Foloosi Crosses 3Million+ AED Transactions in Quater4

Foloosi (https://www.foloosi.com ) is a UAE Fintech startup facilitating consumer-to-business card payments by enabling the business to display QR code, Payment Link and API integrations for the customer to scan & pay conveniently.

Foloosi was founded in 2018 and launched its product in the year 2019 that enables simple and easy ways to accept, process, and disburse payment solutions for businesses. It helps businesses by providing payment gateway, payment link, subscriptions and POS software. Foloosi’s payment solutions can be integrated by both web and mobile applications.

We are very happy to announce that we have achieved 3million+ transactions in Quater4, a milestone that reflects the considerable growth of Foloosi in UAE. This is not possible without our Foloosi community and followers. We as a team believe that the mighty God is helping us to flourish the company more and more. 

It is a significant percentage, and an increasing number of users are adding more than one card to their mobile phone to make payments. In addition, the number of people using their mobile for payments currently stands a high percentage in UAE.

At present, Foloosi has launched a cloud- based point- of- sale system with payment processor with an aim to make the payment processing easier and faster and it will be live soon.

Foloosi will furnish a full POS solution with Payment terminal, which is intended to be completely coordinated with each sort of business. We additionally plan to make the creative gadget quick, straightforward and secure so as to enable corporate clients’ to all the more likely spotlight on their organizations.

Foloosi’s cloud based POS software will allow businesses to easily key in a sale, quickly accept any form of payment, and print receipts, from one device.

Our cloud based POS will be provided with the following:

Foloosi enables a simple and easy way to accept, process, disburses payment solutions for businesses. We help businesses by providing payment gateway, payment link, subscriptions and POS software. Foloosi payment solutions can be integrated by both web and mobile applications.

UAE bank told to pay for Dh4.7 million after SIM swap fraud

Dubai: A recent judgment by a Dubai court, which held a local bank responsible for a Dh4.7 million SIM card swap fraud, serves as a reminder to all banks and telecom providers to adopt tighter security measures, a Dubai-based lawyer has said on Sunday.

Ghassan El Daye, Partner and Head of Litigation for the Middle East with the UK-based law firm Charles Russell Speechlys, said that in a landmark judgment, the Dubai Commercial Court recently found a local bank responsible for a SIM card swap fraud that cost a customer Dh4.7 million in life savings.

The case dates back to 2017 when the customer’s money was stolen from his account which the bank had then closed without his knowledge.

El Daye said the court has ordered the bank to pay the customer Dh4.7 million with a nine per cent interest from the date the case was lodged.

“This judgment is significant because it involves new essential factors related to the UAE’s banking sector and its customers. The judgment suggests recommendations for banks and telecom providers, including the need to apply strict security measures, carry out continuous monitoring, upgrading of PIN numbers and tighter background checks on employees,” said El Daye.

He said telecommunications companies should also impose tighter controls over SIM card replacement applications as several scams have been reported in the country.

“It must be forbidden to issue a replacement SIM card unless the holder of the card goes physically to the bank and telecommunications provider with original ID.”

According to Al Daye, his client, who used to work in the UAE, had opened a savings account at the local bank in Dubai in 2015 before he moved out of the country, leaving behind Dh4.7million in the account. But to the horror of the man, whose nationality and age wasn’t disclosed by the lawyer, the account showed zero balance in May 2017. The man then lodged a criminal complaint. But a Charles Russell Speechlys litigation team, headed by El Daye, advised him to pursue a civil case in order to get his money back.

During a court hearing in September this year, the victim’s defence said the bank should be held responsible based on facts and expert findings. The bank had insisted it’s the client’s responsibility since he had possession of the original SIM card and PIN number. It had argued that he should have objected to the transactions within 30 days of reviewing the account statement.

According to case documents, the bank failed to disclose its internal investigation reports to an expert appointed by the court and claimed the incident was a result of faulty transactions.

“For such a scam to succeed, our client’s confidential information must have been deliberately exposed by some bank employees who had access to it,” said El Daye.

The expert’s report submitted to court was in favour of the client and stated that confidential data, including official documents and contact numbers, were illegally revealed to others by a bank employee.

“This information was illegally passed on to other suspects who used it to obtain a replacement SIM card for the client’s phone number from the local telecommunications service provider in Dubai,” the lawyer said.

