Financial Services MENA Edition

financial services

Emirates NBD launches FlexiCash overdraft facility

Eligible customers will be able to avail up to two months’ salary as an overdraft linked to their current account and access the funds round the clock

commodities

China doles out $100mln punishment to Russian-controlled fund

A Chinese court meted out a nearly CNY700 million ($102.4 million) punishment to a Russian-controlled high-frequency trading firm for futures market manipulation.

financial services

$789.5bln turnover of UAE Funds Transfer System in 5 months

The month of January saw transactions worth AED620 billion

financial services

Private bank Rothschild fined in Malaysia's 1MDB case- source

Luxembourg watchdogs have fined the local arm of Swiss private bank Edmond de Rothschild for failing to take proper safeguards against money-laundering.

financial services

UAE's RAKBANK introduces Samsung Pay Solutions for ATMs

Samsung Pay solution for ATMs is an end-to-end contactless process

funds

Qatar sovereign fund moves stakes to government, may sell assets: sources

Over $30 billion of equity holdings moved to finance ministry

financial services

Citi appoints Alison Harding-Jones head of EMEA M&A

Harding-Jones, who would be based in London, was previously the head of Asia pacific M&A at UBS Group AG

financial services

UAE clearing system processes $175bln worth cheques in first five months of 2017

As per the statistics, the total value of dishonoured cheques during the first five months of 2017 fell by 7.3 percent.

europe

Denmark to raise penalty for money laundering

Under a proposed law, the minimum penalty will be raised to eight years from the current six years.

funds

Marketing foreign funds in UAE top 633

Number of foreign marketing funds operating in country over past five years jumped from 218 in 2012 to 599 end of 2015.