Latest news with #UAECentralBank
UAE Moments
6 days ago
- Business
- UAE Moments
UAE Banks to Stop SMS and Email OTPs From July 25
In a big move to boost digital banking security, UAE banks will start phasing out one-time passwords (OTPs) sent via SMS and email starting Friday, July 25. Join our FREE WhatsApp channel to dive into a world of real-time engagement! This change comes under new guidelines issued by the UAE Central Bank, which requires all banks to shift to app-based authentication for both local and international financial transactions. Why the change? SMS and email OTPs have been widely used for years, but they've also become common targets for cybercriminals using techniques like SIM swapping and phishing. Switching to in-app verification adds an extra layer of security by keeping the authentication process within your bank's secure mobile app. What this means for you: Instead of waiting for a code to arrive by text or email, you'll now confirm transactions through your bank's mobile app using fingerprint, face ID, or a secure push notification. A bank spokesperson explained: 'As per the directives issued by the UAE Central Bank, the practice of receiving OTPs via SMS or email will be phased out. Customers can now complete online transactions easily by selecting the 'Authentication via App' feature in their bank's smart application.' Full phase-out by March 2026 The change won't happen overnight. Banks will roll out the transition gradually, with the goal of completely stopping SMS and email OTPs by March 2026. Until then, some customers may still receive OTPs the old way — but it's only temporary. Banks are encouraging users to update their apps and get comfortable with in-app authentication as soon as possible. Part of the UAE's digital transformation This move is part of the country's broader push to modernise its financial systems and make online banking safer and smoother for everyone.
Mid East Info
22-07-2025
- Business
- Mid East Info
Beehive and Direct Debit System partnership fuels $1 Bbillion in digital SME funding - Middle East Business News and Information
Financing milestone marks one year of collaboration between the two platforms Direct Debit System (DDS), the fintech platform for automated collections, licensed by UAE Central Bank, is celebrating its one-year partnership with Beehive, the first peer-to-peer lending platform in the MENA region to be regulated by the DFSA. The milestone comes as Beehive surpasses USD 1 billion in SME financing across the GCC. The year of collaboration has enabled Beehive to execute collections and repayments in a paperless, secure, and instantly reconcilable environment, by replacing legacy cheque-based processes with DDS's fully digital direct debit solution, powered by UAE PASS. 'Reaching the USD 1 billion milestone is a testament to Beehive's commitment to fueling SME growth in this country,' said Vivek Harikrishnan, Head of Product & COO at DDS. 'Our direct debit integration eliminates the delays and risks inherent in manual cheque handling, meaning no more lost cheques, no more uncertainty over collection timing or signature mismatch. Beehive's finance team now enjoys end-to-end visibility, IBAN validation, the ability to postpone and retry collections digitally, automated notifications, and same-day reconciliation, so they can focus entirely on supporting SMEs in the UAE to scale their business.' Since integrating DDS's API-driven direct debit technology, Beehive has achieved a number of milestones to streamline processes. The platform has gone paperless, meaning the entire loan disbursement and repayment cycles are now handled electronically, cutting out physical paperwork and courier delays. Operational hassle has been reduced with automated mandate management and UAE PASS authorization, removing the need for manual signature hunting, drastically lowering back-office overheads. The reconciliation process has also been accelerated, with real-time transaction reporting and instant settlement data shortening reconciliation times from days to hours. Reflecting on the collaboration, Jason Stewart, Head of Partnerships and Products at Beehive, stated, 'At Beehive, we've always believed that SME finance should be fast, secure, and frictionless. Our partnership with DDS has allowed us to digitize and streamline a core part of that journey, collections and repayments.' ———- About Direct Debit System Direct Debit System is the UAE's first Central Bank–licensed platform offering digital, paperless direct-debit collections from bank accounts and credit cards. The solution automates recurring payments for school fees, rents, memberships, loan repayments and more—replacing cheques, unnecessary credit card charges and manual follow-ups with secure and bank -bank direct settlement process that simplify cash-flow management for businesses of all sizes. The Direct Debit solution is now widely used by education institutions, real estate firms, service industries as well as most of the leading alternative lending platforms. Find out more at About Beehive Founded in 2014, Beehive is the first peer-to-peer lending platform in the MENA region to be regulated by the DFSA. Headquartered in Dubai, Beehive connects businesses seeking finance with investors willing to support their growth, offering a faster, more affordable funding option for SMEs. Through technology and a commitment to supporting regional businesses, Beehive has become a trusted partner for SMEs across the GCC. Learn more at