The fraudsters were able to change the PIN code connected to his bank services before logging him out and transferring the money.

However, the Dubai Commercial Court rejected the bank’s claims in October 2019 and held it responsible for the scam.

How SIM swap cards work

Once cyber criminals have gathered enough information on a target, they create a false identity. First, they call the victim’s cell phone provider claiming that his or her SIM card has been lost or damaged. Then they request a replacement SIM. Most telecom providers won’t acquiesce to those requests unless security questions are answered, but the fraudsters come prepared, using the personal data they’ve collected to defeat the security checks.

As the victim’s SIM card stops working, the criminal gains access to any online service that requires security codes to be sent to a user’s mobile phone. Banks do ask for confirmation via text messages to the phone number but since it’s already with the criminal, victims remain in the dark even after their bank accounts have been drained.

How to protect yourself from SIM swap fraud:

If your cell phone number stops working for an unknown reason, get in touch with your telecom operator immediately.

Register your number for SMS and email alerts to stay updated about transactions on your bank account.

Don’t respond to unsolicited calls and text messages asking for your bank details.With inputs from Mazhar Farooqui, Features Editor – Special Repor

Source: https://gulfnews.com/uae/uae-bank-told-to-pay-for-dh47-million-after-sim-swap-fraud-1.68348671

Money in Dubai: Banks, ATMs, Cards & Currency Exchange

The most populous city in the United Arab Emirates, Dubai, is also one of the Middle East’s biggest business hubs. One reason that Dubai attracts people from across the world is that the city has a 0% income tax. Yep, you heard correctly. Dubai dwellers, now numbering 2.7 million people, can pocket all of the cash they earn.

Not surprisingly, the city is developing rapidly as a result, with 20% of the world’s construction cranes located there. Currently the world’s biggest mall, tallest hotel, and largest aquarium are already situated in this stunning city. Visitors not on a budget can also stay at the world’s only 7-star hotel, the Burj al Arab.

What’s the currency in Dubai?

The United Arab Emirates (UAE) Dirham, usually known as the Emirati Dirham, is the official currency of the UAE. Introduced in 1973, the currency replaced the Qatar and Dubai Riyal. Officially the currency is abbreviated as AED, but DH and Dhs are also used unofficially. It’s divided into 100 fils, which is a modern retranscription of Fals, a medieval Arabic coin.

Characteristics of the United Arab Emirates Dirham
Names and nicknamesEmirates Dirham, Dirham, AED, DH, Dhs
Symbols and abbreviationsWritten as the AED on official exchanges, and unofficially abbreviated to Dh, Dhs.
1 AEDOne dirham is divided into 100 fils.
Dirham coinsDirham coins are available in the commonly used denominations of 25 and 50 fils, as well as the infrequently used 1, 5 and 10 fils coins. A 1 dirham coin is also available.
Durham banknotesDirham banknotes are available in 5, 10, 20, 50, 100, 200, 500, and the rarely used 1,000.

If you were looking to use cash from back home in Dubai, you won’t have much luck. It’s pretty uncommon to pay for goods and services in Dubai with any currency other than the Dirham. However, International credit and debit cards, such as Visa and Mastercard, are widely accepted at retailers. ATMs are situated nearly everywhere, and foreign debit cards can usually be used in order to take out cash. You can also exchange cash at several locations. But we’ll discuss that later.

What should I know about exchanging money in Dubai?

Foreign visitors to Dubai can exchange their currency both at banks and currency exchanges.

Find an exchange service that offers you fair rates

When in Dubai, keep in mind that you’ll find the best rates if you’re exchanging from US dollars, as the AED is pegged to the dollar. So you’ll receive roughly the same rates (after factoring in added fees) when converting from dollars to dirhams.

Here are some of the best spots in the city to swap cash without losing much.

Often, exchange places, especially at airports and hotels, will attempt to woo customers by advertising their favorite phrases: “0 fees” or “No commission”. But what you see usually isn’t what you get. If you do a quick Google search or use an online currency converter, you’ll discover that your money is worth much more than an exchange bureau or bank is offering you.

The real rate, based on daily trading that occurs at banks and large global finance markets, is referred to as the mid-market rate. This represents what your money is actually worth. Banks and exchange services, however, will often make up their own, much poorer exchange rate and then pocket the difference.

