Latest news with #HSBCMiddleEast
Zawya
6 days ago
- Business
- Zawya
11 new financial institutions licensed in Oman last year
MUSCAT - A total of 11 new financial institutions were licensed by the Central Bank of Oman (CBO) to operate in the Sultanate of Oman in 2024 – a significant uptick that underscores the rapid growth and evolution of the country's banking and financial sector, the apex bank said. As many as 1,020 applications were received during the course of the year, seeking licenses and approvals for new financial institutions, establishments and branches, new products and services, and other licensing-related matters. The 81 per cent jump in requests can be attributed to the growth of financial institutions established, as well as the expansion of existing institutions, the Central Bank noted in a report on licensing statistics for 2024. 'This positive trend reflects the strengthening of Oman's financial sector, driven by favorable economic conditions, regulatory enhancements, and an overall increase in investor confidence. Additionally, the introduction of new financial products and services has further fueled the demand for licenses/approvals, contributing to the overall rise in requests/applications,' the Central Bank stated. Of the 11 financial institutions that received licenses were three foreign banks looking to establish branches in Oman. They are Gulf International Bank, HSBC Middle East, and Mashreq Bank. Additionally, one local investment bank was also established. 'Oman Investment Bank holds a prominent position as the first investment bank to be established in the country, offering a wide range of services such as corporate banking, asset management, and financial advisory. This establishment helps further diversify the banking sector, contributing to Oman's economic growth and financial stability,' the Central Bank noted. It add that two other applications are on hold, pending the completion of regulatory and procedural steps by the applicants. Of the remaining 7 successful applications, one – First Exchange LCC – received a license to operate as a Money Exchange Entity (MEE). Six others – Amwal Al Raqamia, Ooredoo Fintech, ONEIC Pay, Global Pay, OIFC (Khidmah) and FriendiPay – received licenses to operate as Payment Service Providers. In addition, Ahli Bank was given approval to open an overseas branch in the United Kingdom, while Bank Nizwa received the green light to open an overseas branch in Dubai International Financial Center. Hundreds of official requests were also received from commercial banks, as well as Money Exchange Entities, Finance & Leasing Companies, and Payment Service Providers, according to the report. 'The increase in requests across all categories — especially from banks and MEEs — reflects the growing demand for licensing and regulatory support as the financial sector in Oman continues to evolve. Compared to 2023, this upward trend can be attributed to several factors, including the expansion of financial services, the introduction of new regulatory frameworks, and the increasing complexity of the sector. This distribution highlights the varied needs of our stakeholders and underscores the CBO's ongoing efforts to manage and address the increasing volume and complexity of requests efficiently,' the Central Bank stated in its report. Affirming its commitment to transparency in application processing and approvals, the apex bank also announced the launch of a system to automate the branch licensing process for all financial institutions, including the issuance of certificates. 'The system is designed to replace the current manual process. It is currently in its final stages (testing phase) and is projected to go live by 2025,' it added. 2022 © All right reserved for Oman Establishment for Press, Publication and Advertising (OEPPA) Provided by SyndiGate Media Inc. (
Zawya
26-03-2025
- Business
- Zawya
Middle East's $3trln economic diversification takes spotlight at HSBC's Global Investment Summit
Industry titans, policymakers and thought leaders from the Middle East joined over 3,500 delegates in Hong Kong this week at HSBC's Global Investment Summit. Building on the success of the inaugural summit last year, global executives gathered to explore the theme of 'New Networks Connecting the Global Economy'. Speaking at the summit, Selim Kervanci, Chief Executive Officer, HSBC Middle East, North Africa and Türkiye (MENAT), said: 'The Middle East's dominance in conversations at this years' Summit demonstrates the pivotal role the region now plays in global finance, investment, and policy decisions. The Gulf's economies have shown considerable resilience despite a challenging global landscape, driven primarily by domestic demand, expansionary public policy, and a resolute ongoing commitment to economic diversification.' With capital spending plans of Gulf nations estimated to total more than US$3 trillion across sectors [1], discussions focused on the connectivity bought about by economic diversification, including Saudi Arabia's plans to invest US$800 billion in tourism by 2030 [2] and, separately, the UAE's ambition to spend US$200 billion on clean energy over the same period. [3] In addition, the uptick in underlying economic activity in Egypt and Türkiye featured prominently as their macro rebalancing paves the way for broader recovery and further global connectivity. Guest speakers joining the Global Investment Summit from the Middle East included: Her Highness Princess Haifa Mohammed Al-Saud, Vice Minister of Tourism, Kingdom of Saudi Arabia. His Excellency Hadi Badri, Chief Executive Officer, Dubai Economic Development Corporation. Mohamed Jameel Al Ramahi, Chief Executive Officer, Masdar. The significant economic transformation drive underway in MENAT, Asia's ongoing economic dynamism, and the necessity of creating sustainable economies are coming together to create substantial business opportunities. The annual total value of trade between the two regions projected to reach over $1.9 trillion by 2035 [4], and China has grown to become the GCC's largest trade partner. [5] The HSBC Global Investment Summit offers world class insight on the very latest developments in macroeconomics and geopolitics while exploring emerging investment corridors and pathways for economic growth, details regarding the Summit can be found here: HSBC Global Investment Summit 2025 -Ends- Media enquiries to: Ahmad Othman ahmadothman@ About HSBC in the MENAT region HSBC is the largest and most widely represented international banking organisation in the Middle East, North Africa and Türkiye (MENAT), with a presence in nine countries across the region: Algeria, Bahrain, Egypt, Kuwait, Oman, Qatar, Saudi Arabia, Türkiye and the United Arab Emirates. In Saudi Arabia, HSBC is a 31% shareholder of Saudi Awwal Bank (SAB), and a 51% shareholder of HSBC Saudi Arabia for investment banking in the Kingdom. Across MENAT, HSBC had assets of US$73bn as at 31 December 2024.