Gulf Today
20-07-2025
- Business
- Gulf Today
Beehive, DDS partnership fuels $1b in digital SME funding
The one-year partnership between two leading digital platforms —Direct Debit System (DDS) and Beehive — have surpassed $1 billion in SME financing across the GCC. The platforms Direct Debit System (DDS), the fintech platform for automated collections, licensed by the UAE Central Bank, is celebrating its one-year partnership with Beehive,the first peer-to-peer lending platform in the Mena region to be regulated by the DFSA. The milestone comes as Beehive surpasses $1 billion in SME financing across the GCC. The year of collaboration has enabled Beehive to execute collections and repayments in a paperless, secure, and instantly reconcilable environment, by replacing legacy cheque-based processes with DDS's fully digital direct debit solution, powered by UAE PASS. 'Reaching the $1 billion milestone is a testament to Beehive's commitment to fueling SME growth in this country,' said Vivek Harikrishnan, Head of Product & COO at DDS. 'Our direct debit integration eliminates the delays and risks inherent in manual cheque handling, meaning no more lost cheques, no more uncertainty over collection timing or signature mismatch. Beehive's finance team now enjoys end-to-end visibility, IBAN validation, the ability to postpone and retry collections digitally, automated notifications, and same-day reconciliation, so they can focus entirely on supporting SMEs in the UAE to scale their business.' Since integrating DDS's API-driven direct debit technology, Beehive has achieved a number of milestones to streamline processes.
Khaleej Times
10-07-2025
- Business
- Khaleej Times
Dubai's tokenised property revolution reshapes global real estate investing
Dubai's real estate market is entering a new era, powered by blockchain and tokenisation, as it emerges as a global hub for digital property investment. The city's second fully tokenised property sale, completed earlier this month via the Dubai Land Department's (DLD) pilot platform, sold out in under two minutes and drew investors from more than 30 countries — signaling a seismic shift in how the world views access to real estate. Tokenisation allows physical real estate assets, such as office buildings, residential towers, and mixed-use developments, to be split into digital tokens. These tokens represent fractional ownership and can be traded via blockchain platforms. For individual investors, it offers access to high-value property markets like Dubai without the need for significant capital. For developers, it opens up new capital-raising channels, diversifying investor bases and speeding up transactions. Dubai's Real Estate Tokenisation Project, launched under the Real Estate Evolution Space (REES) initiative, is spearheaded by the Dubai Land Department in collaboration with the UAE Central Bank, the Virtual Assets Regulatory Authority (VARA), and Dubai Future Foundation. This coordinated push marks a regional first in the Middle East and places Dubai among the world's pioneers in integrating blockchain into mainstream property transactions. 'As global investors seek smarter, more transparent, and agile models, Dubai's bold steps in real estate tokenisation are not only driving its property boom — they are redefining the very mechanics of property ownership for the digital age,' says Jayakrishnan Bhaskar, CEO of Ozon Marketing, a real estate consultancy. While the technology itself is not new, Dubai's embrace of tokenised real estate is unfolding faster and at greater scale than in most global cities. The success of the pilot project reflects the emirate's ability to pair technological experimentation with pragmatic regulatory frameworks, creating an ecosystem where both retail and institutional capital feel increasingly secure. According to PP Varghese, head of Professional Services at Cushman & Wakefield Core, 'Dubai's leadership in tokenisation reflects its ability to combine regulatory innovation with strong market fundamentals. As institutional investors assess emerging models, the long-term opportunity lies in delivering professionally managed, transparent