logo
Inovat wins FAB forward Fintech Challenge, run by First Abu Dhabi Bank and Mastercard

Inovat wins FAB forward Fintech Challenge, run by First Abu Dhabi Bank and Mastercard

Al Bawaba15-07-2025
'Inovat', a digital solution that offers a seamless, fully digital value-added tax (VAT) refund experience for travellers to save them money on shopping abroad, has emerged as the winner of the second edition of the FAB forward Fintech Challenge. This collaborative initiative between Mastercard and First Abu Dhabi Bank (FAB) aims to foster fintech innovation in the UAE.Under the tagline 'Drive the future of banking', the competition invited later-stage fintech startups to submit their pioneering solutions to pressing financial challenges across three categories – 'Hyper-personalized Experiences', 'Blockchain-Powered Business' and 'Beyond Banking'. The competition witnessed a strong uptake with over 135 entries received.A panel of experts from Mastercard and FAB evaluated the submissions based on innovation and novelty, market potential, business model and revenue potential, product fit, growth strategy, financial health as well as team and execution. Five selected finalists – Inovat, Crayon Data, Fiskl, Nuclei and Uome – presented their ideas at a pitch day. 'Inovat' was adjudged winner for its innovative fully digital solution that tackles a real traveller pain point through strategic collaboration with banks and airlines. Their solution not only saves customers money abroad but could also enhance FAB's digital engagement capabilities.The winner was announced at an award ceremony hosted at the FAB headquarters in Abu Dhabi.As winner, 'Inovat' received a host of benefits, including the opportunity to work on a proof of concept with FAB, exposure to banking leaders, venture capital and potential investment partners as well as a cash prize of $100,000.The FAB forward Fintech Challenge is a core initiative of the long-term collaboration between First Abu Dhabi Bank (FAB) and Mastercard, reflecting a shared commitment to driving digital transformation and innovation in the UAE's financial sector. By bringing together FAB's deep regional expertise and Mastercard's global technology leadership, the programme provides fintech startups with access to mentorship, real-world validation, and opportunities to collaborate with leading financial institutions.
With a focus on customer-centric innovation and next-generation financial services, the Challenge underscores the importance of collaboration between established industry leaders and emerging fintechs in building a more dynamic and inclusive digital economy for the UAE and beyond.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

LG Revolutionizes Workplace Flexibility With Launch of Smart Monitor Swing in Gulf Region
LG Revolutionizes Workplace Flexibility With Launch of Smart Monitor Swing in Gulf Region

Al Bawaba

timean hour ago

  • Al Bawaba

LG Revolutionizes Workplace Flexibility With Launch of Smart Monitor Swing in Gulf Region

LG Electronics has introduced a game-changing addition to the Gulf region's technology landscape with the launch of the LG Smart Monitor Swing (model 32U889SA). This CES 2025 Innovation Award winner represents a significant leap forward in display technology, combining workspace versatility with entertainment excellence in a single, intelligent the heart of this innovation lies a revolutionary flexible stand system that transforms how users interact with their displays. The monitor's unique rolling stand mechanism enables effortless repositioning, allowing the 32-inch screen to adapt from traditional desktop configurations to touch-optimized angles. This adaptability makes the device equally suitable for professional presentations, creative work sessions, or leisurely content consumption from any position in the display itself showcases LG's commitment to visual excellence through its 4K UHD resolution of 3,840 x 2,160 pixels, delivered via advanced IPS technology. This combination ensures exceptional image clarity, accurate color reproduction, and superior contrast ratios that enhance both productivity tasks and entertainment experiences. The generous 32-inch screen real estate provides ample workspace for multitasking while maintaining crisp, readable text across all new ground for the Smart Monitor series, the 32U889SA introduces comprehensive touchscreen capabilities that transform user interaction. This intuitive interface, combined with LG's proven webOS smart TV platform, creates an ecosystem where users can seamlessly navigate between productivity applications and entertainment content without requiring a connected PC. The integration of webOS brings access to cloud-based office suites, streaming services, and remote desktop solutions directly to the remains a priority with the inclusion of USB Type-C supporting 65W power delivery alongside traditional HDMI inputs. This versatile connection portfolio ensures compatibility with modern laptops, tablets, and desktop systems while providing sufficient power to charge connected devices. The built-in speaker system eliminates the need for external audio equipment, creating a complete workspace solution. The monitor's intelligence extends beyond hardware through sophisticated software features designed to enhance user experience. The Auto Pivot functionality automatically adjusts screen orientation based on content type, optimizing the viewing experience for both landscape and portrait applications. When paired with a PC, the LG Switch App unlocks additional productivity features, including customizable screen layouts, multi-device control through unified keyboard and mouse inputs, and seamless environment switching between PC and Smart TV awareness comes through the Brightness Control system, which dynamically adjusts screen illumination based on ambient lighting conditions. This feature not only enhances viewing comfort but also contributes to energy efficiency throughout extended use versatility of the LG Smart Monitor Swing extends across multiple use cases, from professional environments where presentation flexibility is crucial, to creative spaces where artists and designers require precise positioning for digital work. Musicians can utilize the display for sheet music, while home users benefit from the seamless transition between work and entertainment modes. The LG Smart Monitor Swing (32U889SA) is now available at major retail outlets across the Gulf region, with a retail price of AED 3,699. The new monitor serves as an accessible premium solution for consumers seeking to upgrade their workspace technology without compromising on features or performance.