Figure out if rates are better in Dubai or your home country

Sometimes it makes the most sense to convert your cash from your home bank before you go abroad. Other times, however, you can snag a better deal abroad. Through websites such as finder.com, you can compare and contrast the exchange rate of several services at home and in Dubai.

Avoid exchanging too much cash at the airport or your hotel

Airports and hotels have a monopoly over you, charging higher prices due to a shortage of alternative suppliers. Try to exchange only a small amount – such as what you’ll need before reaching an exchange center with a more cost-savvy rate. Your bank account will thank you later.

Ensure your banknotes are damage-free

If you’ve brought cash with you from back home, make sure those bills in your pocket are in good shape. In Dubai, most merchants will refuse to accept any sort of damaged banknotes to exchange. Banks in Dubai will typically take damaged dirhams from their customers, sending them back to a central bank which replaces them.

If you know someone with a bank account in Dubai, transfer money ahead of time for even better savings

With a TransferWise borderless account, you can hold your money in numerous currencies, including Dirhams, so you can transfer to a bank account in Dubai conveniently and at a low-cost. Additionally, you’ll always get the same rate you see on Google when you convert money within your account.

And, in late 2017, you’ll be able to get a debit card to go along with your Borderless account so you can spend money directly from any of your currencies with ease.

Can I use travellers cheques in Dubai?

You can, but it’s not really worth it. Most shops and restaurants in Dubai won’t accept them, but it’s easy enough to exchange them at banks, exchange offices, and hotels, for a much less favorable exchange rate. It’s much better to simply use cash or a debit credit card if you can, which are much more likely to be accepted in Dubai.

What should I know about using my debit and credit cards in Dubai?

Major providers such as Visa and Mastercard are widely accepted at major restaurants, stores and hotels in Dubai, with other cards such as American Express less likely to be accepted. However, not all smaller stores and grocery shops will accept your card. So take caution, and take cash along with you while you’re there.

Always choose to be charged in the local currency

The good news is that several ATMs in Dubai are free to use, especially those of major banks such as Citibank and HSBC, or any bank that’s a member of the Global ATM Alliance.

On the flip side, when you make purchases with your card, or withdraw money from an ATM, you might run into Dynamic Currency Conversion (DCC). The card merchant or ATM will ask if you’d like to be charged in your home currency rather than the Dirham. It might seem a bit more convenient to do the transaction in a currency you’re more comfortable with. But be warned: you’ll be marked up in price, sometimes at four or more percent, just for the convenience of seeing the numbers in your home currency.

With DCC, you’re granting the local ATM the right to give you whatever exchange rate they feel like, which usually isn’t in your favor. You’re better off doing transactions in the local currency, where your home bank will give you a much better exchange rate, and save you a lot in the long run.

Don’t forget to tell your home bank you’re going to be travelling

It’s happened to many of us. We forget to tell our banks we’ll be heading abroad, and attempt to pay for something with our cards from back home when we arrive. But then we’re told the card has been declined. Don’t let this be you: before you land in Dubai, remember to give your bank or card issuer a heads up you’ll be heading overseas. Otherwise they could think there’s suspicious activity taking place and lock your card.

What are the best practices for using ATMs in Dubai?

A global finance capital, ATMS are found nearly everywhere in Dubai. As long as you have a 4-digit pin number for your card, you can typically withdraw from accounts there.

Still, be sure to watch out for offers to be charged in your home currency rather than the local one. If you see the option, always select to be changed in euros to avoid steeper fees added into poor exchange rates.

If you’re on the lookout for an ATM near you, the website Bankautomat Finder allows you to easily locate ATMs throughout the city.

What are the major banks in Dubai?

Most common retail banks in Dubai

There are several banks operating in Dubai, many with international branches. So if you aren’t sure if your home bank has a branch, it’s worth investigating if they may have a partner in Dubai, which could help reduce overall ATM fees if you find there’s one.

  • Arab Emirates Investment Bank – a boutique bank specializing in both private and investment banking.
  • Commercial Bank of Dubai – founded in 1969, this bank launched the first online personal finance tool in the region.
  • Dubai Islamic Bank – a longstanding bank offering services such as wealth management, in addition to retail banking.
  • Emirates Islamic Bank – Offers many branches and ATMs around Dubai
  • Mashreqbank – Founded in 1967, it’s the oldest bank in the UAE and the first to offer ATMs
  • Emirates NBD – Has more than 220 branches in Dubai and abroad
  • Noor Bank – Offers several services in Islamic banking for retail and corporate clients

International banks operating in Dubai

With a diverse international population, it comes as no surprise that Dubai caters to it’s inhabitants with a broad selection of international banks. Among the larger ones are:

No matter how long you’ll be in Dubai, you shouldn’t have any problem exchanging and spending your money.

Source: https://transferwise.com/gb/blog/money-and-banks-in-dubai

How to add Products in Foloosi Business

Foloosi is a UAE Fin-Tech startup facilitating consumer-to-business card payments by enabling businesses to display QR code, share Payment Links and API integrations for their customers to pay conveniently

Foloosi create values and hence lots of home and social media based businesses need products listing platform with easy integration.

Now it’s time for the customers. They can view the products, select according to their choice of interest and order and pay within a few seconds.

We help to develop your business with instant innovation readily available. Our group is about advancement, which means you’ll get the chance to profit by the steady upgrades and research that they’re directing

Innovation never rests! You can maintain your business all day, every day and catch trade at all hours of the day.

Foloosi is tied in with addressing needs, which is the reason we put accentuation on successful and exact information accumulation that can furnish our partners with important business experiences.

Please Follow the Guide Steps

Step1: Login https://www.foloosi.com/merchant

Step2: In the Merchant panel left side, you will see the option for Products

Step3: Tap Add Products and enter the details of your productname, description, description and price

Step4: Now your products will be the listed in the Business section of Foloosi Customer App

NOTE:

  • At anytime you can edit, Deactivate the products list in the Merchant panel.
  • You can share the Product URL to customer and get paid via Merchant panel.

What is a Payment Gateway and How Does It Work?

Online payments have turned into a piece of our day by day lives in the blink of an eye. We’re executing on the web through debit or Visas as well as through various different modes like UPI, net banking and wallets too.

Furthermore, why not? Online payments are quick and advantageous. They enable you to purchase items and administrations from everywhere throughout the world. In the event that you are a vendor, you can offer to anybody on the planet with a conventional web association. Your client doesn’t need a PC; a cell phone is sufficient.

Paying on the web is a key component that each e- commerce platform on the planet offers. What’s more, they can furnish this facility by incorporating with a payment gateway.

Be that as it may, what precisely is a payment gateway? Is it safe to execute through a payment gateway? Does it bode well for your business to have payment gateway integration? 

What is a payment gateway?

An online payment gateway (PG) is a passage that interfaces your financial balance to the stage where you have to move your cash. A PG is a product that approves you to lead an online exchange through various payment modes like net banking, debit card, platinum card, UPI or the numerous online wallets that are accessible nowadays.

A PG assumes the job of an outsider that safely moves your cash from the ledger to the shipper’s payment gateway.

How payment gateways work?

A payment gateway focuses on verifying the touchy data given by the client all through the procedure. It guarantees security by encoding information like card and bank subtleties that have been given by the client.

The following are the basic steps showing how a typical payment gateway works.

Step 1: A customer places his or her order and then presses the Submit or Checkout button, or its equivalent button, on the website

Step 2: Once this happens, the website or the e-commerce platform takes the customer to a payment gateway where he or she enters all the relevant information about the bank or the card they are using to pay. The PG then takes the user directly to the page of the issuing bank or a 3D secure page, asking for the transaction to be authorized.

Step 3: Once the payment gateway gets the approval for the transaction, the bank then checks whether the customer has sufficient balance in the account to make this transaction a success or not

Step 4: The payment gateway sends a message to the merchant accordingly. If the reply from the bank is a “No’”, then the merchant subsequently sends an error message to the customer, telling them about the issue with the card or the bank account. If the response is a “Yes” from the bank portal, then the merchant seeks the transaction from the bank

Step 5: The bank settles the money with the payment gateway, which in turn settles the money with the merchant

When this procedure is finished, the client gets an affirmation message of the request being put. 

As referenced before, the exchange of cash includes touchy data about an individual’s bank and card subtleties that are completely close to home to the person in question. Along these lines, it is basic to ensure that this data remains safe.

How payment gateways keep information secure?

A payment gateway guarantees the security of the data you put in. Here is a rundown of things that a PG does to protect your information:

First of all, the whole exchange is brought out through a HTTPS web address. This is not quite the same as the HTTP as the S in the HTTPS represents Secure. The exchange happens through this equivalent passage

Because of the hash work, the framework frequently utilizes a marked solicitation from the vendor to approve the solicitation of the exchange. This marked solicitation is a mystery word, which just the dealer and the payment gateway know

To verify the payment page aftereffect of the procedure, the IP of the mentioning server is checked to identify any malevolent action

Virtual Payer Authentication (VPA) is something that the acquirers, guarantors and the payment gateways are sponsorship to verify the procedure much more. VPA, actualized under the 3-D secure convention, includes an extra layer of security and helps the online purchasers and merchants to validate each other effectively

Benefits of using a payment gateway:

Utilizing a payment gateway isn’t only for moving cash, yet it has different advantages also. A PG can enable a shipper to give the client improve understanding.

PCI-DSS Wallet – The PCI-DSS consistence makes it secure enough to enable the client to store their own information in the entrance or passage for repeating payments. 

White-Label Wallet – Payment gateways enable you to make computerized exchanges through versatile wallet applications. This is the present pattern, as it empowers the client to make every one of his exchanges by simply sitting at one spot. You can get your cash from the record equalization to the portable wallet application and afterward further use it to make payments on different applications or sites

Extortion Screening Tools – Many payment gateways furnish you with misrepresentation screening instruments to decrease the danger of losing data. These apparatuses incorporate the Card Code Value (CCV), Card Verification Value (CVV) or even the Address Verification Service (AVS). These apparatuses guarantee that there is no deceitful exchange

A payment gateway focuses on creating a safe pathway between a client and the dealer to encourage payments safely. It includes the confirmation of the two gatherings from the banks included.

The most significant advantage of a payment gateway is the way that it enables a huge number of clients to utilize it in the meantime, making it feasible for you to buy or sell products and ventures at whatever point you need.

BEST PAYMENT GATEWAY IN UAE

1. Foloosi

2. Telr

3. PayFort

4. CashU

5. PayTabs

UAE fintech startup Foloosi raises Pre-SEED funding

Foloosi, a UAE Fintech startup facilitating consumer-to-business card payments through several ways by enabling businesses to display QR code, share Payment Links and API integrations makes it possible to accept card payments without the need of a POS machine.

Foloosi has raised an undisclosed amount of pre-seed fund from Angel fund investor Rashed Alfalasi in May 2019.

Co-founders Omar Bin Brek and Mohan K with an in-house team of 6 has managed to get the idea off the ground and continue to serve as a valuable start-up in the UAE market.

United Arab Emirates has the highest banking penetration rate in the middle east region. Though in contrary, according to UAE central bank figures (in 2017): 75% of the whole UAE economy is based on cash transactions. Furthermore, compareit4me.com survey (2018) show that 85% of online orders are processed through cash-on-delivery option as a method of payment. Residents need more advanced and modern options in line with the UAE’s 2021 vision.

Foloosi will enable a digital economy empowerment for local businesses, operating merchants and most importantly the e-commerce sector. Foloosi will feature a wide range of advanced technological products on its modern platform – including the core function of ‘Scan to Pay’ feature, which allows a business to accept card payment by displaying QR code technology.

Just-in also, Foloosi has launched its new product ‘Point of Sale’ for small and medium sized businesses. This dedicated POS system will provide merchants a wholly complete system including digital checkout eyeing for a huge potential in the GCC market.

Foloosi enables businesses to go for a complete digital transformation including paperless receipt checkout, which helps the society become greener.

Foloosi CEO, Omar Bin Brek says…

“With the support of our strategic investors, we are accelerating the development of our products further in this digital world and this is a great opportunity to improve in the advanced technology experienced by our users”

The Investor Rashed Alfalasi says…

“I invested in Foloosi because I believe the future will be cashless and that Foloosi is one of the companies that will emerge to lead this effort because of its great team and their strong vision. With dedication and the right strategy, Foloosi can build the cashless society and will provide payment solutions that serve all kind of businesses.”