platforms that meet both governance standards and global capital expectations.' Analysts say tokenisation could dramatically increase market participation by lowering barriers to entry. Traditionally, real estate investment in Dubai required large capital outlays, which restricted access primarily to high-net-worth individuals and institutional buyers. Tokenisation now allows everyday investors to acquire fractional stakes in income-generating properties — such as offices in Business Bay or apartments in Downtown — enabling broader participation in one of the world's most dynamic real estate markets. Data from CBRE and JLL show that Dubai's real estate investment volume has surged over the past 18 months, with over Dh160 billion in transactions recorded in the first five months of 2025 alone. Tokenised offerings, though still small relative to the overall market, are beginning to play a meaningful role in sustaining investor momentum, particularly among younger, tech-savvy international buyers looking for digital-first opportunities with attractive yields. However, experts caution that tokenisation does not override traditional real estate principles. Asset location, tenant quality, maintenance, and long-term viability remain critical to returns. Tokenisation merely reconfigures ownership structure and access — it does not alter the performance fundamentals of the underlying asset. Cost structures are also more layered than they appear. Unlike traditional property deals that involve clear broker and registration fees, tokenised investments often come with blockchain-related transaction costs, compliance expenses, and ongoing platform management charges. As platforms evolve, there is growing pressure to streamline these costs to maintain competitiveness and investor confidence. Another key risk is valuation volatility. Because tokens can be traded in real-time, their prices may fluctuate independently of the actual performance of the physical asset. For example, a commercial tower's value should reflect rental income, occupancy, and lease terms, but in a tokenised structure, it might also be influenced by broader market sentiment, platform liquidity, or speculative trading — posing risks to long-term capital providers. Still, the benefits are clear. Blockchain-based models offer unmatched transparency, real-time auditing, automated compliance, and operational efficiency — features that increasingly align with the expectations of global investors. Dubai's regulatory willingness to support these models through initiatives like the DLD pilot adds credibility and signals that the city is preparing for a future where hybrid investment structures — part traditional, part digital — will dominate. Institutional interest is growing. Sovereign-backed developers and property funds in Dubai are reportedly exploring ways to tokenise portions of their portfolios, particularly office buildings, logistics assets, and branded residences that are already professionally managed and income-generating. These entities are better positioned to meet the stringent regulatory and governance demands that institutional investors expect. As countries across Europe and Asia cautiously experiment with real estate tokenisation, Dubai's early success may offer a blueprint. The city's agile regulatory environment, investor-friendly tax policies, and world-class infrastructure make it a natural testing ground for blockchain-based innovation. With the UAE also rolling out its broader virtual asset framework under VARA, the future of tokenised investment appears well-aligned with the nation's long-term digital economy vision. Realty pundits believe that tokenisation is unlikely to replace traditional real estate entirely. Instead, it will increasingly complement it — especially in markets like Dubai where global capital, innovation, and infrastructure converge. 'The path forward may lie in hybrid investment structures that combine the best of both worlds: the institutional security of professionally managed assets and the digital ,' they said.
Khaleej Times
10-07-2025
- Business
- Khaleej Times
UAE: Bank fined Dh3 million for violating anti-money laundering law
The authority said that it works to ensure that all banks and their staff abide by local laws and regulations A bank has been fined Dh3 million by the UAE Central Bank for failing to comply with anti-money laundering laws. The bank failed to keep up with the rules stipulated in Decree Federal Law No. (20) of 2018 on Anti-money Laundering and Combating the Financing of Terrorism and Illegal Organisations and its amendments, the authority said on Thursday. The authority said that it works to ensure that all banks and their staff abide by local laws and regulations to safeguard the transparency of the banking sector and the UAE financial system.
