Bankman-Fried trial big confidence test for cryptos – deVere chief

By Andrei Skvarsky. The current fraud trial of American cryptocurrency tycoon Sam Bankman-Fried is a “formidable” confidence test for cryptocurrencies as its outcome will show whether those investing in cryptos can expect the same extent of regulatory protection as all other investors, according to a prominent financier. U.S. federal legislation under which the founder and… Continue Reading

Bitcoin one of this decade’s ‘best-performing asset classes’ – deVere CEO

By Andrei Skvarsky. The CEO of financial advisory deVere has made a forceful case for bitcoin, calling the number one cryptocurrency “one of the best-performing asset classes of the decade” and hailing its stabilisation over the past several months as “crucial for its integration” into traditional financial systems. While a disappointment for speculating investors, bitcoin’s… Continue Reading

UAE regulator slaps $1.3m fine on forex broker

By Andrei Skvarsky. The United Arab Emirates’ central bank has imposed a fine of 4.8m dirhams ($1.3m) on a foreign exchange broker for “weak” mechanisms to fight money laundering and the financing of terrorism. An inspection showed the exchange house to have “a weak compliance framework regarding the required risk analysis and due… diligence policies… Continue Reading

UAE regulator strikes off forex broker, remittance firm

By Andrei Skvarsky. The United Arab Emirates Central Bank (CBUAE) said on August 9 that it had revoked the licences of foreign exchange broker Dirham Exchange and remittance specialist RMB Commercial Brokers for “serious regulatory misconduct”. The delicensing was a penalty for offences “including AML [anti-money laundering] misconduct”, the CBUAE said in an English-language statement.… Continue Reading

EVENTS: Events in Hong Kong, Amsterdam, Florida on Oct 12-13, Nov 6-8, Dec 6-8

The following financial summits are planned to be hosted by event management company marcusevans in the last three months of 2023: Hong Kong, The Ritz-Carlton, Kowloon: ~ Private Wealth Management APAC Summit, October 12-13, Amsterdam, Netherlands, Hotel Okura: ~ European Pensions & Investments Summit, November 6-8,  ~ Elite Summit, November 6-8,  Palm Beach, Florida, USA, all at Eau Palm… Continue Reading

EVENTS: Four marcusevans-hosted summits in Dallas in September

Event management company marcusevans is going to host four investment summits in Dallas, Texas, this September. The conferences, all of which will take place on September 18-20, are: Venture Capital Investors Summit Private Equity Investors Summit Private Wealth Management Summit Real Estate Investors Summit. All the summits will be held at the Las Colinas Resort,… Continue Reading

S. Korea’s MBK Partners creating fund to target China home market

By Andrei Skvarsky. South Korean private equity firm MBK Partners, which has $25.6bn in assets under management, is putting together a 10-trillion-won ($7.6bn) buyout fund to target the Chinese domestic market. MBK co-founder and partner Michael Kim has been in talks with South Korean pension institutions in seeking inputs from them into what would be… Continue Reading

EVENTS: Boston to host venture capital, private equity, real estate investment forums on June 5-7

The marcusevans business intelligence company will host the following U.S.-focused invitation-only conferences in Boston, Massachusetts, on June 5-7, 2023: Venture Capital Investors Summit. The agenda covers subjects such as the future of the venture capital market, opportunities in a “new normal”, alternative investments, ESG compliance and ways of finding the best sources of market information,… Continue Reading

EVENTS: Connected Africa – Africa’s Premier Telecom Summit, Johannesburg, July 25, 2023

This conference, part of the Connected Africa series organised by the International Center for Strategic Alliances (Intercsa), will bring together Vodafone and key African telecom companies. Themed “transforming to telcos of the future”, Connected Africa – Africa’s Premier Telecom Summit will discuss technologies such as 4G LTE, VoLTE and EDGE. It will also take up… Continue Reading

UAE GDP growth pace doubles in 2022 – central bank

By Andrei Skvarsky. The United Arab Emirates’ central bank estimates that gross domestic product grew by nearly 7.6 per cent in 2022 or at double the 2021 pace, CBUAE said on May 10. Inflation in the UAE closed at 4.8 per cent by the end of 2022 compared with the global average of 8.8 per… Continue Reading

EVENT REMINDER: Connected Banking Southern Africa, Johannesburg, May 24

More than 270 companies – banks, insurers, fintechs, non-banking financial organisations, investment funds, asset managers and others – are expected to take part in Connected Banking Southern Africa, a summit in Johannesburg on May 24 that will focus on digital inclusion and sustainable transformation. The agenda includes decentralised finance, the zero trust cybersecurity model and… Continue Reading

Shamsa Al-Falasi takes the helm at Citibank’s UAE division

Citi has appointed Shamsa Al-Falasi chief executive of Citibank’s onshore branch in the United Arab Emirates and chief administrative officer for all on- and offshore Citi entities in the UAE, Emirati newspapers The National, Gulf News and Khaleej Times and other sources cited Citi as saying. After joining Citi in 2004, Al-Falasi had postings in… Continue Reading

UAE’s GDP doubles since 2006 – PM

The United Arab Emirates’ gross domestic product has doubled over the past 17 years, Prime Minister Sheikh Mohammed bin Rashid al-Maktoum said. GDP has reached 1.8tn dirhams ($490.1bn) since he became the UAE’s prime minister in February 2006, Sheikh Mohammed, who is also the president of the UAE and ruler of Dubai, was cited by… Continue Reading

UAE payment services firm MBME listed on Abu Dhabi exchange

Emirati payment services provider MBME Group began to trade on April 17 on the Abu Dhabi Securities Exchange (ADX), becoming the United Arab Emirates’ first family-owned fintech to list on the bourse, Dubai-based English language daily Khaleej Times said. MBME shares, which were listed on the Growth Market, the ADX platform tailored to privately owned… Continue Reading

EVENTS: Connected Banking Summit Southern Africa, Johannesburg, May 24

The conference will focus on Digital Inclusion and Sustainable Transformation in the south of Africa and take up other matters such as decentralised finance, the zero trust security model, and ESG-compliant business. The forum will bring together banks, non-banking financial organisations, fintechs, investment funds, and asset management companies. It will be the eighth conference in… Continue Reading

Connected Banking Summit East Africa discusses digitalisation, cybersecurity, risk management

Connected Banking Summit East Africa, an international conference in Nairobi, on March 7, brought together numerous banks and financial services companies and addressed issues in fields such as digitalisation, cybersecurity and risk management. The forum was the seventh conference in the Africa-focused Connected Banking Summit series organised by International Center for Strategic Alliances (ICSA), which… Continue Reading

UAE’s Al Ansari Financial Services planning IPO

By Andrei Skvarsky. United Arab Emirates company Al Ansari Financial Services expects to raise about $2m by selling 750m ordinary shares through an initial public offering (IPO) it plans to launch early next month with subscriptions due to start on March 16. The shares, to represent 10 per cent of Al Ansari, will be floated… Continue Reading