Arab Reinsurance Company: a new dimension
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Moody’s affirms Kuwait Insurance rating, ‘Stable’ Outlook - Egypt - Delta Life Assurance pays $8.2mn compensations in 2019 - UAE - DIFC records 45% annual rise in Islamic assets - “du” and Finance House launch UAE’s 1st blockchain solution - Insurance firms in Bahrain go cashless with TAM Dinar - Abu Dhabi - Department of Health uses artificial intelligence - China to improve agricultural insurance system - Egypt - Mohandes Ins. showed a 12.95% profit growth in 2019 - Islamic Arab Ins. Company to raise foreign ownership limit to 49% - Egypt’s Metlico investments likely to rise to $9.1mn by 2020 - Egypt - Delta Life Assurance’s assets rise to EGP 1.23bn in June 2019 - Ithmaar Bank continues support for Bahrain FinTech Bay - Huge growth potential in Islamic fintech in Malaysia - Saudi Arabia jumps to 36th most competitive economy - Egypt - IMF appreciates economic performance - China announces timetable for full financial sector opening in 2020 - Tawuniya awarded Best Takaful Company for 2019 - Egypt’s central bank to create fintech investment unit - Misr Insurance wins mandate to cover EgyptAir’s assets - Egypt’s CIS, Agricultural Bank renews credit ins. cover deal for loans - Misr Ins. wins Banque du Caire’s fire policy - Dubai - DFSA invites applications for its 2020 innovation 'Winter Cohort' - UAE’s Social Ministry to Grant $16K in Blockchain Contest - World Bank sees Egypt economy growing 5.8% in 2020 - KSA - SR100,000 maximum health ins. benefit for tourists - KSA - Aljazira Takaful inks two deals with Bank Aljazira - Dubai - DIFC Receives FinX FinTech Hub of the Year Award - Abu Dhabi Department of Health partners with “Plug and Play” - UAE - DHA adopts CPT Code set to enhance standardised medical reporting - Oman - CMA issues Mandatory Health Ins. Regulations - Egypt – Ins. market GWP to reach EGP 29 billion this year - KSA - Foreign investors hiked stakes in 58 listed firms - KSA - Competition, accumulated losses push insurance firm out - GIG Bahrain announced as sponsors of "insurance night" - Abu Dhabi issues $10.0 billion multi-tranche bonds - National Bank of Fujairah partners with Fintech Galaxy - Samsung, UAE’s Finablr launch cross-border payments app in US - Blockchain firm Blocko launched in UAE - UAE - Kaspersky offers new Service for Blockchain Projects - Moody’s assigns Aa2 rating to Abu Dhabi’s $10 bln triple-tranche bond - Saudi CMA approves AXA’s SAR 50m capital raise - UAE - S&P affirms RAK Insurance’s ratings at BBB+ - Egypt - Delta Ins. assets rise to EGP 805 m by June-end - Egypt - Metlico assets climb to EGP 173.5 m by end of June - Egypt – EGP 50 Bn in premiums to the ins. sector by 2020 - UAE healthcare expenditure to top US$3.6 billion by 2030 - 2 men fined Dh150,000 for 'faking' a UAE road accident - Central Bank of Bahrain wins key Fintech award - Egypt’s Suez Canal Life Ins. FY2019 premiums rise 45.18% - AI has potential to contribute $182 billion to UAE’s GDP by 2035 - KSA - Al Alamiya signs insurance contract with Panda - UK Fintech Rapyd Raises $100 Million - Egypt - Delta Ins. hikes authorised capital to EGP 500 m - Faisal Islamic Bank to buy Banque Misr’s stake in Egyptian Takaful Ins. - KSA - Walaa, MetLife AIG ANB ink binding merger deal - KSA - Walaa Cooperative Ins. Company affirms S&P’s rating - Egyptian Takaful Ins. eyes 29.5% growth in assets by June 2020 - Misr Emirates Takaful Life FY2019 investments rise to $7.1mn - UAE Cabinet approves 10 decisions to support Emiratisation - Central Bank of Egypt authorized 28 banks to provide mobile payments - Bahrain's dollar bond issuance hits USD2b - Tourism sector contributes $44.87bln to UAE's GDP in 2018 - Sudan launches 9-month economic rescue plans - China central bank says no plans for big economic stimulus - Egypt - Prudential Financial to invest in Sarwa Life Ins. - KSA - Buruj plans 10% dividend for FY 2018 - Hub71 attracts UK and MENA Startups to UAE - Egypt’s central bank cuts interest rates 1% - Morocco, Egypt Sign Cooperation Deal in Insurance Field - 95% of citizens in Oman get free universal health coverage - Egyptian Takaful Insurance’s assets rise 37% June-end - 4 insurers vying to cover Egypt NBE bank’s Islamic branch clients - UAE - Police bust ins. fraud gang in Umm Al Quwain - KSA - Najm launches awareness initiatives - Marsh Pilots Blockchain-Powered Ins. Placement - Bahrain - BIBF launches fintech master’s course - KSA – Ins. staff up 4% to 11,730 in 2018 - Morocco Elected President of Afro-Asian Federation of Ins. - KSA - 6 Forums Towards a New Digital Era - Moody’s forecasts Egypt economic growth of 5-6% in four years - Bahrain – MPs to streamline motor insurance policies - Meethaq signs agreement with Takaful Oman - Egypt - Mohandes Insurance mulls EGP 30m capital raise - Egypt’s Misr Life Ins. eyes $143m group premiums in FY20 - KSA - SAMA: 4 insurers discuss merger - Global Takaful market to reach USD 44 Billion by 2024 - KSA - Malath, Ministry of Housing sign MoU - Allianz Egypt allots $399K to support vulnerable children - KSA - Al Ahlia Insurance approves 23% capital cut - Morgan Stanley: Reinsurers confident of further rate increases - Saudi ins. sector faces M&A pressure, says Moody’s - DIFC Soars to Number Eight amongst Global Financial Powerhouse - Mr. Hussein Mallouk appointed General Manager for Arab Re - Bahrain – Solidarity opens a digital branch - KSA - Najm deploys SAS artificial intelligence to combat fraud - DIFC strengthens partnerships with European hubs - UAE- Sharjah Executive Council issues decision on health ins. - Ins. plan for maids in Bahrain proposed to parliament - Egyptian Takaful Ins. strikes bancassurance deal with United Bank - Mr. Hussein Mallouk appointed General Manager for Arab Re - Egypt’s regulator to hand new Insurance Act to cabinet - Egyptian Takaful Insurance’s net profits rise 61% in FY2018/19 - Egypt’s Misr Ins. Holding to launch life takaful unit mid-2020 - Egypt – Government to introduce divorce insurance - Saudi Arabia - Orient Ins. receives SAMA nod to start operations - Dubai to Host the 2nd Marine Insurance Conference - UAE - Drivers of "clean records" deprived of price cuts - Launch of the First Bahrain Health Regulatory Conference - Average annual loss from catastrophes at USD 92 billion - Dubai - DIFC receives 'Best Financial Innovation Lab' award - Saudi Arabia: Unemployment Declines to 12.3% in Q2 - Lebanon starts transformation process to digital economy - Egyptian Takaful Insurance obtains oil coverage licence - Misr Life Ins. investing EGP 250 m in digital transformation - KIPCO raises stake in Gulf Insurance - Saudi Arabia should increase VAT to 10%: IMF - Bahrain - BDFEX Forum to discuss Health Ins. Project - UAE leads West Asia, North Africa in E-commerce Index 2018 - Ghana's Insurance Penetration Rate Drops to 1% - Abu Dhabi Global Market licenses worlds’ first digital bank - KSA - SAMA releases an update on the compulsory vehicle ins. - Saudi insurance spending per capita hit SAR 1,045 in 2018 - Medical ins., private investment in focus at Oman Health Expo - UAE to participate in 4th Summit of Belt and Road Initiative in Hong Kong - Saudi Cooperative Health Ins. Council visits Health dept. in Abu Dhabi - UAE – Ins. Authority unveils a system to monitor drivers - Egypt - Fawry to launch Ins. Brokerage for micro ins. in early 2020 - Egypt – Ins. industry will rely on Regtech - Egypt - Insurance companies’ investments in T-bills 4% up June-end - DIFC FinTech Hive receives huge response from global participants - Egypt's Fawry eyes UAE deal, Saudi and Kuwaiti markets - Sanlam ins. could invest in Egypt within the next year - China says new digital currency will be similar to Facebook's Libra - Saudi non-oil economy on solid growth trajectory - Bahrain best country for expats - China to cut reserve requirements for banks - Saudi insurers’ merger delays on internal decisions - Egyptian takaful ins. companies’ H1 premiums jump 141.3% - Seven professions may disappear as technology evolves - Abu Dhabi global market publishes guidance on digital securities - Beema Launches UAE's First Pay-per-kilometer Motor Ins. - 63% of UAE residents said to snub home insurance - Bupa Arabia completed the 1st phase purchase of its own shares - Fitch: Global reinsurance outlook is still stable - Egypt’s FRA nods to Delta Insurance’s capital raise procedures - Egyptian Takaful Ins. wins policy bid for Madinet Nasr Housing - ADGM Launches Investor Forum at FinTech Abu Dhabi 2019 - Dubai’s economy to grow 2.4% in 2019 - Oman - New CMA insurance fund - UAE - The Oman Insurance Corporate Challenge 5.0 is back - Misr Life Ins. to serve 4 Egyptian microfinance companies - Hurricane Dorian could cost insurers $25 billion - New Saudi Commission for Data and Artificial Intelligence - Artificial Intelligence