Latest news with #DigitalBanking
Zawya
3 days ago
- Business
- Zawya
Bank Nizwa honored as Islamic Bank of the Year and Best Mid-size Bank at New Age Banking Summit
1 June, Muscat: Demonstrating its relentless pursuit of excellence, Bank Nizwa, the leading and most trusted Islamic bank in the Sultanate of Oman, secured two prestigious accolades at the 10th Edition of the New Age Banking Summit – 'Best Islamic Digital Bank in Oman' and 'Best Bank – Mid-size Banks Category'. The distinguished event, themed 'Banking Beyond Boundaries: Redefining Innovation and Sustainability,' was held under the auspices of His Excellency Ahmed Al Musalmi, Governor, Central Bank of Oman. Drawing an elite assembly of senior banking executives, industry experts, influential policymakers, and fintech specialists, the summit provided an exclusive platform characterized by high-caliber discussions and premium networking opportunities. The awards were received by Mr. Mujahid Al Zadjali, GM - IT at Bank Nizwa on behalf of the bank. Mr. Mujahid Al Zadjali, engaged in an insightful panel discussion titled 'The Future of Banking: Navigating Disruption, Sustainability & Customer-Centric Innovation' that explored strategic avenues around fintech integration, digital transformation, open banking frameworks, advanced payment solutions enabling real-time, cross-border, multi-currency transactions, and the deployment of advanced technologies such as blockchain and AI. Highlighting the significance of the bank's participation and achievements, Mr. Mujahid Al Zadjali, remarked, 'Consistent participation in esteemed thought leadership forums such as the New Age Banking Summit reflects Bank Nizwa's enduring commitment to shaping the future of banking through purposeful dialogue and forward-looking insight. By contributing to high-level panel discussions, the bank continues to play a vital role in driving conversations that matter—those that define progress, resilience, and a future-ready financial ecosystem in Oman. The prestigious awards, meanwhile, serve as a powerful affirmation of our strategic clarity and the trust and credibility we have built over the years.' As the largest conference of its kind for the banking and non-banking financial sector in Oman, the event brought together technology companies—underscoring its significance, influence, and scale. Within this dynamic setting, Bank Nizwa underscored its strategic commitment to harnessing innovation as a catalyst for elevating customer experience and operational efficiency. The bank advocates for aligning technological advancements with sustainable and customer-centric banking practices, viewing digital transformation as integral to its strategic growth. Moreover, the bank stressed the importance of collaborative ecosystems, advocating closer partnerships among financial institutions, regulators, and technology providers. The recognition received at the New Age Banking Summit further cements Bank Nizwa's status as a leading force within Oman's Islamic banking sector. These awards not only underscore the bank's strategic prowess and agility but also reinforce its dedication to driving meaningful innovation and fostering a resilient, sustainable financial landscape in the Sultanate.
Yahoo
26-05-2025
- Business
- Yahoo
WeBank Technology Services Wins International Fintech Award
HONG KONG, May 26, 2025 /PRNewswire/ -- On May 22, at the TAB Global Financial Technology Innovation Awards 2025 ceremony held by The Asian Banker ("TAB"), WeBank Technology Services and Fusion Bank were jointly awarded the Best Core Banking Technology Initiative (Small Bank) in Asia Pacific for their collaborated project of Next-Generation Core Banking System. The TAB Global Financial Technology Innovation Awards is one of the most prestigious benchmarking awards for technology innovation leadership and performance in the global financial services industry. The Best Core Banking Technology Initiative specifically acknowledges institutions with exceptional technological advancement in core banking systems. This is the first time in three years that a Hong Kong digital bank won at the TAB Global Financial Technology Innovation Awards, indicating the technological leadership of the project's collaborative achievement. The award-winning project was launched to enhance Fusion Bank's digital service capabilities and meet its business innovation and cost-efficiency needs to ensure the bank's sustainable development. The project covered upgrade of over 150 subsystems across five core business areas of Fusion Bank, and was completed with a swift cutover in just 15 hours. The data in legacy systems from various vendors were seamlessly migrated to the new core banking system within merely six hours. Supported by WeBank Technology Services with its core banking system solutions, the project has set a new benchmark in banking system upgrade for the banking industry in Hong Kong. Leveraging the distributed architecture design from WeBank Technology Services, the upgraded system can now scale on demand according to business growth, solving the previous pain points of high upfront IT investment. Additionally, it further enhances the business agility and shortens the time-to-market for new product launches, through parameterized products, process orchestration, and AI-native capabilities. After the new system went live, the product development cycle of Fusion Bank was reduced from an average of six months to three months, with non-human IT costs expected to be cut by 53% by 2027. Notably, the new system is widely compatible with mainstream software and hardware, offering the advantages of openness and being technology-agnostic. The Asian Banker highlighted: "WeBank Technology Services and Fusion Bank have demonstrated exceptional innovation through the successful execution of this technology initiative, effectively addressing current and future business needs while enhancing service capabilities. This has resulted in notable business outcomes, significant efficiency gains and enhanced customer value, surpassing industry peers." Billy Chiu, Chief Technology Officer of Fusion Bank, said: "We are truly honored to be the only Hong Kong digital bank receiving this award in the past three years. It is a significant recognition for both Fusion Bank and WeBank Technology Services. The upgrade of our next-generation core banking system shows our ongoing commitment to advancing financial inclusion through fintech, making our