The Finance World Magazine| Edition: November 2023

Fintech News
Al Etihad Payments Unveils Instant Payments Platform in UAE
The launch of “Aani,” an instant
payments platform, represents
a groundbreaking shift in the
digital payment landscape
within the UAE. This initiative, part of
the CBUAE’s Financial Infrastructure
Transformation (FIT) program, paves
the way for seamless, secure, and
immediate digital payments. Aligned
with the UAE’s vision of becoming a
global digital payment hub, Aani empowers
licensed financial institutions
(LFIs) and payment service providers
to provide customers with an exceptional
payment experience. Aani offers
consumers, businesses, corporations,
and government entities a unique
digital payment experience, enabling
24/7 secure and instant transactions.
Aani boasts a range of user-friendly
features, allowing users to transfer
funds instantly with just the recipient’s
phone number, and simplifying tasks
like requesting money and splitting
bills. Additionally, Aani supports QR
codes, facilitating convenient, cashless
payments at various merchants.
Emirates NBD and DIFC Introduce Dubai’s Fintech Talent
Accelerator
Emirates NBD and the Dubai
International Financial Centre
(DIFC) have launched
the “National Digital Talent
Incubator” in line with their strategic
partnership. Hosted by DIFC
Launchpad, this custom incubator
program is designed to stimulate the
growth of fintech startups and foster
entrepreneurship within the fintech
and digital innovation sector in the
UAE. Renowned industry leaders like
Visa, Microsoft, and Dell Technologies
will provide support to the program.
Operating with two cohorts per year,
each comprising three to six fintech
startups led by Emirati founders, participants
will benefit from an eight-week
program featuring insights, hands-on
experience, mentorship, and access to
a network of innovators, established
corporations, government entities, and
capital sources in the UAE.
Qatar Central Bank Issues Loan-Based Crowdfunding
Regulation
Qatar Central Bank is dedicated
to enhancing and regulating
the nation’s financial sector.
In pursuit of this, it has issued
instructions for the Loan-Based
Crowdfunding Regulation, focusing
on licensing and regulation. All entities
wishing to engage in this sector
must apply for a licence from QCB.
Loan-based crowdfunding platforms
offer innovative ways for borrowers,
including SMEs, to connect with various
investors and secure short-term
financing. This is particularly beneficial
for SMEs facing challenges in obtaining
traditional bank loans, enabling them
to fuel business growth. Such platforms
also present an attractive opportunity
for investors to diversify their investments
and contribute to the growth
and development of SMEs, fostering
economic advancement in Qatar.
Qatar: Leading Fintech
and Sustainability Hub
Qatar is strategically positioning
itself as a prominent fintech hub
in the Middle East, as highlighted
in a report by PwC Middle
East. Recognizing the potential of fintech,
Qatar has initiated efforts to nurture a
robust and sustainable fintech ecosystem.
Aligned with its National Vision 2030, the
country is making significant strides in
digital transformation, with a focus on
building a digital economy. Qatar has
introduced strategic initiatives, such as
the Doha cloud region by Google Cloud
and the implementation of OpenAI’s GPT
technology in the Azure Qatar Cloud, to
empower local businesses, fostering longterm
advantages. However, as banks adopt
emerging technologies, they must also
consider risk mitigation and regulatory
policies for successful implementation.
Qatari banks are embracing environmental,
social, and governance (ESG) practices
and incorporating sustainability measures.
18 www.thefinanceworld.com November 2023