can lead to a 12-hour working week - Bahrain - Thinksmart holds Blockchain certifications programme - Tunisia central bank holds interest rate unchanged at 7.75% - Egypt’s Misr Life Ins. eyes 15.5% rise in premiums - Shanghai hosts 2019 World Artificial Intelligence Conference - Dubai Health Authority plans to reduce patient no-shows - World Bank Issued $108 Million Worth Of Blockchain Bonds - Abu Dhabi - ADGM Launches FinTech Awards for MENA - KSA - Tawuniya signs deal with Ministry of Hajj - Egypt - Delta Life Assurance FY2019 direct compensations 30.8% up - Swiss Banks Slow on the Digital Uptake - Oman - Mandatory health ins. in an advanced stage - Solidarity organises internship for Bahraini youth - Saudi Arabia - Bupa Munsha’at to enrich SME sector - Dubai ranked 7th in the world’s top FinTech Locations - UAE - 5 start-ups graduate from Emirates NBD testing ground - Global Fintech Fundraising Fell in First Half of 2019 - Kuwait - 116 measures against money laundering - Dubai Health Authority to enhance long-term care - KSA - Bupa inks health ins. agreement with STC - Wethaq to insure Egypt investment authority’s assets - Egypt - Misr Emirates Takaful Life Ins. FY20 premiums to rise 35.5% - UAE - ADGM admits 4th Reglab cohort - Tunisia’s foreign currency reserves rise to high level in 2 years - Euro insurers switch negative yields for emerging debt - Bahrain - Mumtalakat achieves a first in cloud migration drive - Bahrain's Al Zayani Group launches bWallet payments - Egyptian Mohandes Insurance’s assets reach EGP 997 m by June-end - Google warns about malware found in Android phones - AM Best affirms Gulf Insurance’s “A” rating - Dubai Future Blockchain adopts 3 initiatives - Korea’s Oldest Bank is building a Blockchain-Based Security System - Bahrain - BBK to launch e-remittance on MaxWallet - Kuwait Finance House-Bahrain organizes a blockchain training - Chinese Fintech iPayLinks’ entry to impact the Middle East - Ajman Free Zone signs MoU with Dubai Ins. co. - Bahrain - New regulations for insurance aggregators - Bahrain - Health Ministry granted ‘Accreditation-Diamond’ status - UAE - Aman posts AED 7.5m profits in H1-19 - Egypt’s unemployment rate drops to 7.5% - China’s Digital Currency Is Ready - UAE set to open Artificial Intelligence café - 5.4 Million Tourists Arrived in Morocco in H1 - Egypt 'best' reform story in emerging markets - Apple offers $1 million to detect flaws in iPhones - Unemployment Drops in Morocco to 8.5% - Egypt’s microfinance portfolio registers EGP 21.2bn in Q2 - Egyptian Takaful Insurance to cover oil firm Dapetco’s assets - Egypt - Delta Ins. profit soars 48% in FY18/19 - Apple’s innovative virtual credit card is launched - GCC fiscal reform progress will remain slow: Moody’s - Fitch: GCC Islamic Banks to Continue M&A - Egypt’s inflation slows to a four-year low of 8.7% in July - Egypt aims to attract 12 million tourists in FY 19/20 - Abu Dhabi National Takaful H1 profit rises 35% - Amazon is looking to put Advertising Data on a Blockchain - Facebook’s Libra Moved Bitcoin 3 years ahead - KSA - SABB bank believes blockchain will revolutionize trade - AIG Reports Second Quarter 2019 Results - UAE – Oman ins. co. achieved 75% Net Profit Growth in H1 - Sharjah Insurance logs AED 4.94 m profit in Q2 - Egypt’s Arab Misr Ins. wins policy bid for GASCO assets - Egypt's central bank signs MoU with Dubai financial authority - UAE - DIFC-based Insurtech firm secures new blockchain deal - Kuwait - Gulf Ins. reports KD 8.1 million net profit in H1 - Solidarity Bahrain reports $3.42m H1 profit - Bahrain Fintech Bay partners with US blockchain firm - KSA - Tawuniya’s net profit jumps 45% in H1 2019 - UAE - Union Insurance posts AED 19.6m net profit in H1 - Monetary easing to speed up GCC economic recovery - Egypt receives final $2 bln tranche of IMF loan - Kuwait- 'Online health insurance for Article 20 from Nov' - Egypt - Misr Emirates Takaful Life FY2019 premiums hit $6.4 m - FinTech Abu Dhabi reaches China this week - Emirates Institute for Banking organized 351 programs in 2019 - UAE - ADNIC reports 19.1% growth in net profit in Q2 - Visa puts fintechs on Fast Track to payments innovation - UAE - Hub71 announces 7 new startups - GCC and Egypt economic outlook Hinges on continued reforms - Mastercard Inks Bahrain Blockchain Partnership - ‘Batelco Talks’ session with Bahrain Fintech Bay - Oman - 4.0 Digital Trends Forum “Internet of Things” - Egypt – Insurers invest EGP 42.9 B in treasury bills - Bahrain - CBB receives 65 insurance complaints - Bahrain Crypto Exchange Gets Central Bank License - Three data centres in Bahrain opened by Amazon Web Services - Dubai - DIFC to Launch Blockchain Consortium - Munich Re pegs industry cat losses at $15bn in H1 - Worsening impact from low interest rates - Insurtech investment hits $1.4bn mark in Q2 - Marsh & McLennan’s revenue up 16% to $4.3 billion in Q2 - Egypt - Final draft of unified insurance bill outlined - Egypt’s Banque du Caire invites insurers to cover assets - Euromoney to hold annual conference in Egypt next September - Egypt to consider VAT and income-tax reforms - S&P confirms Stable Outlook for Oman Ins. Company - Middle East – Artificial Intelligence market to reach $530m by 2022 - Dubai ins. profit increases by 50% in H1 - DIFC boosts UAE financial sector development - INJAZ Bahrain concludes Tech Valley programme - Nigerian Deposit Ins. Corporation warns against Crypto Dependency - Egyptian digital payment firm Fawry sets IPO price at EGP 6.46 - Morocco’s economic growth forecast is 3.4% - UAE – Mandatory cover accelerates health ins. Growth - KSA – Tawuniya insures Halliburton, the global energy giant - UAE – Ins. House: comprehensive income of AED 9.20m in H1 - Kuwait- Health ins. for expats to be paid online from Sunday - Misr Ins. wins mandate to cover an oils factory - Bahrain - BKIC net profit surges 22% - Morocco - Atlanta Ins. introduces a new Home Appliance ins. - Egypt’s first EGP 1 bn fintech fund to launch early 2020 - Egypt to set up insurance pool for natural disasters - S&P upgrades SALAMA's rating to BBB - Abu Dhabi Global Market and OneConnect Collaborate on FinTech - Dubai - Global blockchain exhibition during Expo 2020 - UAE – 228 citizens appointed in the ins. sector in 2018 - Kuwait – Climate change tests readiness of ins. Sector - Jordan – Advanced reinsurance course offered next week - UAE Banks Federation to work towards Emiratisation agenda - GIG-Egypt says launching micro-insurance to 130,000 clients - Adnic gets ‘UAE’s top corporate ins. service provider’ tag - Kuwait - S&P affirms Warba Ins. rating at 'BBB' - Misr Ins., two Egypt state lenders in talks for Africa export cover - Dubai Counts on AI, Blockchain to Become Happiest City - UAE - Al Attar seeks to develop algorithms for robots - Jordan leaps upward in Global Cybersecurity Index ranking - Egyptian economy on right track: 5.6% growth in 2018-2019 - USA - Egyptian accused of drowning his children to claim ins. - Japan to lead SWIFT network for cryptocurrency - Nasdaq and the Iraq Stock Exchange sign agreement - IMF lowers Saudi fiscal deficit forecast to 6.5% of GDP this year - Saudi Arabia to see rise in M&A activity in 2019 – KPMG - Lebanese health minister: “60% of cars are not insured” - IMF: Rise of e-banking poised to surpass traditional banking - G7 agrees quick action needed on Facebook's Libra currency - Higher capital rules to bolster GCC ins. Sector - Abu Dhabi - ADGM issues regulations for robo-advisors - MENA startup funding soars 66% in H1 2019 - Etisalat Digital to transform UAE finance with blockchain - UAE - Health ins. premiums of AED 19 billion in 2018 - Egypt - New guidelines for takaful ins. switching to conventional - 500 Startups and Misk launch the MENA Accelerator program - Oman Arab Bank signs pact with IDO Invest. to foster FinTech - Attijariwafa Bank looking to set up ins. arm in Egypt - Oman - Panel reviews progress in health ins. Implementation - KSA - Al Sagr Insurance inks deal with Elite Panorama - PwC Report: Artificial Intelligence will change business - UAE satellite causes largest ever space ins. Loss - KSA - Wafa submits financial restructuring plan - Bahrain ins. market being overtaken by neighbours - Saudi POS urged to use e-payments before August 2020 - Lebanon – Economy minister receives ACAL delegation - Saudi Enaya inks health ins. deal with Soliman Fakeeh Hospital - Baghdad - Jordan-Iraq forum on digital transformation - Minister Afiouni: “Technology is a chance for Lebanon” - UAE - AED 15 B bill to treat the insured in 2018 - Morocco approves law on Sharia-compliant insurance - Telecom Egypt and Banque Misr launch mobile money service - Abu Dhabi Global Market welcomes digital bank applications - Egypt - First board of directors of the policyholders' ins. Fund - Solidarity Saudi Takaful closes marketing deal with Wattad