Swiss fintech firms venture deeper into Middle East
Swiss fintech company Instimatch has launched into the Middle East, having won a licence to operate in Qatar, and signed up its first Kuwaiti bank. The mineral and cash-rich region is proving a magnet for financial innovation from Switzerland.
This content was published on
2 minutes
When not covering fintech, cryptocurrencies, blockchain, banks and trade, swissinfo.ch's business correspondent can be found playing cricket on various grounds in Switzerland - including the frozen lake of St Moritz.
InstimatchExternal link’s digital platform directly connects deep-pocketed corporate, financial and municipal lenders with global investments. The unsecured money-lending market shifts $200 billion (CHF194 billion) per day in Europe alone.
The company, which is poised to incorporate Islamic finance-compliant solutions and blockchain into its platform, says Qatar will be a springboard for further expansion in the Middle East and later to Africa and Asia. Qatar’s Masraf Al Rayan and Ahli banks are among the 80-plus entities signed up by Instimatch, along with Kuwait’s Gulf Bank.
Since 2017, Qatar has faced a diplomatic and economic blockade from a number of countries in the region, including Saudi Arabia, the United Arab Emirates and Egypt. This has left the country seeking new conduits for trade and investment with the outside world.
Along with other countries in the region, Qatar recently launched a national fintech strategy to beef up its financial centre with digital innovations. This has attracted attention from fintech companies around the world, including Switzerland.
Competition
Digital banking service providers Crealogix, Avaloq and Temenos are already competing for customers in the region to integrate their software.
Last month, blockchain investment firm Crypto Valley Venture Capital (CV VC) and its business incubator CV Labs signed a deal with Dubai Multi Commodities CentreExternal link to launch a “crypto valley” in the emirate. The project aims to boost the region’s blockchain ecosystem with the help of other Swiss players such as Lykke, inacta and Tezos.
Blockchain company Lykke last year announced it was teaming up with Emaar Properties, one of the largest real estate developers in the Middle East that was behind the Burj Khalifa skyscraper, to puts its loyalty and referral rewards system onto a distributed ledger technology platform.
Popular Stories
More
Culture
Documentary portrays Swiss teenagers forced to return to parents’ homeland
This content was published on
The Lufthansa Group, which includes Swiss International Airlines (SWISS) has once again extended its flight ban to Israel.
Swiss hoteliers are cautiously optimistic for the winter season
This content was published on
Most Swiss hoteliers are cautiously optimistic about the coming winter season but increases costs are likely to weigh on margins.
Swiss foreign ministry memo on UNRWA funding raises alarm
This content was published on
According to a Swiss foreign ministry internal memo, cutting off UNRWA supplies to Gaza could be a violation of the Genocide Convention.
Swiss justice minister reiterates call for safeguard clause with EU
This content was published on
Swiss justice minister Beat Jans reiterated the Swiss demand for a safeguard clause in the free movement of persons with the EU.
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
Swiss fintech scene on the verge of a ‘big decade’
This content was published on
The number of financial technology start-ups is rapidly growing in Switzerland, as is the amount of funding they receive from venture capitalists.
This content was published on
Once financial technology (fintech) innovation properly takes off in the over-crowded banking sector, the competition may well cause some traditional players to disappear, says the Swiss National BankExternal link (SNB) in its “Survey on Digitalisation and Fintech at Swiss BanksExternal link”. Fintech is a growing theme in Switzerland, but its current importance pales in comparison…
This content was published on
Swiss insurance heavyweight Swiss Re has laid down the gauntlet for fintech start-ups to shake up the financial industry in Switzerland.
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.