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BANKING

Address details now a must for bank accounts
February 18, 2018

Banks have been reportedly asking customers to furnish address details in compliance with the Saudi Arabian Monetary Authority’s (SAMA) directive to implement the National Address System.

The National Address System is a unified address data storage through the Geographic Information System (GIS).

The Kingdom introduced this system for the first time in the Arab world. It is considered a great leap in fast delivery of services with"...

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Ripple Partners Saudi Arabia’s Central Bank to Plug Banks on a Blockchain
February 15, 2018

Fintech giant Ripple has inked a new partnership with the Saudi Arabia’s defacto central bank to pilot instant cross-border payments on a blockchain among domestic banks in the region.

The Saudi Arabian Monetary Authority (SAMA), the central bank for the Kingdom of Saudi Arabia (KSA), has entered an agreement with Ripple to launch a sweeping blockchain pilot that will see regional"...

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Fiorano Contributes to Kenya’s Digital Leap with I&M Bank
February 14, 2018

(AETOS Wire) -- Fiorano Software announced today that I&M Bank, Kenya has chosen the Fiorano platform to achieve digital transformation to reduce time-to-market while integrating its Finacle, Core Banking System. I&M Bank’s need for digital transformation arose from its new strategy aimed at giving each market segment a customized proposition to complement their lifestyle and financial requirements. The use of multiple point-to-point connections was impeding this goal due to its rigidity, high maintenance and management costs. “Fiorano has made our digital journey easy and cost effective,' said Rohit Gupta, Group CIO, I&M Bank. As stated by S.S. Tarakaram, Director Business Development, Fiorano, “With Fiorano, I&M bank transformed its business processes enabling it to quickly rollout multiple banking services to achieve competitive differentiation and provide positive customer experiences in the emerging East African Market.”......

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Saudi Arabia working with banks on $10bn loan refinancing - sources
February 8, 2018

Saudi Arabia is working with HSBC, JPMorgan and Mitsubishi UFJ Financial Group on the refinancing of its existing $10 billion syndicated loan, said banking sources familiar with the matter.

The three lenders have a leading role in the refinancing, which will involve a much larger group of banks. Loan syndication is expected to be completed by mid-February, said the sources.

A"...

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FAB to set up investment banking subsidiary in Saudi Arabia
February 7, 2018

First Abu Dhabi Bank (FAB) has secured a licence from the Capital Market Authority (CMA) to establish an investment banking subsidiary in Saudi Arabia, ‘FAB Investment KSA’.

The subsidiary is wholly owned by FAB and will provide arranging and advisory services throughout the Kingdom to both KSA corporate clients and institutions looking to access international markets. It will enable FAB to grow stronger and to enhance its regional presence....

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Fiorano Powers Banco Postal’s Commitment Towards Financial Inclusion and Digitalization of Angolan Economy
February 7, 2018

(AETOS Wire) -- Fiorano Software announced today that Banco Postal, Angola has successfully implemented the Fiorano Platform to tackle integration challenges in its digital transformation journey. Banco Postal opted for Fiorano for its native integration with T24, the Core Banking System from Temenos. Marcelo Barreto, Head of IT, Banco Postal said, “Banco Postal is built on a strong commitment for financial inclusion in Angola. Having such an innovative approach to banking, the technical challenges were one of the biggest constraints to the success of such implementation. Fiorano enabled us to swiftly tackle these restrictions, removing the complexity of multiple systems integration and allowing us to focus on the business and to better serve our customers. Because of the collaborative environment and deep commitment from Fiorano, we were able to deliver the required integrations in under two months.” The decision to choose Fiorano carried many challenges......

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FAB gets securities licence in Saudi Arabia
February 6, 2018

The bank can conduct arranging and advising activities in the securities sector

First Abu Dhabi Bank, the largest bank in the UAE by assets, has been given the go-ahead by Saudi Arabia's regulator to conduct arranging and advising activities in the securities sector, a source said.

In a statement on Monday, Saudi Arabia's Capital Market Authority said it had authorised"...

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QNB Most Valuable Banking Brand in Middle East and Africa with a Value of US $4.2bn
February 3, 2018

QNB Group, the largest financial institution in the Middle East and Africa, was recognized once again as the most valuable banking brand in the Middle East and Africa region with brand value worth US $4.2bn, according to The Banker’s 2018 Brand Finance Global 500 report published in its February edition.

QNB’s"...

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Coins replace notes in Saudi Arabia
February 1, 2018

Saudi Arabia’s Crown Prince and First Deputy Prime Minister Mohammad bin Salman bin Abdulaziz Al Saud (better known as MBS) has been in the news recently for flexing his financial muscle in advance of inheriting the thrown from his father, King Salman, who is still alive.

MBS has recently had some members of the royal family arrested, intervened in war-torn Yemen, and proposed controversial"...

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Saudi Arabia is working on an official policy for bitcoin but a ban is unlikely
January 31, 2018

Regulators around the world are taking a closer look at cryptocurrencies. South Korea's ban on anonymous bitcoin trading accounts went into effect Tuesday while the US Securities and Exchange Commission halted a $600 million initial coin offering. But one country's regulators are taking a more laissez faire-approach to cryptocurrencies: Saudi Arabia. The country isn't typically associated with the market for digital coins, but one top Saudi financial regulator told Business Insider that officials there are paying close attention to the space. However, they have not taken any steps to hinder activity in the market. 'Not unlike most other markets, the regulators in Saudi have been following developments with cryptocurrencies with great interest,' Mohammed ElKuwaiz, the chairman of......

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