Ins. - Kuwait – Al-Bahar: Financial Institutions need to embrace FinTech - Abu-Ghazaleh Launches Artificial Intelligence Services - Kuwait- Health ins. payment to be accepted online only - Bahrain FinTech Bay to use space technology - Lebanese banks eye digital future - Dubai – DIFC strengthens leadership team with nationals - Misr Ins. Holding’s units to post EGP 4.3bn profit in FY19/20 - Misr Ins., Misr Life Ins. could IPO on Egypt’s bourse by end-2020 - UAE - Investments of the Ins. Sector reached $17.3 B in 2018 - UAE - ADNIC launches WhatsApp Business services - KSA - Moody’s affirms Walaa’s A3 rating - GCC - $841m assets per capita - G20 leaders issue declaration on crypto assets - Egypt - World Bank approves $500m for the social safety net - Euromoney Holds 6th Annual Conference in Jordan - Dubai - DFSA accepts four FinTech firms - Bahrain - Ithmaar Bank invites FinTech firms to explore opportunities - Arab nations get USD 31.2 bln FDI in 2018 - KSA - Gulf General offers health ins. to Al Rashid Trading - Chinese ins. company underwrites $46 B in Africa - UAE - ADNIC converts mandatory convertible bonds to shares - India - Aegon Life to increase digital conversions - UAE’s Orient Ins. eyes new Saudi arm - KSA - Gulf General gets SAMA nod on capital hike - UAE says approves full foreign ownership of firms - Egypt - CBE launches risk ins. company for exports to Africa - KSA - CMA nods to Al Ahlia Insurance’s capital cut - University of Bahrain organizes digital business forum - Abu Dhabi - Hub71 launches competition to attract startups - Dubai - Flexible regulations for prescribed companies - KSA - Tawuniya best ins. company offering e-services - KSA - Solidarity's CEO named as head of ins. Committee - Kuwait mulling increased healthcare fees for visitors - World's central banks tackle technology with innovation hub - KSA – Arab National Bank renews liability policy - More foreign investors eyeing Saudi market - Etisalat and Noor Bank launch eWallet in UAE - UAE economy grows 2.2% in Q1 - Dubai Health Authority to develop Certificate of Need - Egypt - "Global Impact Challenge" competition for startups - S&P Islamic finance industry to grow at 5% - Bahrain – Arab Financial Services gets Benefit Switch certification - Video insurance service first in GCC - Saudi Arabia relaxes ownership limits for foreign investors - Abu Dhabi Global Market launches “FinTech 50” initiative - Kuwaiti banks invest in digital transformation - 181,000 Saudis above 60 had medical ins. last year - GFiN report highlights role of UAE in fintech - Abu Dhabi develops comprehensive oral health policy - Abu Dhabi Government accelerates private sector licences - KSA - Insurance disputes center to resolve auto claims - Egypt announces ins. fees for electric, hybrid vehicles - Rivals ride rising rates as Lloyd's abandons some ship ins. - MENA Fintech Association established - Saudi insurance market to see mergers soon - UAE - Central Bank launches a platform to report suspicious transactions - Central Bank of Iraq establishes Takaful Company - Kuwait parliament to examine insurance bill - KSA - STC launches 5G commercial services - Saudi Tadawul to lure foreign flows on FTSE third phase inclusion - Facebook's new cryptocurrency Libra revealed - Saudi Arabia - 11.3% growth in banking sector profits in 2018 - Emirates Institute for Banking Concludes Fintech Program - KSA - Al-Etihad Insurance approves capital hike - Egyptian fintech startup, Paynas wins prize - Dubai Health to offer early intervention on patients of concern - Egypt’s FRA finalizes new Insurance Act - MetLife’s LumenLab using Blockchain to automate claims - Profits of GCC insurers at $324.27 m in Q1 - Egypt – Central bank launches 1st fintech portal - Saudi insurers Walaa, Metlife AIG ANB consider merger - Afya 2 Kuwaiti retiree health insurance now available - Oman – Al Madina Takaful to empower SMEs - Bahrain among top ecosystems for female start-ups - Egypt – Central Bank of Egypt signs two MoUs on fintech - Allianz closes on acquisition at New York's 30 Hudson Yards - IAIS outlines new 5-year plan to address insurtech - US cyber premiums up 10% to $2.03bn in 2018 - UAE - Car ins. premium drops 9.5% in H1 - China Life ins. co. premiums grow 4.7 pct in Jan-May - Dubai’s hospitals feel pain of ins. Delays - Abu Dhabi - SALT Announces Its Global Thought Leadership Conference - Moody’s expects stronger reinsurance profitability in 