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Infomineo is here to deliver the latest news and insights on the Financial Services industry in the Middle East and Africa. We would like to share with you latest news, strategic plans, as well as nominations, publications and events within the MEA region.

DGCX and DCCC secures ADGM regulatory recognition

The Dubai Gold and Commodities Exchange (DGCX) and its CCP subsidiary, Dubai Commodities Clearing Corporation (DCCC), have been recognized as a remote Exchange & Clearing House by the Financial Services Regulatory Authority, the regulatory authority for the Abu Dhabi Global Market, enabling ADGM companies to access its trading and clearing platforms.

Read More – Hedgeweek

Dubai rapidly moving toward becoming the world’s first blockchain powered government by 2020

Dubai is fast moving toward achieving its goal of becoming the world's first government to execute all implementable transactions on blockchain by 2020. Adoption of Blockchain is estimated to result in over AED 5.5 billion savings annually towards streamlining document processing alone.

Read More – CPI Financial

Australia and UAE form Fintech Alliance

The Abu Dhabi Global Market (ADGM) Financial Services Regulatory Authority (FSRA) and Australian Securities & Investment Commission have agreed to share information and refer innovative fintech businesses to each other for advice and support. The MENA region is poised for a fintech boom, with several cities taking steps to establish themselves as fintech hubs.

Read more – Out Law

Challenging road ahead for GCC’s economic diversification efforts

GCC governments face significant challenges in their economic diversification efforts as they face sustained decline in oil prices in recent years. GCC sovereigns have announced ambitious diversification plans, some of which have existed for several years.

Read more – Gulf News

ARC buys 20% stake in Rain

AFRICAN RAINBOW Capital (ARC), a South African financial-services firm started by Patrice Motsepe, on Friday announced that it had invested 20 percent of fixed and mobile data network operator, Rain. This as ARC gears up to list on the JSE later this year in an initial public offering of its investment-holding unit said to be roughly R3 billion.

Read more – IOL

Qatari market will maintain its competitive edge

The Qatar Financial Market Authority is working hard to maintain the Qatari market's lead position and competitive edge, stated Sheikh Abdullah bin Saoud Al Thani, Governor of Qatar Central Bank (QCB) and Chairman of the Board of Directors of the QFMA.

Read more – The Peninsula Qatar

Lulu Exchange acquires Al Falah Exchange

This acquisition will make Lulu Exchange the second-biggest foreign exchange and remittance player in the GCC, the Abu Dhabi-based company will acquire 100 per cent ownership of Al Falah, boosting its branch count by 30 to reach 73 in the UAE and 170 globally.

Read more – The National

President Kenyatta signs the Nairobi International Financial Centre Bill

The Nairobi International Financial Centre Act seeks to provide for legal framework to facilitate and support the development of an efficient and globally competitive financial services sector in Kenya. The Act also establishes the Nairobi Financial Centre Authority which will maintain an efficient operating framework in order to attract and retain firms.

Read more – Capital FM

Dubai's real economic growth to hit 3.1% in 2017, says Sheikh Ahmed

Dubai’s economy is expected to expand further over the next 2 years having outperformed global economic growth and defied downward trends in 2016. Official figures show forecast real economic growth to hit 3.1% by the end of 2017 and 3.6% in 2018.

Read more – Arabian Business

CSE Global to pay $12 million to settle apparent violations of Iran sanctions

Singapore-based technology company CSE Global Ltd has agreed to pay more than $12 million to settle 104 apparent violations of Iran sanctions by its subsidiary. The subsidiary, CSE TransTel Pte Ltd, "caused at least six separate financial institutions to engage in the unauthorized exportation or re-exportation of financial services from the United States to Iran," in 2012 and 2013.

Read more – Reuters

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