Latest news with #digitalbanking
Khaleej Times
2 days ago
- Business
- Khaleej Times
Middle East emerging as a major global fintech hub
The Middle East is fast becoming one of the world's most exciting fintech frontiers. Digital banking adoption in the UAE is soaring, 89 per cent of consumers now use digital-first bank accounts, and digital payments now account for just 17 per cent cash usage in everyday transactions. Real-time payments are also growing rapidly, with the region expected to exceed 3 billion transactions by 2028. Across Mena, over 1,000 fintechs are now operating, with the sector expected to grow 35 per cent annually through 2028, more than double the global average. 'We're seeing a profound shift in how financial services are being built, delivered, and adopted in the UAE. Over the past few years, fintech adoption has widened beyond early movers into a broad, vibrant ecosystem, now home to over 300 active fintech firms. Crucially, we're seeing fintech's role expanding. While payments remains a key entry point, the growth of virtual cards, cross-border capabilities, and smarter credit solutions is opening up new opportunities across sectors, from SME lending to wealthtech,' Nauman Hassan, Regional Director Mena, Paymentology, leading global issuer-processor, told Khaleej Times. With initiatives like the Central Bank's FIT Programme and Dubai's push to become a digital-first economy (which is near completion), the architecture of the future is being built. 'High smartphone penetration at 96 per cent, growing comfort with digital payments, and the rise of digital-native banks like Wio and Zand are accelerating this momentum,' Hassan said. The UAE's push toward a cashless society is well underway. Dubai, for example, has digitised over 97 per cent of government payments, and in 2025, DIFC and Dubai Finance launched workshops to help businesses make the switch. 'We're proud to play a foundational role in this shift. Our cloud-first platform enables banks and fintechs to launch digital-first card programmes at speed, whether physical, virtual or tokenised. Our work with partners like Mamo in the UAE illustrates this impact clearly: together, we're helping small businesses access fast, secure, multi-currency payment options - moving them away from cash-based transactions toward streamlined digital flows. And because we support real-time data and multi-currency settlement, we empower fintechs to launch smarter, more accessible financial products from day one. To support this momentum on the ground, Paymentology recently expanded its regional presence with a new office in Dubai. 'This hub strengthens our ability to serve clients across Mena with specialised support, faster implementation, and deep local expertise, accelerating the shift to digital payments across the region,' Hassan said. In a country as digitally advanced as the UAE, trust in payment systems is the currency of continued innovation. Every day, over Dh11 million is lost to fraud, studies show. And as adoption of digital payments accelerates, the potential attack surface for cyber threats expands with it. 'We believe security must evolve just as quickly as the technologies it's designed to protect. Tokenisation is one of the most powerful tools in our arsenal. By replacing card numbers with unique digital tokens, we remove sensitive data from the threat landscape entirely, a move that can reduce fraud by up to 60 per cent. We've invested heavily in tokenisation because we believe cards are just one way to pay; the mechanism behind the card will remain, but we'll increasingly see payments shift to mobile devices and digital wallets, whether through global platforms like Apple Pay or proprietary solutions from banks, fintechs, and super apps,' Hassan said. AI is fast becoming the engine driving the industry forward. From real-time fraud detection to intelligent credit scoring, AI is transforming how financial services are delivered, and who can access them. A few years ago the UAE government partnered with Mastercard to accelerate the adoption or AI. More recently we had the announcement granting nationwide access to ChatGPT Plus, giving every student, entrepreneur, and professional free use of GPT-4o is a world first. As well as development of 'Stargate', one of the world's largest AI supercomputing clusters. 'At Paymentology, we're seeing the value of AI unfold across our organisation. Our teams are increasingly leveraging AI in their day-to-day operations from improving internal workflows to enhancing client support. Our API sandbox already incorporates AI to help fintechs experiment and innovate more efficiently, and we're actively exploring new opportunities to integrate AI across our platform. Ultimately, fintech thrives when it's built on real-time data, intelligence, and speed. AI supercharges all three, and the UAE is building the infrastructure to scale it across borders,' Hassan said.