2019 - Bahrain’s economy achieves 2.73% Growth in Q1 2019 - S&P turns stable on Lloyd’s - UAE - RSA provides discounts to DEWA customers for home ins. - EgyptAir launches insurance policy tender for assets - Saudi Arabia - Foreign investment more than doubled in 2018 - Egypt - 'Seamless North Africa 2019' to discuss fintech trends - FDI inflows to Bahrain rise 6% to $1.5bln - Bahrain – InsurByte tackles insurtech trends - Saudi Arabia - Malath, ANB extend insurance deal - Citi MENA Fintech Challenge launched - ArabNet Beirut conference celebrates 10 years - Dubai - DIFC issues new insolvency law - Moody’s expecting stronger reinsurance sector profitability in 2019 - UK insurer Legal & General picks Amazon for blockchain deal - Dubai - AREA 2071 hosts 20 global startups worth AED42.2 m - Saudi Arabia - Medical insurance must for family visa extension - UAE - Medical Liability Law will reduce medical errors - Egypt – EGP 18.1 B ins. sector premiums in 4 months - Fintech set to expand in Mideast, Africa, says S&P - FinTech has power to disrupt global finance says IMF’s Lagarde - China mulls raising caps in equity investment for insurers - Fintech Startups in Lebanon: Financing the Future - Health Dubai: AED 20,000 fine for delayed ins. Approval - China's ins. sector runs smoothly with risks controllable - UAE – Need for compulsory fire insurance - Egypt – Agricultural ins. contract to cover natural risks - Egyptian Football Association gets ins. for Africa Cup of Nations - Egypt – Insurers pay 25% of revenues as admin expenses - Aviva to cut 1,800 jobs in expense saving push - Willis Towers Watson unveils new initiatives to fuel growth - Liberalisation in Myanmar a boon to insurers - Global reinsurance pricing not hard, but firming - June 1 rates expected to be up 10% – 30% for loss-affected accounts - Rate increases unlikely to stick without above-average losses - China's pet insurance market sees bright future - State Farm, USAA join forces to test blockchain solution - Saudi central bank grants licences to 14 fintech firms - Mastercard Partners With Bahrain FinTech Bay - SABIC renews long-standing partnership with Bupa Arabia - Burn-Out is a chronic condition according to WHO - Morocco - Marsh in the capital of Beassur - Belgium - 40% increase in the cost of fire and theft ins. - Egypt’s first FinTech accelerator promotes 10 startups - A.M.Best: Jordan ins. market remains highly competitive - Mohandes Ins. targets EGP 110m profit in FY19/20 - KSA - Al Ahlia gets SAMA's nod on 23% capital cut - Irish University to Offer Blockchain Master’s Degree - KSA – SAMA lifts the Ban on Union Cooperative Ins. - Egypt’s FRA wraps up Insurance Act consultations - NBB joins Bahrain Fintech Bay’s talent programme - AIB-Bahrain in bid to boost Islamic digital banking - Bupa Arabia provides health ins. to 299 orphans - Facebook to Roll Out Cryptocurrency in 2020 - Egypt - CBE to ban issuance of cryptocurrency without licenses - UAE economic growth expected at 2% in 2019 - Smart Dubai, DHA use AI to save lives - Alibaba Announces Blockchain Technology Integration - Gulf Capital acquires 70pc stake in Medica - Bahrain Association of Banks to launch sign language dictionary - Insurer First American left 900 m customer files exposed - Oman – Ins. premiums reached OMR 463.5 m in 2018 - UAE – Reinsurance absorbs AED 2.25 B premiums in Q1 - Egypt – EGP 12 monthly ins. premium on electronic cars - GCC bond and sukuk issuance surged by USD 32 billion in Q1 - Saudi fiscal deficit to reach 7 per cent of GDP in 2019 - UAE - Chinese conglomerate considers $ 10 B investment - MENA fund managers increase investments in Egypt - Bahrain - InsurByte Re-imagining Insurance 2019 - Sovereign investors favour unlisted tech - Amazon shareholders reject facial recognition ban - Kuwait - MoCI obliges all insurers to codify documents - Egypt - Regulator to review draft Ins. Act after Eid break - Dubai car rental agency to get Dh115,000 compensation - Bahrain National Holding acquires major stake in Health 360 - Bahrain - BBK launches a management program in fintech - Misr Ins. Holding targets EGP 4.2bn profit in FY19/20 - UAE - Etihad Credit Ins. and Dhaman partner to support growth - Dubai - DFM to organise international investor roadshow in New York - Egypt - Fawry to acquire EME International’s fintech division - UAE - Profits of 28 insurers at AED 591.65 m in Q1 - Egypt – Ins. sector has the highest average