Latest news with #In-PrincipleApproval
Fintech News ME
28-07-2025
- Business
- Fintech News ME
Lean Technologies Among First to Gain UAE Approval Under New Open Finance Framework
Lean Technologies, a financial infrastructure provider based in the MENA region, has received In-Principle Approval (IPA) from the Central Bank of the UAE under the country's new Open Finance Framework. The IPA positions Lean as one of the first companies to offer regulated Open Finance services in the UAE, advancing its path toward full licensing. The approval comes as demand grows for faster, more transparent, and personalised financial services. Open Finance enables users to make payments, access credit, and manage finances through connected systems. Lean's infrastructure aims to support this shift by offering features such as instant account-to-account payments, quicker loan approvals, and financial tools built around data access and control. 'Open Finance is more than a technology upgrade. It's a foundation for a smarter, more innovative economy,' said Hisham Al-Falih, CEO and Co-Founder of Lean Technologies. 'By connecting customers, regulators, and businesses on a single, interoperable infrastructure, we're directly supporting the UAE's vision for a world-class digital financial system.' Since its founding, Lean has worked with regulators, banks, and fintechs to develop financial connectivity in the region. The company reports handling over US$2 billion in transaction volume and linking more than 1 million customer accounts. Its infrastructure underpins a range of use cases including payments, lending, and personal finance. 'With this approval, we're not just expanding our capabilities, we're expanding access,' Al-Falih added. 'We're enabling more people and businesses to participate fully in the digital economy.' Lean also supports the AlTareq initiative, a national programme to implement Open Finance infrastructure across the UAE. Its systems comply with ISO 27001 and SOC 2 standards and have demonstrated consistent API uptime and performance at scale. In 2022, Lean became the first third-party provider to receive a Financial Services Permission from Abu Dhabi Global Market (ADGM). It also joined the Saudi Central Bank's regulatory sandbox that year. The company has raised over US$100 million from investors including General Catalyst and Bain Capital Ventures and is expanding its regulated services across the Gulf region.
Straits Times
30-06-2025
- Business
- Straits Times
Forum: MOM takes firm stance against misuse of Training Employment Pass
We refer to the article 'Attempted misuse of work pass for foreign students or trainees ongoing for years: Industry insiders' (June 24). The Training Employment Pass (TEP) allows employers to provide opportunities for foreign students and intra-corporate trainees to undergo practical training in Singapore for up to three months and is not renewable. The Ministry of Manpower (MOM) has been monitoring TEP numbers. MOM has mounted several proactive operations to detect abuse of the TEP scheme. Arising from these operations, about 70 companies are now being investigated for offences such as making false declarations in work pass applications. Making false declarations is a serious offence. If convicted, an offender can be fined up to $20,000, or jailed for up to two years, or both. Errant employers will also have their work pass privileges suspended. MOM has established that some workers were misled by employers or agents who falsely promised that the TEP could be renewed or extended beyond the three-month validity period. In some cases, workers were told that the declared salary and work duration in their In-Principle Approval (IPA) letters were merely to comply with MOM regulations, and that private arrangements such as lower salaries or longer employment periods could be done. Such practices are a serious breach of MOM regulations and amount to circumventing work pass conditions. Workers are reminded to review their IPA letters carefully, which clearly state their salary, occupation, and the period of employment which the TEP is granted for. Affected workers may reach out to MOM for assistance. Adrian Quek Divisional Director Foreign Manpower Management Division Ministry of Manpower More on this Topic Forum: What readers are saying Join ST's Telegram channel and get the latest breaking news delivered to you.
Online Citizen
06-06-2025
- Business
- Online Citizen
MOM investigates misuse of passes for foreign students, trainees after TWC2 raises exploitation claims
Singapore's Ministry of Manpower (MOM) has launched investigations into alleged misuse of the Training Employment Pass (TEP), a visa scheme intended to allow foreign students and corporate trainees to undertake short-term training stints in the country. In a statement responding to CNA's queries, MOM said it 'takes these claims seriously' and has already completed investigations into several cases, although some inquiries remain ongoing. The ministry declined to comment on the outcomes of the concluded cases, citing the continuing nature of related probes. Purpose of the TEP and regulatory framework The TEP allows foreign nationals to gain practical training in professional, managerial, executive or specialist roles in Singapore for up to three months. Companies can apply for TEPs if they wish to bring in foreign students or trainees from overseas subsidiaries. To hire a foreign student under this scheme, the individual must be pursuing a course of study and be enrolled at an acceptable institution, or earn a fixed monthly salary of at least S$3,000. The same salary threshold applies to trainees from foreign offices or subsidiaries. MOM stated that 'additional checks and audits' are conducted for selected applications, including requests for training programme documentation and proof of links to foreign offices. The ministry cautioned that employers found misusing the scheme to bypass Singapore's regulated work pass framework could face strict penalties. These include financial sanctions, work pass privilege suspensions, or even prosecution. Workers affected by potential abuses have been encouraged to contact MOM directly. NGO TWC2 flags spike in exploitation of TEP holders The allegations were first raised by Transient Workers Count Too (TWC2), a non-profit organisation supporting low-wage migrant workers. In a May 2025 report titled Management executives washing dishes, the group detailed 13 cases of TEP misuse between 1 December 2024 and 26 April 2025. TWC2 said it had 'never before seen so many workers on this kind of work pass in such a short time,' with the affected individuals originating from India (six cases), Bangladesh (six), and Myanmar (one). These trainees, the NGO alleged, were deceived into paying substantial agent fees—between S$3,000 and S$5,000—on the promise of legitimate, well-paying jobs in Singapore. Upon arrival, they were made to work in low-wage sectors such as food and beverage, warehousing, cleaning services, and even at a tour coach agency. False job descriptions and illegal deployment of workers The job titles listed on In-Principle Approval (IPA) letters often misrepresented the actual work. For example, positions were labelled 'management executive' while the tasks involved dishwashing or manual warehouse labour. Many of the trainees were made to work even before their TEPs were formally issued, a practice that TWC2 describes as illegal under Singapore regulations. According to the IPA documents, work must not begin until after the pass is issued. TWC2 stated that some employers delayed the official pass issuance by nearly 30 days, enabling them to extract four months of labour from a three-month pass. The affected workers were typically put to work immediately upon arrival, allegedly clocking 14-hour days, seven days a week. Underpayment and lack of legal protection While TEP regulations require a fixed salary of S$3,000, many workers reportedly received only S$1,600 to S$1,800 in cash. This discrepancy made it difficult for them to lodge successful legal claims or demonstrate contract breaches. Unlike Work Permit holders, TEP holders lack many standard protections. TWC2 added that MOM does not require employers to provide housing or food allowances for TEP workers, nor is there a legal requirement for employers to pay for repatriation costs once the training period ends. Use of false documents and risk of legal complications TWC2 also warned of the legal risks facing affected workers. Many are unaware of documents submitted on their behalf and are shocked to discover the possible use of false educational qualifications or digital declarations they may have unknowingly signed. These workers often don't understand the significance of signing on a tablet and may have unknowingly affirmed false information, the organisation said. The NGO added that these workers often become aware of their situation only when their passes near expiry and promised renewals do not materialise. By this time, many are also dealing with issues like salary non-payment and excessive working hours. Exploitation of regulatory loopholes TWC2 suggested that some employers are intentionally misusing the TEP as a loophole to bypass more tightly regulated Work Permit quotas. Unlike Work Permits, the TEP scheme carries no quota or foreign worker levy obligations. Furthermore, there is no legal obligation for employers to cover healthcare or housing, making it a more cost-effective and less regulated option. Employers may also profit from recruitment fees and underpay workers, knowing complaints can be ignored, the NGO claimed. TWC2 calls for MOMs action In light of these revelations, TWC2 has called on MOM to intensify scrutiny of TEP applications. The NGO recommended the ministry start by closely examining employers' stated justifications and the alignment between job descriptions and actual roles performed. The group emphasised that without enforcement, the system risks further abuse, undermining the credibility of Singapore's foreign manpower framework and potentially harming the country's international reputation.