Associated Press
2 days ago
- Business
- Associated Press
New to The Street Invests $10 Million in Media to Accelerate Deposits.com - The World's Premier Financial Domain
In Celebration of the Genius Act, the National Broadcast Leader Seeks Strategic Partners for Development, Technology, and Brand Execution NEW YORK, NY / ACCESS Newswire / July 19, 2025 / In celebration of the recently signed Genius Act, New to The Street, one of America's most influential financial media platforms, has committed a landmark $10 million media investment to supercharge the launch, development, and visibility of the most powerful financial domain name in the world. This initiative is designed to ignite innovation in digital banking, fintech access, and consumer financial empowerment-amplifying the national call-to-action sparked by the Genius Act to support transformative ideas, technology, and entrepreneurship. 'This is not a $10M cost-it's a $10M catalyst,' said Vince Caruso, Co-Founder of New to The Street. 'We are aligning our national media engine behind because it is not only the best financial domain in existence, it is a platform built for what's next in finance, identity, and innovation.' Fueling the Future of Consumer Finance The campaign will include widespread exposure across Bloomberg and Fox Business television networks (as sponsored programming), multi-story billboards in Times Square, and strategic content across New to The Street's digital ecosystem, including its 3-million-subscriber YouTube channel and social media network exceeding 500,000 followers. will serve as the definitive platform for connecting consumers to AI-driven personal finance tools, credit card offers, crypto access, and investment options-all under a trusted, iconic brand name. As part of this mission, New to The Street is actively seeking strategic development partners in technology, digital banking, AI integration, and financial infrastructure. 'We believe can become the consumer's front door to everything in modern finance,' said Shota Bagaturia, President of Gen AI Corp. 'With the Genius Act opening new lanes of innovation, and with a national media partner like New to The Street behind us, the time is now.' About is a next-generation financial platform powered by one of the most valuable domain names in the world. Focused on bridging traditional banking with blockchain, AI, and digital asset access, it offers consumers simple, trustworthy, and intuitive tools to manage, grow, and protect their money. The company's technology roadmap includes intelligent onboarding, personalized financial paths, and secure integrations for savings, lending, and investing. About New to The Street For over 16 years, New to The Street has led the financial media space by combining national television broadcasts with digital, social, and outdoor media. Its weekly shows on Fox Business and Bloomberg, its 3M+ YouTube subscribers, and its iconic Times Square billboards make it the most comprehensive media platform for public and private companies. Its mission: turn ideas into visibility, and visibility into value. Media Contact: Monica Brennan [email protected] SOURCE: New to The Street press release
Finextra
5 days ago
- Business
- Finextra
N26 introduces travel eSIM
N26 is expanding its travel offering with the launch of a new Travel eSIM – fully digital data plans designed to keep travelers connected in over 100 countries. 0 This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. Travel eSIM allows customers to activate their Travel eSIM in just a few taps within the N26 App without the need for a physical SIM card or additional app. The launch builds on the introduction of N26 SIM earlier this year, making N26 the first digital bank to oer fast and flexible mobile plans directly within its banking app. Customers can enjoy flexible data plans with best-in-class prices, choosing from dierent plan sizes tailored to their destination, with highly competitive flat-rate. Customers can activate travel data plans for over 100 destinations within the N26 app in just a few taps. They can also buy data plans in advance, which automatically activate as soon as their device connects to the destination's network to avoid unexpected fees. N26 oers one of the most competitive set of features for anyone traveling abroad, combining practical financial tools with valuable travel benefits: Market-leading exchange rates, that remove the need to manage multiple foreign currency accounts Fee-free card payments abroad, simplifying spending without additional foreign exchange fees Unlimited free ATM withdrawals abroad, ensuring access to cash when needed without extra fees Comprehensive travel insurance, covering a range of travel-related situations, like trip delays and interruptions, baggage damage, medical emergencies and more Access to over 1,300 airport lounges worldwide, with digital lounge access passes available straight in the N26 app The N26 Travel eSIM offers flexible data plans tailored to destinations, available instantly within the banking app—supporting travelers with simplicity and value. N26 is also introducing 1% travel cashback on all in-person purchases made outside of Europe1 going forward. Available to customers who have an active N26 Go or N26 Metal subscription2, the cashback comes with no minimum spending requirements, or limits on the amount of cashback claimable on international spend while traveling to the Americas, Asia Pacific, and all other areas outside of the European Economic Area, UK and Switzerland. Daniel Lappas, VP of Business of N26: 'We're proud to bring our best oer for travellers to market, with no hidden fees, top exchange rates, travel insurance and now also mobile data plans and unlimited 1% cashback when travelling internationally.' Travel eSIM is available to all eligible personal and business customers in Austria, Belgium, Denmark, Estonia, Finland, France, Germany, Greece, Iceland, Ireland, Latvia, Liechtenstein, Lithuania, Luxembourg, Netherlands, Norway, Poland, Portugal, Slovakia, Slovenia, Spain, Sweden and Switzerland. With the N26 Travel eSIM, users gain powerful digital banking support for travel, from insurance to international data access—all within the N26 mobile app.
