PAYMENTS-

Dubai-based embedded finance platform NymCard has secured a license to offer Open Finance services under the UAE’s Open Finance regulations, making it one of the first platforms to do so, according to a press release.

The details: The license allows NymCard to embed regulated payment functionality within a broader financial infrastructure via a single modular platform. NymCard will serve fintechs, SMEs, banks, and marketplaces that want to utilize regulated financial capabilities in their operations.

ICYMI- The Central Bank’s new Open Finance regulations, introduced last year, allow licensed third-party providers (TPPs) to access financial data and services — with strict customer consent requirements and oversight from the Central Bank. Alternative payment method provider Pay10 secured authorization last month.

INVESTMENT-

Adio, Japan deepen ties with Mizuho, Itochu partnerships: The Abu Dhabi Investment Office (Adio) has signed two separate agreements with Japan’s Mizuho Financial Group and Itochu Corporation to accelerate Japanese investment in Abu Dhabi, according to Abu Dhabi Media Office statements here and here.

Mizuho will promote Abu Dhabi to its Japanese business and startup clients through tailored insights, investor seminars, and business missions, while facilitating cross-border capital flows in loans, fixed income, and equity investments. Adio will support Japanese firms looking to set up in the emirate.

Meanwhile, Itochu will work with Adio to establish and scale its portfolio companies in Abu Dhabi in sectors including advanced manufacturing, agri-tech, clean energy, and logistics, as well as explore co-investment and joint venture windows with local partners. The Itochu agreement also includes knowledge exchange and talent development initiatives to strengthen Emirati capabilities and improve domestic value chains.

FINANCE-

There’s a new advisory firm in the capital: Former Standard Chartered Managing Director of Global Real Estate Advisory and Financing Kapil Jobanputra (LinkedIn) has launched Elaeo Partners, a boutique advisory firm in Abu Dhabi, Bloomberg reports, citing a statement. The firm aims to tap into rising institutional capital flows between Asia, Europe, and the Gulf, and has already secured mandates from both regional and international clients — though specific details have not been disclosed.

What we know: The firm will focus on real estate assets, including commercial property, hospitality, and data centers, Jobanputra said. It is backed by SC Capital Partners’ Suchad Chiaranussati (LinkedIn) in Singapore and Revcap’s Andrew Pettit (LinkedIn) in London, who joined as strategic investors to boost global reach. Former Standard Chartered banker Jamie Odgers (LinkedIn) has also come on board, with plans to expand the team and open affiliate offices in London and Singapore.

CRYPTO-

#1- Bybit + Ghaf Labs partner on MENA Web3 adoption: Dubai-based crypto exchange firm Bybit and Web3 advisory firm Ghaf Labs signed an MoU for a multi-year partnership to ramp up Web3 adoption in the MENA region, according to a press release (pdf). The partnership includes no-equity grants, incubation for startups in AI, blockchain, and sustainability, and local developer bootcamps. The pair will also co-host events like the Crypto Polo Cup and Crypto Fight Night, as well as expand the use of the Bybit Card, which links digital assets with hospitality perks like hotel stays.

#2- Asian digital asset firm HashKey Group has received a Virtual Asset Service Provider (Vasp) license from Dubai’s Virtual Assets Regulatory Authority, paving the way for the launch of its regional arm, HashKey Global MENA, it said in a statement. The exchange is scheduled to go live on Monday, 19 May.

The offer: The platform will provide regulated fiat-to-crypto exchange and broker-dealer services for institutional and high-net-worth clients, supported by Standard Chartered for USD and AED transactions. It will also offer OTC trading for BTC, ETH, USDT, and USDC.

#3- Mbank, Changer.ae launch AED crypto escrow account: Abu Dhabi’s Al MaryahCommunity Bank (Mbank) has rolled out an AED escrow service offering regulated conversion between AED and crypto assets, according to a press release. The Central Bank of the UAE (CBUAE) greenlit the service, with crypto transactions set to be executed by ADGM-regulated virtual asset service provider changer.ae.

How it works: The fully online platform allows individuals and businesses to exchange digital assets for AED or vice versa. Escrowed funds are safeguarded by Mbank, which also received CBUAE’s approval to provide payment token services for merchants using its AEC Wallet.

REAL ESTATE-

Meraas launches 45-storey luxury tower Atelis at d3: Dubai Holding Real Estate subsidiary Meraas launched Atelis at d3, according to a press release. The 45-storey luxury residential tower in the Dubai Design District (d3) features 280 residences, including duplex sky villas and penthouses. SOM, the firm behind Burj Khalifa, designed the development which carries an AED 825 mn investment ticket and is slated to be completed in 1H 2028.

What’s next? The project is part of a broader expansion into d3 that includes six Grade-A office buildings and 500k sq ft of new leasable space.

CYBERSECURITY-

The UAE Cybersecurity Council and e& UAE have signed an MoU to establish the Al Ain Innovation Center, according to a press release. The facility will be a platform for startup support, national capacity building, and applied research, and will host AI engineers and experts as well as cybersecurity professionals. It will target both public and private entities, providing support programs and developing solutions that can be deployed on a commercial level.

RETAIL-

Majid Al Futtaim joins Make it in the Emirates: UAE conglomerate Majid Al Futtaim inked an MoU with the Industry and Advanced Technology Ministry to boost visibility for locally made products under the Make it in the Emirates initiative, according to a press release. Carrefour stores operated by Al Futtaim will now dedicate shelf space to Emirati-made products in more than 126 outlets across the UAE. The move includes in-store and digital promotions, with price predictions on selected items during this month.

REMEMBER- Seven Dubai government entities agreed earlier this week to integrate in-country value (ICV) program criteria into their procurement strategies to boost spending on locally manufactured products.

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