Swiss fintech firms venture deeper into Middle East
Qatar and other Middle East nations have announced fintech strategies.
Keystone / Yoan Valat
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
Wealth is not all: how gentrification in Zurich has led to housing shortage
Swisscom receives greenlight for acquisition of Vodafone Italia
This content was published on
The takeover of Vodafone Italia by Swisscom is nearing completion. All relevant authorities have now approved the €8 billion (CHF7.45 billion) deal.
Novo Nordisk stock market plunge drags down Swiss device maker Ypsomed
This content was published on
The Danish pharmaceutical giant, Novo Nordisk, faced setbacks on Friday that weighed on the share price of Swiss injection device manufacturer Ypsomed.
Swiss press react to EU deal with mix of euphoria and scepticism
This content was published on
Swiss media reaction to the agreement between Switzerland and the EU varies widely. Some are celebrating, while others worry about what is to come.
Swiss Solidarity donations to tackle child abuse top CHF4 million
This content was published on
Swiss Solidarity, the humanitarian arm of the Swiss Broadcasting Corporation (SBC), has raised over CHF4 million ($4.3 million) to tackle child abuse.
EU Commission president says Swiss-EU deal is ‘historic’ agreement
This content was published on
At a joint media conference with Swiss President Viola Amherd in Bern, European Commission President Ursula von der Leyen spoke of a "day of joy".
Switzerland and EU reach deal on future bilateral relations
This content was published on
Switzerland and the European Union have announced a political agreement to update their trading relationship after almost a decade of difficult talks.
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.