banking services more accessible and efficient for a broader segment of the community." As the wholly-owned fintech arm of WeBank, WeBank Technology Services leverages the parent company's leading practices in digital banking, focuses on providing digital finance and digital infrastructure solutions globally. Currently, WeBank Technology Services is expanding its partnership with multiple institutions across markets like Hong Kong SAR, Indonesia, Thailand, Malaysia and Qatar. About WeBank Technology Services Launched in Hong Kong in June 2024, WeBank Technology Services sets out to leverage WeBank's cutting-edge fintech capabilities and digital finance best practice to deliver a variety of superior digital finance and digital infrastructure solutions to digital banks, financial institutions, government agencies, and industry partners worldwide. About WeBank Established in 2014, WeBank Co., Ltd. ("WeBank") is the first digital bank in China. WeBank provides convenient financial services to micro-, small- and medium-sized enterprises (MSMEs) and the public, and continuously improves the quality of services in response to customers' specific needs. WeBank has served over 420 million retail customers and 5.8 million enterprises. WeBank has pioneered the development of the world's first fully distributed next-generation core banking system using standardized hardware and open-source software. It maintains an exceptional system availability of 99.999% with peak daily transaction exceeding 1.4 billion, while the annual IT O&M cost per account remains as low as USD 0.3, only one-tenth of the industry average. View original content to download multimedia: SOURCE WeBank Technology Services Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Zawya
22-05-2025
- Business
- Zawya
Capital Bank wins two prestigious awards: 'Best Mobile Banking App in Jordan' and 'Best Wealth Management Services in Jordan' for 2025
Capital Bank has received two prestigious awards from International Business Magazine for 2025: 'Best Mobile Banking App in Jordan' and 'Best Wealth Management Services in Jordan.' The bank was named Best Mobile Banking App in Jordan for the second year in a row, recognizing its strong commitment to enhancing digital banking channels and delivering an exceptional user experience. It also earned the title of Best Wealth Management Services in Jordan for its outstanding private banking services and dedication to providing clients with personalized, high-quality financial solutions. Winning the mobile banking award two years running underscores Capital Bank's ongoing efforts to innovate and improve its digital services. This achievement reflects the bank's focus on offering user-friendly, cutting-edge banking solutions that meet the evolving needs of customers in a digital-first world. The wealth management award highlights Capital Bank's excellence in serving high-net-worth individuals through customized financial strategies. With trusted advisory services, strategic financial planning, and access to global investment products, the bank delivers tailored wealth management solutions. Its client-focused approach, backed by expert portfolio managers and in-depth market research, ensures personalized strategies that align with each client's financial goals. International Business Magazine is a leading media platform in the finance and business sectors, with over 50,000 subscribers including investors, executives, decision-makers, and government officials. The magazine covers the latest financial news, promotes innovation in the financial industry, and celebrates excellence in banking, finance, investment, and technology. About Capital Bank Group Capital Bank Group is recognized as a leading financial institution in both the Jordanian and regional markets with total assets of JOD 8.2 billion and a total equity of approximately JOD 756.5 million. The Group encompasses Capital Bank of Jordan, which has evolved since its establishment in 1995 into one of Jordan's premier financial institutions. It offers a comprehensive range of commercial and investment banking services, tailored to meet the diverse needs of both retail and corporate clients. In 2005, Capital Bank of Jordan acquired a majority stake (61.85%) in the National Bank of Iraq (NBI). This strategic acquisition enabled NBI to expand its product and service offerings, strengthen its market position, enhance financial inclusion, support export activities, and provide a broad array of services to businesses operating in Iraq. Continuing its expansion strategy, NBI opened its first branch in the Kingdom of Saudi Arabia in 2023, offering financial and trade services to its corporate clients. Capital Investments, a wholly owned subsidiary of Capital Bank established in 2006, has emerged as a regional leader in the investment banking sector. It provides comprehensive services including asset management, brokerage, and corporate financial advisory. The company caters to a diverse base of clientele, including major corporations, government entities, and high-net-worth individuals, through its offices in Jordan and the Dubai International Financial Center (DIFC) in the United Arab Emirates. Pursuing its ambitious growth strategy, Capital Bank Group acquired Bank Audi's operations in Jordan and Iraq in 2021. This was followed by the acquisition of Société Générale Bank in Jordan in 2022, further solidifying its competitive position in the Jordanian banking sector. In early 2022, Capital Bank launched Blink, a digital bank aimed at redefining banking for retail customers. In 2022, Capital Bank strengthened its capital base by issuing a USD 100 million Tier 1 perpetual bond—the first of its kind for a Jordanian bank in the local market, listed on NASDAQ Dubai. Additionally, Capital Bank raised its capital by issuing new shares to the Public Investment Fund (PIF), one of the largest sovereign funds globally, as a strategic investor. With a 23.97% stake, this capital raise enabled the Group to continue executing its expansion strategy and its commitment to continue introducing innovative products and services that benefit both clients and shareholders. Commemorating its commitment to excellence in 2024, customer-centric practices, innovation, and excellence in digital banking services, Capital Bank of Jordan received the 'Best Digital Bank' award in Jordan from Euromoney magazine and the 'Best Mobile Banking App in Jordan' award from International Business Magazine.