wage - Bahrain is among first countries to adopt fintech - Arabnet Beirut celebrates 10 years of technology - UAE - ADNIC partners with FAB through ‘payit’ option - ‘Game of Thrones’ ins. to reimburse fans who can prove spoilers - China allows insurers to use credit derivatives - ECI signs MoU with ADCB to support UAE businesses - Digital: Morocco in force at Vivatech Paris - Bitcoin price crashed by nearly 20% in minutes - Saudi non-oil growth to top 2.9% this year - Dubai – Overseas treatment through prepaid card - Generali posts solid growth and profits in Q1 results - Kuwait - MPs approve insurance law - Gulf Ins. Group announces net profit of KD 3.7m for Q1 2019 - NBB forges ahead with open banking in Bahrain - 2019 General Assembly - Bahrain highlights its plans to target InsurTech - KSA - Al Alamiya inks insurance deal with Riyad Bank - Visa partners with Bahrain FinTech Bay - Fintech is Key to Shaping Sustainable Islamic Finance - USA - Chinese Citizen Indicted in Anthem Hack of 80 Million People - Digital Ins: Aegon Life on-boards eBaoTech - CMA inaugurates health ins. diploma course for Omanis - Kuwait - Al-Roudhan lifts suspension of 3 ins. Companies - UAE: AED 24.4 million as profits for “Dubai Insurance” - UK: RSA sees strong growth opportunity in five industry practices - Moumen Moukhtar, the new President of Misr Insurance Co. - SAR 55 million profit of 13 Saudi insurance companies - Growth outlook lowered for GCC economies this year - Saudi Arabia may relax shares limit for foreign investors - Dubai to switch to 25% autonomous vehicles by 2030 - $1bn Mubadala fund set for big Abu Dhabi launch - Board of Directors of Arab Re: positive results in year 2018 - KSA - CMA Approves the Capital Increase of Walaa ins. - Bahrain - New strategies urged to tackle cybercrime - KSA – SAMA celebrates the graduate of 2nd bath in cybersecurity - GCC Board Directors Institute Launches Director Program - KSA finance ministry announces 30 years Sukuk issuance - Oman – Awareness campaign on health ins. Policy - SoftBank to invest $1bn in fintech firm Wirecard - Bahraini start-ups prospering thanks to Al Waha - Kuwait Finance House wins Fintech award - Samsung Developing its own Blockchain system - UAE - Mubadala was Awarded Anti-Bribery ISO certification - Saudi Arabia - 20 boxes in the Bold investment initiative - UAE - DIFC FinTech Hive launches career mentorship program - Kuwait - Six insurance companies suspended - First Bahrain Insurance Hackathon - Digital transformation of Middle East financial services is accelerating - KSA - Tawuniya to obtain qualitative leap in health practice - KSA - SAMA nods to Arabia Insurance’s capital raise - Saudi Arabia launches $3 bln package to support private sector - Etihad Credit ins. teams up with Sharjah Chamber - Development of driverless vehicle blockchain tech with IoT Firm - China - Blockchain-Enabled Notary Opens Office - South Korea - Hospital to create Blockchain Data Management - Sharjah Ins. to pay 7 fils/shr dividends for FY18 - UAE - Insurance House issues perpetual bonds - Egypt bourse unveils new insurance policy tender - Bahrain Kuwait Ins.: Profit at BD794,000 in Q1 - Arab Federation of Exchanges conference tackles SMEs - Dubai's economic growth will accelerate in 2019 and 2020 - World Bank to invest $200 million in Egyptian startups - Chile – New Cryptocurrency & Fintech Regulations - 60% of organizations trapped in a digital deadlock - Bahrain - SADAD launches Save Your Card Feature in Mobile App - Fintech: China's Wonder News opens $50m office in Bahrain - Abu Dhabi National Ins. Customer Service Excellence Recognised - 99% of UAE execs say innovation has accelerated - 94 Emiratis complete Artificial Intelligence program in UK - UAE ranks 6th in health and wellness index - Central Bank of Bahrain issues draft rules on Ins. Aggregators - Kuwait - Regulator tightens control over insurance sector - China Life insurance premiums grow over 11% - Bahrain set to host InsurByte conference in June - Misr Ins. to cover judges overseeing constitutional referendum - UAE adopts National Artificial Intelligence Strategy 2031 - World Bank: $25B for digital transformation in Africa - Telegram’s TON Partners with Wirecard to develop fintech - The Reserve Bank of India excludes cryptocurrency projects - Smart Dubai and Microsoft to accelerate digital transformation - Kuwait - Wethaq Ins. receives $6.48m from real estate fund - 2,000 