Yahoo
5 days ago
- Business
- Yahoo
Barclays Maintains ‘Equal Weight' Rating on SoFi Technologies, Inc. (SOFI); Raises PT
Given the company's popularity among hedge funds and the bullish sentiment surrounding it, SoFi Technologies, Inc. (NASDAQ:SOFI) makes it to our list of the Top 10 AI Infrastructure Stocks to Buy Now. A scientist at a computer station, surrounded by a neural network of artificial intelligence code. Barclays increased its price target on SoFi Technologies, Inc. (NASDAQ:SOFI) from $12 to $18, while maintaining a 'Hold' rating. The increased price target, which was announced on July 11, 2025, is attributed to the company's improving card delinquency trends through May, which indicates potentially lower write-offs in Q2, improving sentiment ahead of the July 29 earnings release. Meanwhile, the company's share price has risen 40.77% in the past month, driven by the boost in investor interest due to SoFi Technologies, Inc.'s (NASDAQ:SOFI) return to crypto and its planned stablecoin. Furthermore, SoFi Technologies, Inc.'s (NASDAQ:SOFI) recently announced partnership with Cashmere is expected to expand its Alternative Investment Platform, which is critical to attracting high-value, long-term investors. Looking ahead, analysts on Wall Street forecast Q2 EPS at $0.06, which is a significant jump from $0.01 a year ago. At the same time, the revenue estimate is set at $802 million. SoFi Technologies, Inc. (NASDAQ:SOFI) offers consumer lending, investing, and digital banking services, while operating tech platforms such as Galileo and Technisys across North America and Hong Kong. While we acknowledge the potential of SOFI as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: Billionaire Kerr Neilson's 10 Stock Picks with Huge Upside Potential and Growth Stock Portfolio: 12 Companies with At Least 30% Annual Growth Rates. Disclosure: None.
Khaleej Times
5 days ago
- Business
- Khaleej Times
Mashreq launches NEO PLUS Saver account for salary and non-salary customers with UAE's most rewarding savings interest rates
The launch further strengthens Mashreq's position as a digital banking pioneer and reinforces its role in shaping the future of personal finance in the UAE Mashreq, a leading financial institution in the MENA region, has unveiled the NEO PLUS Saver Account – a high interest savings product designed to empower both salary and non-salary customers with market-leading returns and seamless digital access. Through the new account salary customers can earn 6.25% interest per annum in addition to a cashback of up to Dh5,000 making it one of the most compelling propositions in the UAE's banking sector. With a focus on simplicity and transparency, NEO PLUS Saver Account allows salary customers transferring a monthly salary of Dh10,000 or more, to earn 6.25% interest, along with a salary bonus of Dh3,500 and an early bird cashback bonus of Dh1,500. Non-salary customers can also enjoy market leading interest rates by simply maintaining a balance of Dh50,000 or more and earning 5% interest. They can also benefit from Dh1,500 with their Early Bird cashback benefit, which includes 5% cashback on debit card transactions and Dh300 cashback on remittances. Unlike other banking accounts in the market, Mashreq's new proposition brings simplicity – no need for additional product sign-ups such as a credit card or loans or mortgages, underlining the bank's commitment to customer-first, frictionless banking. Fernando Morillo, group head of retail banking at Mashreq, said, 'We are proud to launch a product that directly responds to the growing demand for rewarding, transparent savings solutions. With NEO PLUS Saver, customers do not just earn competitive interest – they enjoy a complete digital banking experience through our award-winning mobile app, designed to simplify money management and support smarter financial growth.' Radu Topliceanu, global head of NEO at Mashreq, added, 'Mashreq NEO has always been about creating intuitive, high-value banking experiences that fit into our customers' lives. With NEO PLUS Saver, we are setting a new benchmark for what digital savings can offer in the UAE – unmatched returns, no hidden requirements, and a fully digital, customer-first journey from start to finish.' Available exclusively through the Mashreq Mobile App – the highest customer-rated banking app in the UAE at 4.8 stars – the NEO PLUS Saver can be opened instantly, offering customers convenient access to the full suite of Mashreq's digital wealth and investment tools. These include fee-free US stock trading, mutual funds, bonds, thematic investments, and more. This launch further strengthens Mashreq's position as a digital banking pioneer and reinforces its role in shaping the future of personal finance in the UAE. With a fully digital onboarding process and no hidden requirements, the NEO PLUS Saver Account is built for growth-minded individuals who want to make their money work harder – all from their smartphone. Find your way to Rise Every Day at:
