| banking |
Bank Muscat, Meethaq ink finance pact
June 13, 2019
Bank Muscat, the flagship financial services provider in the Sultanate and Meethaq, the pioneer of Islamic banking from Bank Muscat, have signed a finance agreement with Al Mouj Muscat, Oman's lifestyle and leisure destination. The agreement for a syndicated term loan worth OMR115 million will allow for the consolidation of Al Mouj’s financing facilities keeping in view its revised fund-flow requirements following the implementation of a refreshed master plan.
The agreement was signed at the Bank Muscat"...
Saudi, Abu Dhabi and Oman said to be in talks with SoftBank over new $100bn fund
June 12, 2019
SoftBank Group is working with Goldman Sachs Group to raise money for its second $100 billion technology investment fund and will begin formally soliciting investors in July, according to people familiar with the matter. SoftBank and its bankers, which also include Centricus and Cantor Fitzgerald, have held preliminary talks with sovereign wealth funds from Singapore, Saudi Arabia, Abu Dhabi, Kazakhstan and Oman, said the people, who asked not to be"...
Oman banks gear up to implement OECD norms on tax status of account holders
June 11, 2019
MUSCAT, JUNE 10 – Commercial banks and financial institutions in the Sultanate are being mandated to certify the tax residency status of all account-holders in the Sultanate — individuals, businesses and organisations of all kinds — in line with Oman’s commitments to the Organisation of Economic Cooperation and Development (OECD). According to a Muscat-based tax expert, the Common Reporting Standard (CRS) introduced by the OECD obliges tax jurisdictions around the world to share and exchange financial"...
Soft demand to continue in property market
June 10, 2019
Muscat: The first quarter of 2019 saw a general reduction of new business enquiries and new workloads in Oman, UAE and Qatar, signalling to activity remaining soft in the near-term, a new survey reveals.
The latest RICS Middle East Construction and Infrastructure survey results indicate construction activity remaining subdued in the first quarter, with respondents noting tight margins, competition and soft demand all weighing on the regional near-term activity.
Whereas, the outlook in Saudi Arabia"...
Swiss regulators fine banks over forex rigging ‘cartels’
June 8, 2019
ZURICH: Swiss competition authorities said they had fined five large banks some $90 million for collusion in foreign exchange trading, following steep fines recently imposed by Brussels. Barclays, Citigroup, JPMorgan, Japan’s MUFG Bank and Royal Bank of Scotland (RBS) were hit with fines totalling around 90 million Swiss francs ($90.5 million, 80.6 million euros) after determining that the banks’ traders had colluded to fix exchange rates using chat rooms, the Swiss Competition Commission (COMCO) said.
The"...
Visa and Western Union to Bring Speed, Simplicity and Transparency to Global Payments
June 7, 2019
Today, Visa (NYSE:V) announced a new strategic agreement with Western Union (NYSE:WU), a global leader in cross-border, cross-currency money movement. Western Union will implement Visa Direct, Visa’s real-time1 push payments platform in an effort to bring speed and transparency to the process of sending money around the world. This collaboration reinforces Visa’s commitment to modernize how payments are made around the world. Once Western Union’s implementation of Visa Direct is live, Western Union will be able to offer customers an expedited remittance service onto cards with more transparency and an enhanced user experience for both senders and receivers. Western Union and Visa share a vision for modern money movement; this expanded service is intended to make cross border payments more reliable and efficient than ever before. Nearly $80 trillion (US) of money is sent via a wire transfer or bank account globally today2, but the process is harder and more complex than it should be. Money can take days to arrive because of outdated, multi-step, costly......
Forter Achieves $100 Billion Transaction Milestone
June 7, 2019
Forter, the leader in e-commerce fraud prevention, today announced it has processed a record $100 billion in e-commerce transactions, a milestone no other online fraud decisioning platform has achieved to date. In turn, Forter has increased the dollar amount of processed transactions by 100 times over the past three years, and doubled the amount since January 2019 alone. By processing massive volumes of transactions, it allows Forter to have the most comprehensive view of both consumer and fraud behaviour across enterprises and industries worldwide, including luxury, travel, hospitality, on-demand services, food delivery and digital/e-commerce verticals. Merchants that are part of Forter’s global network—including well-known brands such as Nordstrom, leading online travel companies like Priceline, and fast-growing consumer start-ups such as AWAY Travel—benefit from the sheer......
Qatar Investment Authority Leads Over $500 Million Strategic Growth Investment in SoFi
June 5, 2019
Qatar Investment Authority (QIA) today announces that it is leading an over $500 million equity financing in SoFi, a mobile-first personal finance company, alongside existing investors and SoFi CEO, Anthony Noto. SoFi plans to use the funds to continue to invest in its rapid rate of innovation and growth, fulfilling its mission to help SoFi members achieve financial independence to realize their ambitions. The investment round values SoFi at $4.3"...
Manchester City Extends Partnership with Wega
June 5, 2019
• Manchester City and payment programme solutions provider, Wega, extend global partnership
• Partnership will continue to offer leading edge payment solutions and unique opportunities and prizes for City fans to enjoy Four-time Premier League Champions and domestic treble winners, Manchester City have announced an extension to its partnership with Wega, the Club’s Official Acoustic Contactless Secured Card Payment Partner. "...
OKEx Lists USDK, Compliant USD-Pegged Stablecoin by OKLink and Prime Trust
June 5, 2019
OKEx, a world-leading cryptocurrency exchange, today announced its new listing of USDK, a US Dollar-pegged stablecoin co-launched by its strategic partner OKLink and Prime Trust. The new stablecoin will be listed on OKEx’s fiat-to-token (C2C) trading platform against six fiat currencies – CNY, VND, GBP, RUB, EUR and TRY, and spot trading platform with 11 trading pairs as below as well. · BTC/USDK · ETC/USDK · TRX/USDK "...
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