tycoons move to UAE in 2018 - Saudi Arabia ranks second in global investment destination list - Report Shows Major Security Holes in Banking Apps - Kuwait - Regulator might suspend up to 12 insurers - KSA - Financial Sector Conference fulfills 2030 Vision - Misr Ins. posts $318.7 mln premiums in H1-FY2018/19 - Dubai – Global leaders to meet at Artificial Intelligence Summit - UAE Takaful Companies Catching Up with Conventional Peers - KSA - 3.2m Saudis, 8.1m expats enjoy health ins. - Oman – Regulator adopts XBRL for financials of listed firms - Bahrain launches fintech talent programme - Bahrain - Cigna Life Ins. receives a License from regulator - Saudi financial conference to attract hundreds of experts - ‘Bone-breaking’ ins. fraud gang busted in Italy - Jordan- Aqaba conference on marine ins. kicks off - Oman- Health insurance leading the market - Kuwait - Rising health insurance premiums - Egypt's insurance firms see boost in capital - Egypt: IFC launches support program for fintechs - Mashreq bank joins Startupbootcamp FinTech Dubai - China lays down national standards for ins. Industry - Lebanon - Calls for cooperation to enhance cybersecurity - Egypt to launch 8 investment areas, free zones in 2018 - Bahrain - Royal Decree Stipulates formation of Health Ins. Fund - Kuwait – Premiums of Wethaq Takaful grow by 16% in 2018 - IMF’s Lagarde says fintech will shake the system - Calls to establish digital economy body at Arab League - Oman - New health ins. initiative for house helps - Egypt - New health ins. provides coverage for all citizens - Saudi Arabia – Significant decrease in ins. profits in 2018 - DIFC launches roadmap for fintechs entering MEA - AAOIFI appoints new Secretary General - Egypt - AXA signs bancassurance deal with Ahli United Bank - GCC FinTech maturing and driving innovation - Bitcoin hits milestone with its 400,000,000th transaction - Saudi Arabia - 47% of vehicle ins. fraud due to damage mismatches - Abu Dhabi Dept. of Health: Health facilities to provide bills - Dubai - Seamless Middle East 2019 to tackle fintech - Egypt - Insurers pay EGP 2.5 B compensation in 2 months - UAE - 40% off on treatments not covered by insurance - Kuwait- MoH to form panel over 'amendment' of health Ins. - Blockchain Ins. 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Digital transformation of Middle East financial services is accelerating

Friday, 05 03 2019, Category: Technology, Country: Middle East
The financial services industry looks ripe for disruption as rapid developments in financial technology, new regulations to improve transparency and the rise of digital savvy millennials support an irreversible global trend towards financial innovation, says Jupiter Asset Management. In relative terms, the adoption of FinTech in the Middle East remains in its infancy compared to the US, Europe and Asia, but the region is waking up to new opportunities in the sector. Meanwhile, in 2018 a record-breaking USD 111.8 billion was invested in FinTech deals globally, threatening to upset traditional financial services providers who have underinvested in enhancing IT systems, software and processes. The research paper, “Shifting sands: FinTech as a catalyst for change in the Middle East’s financial sector” provides an in-depth look at emerging trends in 2019, against the backdrop of 2018’s surge in FinTech investment.

The GCC region shows considerable promise in embracing financial innovation. Across the region, banks and financial institutions are working with FinTech firms to digitalise operations and provide new solutions to customers. In the UAE and Saudi Arabia, financial innovators have been supported by a Sandbox regulatory environment to facilitate the impact of new technologies, supporting firms in testing innovation and solutions.

Guy de Blonay, Fund Manager at Jupiter Asset Management said: “Across the Middle East, and particularly in the GCC, financial services providers are demonstrating a commitment to innovation, securing a number of partnerships with FinTech providers, adopting the latest technologies from cybersecurity tools to payment platforms, and working with regulators to increase access to new technologies. Within the sector, the role of FinTech is manifold, from increasing efficiency to supporting broader industry trends, such as consolidation in the GCC banking sector.”


Source: MENA Herald
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