India’s leading fintech company, Paytm (One 97 Communications Ltd.), has received crucial approval from the Ministry of Finance to invest in its payment services business. This green light marks a significant step forward for the company, which has been under intense scrutiny from India’s banking regulator and financial crime-fighting agency. The central bank had previously
The UK insurance industry faced an unprecedented challenge in the second quarter of 2024, with a record-high £1.4 billion paid out in claims, primarily driven by weather-related catastrophes, the Association of British Insurers (ABI) revealed recently. This surge in claims, stemming from natural disasters such as fires, floods, and severe storms, has placed significant strain
Insurers face substantial financial losses after three Taylor Swift concerts in Austria were abruptly cancelled due to a foiled attack at Vienna’s Ernst Happel Stadium. The cancellations have triggered millions of dollars in insurance claims, with multiple providers expected to share the financial burden, according to sources familiar with the insurance arrangements for Swift’s tour.
Al Ansari Financial Services PJSC (AAFS) has significantly expanded its market dominance by acquiring BFC Group Holdings WLL (BFCGH) in a $200 million deal. This acquisition marks a pivotal moment for AAFS, positioning it as the GCC region’s largest remittance and foreign exchange provider by branch network. Protiviti, a Member Firm for the Middle East
Goldman Sachs has introduced a new Financial Stress Index (FSI) that, despite recent market volatility, indicates financial stress remains within normal historical levels. They announced recently that the index offers a nuanced view of current market conditions amid recent upheavals. Over the past few days, markets have experienced heightened volatility, driven by a confluence of
Fears of a strengthening yen and potential US recession sent Japanese stock markets into meltdown, seeing the biggest point decline in a single day in history. From Monday’s finish of 31,458, the Nikkei 225 Index rose significantly, rising more than 8% to cross 34,000 in the first few minutes of trade. Its most significant one-day
ING Group lifted its 2024 outlook for total income to more than 22 billion euros after posting second-quarter net interest income above estimates recently. ING CEO Steven van Rijswijk recently expressed optimism about the bank’s performance: “We are happy to increase our 2024 income estimates to €22 million, which is evidence of our business model’s
The number of e-wallet users in the Kingdom of Jordan has risen by 6%, according to recent statistics released by the Central Bank of Jordan (CBJ). Digital wallet usage among Jordanians reached 2.17 million users, CBJ stated, adding that there are eight payment and electronic transfer companies operating in the country which are authorised by
HDI Global SE continues its international expansion receiving a regulatory license from Dubai Financial Services Authority (DFSA) to open an office in Dubai. The new local presence in Dubai International Financial Centre (DIFC) will allow HDI Global to bring its global financial strength and technical expertise closer to clients in the Middle East. The new
Arab Bank Group reported solid results for the first half of 2024, with a 25% increase in net income after tax reaching $503 million as compared to $401 million for the same period last year. The group maintained its strong capital base with a total equity of $11.5 billion. Assets grew by 5% reaching $68.7