Fintech News ME
21-05-2025
- Business
- Fintech News ME
Bitcoin Suisse Secures In-Principle Approval to Operate in ADGM
Bitcoin Suisse, a Swiss crypto financial services provider, has announced that its subsidiary, BTCS (Middle East), has received In-Principle Approval (IPA) from the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM). This development is part of Bitcoin Suisse's ongoing international expansion and will allow the firm to move toward obtaining full authorisation to operate within ADGM. Upon securing full licensing, BTCS (Middle East) Ltd. will be permitted to offer regulated crypto financial services in Abu Dhabi, including virtual asset trading, crypto securities and derivatives, as well as local custody services. ADGM is recognised for its advanced regulatory framework and is considered a key jurisdiction for virtual assets in the MENA region. The FSRA's virtual asset regulations are among the most comprehensive globally, positioning ADGM as a major hub for digital finance. Ceyda Majcen, Head of Global Expansion and designated Senior Executive Officer of BTCS (Middle East), commented: 'The In-Principle approval marks an important milestone in our global expansion journey. It reflects our strong commitment to maintaining the highest standards of transparency, security, and regulatory excellence. We look forward to working closely with the FSRA to obtain our full license and bring our decade of experience in crypto finance to the region's rapidly evolving digital asset ecosystem.' Arvind Ramamurthy, Chief of Market Development at ADGM, said: 'ADGM congratulates Bitcoin Suisse on receiving its IPA from the FSRA. Their expansion plans to the region to provide regulated crypto financial services within the international financial centre is a testament to the immense opportunities available within Abu Dhabi. We look forward to Bitcoin Suisse receiving their Financial Services Permission (FSP) and their contribution to ADGM's dynamic ecosystem.' Bitcoin Suisse currently manages over US$6 billion (AED 22.2 billion) in digital assets under custody and more than US$2.6 billion (AED 8.9 billion) in institutional staking services. With its entry into the ADGM ecosystem, the firm aims to operate within a regulated framework that supports the delivery of crypto financial services to clients in the region. The IPA indicates that BTCS (Middle East) has met the FSRA's initial regulatory standards. The company will continue to develop its product offerings and operations as it progresses toward full licensing.
Trade Arabia
08-04-2025
- Business
- Trade Arabia
German group Aquila announces strategic Mideast expansion
Aquila Group, a private enterprise headquartered in Hamburg, Germany, which has been driving innovation in clean energy and sustainable infrastructure as both an investor and developer since 2001, today (April 8) announced its strategic expansion into the Middle East with the launch of a new office in Abu Dhabi. It has appointed Zaki Nuseibeh as the Chief Executive Officer of Aquila Capital Middle East. The dual announcement marks a significant milestone in Aquila Group's global expansion and will enable the company to pursue both regional and global opportunities. In line with the In-Principle Approval (IPA) that is subject to final regulatory permissions granted by the Financial Services Authority (FSRA) of ADGM to carry out regulated activities, Aquila Group's newly established office will be based in ADGM's international financial centre. In his new role, Nuseibeh will be responsible for driving the company's GCC expansion from Abu Dhabi. His significant experience and regional expertise will be instrumental in tapping the dynamic investment landscape in the GCC, with a focus on sustainable real asset investments. Aquila Capital Middle East will lead capital raising and investment activities in the region on behalf of funds managed by Aquila Capital - the Group's asset manager, co-owned by German bank Commerzbank. Its activities will centre on deploying capital into energy transition and infrastructure assets, including data centers and renewable energy projects. Roman Rosslenbroich, Chief Executive Officer & Co-founder, Aquila Group, said: "Aquila Capital Middle East, based in Abu Dhabi, will serve as both a hub for the Group's long-term expansion in the region as well as a bridge between our European and Asia-Pacific businesses." "Undeniably, the UAE offers significant opportunities for investors in sustainable real assets, driven by the government's forward-looking initiatives, its focus on driving diversification through innovation and the flourishing green infrastructure ecosystem. As the demand for these investments continues to grow, we are well positioned to bring our expertise in clean energy and sustainable infrastructure investments and project development to the region," he added. Nuseibeh said the decision to establish a presence in Abu Dhabi reflects the group's deep confidence in the UAE's economic growth and its rapidly evolving energy infrastructure. "We aim to serve local investors and support their growing exposure to private market opportunities by offering access to Aquila Capital's sustainable real asset strategies. We also plan to invest, alongside our clients and partners, in regional projects that promote sustainable development by creating tailored thematic products for the region in the future," he noted. "I look forward to leading the company's expansion in such a dynamic market and delivering on Aquila Group's long-term vision and commitment to sustainable investment on a global scale," he added. With over euro 25 billion in transactions and euro15.4 billion in assets under management, the company has established a solid track record. Aquila Group has developed 2.5 GW of its own clean energy projects, including solar PV, wind energy and battery energy storage systems and has a 19 GW portfolio of installed or development capacity today. It has around 700 employees across 20 offices globally.- TradeArabia News Service