Source : https://magnitt.com/news/uae-fintech-startup-foloosi-raises-pre-seed-funding

List of Best Online Payment gateway Portal for your E-Commerce Business

Having the best payment portal for your E-Commerce business can be the most important apparatus to succeed. It ought to be planned according to your necessities. It causes you to offer a solitary, coordinated answer for purpose of offer (POS) and handling the payment, which can be offered to traders as a substitution of the present payment strategies. To guarantee that shippers don’t bargain with their present supplier, your pay door arrangement must be verified to take out the risk of chargebacks, and have an all the more wide extent of decisions for making the payments. It even offers centered cost, start to finish client support, speedier settlement, and phenomenal detailing.

Foloosi

Foloosi Technology, a payment gateway UAE brings to you easy to use options that are designed to be accessible, convenient and simple backed by reputed partners to provide security and a credible and reliable customer experience.

Foloosi - Payment Link

For Android : 
https://play.google.com/store/apps/details?id=com.foloosi.customer&hl=en

For iOS : 
https://itunes.apple.com/us/app/foloosi/id1424241732?ls=1&mt=8

Foloosi Technology, online payment gateway UAE provides a convenient way for a user to make in – store payments and can be used at business listed with the Foloosi Technology service provider.

Telr

At first known as Innovate Payments, it was once considered as a standout amongst the best new businesses of UAE. Telr offers its administration in excess of 120 monetary forms around the world. One of the remarkable highlights of Telr is that they offer their administrations in creating nations like Indonesia and Pakistan. Their yearly support cost is $ 95, $27 and $13.5 for section, little and medium dimension accounts separately.

There is additionally no charges on the settlement to the trader represent the section level arrangement. Their administration charges are referenced underneath:

Pay U

PayU, created by the Indian payment handling company, is the most straightforward E Commerce paymentment framework intended to fill the holes left by different complex specialist organizations. PayU is generally acknowledged because of its high change rates and acknowledgment more than a few other payment strategies. The PayuBiz’ API’s and SDKs help associate this stage to any site, application, or related outsider frameworks.

PayU permits payment with a solitary tap. A critical specialized progression is made by allowing the recurrent clients to avoid the progression of entering CVV over and over. The stage even permits perusing and entering OTP before the clients, and consents to the most noteworthy of PCI and DSS principles to guarantee installment data. It likewise stores all credit vault information, so neither the trader nor their clients would need to key it more than once.

Braintree

Presented in the year 2012, and as of now the best portable payment entryway in India and furthermore over different nations. Financed by financial speculator and financial specialists, Braintree is various in its programming, and the code can be set explicitly into a vendor’s online website. It gives a protected checkout experience to the clients, accordingly reassuring them to come back to the site. It is a perfect entryway for associations hoping to process payments productively and overhaul their request the board. It is by and by prepared to form into customary E Commerce locales that license the trading of things or administrations. It offers an online payment door to new and rising associations that empowers them to address associations that probably won’t be able to deal with the payment structure.

Paypal

Set up in 1999, for both MasterCard and debit card payments, and is free for buyers, while traders need to pay change expenses while using PayPal for Visa payments. This payment portal does not require any setup costs, passage expenses, or month to month charges. The advantages are that merchants don’t have to pay once the deal is finished. While using PayPal Standard, clients may leave the site to register out and sign with their PayPal record, or they can pay through Credit card or Visa card without information exchange. PayPal Pro enables dealers to have and alter their entire look at procedure with the goal that customers don’t have to leave the site. It furthermore acknowledges Mastercards utilizing fax, mail, or phone.

Payment Gateways are the eventual future of B2B E Commerce business. They develop a secure connection between the site/browser and the payment processor, thus encrypting payment information for each credit/check card transaction. Therefore, make the right choice for your online store that depends on quality standards, policies, and secures the available sensitive data.

CashU

CashU was set up in 2002 with the sole motivation behind serving clients in UAE yet it has now turned out to be exceptionally mainstream in Europe also. Strangely CashU offers free record creation and has the support charge of 1$ every year which is least in the market. There per exchange charges relies upon the measure of exchange. A total rundown of the considerable number of charges can be found here.

CashU

Recently CashU has additionally begun their virtual charge card administration with the coordinated effort of MasterCard. UAE inhabitants with an enlisted CASHU record will almost certainly make their Virtual MasterCard Prepaid Card immediately, to make payment gateways on web based business entryways that acknowledge MasterCard.

