Experts will demonstrate flexible and easy to deploy payment solutions across a range of industries.

MyFatoorah, a leading payments platform offering payment solutions across the Middle East, today announced its participation in Seamless Payables Middle East, from 14^th-16^th May 2024, at Dubai World Trade Centre. The company will demonstrate its advanced payment solutions including various unique local offerings tailored to both large enterprises and SMEs.

Since securing licenses from the Central Banks of six regional countries including the UAE Central Bank, MyFatoorah has matured into a key player in both the local and international payment markets. With over USD$4 billion in payment processing volume, MyFatoorah has grown to provide tailored payment solutions to over 74,000 merchants across a diverse array of sectors, including government, education, marketplaces, group retail, and insurance. The company’s flagship mobile app has also seen over 250,000 downloads from mobile app stores.

“We are immensely proud of the growth we have experienced at MyFatoorah, and we are excited to showcase this growth at Seamless Payables Middle East,” said Mohamed Aideed, UAE General Manager of MyFatoorah. “Our ability to cater to both SMEs and large enterprises makes us extremely valuable and flexible to the needs of our customers while also staying true to our origins. MyFatoorah offers an incredible portfolio of solutions that are easy to deploy and understand, and we want to make sure that customers can come to us no matter how challenging their needs may be.”

At Seamless Payables Middle East, MyFatoorah will be showcasing a range of innovative products and solutions aimed at revolutionizing payment experiences, such as in-store products offering omnichannel payment capabilities, advanced payout solutions tailored for marketplaces, and international payment acceptance featuring multi-currency pricing through various payment methods.

MyFatoorah will be exhibiting in Hall H4, booth C30.

Ajman Bank has reported an all time high quarterly profit in Q1 2024 of AED 107.4 million. This is on the back of a 7.0% increase in total operating income to AED 400.3 million as compared to AED 374.0 million in corresponding period of 2023, and net operating income of AED 194.8 million. Return on shareholder Equity (annualized) and Return on Asset (annualized) have doubled in Q1 2024 as compared to corresponding period of 2023 – respectively to 15.5% (up by 7.9%) and 1.9% (up by 1.0%).

His Highness Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman, Chairman of Ajman Bank, “Our strong financial performance in the first quarter of 2024 is a testament to the success of our transformation agenda committing to our shareholders, investors and clients enhancing our operational excellence. We have made significant progress, which underscores our strong market position. I extend my deepest gratitude to our team, whose dedication and hard work have been integral to our success.”

Mr. Mustafa Al Khalfawi, CEO of Ajman Bank, stated, “We have made significant progress, which underscores our strong market position and the substantial gains in shareholder equity and asset returns. Our first-quarter results are a clear reflection of our transformative journey, which has strategically propelled our expansion and diversified our business profile. We’ve focused on enhancing the continued value to our shareholders and supporting the economic landscape of the UAE. In addition to stringent cost containment and operational efficiencies within a resilient framework, emphasizing digital innovation and customer service excellence. Our rigorous approach to risk management and our commitment to addressing regulatory challenges have been crucial. Moreover, we are enhancing our leadership team with strategic talent to ensure that Ajman Bank is well-equipped to navigate future challenges and opportunities in the market.

The strong results are supported by a healthy balance sheet with Total Assets of AED 23.1 billion and AED 2.8 billion of Equity. Ajman Bank’s Capital adequacy ratio of 16.6% (up by 1.4%) and a Tier 1 Capital adequacy of 15.5% (up by 1.4%) remain well above regulatory requirements. Customer deposits of AED 19.3 billion, an advance to stable resources ratio of 76.3%, and an eligible liquid asset ratio of 21.0%, underline its solid liquidity and along with the capital position provide a strong foundation for continued growth.

This strong financial performance was delivered thanks to continued focus on expanding the customer base, enhancing the credit quality, risk management and focus on recoveries. The bank opened 2195 new accounts, 26% of them opened through digital channels. The bank also launched ‘Ajman Connect’ the new digital application with continued focus on digitizing and streamlining its end to end processes.

In line with it’s commitment toward sustainability, Ajman bank published its first sustainability report. The bank baselined its carbon emission across all operations and locations and which will pave the way for systematic tracking and reduction in the banks carbon footprint going forward.

The bank is confident that the solid foundation on the back of it’s strong Q1 2024 results, the ongoing transformation and the strength of the UAE economy will help it maintain a strong momentum for growth and continued profitability through 2024 and beyond.

State Street Global Advisors is one of the world’s largest asset managers with $4.13 trillion worth of assets under management

His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance of the UAE, and President of the Dubai International Financial Centre (DIFC), today met with Yie-Hsin Hung, President and CEO of State Street Global Advisors, one of the world’s largest asset managers.

Welcoming Yie-Hsin Hung, His Highness congratulated her on the opening of State Street Global Advisors’ new office in Dubai. His Highness Sheikh Maktoum bin Mohammed underscored Dubai’s commitment to fostering robust international partnerships and enhancing the infrastructure and policies that support economic and financial industry growth. He said that the UAE and Dubai are dedicated to helping global financial service providers leverage the unique opportunities presented by the economic dynamism of the region, he added.

His Highness highlighted Dubai’s strategic initiatives aimed at enhancing the total volume of its stock markets to AED3 trillion by 2033 and deepening its capital market ecosystem, making it a prime destination for investors from across the world. By fostering an environment conducive to innovation and business growth, Dubai seeks to establish itself as the preferred global hub for financial companies, as part of the Dubai Economic Agenda D33’s goal to establish the city as one of the world’s top four financial centers.

His Highness and Yie-Hsin Hung, discussed the key themes of the two-day Dubai FinTech Summit, organized by DIFC, the leading global Financial Centre in the MEASA region, which opened yesterday. The event has brought together over 8,000 decision-makers, over 300 thought leaders and more than 200 exhibitors to discuss the latest innovations and challenges and showcase cutting-edge technologies. Sheikh Maktoum bin Mohammed said that the widespread global participation in the summit reflects Dubai’s growing position as a magnet for investment, talent and innovation in the FinTech sector.

The second edition of the Dubai FinTech Summit is designed to encourage cross-border collaboration and innovation, pivotal to transforming the global FinTech sector. The event presents a unique opportunity to explore emerging FinTech trends and their potential to drive financial progress in the MEASA region.

Yie-Hsin Hung lauded Dubai’s remarkable evolution into a major financial and business hub in the region. She said the establishment of State Street Global Advisors’ office in Dubai reflects the company’s commitment to expanding its presence in the rapidly growing region and exploring further opportunities in emerging and neighboring markets.

The meeting was attended by His Excellency Mohamed bin Hadi Al Hussaini, Minister of State for Financial Affairs; His Excellency Essa Kazim, Governor of DIFC; and Arif Amiri, Chief Executive Officer of DIFC Authority.

With offices in 29 locations across the world and clients in 57 countries, State Street Global Advisors has $4.13 trillion worth of assets under management. The company launched the first US-based Exchange Traded Fund (ETF) three decades ago, which is currently the world’s largest ETF.