, 2019 (WAM) -- The National Bank of Ras Al Khaimah, RAKBANK, has announced the repayment of the outstanding nominal amount of US$681.67 million on its RAKFunding Cayman Ltd. 5-year US$800 million bond matured on 24th June 2019.

RAKBANK had issued US$500 million bond earlier this year in April 2019 through RAKFunding Cayman Ltd.

Proceeds from the issue along with other internal sources were used to pay back the bond maturing in June 2019, the bank said in a statement.

RAKBANK"...

Continue Reading >

June 25, 2019

ABU DHABI, 24th June, 2019 (WAM) -- The total foreign currency assets held by the Central Bank of the UAE increased to circa AED379.3 billion by the end of May 2019, a growth of 16.1 percent from AED326.6 billion on the same month last year, as current account balances and deposits with foreign banks strengthened to AED322.5 billion from AED257.23 billion in May 2018, according to the CBUAE figures.

The foreign assets exclude CBUAE Reserve Tranche Position and Special Drawing Rights holdings with the International Monetary Fund.

In the meantime CBUAE's held-to-maturity"...

Continue Reading >

June 20, 2019

Aegon UK, a leading savings, protection and investment service provider has selected Legerity Limited’s FastPost IFRS 17 solution to help it transition to the new International Financial Reporting Standard (IFRS 17). The new standard takes effect from January 2022 and is one of the most significant changes to accounting in the insurance sector in years,

Legerity will provide Aegon UK with its third generation FastPost Accounting Rules and Sub-Ledger solution for implementation as an integrated part of its overall IFRS 17 accounting and reporting process.

David"...

Continue Reading >

June 20, 2019

Jumio, the leading AI-powered trusted identity as a service provider, today announced a partnership with Bank ABC, the MENA (Middle East and North Africa) region’s leading international bank. The partnership enables Bank ABC’s new mobile-only bank to compliantly onboard new individual customers using Jumio’s biometric-based identity verification solution. Based in Bahrain, Bank ABC currently serves customers on five continents, covering countries in the Middle East, North Africa, Europe, the Americas and Asia. Bank ABC plans to launch one of the region’s first digital banks and has invested in establishing digitised operations including a fully digital KYC capability. Simplifying and streamlining the onboarding process is central to these efforts. Traditionally, it takes consumers one to two weeks to create a new account and requires them to visit a local branch in person to complete the account set-up process. “Bank ABC is committed to leveraging the benefits of AI technologies to create seamless customer journeys for accessing banking services securely,” said Sael Al Waary, Bank ABC’s Deputy Group Chief Executive Officer. Earlier this year at the 3rd Middle East and Africa FinTech Forum, Al Waary said: “Across the region, banks and other financial institutions are facing enormous disruption from technology. But change should be embraced, not feared. Technology will revolutionize......

Continue Reading >

June 19, 2019

American Express, the US financial services and credit card firm, is targeting single-digit revenue growth in the Middle East this year, as it boosts its number of merchant partnerships and launches new products and services amid higher consumer spending.

“The reason we are seeing growth is because we are expanding and targeting new segments and introducing new products,” said Mazin Khoury, chief executive of American Express Middle East, in an interview with The National. “It’s not double-digit growth, but we are seeing growth in spending overall in the region and believe that will continue.”

Mr"...

Continue Reading >

June 19, 2019

Visa (NYSE: V) today announced global adoption of its sensory branding suite in 25 countries via more than a dozen new partnerships. The suite is comprised of sound, animation and haptic brand cues that occur with a Visa payment transaction. In a digital world increasingly filled with voice-commands, networked appliances and unattended retail environments, Visa’s sensory branding cues offer new ways to enhance the customer experience"...

Continue Reading >

June 18, 2019

ABU DHABI, 17th June, 2019 (WAM) -- The Board of Directors of the Central Bank of the UAE, CBUAE, held its fifth meeting for 2019 under the chairmanship of Hareb Masood Al Darmaki, the Chairman of the Board at bank's Head Office in Abu Dhabi.

The meeting reviewed Quarterly Financial System Surveillance Report for the Q1 2019, Macroprudential Stance Report for the Q1 2019 and Report on 2019 top-down stress testing results, presented by the Financial Stability Department. The reports covered developments with respect to the stability of the UAE banking and financial system.

The"...

Continue Reading >

June 17, 2019

(WAM) -- May survey data for Dubai’s private sector non-oil economy continued the recent twin themes of strengthening output growth and weak job creation. Total business activity increased at the strongest rate since the series was first compiled in 2010. In contrast, employment rose at a marginal rate that was well below the long-run trend. Activity growth remained partly driven by competitive pricing, notably in the construction and wholesale and retail sectors.

The seasonally adjusted Emirates NBD Dubai Economy Tracker Index – a composite indicator designed to give an overview of operating conditions in the non-oil private sector"...

Continue Reading >

June 16, 2019

There is a massive emergence of fintech firms that will disrupt the banking industry, but they have to partner with big enterprises to get customers, speakers said at a seminar organised by the Institute of Chartered Accountants of India (ICAI) - Dubai Chapter on Saturday.

Jayesh Patel, head of Liv. Digital Bank from Emirates NBD, said digital banks are emerging across the globe in major markets such as India, the US and the UAE.

'There is a massive emergence of new fintech and platforms that are going to disrupt our industry. There are quite a number of digital"...

Continue Reading >

June 16, 2019

ABU DHABI, 15th June, 2019 (WAM) -- As part of its plan to modernise work mechanisms in the federal government, the UAE Cabinet has restructured the Board of Directors of the Emirates Development Bank, EDB.

The eight-member board will be chaired by Obaid bin Humaid Al Tayer, Minister of State for Financial Affairs, and will serve a three-year term.

The EDB was established to contribute to the economic and social development of the UAE as a key partner in providing financial services for development.

The"...

Continue Reading >