Daily News Egypt
22-03-2025
- Business
- Daily News Egypt
HSBC introduces pioneering liquidity solution for Middle East corporates, advancing real-time treasury management
HSBC has unveiled an innovative cash concentration solution designed to help corporate clients navigate the Middle East's accelerating digital transformation. The HSBC Seven-Day Cash Concentration Solution empowers businesses to automate in-country liquidity management every day of the week, including weekends and national holidays. This marks a first for the Middle Eastern financial services industry. HSBC will initially launch the solution in the UAE and Egypt, with plans to expand across additional markets within the Group's global network later this year. The initiative reinforces HSBC's leadership in cash management solutions across the region. As digital transformation becomes central to economic diversification strategies across the Middle East, the region has emerged as a global leader in real-time payments and digital business models. According to the World Economic Forum, the Middle East is the fastest-growing real-time payments market worldwide, projected to reach $2.6bn by 2027. Kyle Boag, Head of Global Payments Solutions, HSBC Middle East, North Africa, and Turkiye, stated: 'Launching an advanced cash management solution in the Middle East enables corporates to capitalize on the region's digital evolution, supporting the development of real-time treasury operations.' Boag added: 'With real-time payments and e-commerce redefining financial landscapes, corporate treasurers are shifting to a 24/7 liquidity management mindset. HSBC's solution eliminates traditional barriers, extending automated liquidity management beyond the conventional workweek to a seamless, daily operation.' Todd Wilcox, Deputy Chairperson and CEO, HSBC Bank Egypt, commented: 'This launch represents a milestone for HSBC in the Middle East and aligns with Egypt's broader digitalization strategy. Our solution grants corporate clients continuous, 24/7 liquidity management, transitioning from a five-day model to a more flexible, efficient system. This transformation enhances working capital efficiency and strengthens financial resilience.' By consolidating positive and negative balances across multiple HSBC accounts into a single account, the solution optimizes liquidity, reduces borrowing costs, and enhances financial agility. HSBC's 'Global Liquidity Solutions' self-service platform further empowers customers to manage liquidity autonomously seven days a week, allowing real-time oversight of sweep execution and inter-company positions.
Zawya
19-03-2025
- Business
- Zawya
HSBC launches first-of-its-kind cash management solution in the UAE
Launching in the UAE and Egypt, with plans for global expansion Dubai, UAE - HSBC today announced the launch of an innovative, first-of-its-kind cash concentration solution in the UAE — reinforcing the bank's commitment to supporting corporate clients as they navigate the country's rapidly evolving digital economy. The HSBC Seven-Day Cash Concentration Solution allows UAE corporates to automate in-country liquidity management every day of the week, including weekends and public holidays, marking a major step toward real-time treasury operations. The solution reflects HSBC's position as the leading cash management bank in the country [1]. By consolidating positive and negative balances across various HSBC bank accounts into a single account, the solution helps customers optimise liquidity, reduce borrowing costs, and enhance financial flexibility. Through HSBC's 'Global Liquidity Solutions' self-service platform, customers can now manage and amend sweep execution and inter-company position parameters seven days a week — giving them full control of their liquidity in real time. The UAE has positioned itself as a leader in digital transformation, with real-time payments and e-commerce adoption accelerating rapidly. According to the World Economic Forum [2], the Middle East is the fastest-growing real-time payments market globally, projected to reach USD 2.6 billion by 2027, with the UAE at the forefront of this trend. The UAE's real-time payments market is expected to increase at a compound annual growth rate (CAGR) of 14.56% between 2025 and 2030 [3], highlighting the need for around-the-clock liquidity solutions. Kyle Boag, Head of Global Payments Solutions, HSBC Middle East, North Africa and Türkiye, said: 'Launching a cutting-edge cash management solution in the Middle East will help corporates to ride the region's digital transformation and is another step in enabling our customers to build real-time treasury organisations.' Boag continued: 'The advancement of real-time payments and e-commerce means corporate treasurers are now looking at liquidity management as a 24/7 concept. HSBC's solution overcomes the traditional limitations businesses have faced by extending automated liquidity management from the working week to every single day.' This launch aligns with HSBC's strategy to support the UAE's ambitions for a digitally enabled, diversified economy by providing world-class financial solutions that meet the evolving needs of local and international corporates. To find out more about the real-time liquidity solution, visit HSBC UAE. -Ends- Media enquiries to: Ahmad Othman ahmadothman@ About HSBC in the MENAT region HSBC is the largest and most widely represented international banking organisation in the Middle East, North Africa and Türkiye (MENAT), with a presence in nine countries across the region: Algeria, Bahrain, Egypt, Kuwait, Oman, Qatar, Saudi Arabia, Türkiye and the United Arab Emirates. In Saudi Arabia, HSBC is a 31% shareholder of Saudi Awwal Bank (SAB), and a 51% shareholder of HSBC Saudi Arabia for investment banking in the Kingdom. Across MENAT, HSBC had assets of US$73bn as at 31 December 2024. [1] According to Euromoney Cash Management Survey 2024 [2] [3] Mordor Intelligence