For more details on most popular payment gateways and payment gateway processes or integrating them during your Grocery app development or some other digital assistance reach out at us.

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DIFC signs fintech agreement with Accenture

DUBAI: Dubai International Financial Centre (DIFC) has signed a memorandum of understanding (MoU) with professional services company Accenture, to develop Financial Technology (fintech).

Under the MoU, Fintech Hive at DIFC will collaborate with Accenture’s Fintech Innovation Labs in New York, London and Hong Kong, to share resources and knowledge on the latest research and trends in financial technology.

In line with DIFC’s Growth Strategy 2024 and Dubai Vision 2021, Fintech Hive at DIFC aims to fill a void in the market by giving financial companies access to state-of-the art technologies to support their digital transformation.

“What sets us apart is our ability to harness the assets to grow fintech locally that will ultimately create more jobs, attract investments and support the economy as a whole,” said Arif Amiri, chief executive officer of DIFC Authority.

The Fintech Innovation Labs are annual 12-week accelerator programmes that bring together early-stage financial technology companies and the world’s leading financial institutions. Globally, the Labs’ alumni companies have raised more than US$1.07 billion in venture financing after participating in the programmes.

“In today’s hyper-connected world, this type of alliance is critical for maximising talent development and innovation. With surging demand for fintech solutions and Dubai’s increasing presence on the global financial scene, we are confident that this international collaboration will generate incredible opportunities for the region,” said Sushil Saluja, a senior managing director in Accenture’s Financial Services practice.

DIFC has recently announced that the 2018 programme, which is opening for applications in May, will be expanded to include insurance, Islamic finance, and regulatory technology services. First Abu Dhabi Bank, Arab Bank and Noor Bank will join the programme this year, with returning financial institutions to include Abu Dhabi Islamic Bank, Citigroup, Emirates Islamic, Emirates NBD, HSBC, Mashreq, Standard Chartered, UAE Exchange, and Visa.

Source : https://gulfnews.com/business/markets/difc-signs-fintech-agreement-with-accenture-1.2216804

Boost for Fintech sector as ADGM partners entities

Abu Dhabi: The UAE’s fast-growing Fintech and entrepreneurship development sector is poised to receive a major boost as Abu Dhabi Global Market (ADGM) collaborates with difference entities, a top official said on Monday.

The development comes in the context of the announcement by His Highness Shaikh Mohammad Bin Zayed Al Nahyan, Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces, of a Dh50 billion stimulus package to support entrepreneurs, SMEs and the private sector in their growth and innovation.

Speaking at Fintech Abu Dhabi Summit, Ahmad Al Sayegh, minister of state and chairman of ADGM said officials were in active discussions with the Department of Economic Development to boost the SME sector.

They are also working with Emirates Development Bank on initiatives that will improve the cost and ease of obtaining bank loans and supporting businesses through funding.

“This new collaboration augments the ADGM Tech Start-up licence and framework, which enable innovative tech start-ups, regardless of industries, to set up at low cost, while having access to professional services, affordable office solutions, and funding avenues all at one stop in ADGM,” Al Sayegh said.

“Also rallying the local scene is our partner — Plug and Play ADGM. Together, we co-create a structured Fintech accelerator platform to support start-ups and corporates alike.”

To provide SMEs greater access to trade finance and other markets, ADGM is also working alongside the Hong Kong Monetary Authority and Monetary Authority of Singapore, to build a blockchain-based trade financing platform for cross-border trade among the markets, he said.

On the operations of ADGM, he said a number of banks including BNP Paribas, Citibank, UniCredit and State Street Corporation, as well as international investment firms such as Softbank and McKinley Capital, have chosen to establish themselves in ADGM to expand their presence in Abu Dhabi.

Abu Dhabi Investment Authority and Mubadala, Abu Dhabi’s sovereign wealth funds, have also announced their plans to expand their presence and operations in the ADGM, he added.

“In particular, Mubadala’s announcement to have $1 billion [Dh3.67 billion] of technology investments by 2021 will no doubt inject new energy into the market and among innovators. Their decision to move existing or start new operations in ADGM validates our efforts and strategy as an IFC [International Financial Centre] and Fintech hub.”