Zawya
15-05-2025
- Business
- Zawya
Algbra Group announces new partnership with Gatehouse Bank
LONDON – Algbra Group and its Fintech-as-a-Service division, Algbra Labs, have today announced a new partnership with Gatehouse Bank to deliver the next stage of the Bank's digital transformation strategy. Gatehouse Bank is a Shariah-compliant, UK Bank offering ethical savings products for UK customers and residential property finance in England and Wales for UK Residents, UK Expats and International homebuyers and landlords. Algbra Labs is a UK-headquartered financial technology company that offers its full-stack proprietary technology as a turnkey digital banking solution, having previously built Algbra's UK B2C proposition and more recently Shoal, a UK sustainable finance platform incubated out of Standard Chartered Ventures. The partnership between Gatehouse Bank and Algbra will involve creating a new digital account for overseas residents looking to invest in UK property, aiming to deliver an improved customer experience and facilitating greater investment in the UK's growing Islamic finance sector. According to Gatehouse Bank's latest research*, the UK is a leading Western hub for Islamic finance, with the sector projected to grow from an estimated US$7.5 billion in 2024 to US$9 billion by 2030. However, previous research conducted by the Bank in 2024 also revealed the prevailing untapped opportunities in the market, as over half of UK consumers of the Muslim faith have never taken out a Home Purchase Plan.** Algbra has a proven track record of building regulated digital banking platforms in the UK, including Algbra's own proposition and, more recently, the successful launch of Shoal, which partners with the Standard Chartered sustainable finance division. 'Algbra was founded with the mission of building exceptional technology, specifically designed to serve underrepresented communities. Partnering with Gatehouse Bank, an established and growing Islamic Finance provider, is a significant milestone in advancing that mission and we are excited to support their work and bring innovative, ethical financial solutions to more people', said Zeiad Idris, CEO of Algbra. Charles Haresnape, CEO of Gatehouse Bank, commented: 'While there are many vendors in the market, Algbra Labs stands out due to their strong track record of building Shariah-compliant technology. 'Their expertise and innovation align perfectly with our vision for growth and we look forward to working together to deliver our common goal: to help more people seeking Shariah-compliant finance achieve their aspirations.' *This report was commissioned by Gatehouse Bank and written by Gatehouse Bank and H/Advisors Cicero. The primary research mentioned throughout anonymously surveyed 1,002 Muslim respondents and 1,004 non-Muslim respondents living in the UK between 17th and 24th May 2024. The research assessed respondents' awareness of Islamic, ethical and green finance, alongside barriers to adoption and usage. **A Home Purchase Plan is a Shariah-compliant alternative to a mortgage. About Algbra Algbra is a UK-based financial technology company fully authorised and regulated by the Financial Conduct Authority (FCA). Algbra offers its full-stack proprietary technology, including its core banking platform, through its Algbra Labs division as a Fintech-as-a-Service (FaaS) solution, helping institutions build turnkey digital banking propositions. Algbra is backed by New World Group (NWG), Standard Chartered Ventures, Beacon Ventures, the British Business Bank, and other strategic investors. Algbra's commitment to ethical, inclusive, and sustainable finance is further underscored by its B-Corp certification and its pioneering work in the ethical finance ecosystem For more information, please contact press@ visit and follow Algbra on LinkedIn and Instagram. For Algbra media enquiries please contact: press@ About Gatehouse Bank Gatehouse Bank is a Shariah-compliant ethical bank, based in London, Birmingham, Milton Keynes and Wilmslow. Gatehouse Bank offers a range of ethical savings products for UK customers, as well as residential property finance in England and Wales for UK Residents, UK Expats and International homebuyers and landlords. Gatehouse Bank is authorised by the Prudential Regulation Authority (PRA) and regulated by the PRA and the Financial Conduct Authority. A founding signatory to the UN Principles for Responsible Banking, Gatehouse is committed to playing its part in creating a sustainable future for all. @gatehousebank Gatehouse Bank Media Contacts Ashleigh Clark | E: Melissa Economou | E:
Associated Press
10-05-2025
- Business
- Associated Press
GFH RECEIVES TWO PRESTIGIOUS REGIONAL AWARDS FOR ITS LEADERSHIP IN DIGITAL BANKING AND FINTECH SOLUTIONS
