Jordan’s International Cards Company (ICC) has inked a deal to issue UnionPay cards next year. This is the first UnionPay card in Jordan.
Qatar’s Doha Bank and China UnionPay inked a deal for the issuance of the first UnionPay card. Doha Bank, holding one-fourth market share, is one of the top merchant acquirers in Qatar.
compareit4me Group, which operates finance comparison websites across the Middle East, has raised $3 million in VC funding.
CardWeb.com’s CardPixes database of more than 7,000 images today features the Emirates NBD Titanium MasterCard.
The number of payment cards-in-force (CIF) in Eqypt hit 17.0 million in 2014, compared to 10.0 million five years ago, growing at a compound annual growth rate (CAGR) of 11.2%. The Egyptian economy is the second-largest in the Middle East after Saudi Arabia.
Boubyan Bank has launched its “Mini Bank” concept for the first time in Kuwait. The Mini Bank is powered by NCR Interactive Teller, which enables Boubyan’s centrally located video tellers to remotely deliver 95% of the teller services typically available at a traditional branch, across expanded hours and location.
Lebanese payments cards are growing at a compound annual growth rate (CAGR) of 3.41% since 2009 and now total more than 1.8 million. In terms of transaction value, payment cards valued LBP15.5 trillion (US$10.3 billion) in 2013, running at a CAGR of 12.07%.
Spire Payments has acquired the EFT (Electronic Funds Transfer) division of STS. The EFT division of STS was more recently a Master Distributor for Hypercom.
Credit card usage in Kuwait grew at a compound annual growth rate (CAGR) of 12.02% between 2009-2013, driven by the increased installation of point of sale (POS) terminals in merchant outlets and Improved banking infrastructure.
Visa cardholders in the MENA region pick up a new perk: free access to a Bollywood service.
Visa announced a partnership with Borderfree international cross-border ecommerce solutions. Borderfree operates a technology and services platform that allows US retailers to transact with customers in more than 100 countries and territories and more than 60 currencies worldwide. Borderfree’s customer portfolio includes some of the world’s most iconic brands, including Bloomingdale’s, Sears, Macy’s, Gilt, Elie Tahari and Neiman Marcus, among others. Visa’s partnership with Borderfree will commence with an exciting Neiman Marcus promotion which will be rolled out in select markets in the Middle East, including the UAE, Saudi Arabia, Kuwait, Qatar and Bahrain. Visa has partnered with almost 40 banks in the region to exclusively offer cardholders of participating banks duty-free and free international express shipping of goods purchased in excess of US $100 through August 20, 2014.
Jordan Kuwait Bank (JKB) launched the ICS Banks from ICS Financial Systems Limited (ICSFS), the global software and services provider for banks and financial institutions. JKB replaced many legacy systems, one of which was an in-house system, and twenty five banking satellite systems. The main requirement for the bank was the application of a fully-fledged bank -in- a- box solution that provides a full range of modules and incorporates a flexible group model. JKB has implemented ICS BANKS to offer modern products through the use of the newly applied suite of applications that cover Core Banking, Remittances, Credit Facilities & Risk Groups, Lending, Trade Finance, Treasury & Investment systems and Wealth Management. The bank also deployed other supporting systems such as, ICS BANKS Retail and Corporate IBS (Internet Banking System), Fixed Assets, Provisioning, in addition to BI (Business Intelligence) and Data Warehousing.