December 13, 2018

(WAM) -- The Central Bank of the UAE, CBUAE, today hosted a workshop with the Central Bank of China and the Agricultural Bank of China on 'Improving the Renminbi Clearing in the UAE'.

The aim of the workshop is to present the results achieved by the RMB Clearing Centre to date, and to identify the actions to be taken to improve the arrangements for Renminbi clearing in the UAE.

This workshop is taking place almost a year and half after the official launch of the Renminbi Clearing Centre in Dubai on 10th May 2017. The Centre represents a major part of the efforts"...

December 13, 2018

Citi today announced that it has entered into a partnership agreement with the International Paralympic Committee (IPC) to become an international partner through 2020 and to support National Paralympic Committees (NPCs) in 18 countries as they prepare for upcoming World and regional Championships, as well as the Tokyo 2020 Paralympic Games. The 18 National Paralympic Committees (NPCs) Citi will sponsor include: Australia, Chinese Taipei, Colombia, Costa Rica, Great Britain, Hong Kong, India, Indonesia, Ireland, Malaysia, Mexico, Nigeria, Philippines, Poland, Singapore, South Africa, Thailand, and the UAE. Citi serves clients through a local presence in each of these 18 NPC communities and will engage fans through integrated marketing campaigns and promotions to generate excitement and national pride around the extraordinary accomplishments of the countries’ Para athletes. Citi will also work to help support the day-to-day needs of individual NPCs. “Citi and the IPC are ideal partners because we share a deep passion for helping to foster a more diverse and inclusive society,” said Citi CEO Michael Corbat. “These athletes have overcome adversity to achieve the......

December 13, 2018

Takeda Pharmaceutical Company Limited, (“Takeda”) (TSE:4502) and the New York Academy of Sciences announced today the Winners of the second annual Innovators in Science Award for their commitment to and excellence in regenerative medicine.

The 2019 Winner of the Senior Scientist Award is Michele De Luca, M.D., Professor of Biochemistry and Director of the Centre for Regenerative Medicine “Stefano"...

December 13, 2018

Entersekt, an innovator in mobile-first fintech solutions, today announced that it has gained EMVCo certification for its 3-D Secure 2 access control server. EMVCo is a payments industry consortium managing global specifications for secure card-based e-commerce transactions.

Entersekt has offered a 3-D Secure access control server (ACS) for many years. Its mobile-optimized solution was among the first to be accredited"...

December 12, 2018

Currency swaps through the Renminbi Clearing Centre in the UAE reached $7.01 billion (Dh25.7 billion; RMB44.57 billion) during the first 11 months of 2018, the Central Bank said in a statement on Tuesday.

The Renminbi Clearing Centre was established after the UAE and China signed a bilateral currency swap agreement in 2015. Established on May 10, 2017, the Centre has become increasingly important as the UAE and Chinese governments deepen their cooperation to further the 'Belt and Road Initiative' and work towards establishing sustainable trade and investment partnerships.

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December 11, 2018

(WAM) -- Central Bank of the UAE, CBUAE, has issued a circular to banks regarding the issuance of cheque books as part of its ongoing efforts to improve responsible lending practices by banks.

Before issuing customers with cheque books, banks are now required to carry out checks with the Al Etihad Credit Bureau, AECB, to ensure the creditworthiness of their customers.

For any new customers, banks shall issue a cheque book containing a maximum of 10 individual cheques to their customers. After a period of six months and providing no cheques are returned (unpaid), further"...

December 11, 2018

Sharjah Finance Department signed yesterday on Monday, an agreement with Sharjah Islamic Bank to cooperate in banking services to be provided to clients of both sides, in the context of Making the payment service easer to the clients and enabling them to pay service charges and Government transactions easy and safe way.

The signing ceremony at the headquarters of the central finance Department between HE Waleed Al Sayegh, General Director of the central finance Department, HE Mohammed Abdullah, CEO of Sharjah Islamic Bank, in the presence of a number of officials and senior officials from both sides.

The"...

December 6, 2018

In a landmark move, the UAE and India on Tuesday inked a currency swap agreement, which allows rupee and dirham for businesses, instead of dollar.

With nearly $50 billion bilateral trade, the two countries are one of the largest trade partners and have made robust investments bilaterally. The latest development will be a big boost to import and export trade.

The agreement to this effect was inked during the 2-day visit by Indian External Affairs Minister Sushma Swaraj. The minister co-chaired the 12th session of the UAE-India Joint Commission Meeting with Minister of Foreign Affairs and International Cooperation Sheikh Abdullah bin Zayed Al Nahyan held at the ministry's headquarters in Abu"...

December 5, 2018

Underpinned by a steadily recovering economy, strong capital base, resilient profitability and solid funding, the outlook for the UAE banking system remains stable, according to a global ratings agency.

While a recovering economy continues to stimulate credit growth, SMEs will benefit through increased loan availability with higher oil prices continuing to support solid funding and liquidity, Moody's said in its Banking System Outlook report.

'A combination of rising oil production, government infrastructure spending in Dubai, as well as Abu Dhabi's fiscal"...

December 3, 2018

Standard Chartered is cutting jobs in Dubai and key markets including Singapore as it looks to curb expenses, people familiar with the matter said.

Some senior roles are included in the cuts, the people said, asking not to be identified because the emerging-markets lender’s strategy isn’t yet public.

As many as 100 positions may be impacted in Dubai although the number hasn’t been finalised, two of the people said.

The eliminations also include leadership at the firm’s"...