SoftBank Vision Fund

Meanwhile, top executives of SoftBank said they are working closely with Mubadala in Abu Dhabi and also with Public Investment Fund in Saudi Arabia to help the companies, in which SoftBank has invested via its $100 billion Vision Fund set up in the region.

“We are working with Mubadala and Public Investment Fund to bring our portfolio of companies, where relevant, to the region so that they can actually set up local and regional businesses here and there are a number of our companies that have globally scalable models,” Faisal Rehman, Middle Eastern regional office head at SoftBank Investment Advisers, said while speaking at a panel discussion in the summit.

Mubadala Investment Company made $15 billion commitment to the Softbank Vision Fund, a major technology and innovation focused fund, alongside a consortium of leading investors including Public Investment Fund of Saudi Arabia and Apple Inc, among others.

SoftBank has offices in Riyadh and in Abu Dhabi.

Source : https://gulfnews.com/technology/boost-for-fintech-sector-as-adgm-partners-entities-1.2279497

Dubai South to offer freelance work permits

Growing number of professionals seeking work options that have flexible working hours

Dubai Aviation City Corporation (DACC), which is the licensing and regulatory body for Dubai South free zones, has announced that freelancers can now avail the opportunity to work under a freelancer work permit.

The initiative is in line with global trends of a growing number of professionals that are seeking work options that have flexible working hours and work-from-home agreements, said a statement.

This new development reflects Dubai South and DACC’s commitment to help position the emirate as the most innovative business hub attuned to the modern needs of both companies and the workforce in line with the directives of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, it said.

Dubai South continues to build new initiatives that support businesses in Dubai to maintain its global attraction as a magnet for foreign investors, it added.

The emirate is strategically positioned in key sectors surrounding innovation and digital technology such as e-commerce, AI, blockchain and fintech, following 26 per cent increase of foreign direct investments (FDI) during the first half of 2018, reaching Dh17.7 billion ($4.81 billion).

Dubai South’s ongoing initiatives are further boosting the business activities of its partners which include startups, SMEs and multinational companies, and most recently, individual professionals in specialised professional sectors.

Shoaib Al Rahimi, vice president of the Business Park, Dubai South, said: “Our commitment to create a viable business environment for SMEs and multinationals alike continues to be reflected in various initiatives.”

“Considering the ever-evolving business landscape, policies and strategies from 10 years ago had to undergo huge transformation to adapt to current trends and meet the needs of businesses. We are keen to be on top of leading efforts that meet the needs of today’s SMEs, startups as well as individual professionals seeking independence through a range of customized solutions that will further hep them grow their business,” he added.

The new scheme is expected to widen the scope of income sources for professionals in Dubai and the UAE and take advantage of the business opportunities within Dubai South.

Among other initiatives, the Business Park continues to boost the role of multinational companies (MNCs) and connect them with SMEs at Dubai South Business Park through various engagement sessions, including periodic workshops.

The Business Park is home to some of the leading international business organisations such as the Japan Trade Center, Chinese Business Hub, and Queensland Australia.

Business entities also enjoy a range of incentives such as rent reduction from 5 per cent up to 25 per cent for existing and new tenants in line with customer loyalty program, leading to 85 per cent tenants’ retention.

It also allotted 10 per cent of its annual procurement and projects to Dubai-based SMEs, including more than 25 per cent reduction on annual rent.

The latest initiative defines a freelancer as a sole practitioner who conducts his business in his birth name as opposed to a brand name. Freelancers, who manage their own schedule, will have the flexibility to choose the company they work with and the projects they accept.

When applying for a work permit in Dubai South, they must be a degree holder and they should submit a professional certificate or proof of relevant freelance experience. The guidelines also state that no lease is required to be granted the permit and benefiting from the free zone privileges while maintaining a sustainable business environment and three years visa.

Khalid Abdulla Ahmed, vice president – licensing and regulatory affairs, Dubai Aviation City Corporation, said: “We made the decision to issue this special permit to keep up with the dynamic changes that we have been seeing over the past years.”

“This is in line with the UAE’s phenomenal rise as a leading business hub which is reflected by a clear long-term vision towards sustainable development by the country’s leaders,” he added. – TradeArabia News Service

https://www.foloosi.com/e-commerce-payment-business

Source : https://www.zawya.com/mena/en/business/story/Dubai_South_to_offer_freelance_work_permits-SNG_140033885/