DIB Executes the First Islamic Finance Deal with Turkish Airlines
DIB Executes the First Islamic Finance Deal with Turkish Airlines

Al Bawaba

time2 hours ago

  • Al Bawaba

DIB Executes the First Islamic Finance Deal with Turkish Airlines

DIB, the world's first Islamic bank and the largest in the UAE, has successfully executed a landmark aircraft financing transaction with Turkish Airlines, the national flag carrier of Türkiye. Marking the first Islamic aircraft finance deal to support the flag carrier's growth, this transaction paves the way for Shariah-compliant structures to serve as a catalyst for growth within one of the world's most prestigious airline deal represents a significant milestone in DIB's ongoing efforts to advance the global influence of Islamic finance. By enabling one of the world's leading airlines to adopt a fully Shariah-compliant financing structure, DIB reaffirms the strength, credibility, and adaptability of Islamic finance in delivering complex cross-border funding transaction marks Turkish Airlines' first-ever Islamic finance-backed aircraft financing, introducing Shariah-compliant structures into its funding portfolio as part of its broader diversification strategy. DIB acted as financier for the acquisition and induction of a new Airbus A350-941 into the Turkish Airlines fleet, with the transaction structured through a 12-year Islamic finance lease (Ijarah).A high-level signing ceremony was recently held in Istanbul, in the presence of Dr. Adnan Chilwan, Group Chief Executive Officer of DIB, Turkish Airlines Chairman of the Board and the Executive Committee Prof. Ahmet Bolat, and Turkish Airlines Chief Financial Officer and Member of the Board and the Executive Committee, Assoc. Prof. Murat Şeker, alongside other senior executives from both organisations. The event marked a key milestone in the partnership between DIB and Turkish Airlines, highlighting their shared commitment to innovation in ethical finance and paving the way for deeper collaboration across global Adnan Chilwan, Group Chief Executive Officer at DIB, commented: 'At a time when global markets are rethinking the foundations of sustainable finance, this transaction sends a clear signal that Islamic finance is no longer a niche; it is a resilient and globally relevant financial structure for the Turkish Airlines to embrace Shariah-compliant financing for the first time and to choose DIB as their Islamic finance provider reflects both the strength of our principles and the confidence they have placed in our value this collaboration deeply. It not only supports the airline's strategic growth but also reinforces the strengthening of economic ties between the UAE and Türkiye. This relationship continues to thrive on a vision rooted in mutual respect, shared ambition, and enduring cooperation.'Commenting on the milestone transaction, Turkish Airlines Chairman of the Board and the Executive Committee, Prof. Ahmet Bolat stated: 'This transaction demonstrates our commitment to financial innovation and strengthening our fleet while also marking a new chapter in our cooperation with leading institutions in the UAE and the broader Gulf region. We are pleased to have completed this landmark financing in collaboration with DIB and look forward to building on this partnership in the future.' This transaction further strengthens DIB's position as a global leader in cross-border Islamic finance, showcasing the growing demand for Shariah-compliant solutions in capital-intensive sectors such as aviation. It reflects DIB's continued focus on delivering innovative structures that not only meet financial objectives that uphold ethical and faith-based finance standards across markets.

Chevrolet Unveils the All-New 2026 Cruze to the Middle East
Chevrolet Unveils the All-New 2026 Cruze to the Middle East

Al Bawaba

time2 hours ago

  • Al Bawaba

Chevrolet Unveils the All-New 2026 Cruze to the Middle East

With a legacy as one of Chevrolet's most recognized compact nameplates globally, the Chevrolet Cruze is making a return to the Middle East with the launch of its all-new 2026 to meet the needs of today's drivers, the 2026 Cruze combines modern style, dependable performance and smart features, offering a practical yet refined mobility Design with Everyday VersatilityThe 2026 Cruze brings a sleek, aerodynamic design tailored for the modern urban driver. Available in two well-equipped trims, LS and LT, the Cruze features signature LED auto-sensing headlights, LED dual-element taillights, a sporty rear wing, and 16' aluminium alloy wheels that complete its confident stance. The front fascia is anchored by a black honeycomb split grille, giving the Cruze a sharp and modern edge.A refined color palette adds personality to the compact sedan, with exterior options including Abalone White Tricoat, Black Kettle Metallic, Sharkskin Metallic, Rip Tide Blue Metallic. The LT trim elevates the interior with Captain Blue leatherette seats, a flat-bottom leather-wrapped steering wheel, and a sunroof as standard.A Smart Interior for the Connected GenerationThe 2026 Cruze is built for the digitally driven. All trims come with dual 10.25-inch displays1, a central infotainment touchscreen and a driver information cluster, delivering intuitive access to entertainment, driving data, and smartphone mirroring via Apple CarPlay®2 and Android Auto™2. A six-speaker sound system and rear independent air vents ensure comfort and convenience for all five LT trim adds further convenience with features such as keyless start, heated power-adjustable exterior mirrors, and a six-way manual driver seat for added control and Performance for Every JourneyPowered by a 1.5L 4-cylinder engine producing 113 horsepower and 141 Nm of torque, the 2026 Cruze is paired with a 6-speed Dual-Clutch Transmission. This setup delivers a smooth, fuel-efficient ride – ideal for both everyday commutes and longer longer Comes StandardSafety remains a top priority in the 2026 Cruze. The LS trim is equipped with a high-strength safety structure and includes standard features3 such as two airbags, a rear-view camera, cruise control, and emergency braking warning. The LT trim enhances protection with four airbags, rear park assist, and additional comfort-focused the journey leads, the Cruze offers peace of mind through practical, reliable safety Experience & AvailabilityThe 2026 Cruze is supported by Chevrolet Complete Care, offering customers access to Chevrolet's regional service network and a 3-year or 100,000 km manufacturer warranty (whichever comes first). The all-new Chevrolet Cruze will be available across KSA, Kuwait, Qatar, Oman, Jordan, Lebanon, Iraq, Bahrain.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store