, Bahrain, May 10, 2025 -- Bahrain and the Best Islamic Fintech Solutions Implementation. The ceremony was held on May 8, 2025, at Burj Khalifa, where Mr. Osama Nasr, Group Chief Digital Banking Officer of GFH, received the awards on behalf of the Group, in the presence of senior officials from GFH and industry leaders from across the region. The awards come in recognition of GFH's innovation and leadership in the digital banking space, particularly within the Islamic finance sector. This dual honour underscores GFH's commitment to leveraging technology to enhance customer experience and deliver cutting-edge, Shariah-compliant financial solutions across the Kingdom of Bahrain and the wider region. A significant driver of this recognition is the innovative GFH Investment App, which is powered by advanced Open AI technology and simplifies access to GFH's suite of Shariah-compliant investment products, including the recently announced GFH Wakala Account. This mobile platform enables investors across the GCC to seamlessly participate in GFH's thematically diversified range of investments. It provides users with a fully digital and hassle-free experience that covers every step of the investment journey, from registration to payment – eliminating the need for in-person visits and ensuring convenience and efficiency. Accessible through the GFH Investment App, the GFH Wakala Account offers competitive expected profit rates across various tenors, including 7% per annum for one-month and 6.50% per annum for three, six, nine, and twelve-month options – all with monthly profit distribution. This initiative exemplifies GFH's dedication to digitising traditional financial processes, expanding access to high-quality investment opportunities, and aligning with clients' evolving needs and aspirations. Commenting on the occasion, Mr. Osama Nasr, Group Chief Digital Banking Officer of GFH, stated: 'We are honoured to receive these two prestigious awards. This recognition from the MEA Finance Banking Technology Awards is a testament to GFH's unwavering commitment to leading the way in digital innovation within the Islamic finance sector. It underscores our dedication to enhancing the financial landscape through cutting-edge technology and providing our clients with seamless, secure and Shariah-compliant digital banking experiences that truly meet their evolving needs.' He added: 'These awards are a powerful affirmation of our strategic vision and the hard work of our dedicated teams. They motivate us to continue pushing the boundaries of what's possible in digital Islamic finance, ensuring GFH remains at the forefront of technological advancement and client-centric solutions in the region.' The GFH Investment App is available to download from the Apple App Store or Google Play Store, and registration is open to nationals and residents across the GCC. -Ends- About GFH Financial Group B.S.C. GFH Financial Group, licensed as an Islamic wholesale bank by the Central Bank of Bahrain and headquartered at GFH House, P.O. Box 10006, Manama Sea Front, Kingdom of Bahrain is one of the most recognised financial groups in the Gulf region. Its businesses include Investment Management, Treasury & Proprietary Investments, Commercial Banking and Real Estate Development. The Group's operations are principally focused across the GCC, North Africa and India, along with strategic investments in the U.S., Europe and U.K. GFH is listed on four stock exchanges in the GCC, including the Bahrain Bourse, Boursa Kuwait, Abu Dhabi Securities Exchange (ADX) and Dubai Financial Market (DFM) where it is one of the most liquid and actively traded stocks. For more information, please visit About Wakala Investments Wakala is an agency contract, where the account holder (principal) appoints GFH (agent) to carry out investment activities on its behalf. Investments in Wakala are subject to risks, and returns are not guaranteed. This communication is for informational purposes only and does not constitute an offer, solicitation or recommendation to subscribe for or purchase any investment product in any jurisdiction where such an offer or solicitation would be prohibited by applicable laws or regulations. Prospective investors should conduct their own due diligence and, if in doubt, seek independent legal, tax and financial advice before making any investment decision. Contact Info: Name: Nawal Al Naji Email: Send Email Organization: GFH Financial Group Phone: +97317538538 Website: Release ID: 89159672 If there are any problems, discrepancies, or queries related to the content presented in this press release, we kindly ask that you notify us immediately at [email protected] (it is important to note that this email is the authorized channel for such matters, sending multiple emails to multiple addresses does not necessarily help expedite your request). Our responsive team will be available round-the-clock to address your concerns within 8 hours and take necessary actions to rectify any identified issues or support you with press release takedowns. Ensuring accurate and trustworthy information is our unwavering commitment.
