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FINTECH-
#1- Dubai moves to digitalize gov’t transactions by end-2026: Dubai’s General Directorate of Residency and Foreigners’ Affairs (GDFRA) and Finance Department will work to expand digital payment channels and develop digital infrastructure to reduce reliance on banknotes across government services, after the two signed an MoU, according to Dubai Media Office. The MoU covers the rollout of secure payment infrastructure, adoption of financial technologies, and awareness campaigns aimed at building public trust in digital transactions.
The agreement is meant to support the emirate’s Cashless Dubai strategy, which aims to have 90% of all transactions — in both the public and private sectors — conducted digitally by the end of 2026, officials said. The city targets full digital enablement across government entities, seeking to be among the top five global hubs for digital payments. Shifting payments to digital channels could add at least AED 8 bn to the economy each year, according to government estimates.
#2- DMCC, Vermiculus to work on developing fintech systems: Dubai Multi Commodities Center (DMCC) and Swedish fintech outfit Vermiculus could work together to develop fintech solutions for exchanges, clearing houses, and central securities depositories, after signing an MoU, according to Dubai Media Office. The agreement also covers joint projects and knowledge-transfer initiatives for DMCC’s network, including subsidiaries such as Dubai Gold and Commodities Exchange and Dubai Commodities Clearing Corp.
About Vermiculus: Based in Stockholm, the fintech firm provides AI-integrated, cloud-based systems for financial institutions. Vermiculus’ solutions have been deployed at OCC in the US, nuam exchange in Latin America, and the Bermuda Stock Exchange.
CAPITAL MARKETS-
Reem Finance partners with ADX to widen IPO + trading access: Reem Finance has signed two agreements with the ADX to boost investor participation and improve access to UAE’s equity markets, according to a press release(pdf).
How it will work: The first agreement enables investors to instantly generate a National Investor Number through Reem Finance’s new digital app, a mandatory step to trade on ADX. The second allows Reem Finance to act as a receiving entity for IPO subscriptions, meaning investors will be able to subscribe directly through the app, with the option of leveraging financing to increase participation. Both parties have indicated that more joint initiatives will follow, according to the release.
DIGITIZATION-
Schneider Electric + Para partner on smart building solutions: Energy management and digital automation giant Schneider Electric and Para — a subsidiary of UAE-based Sidara Group — will integrate their smart building platforms to help fast-track smart building delivery in the UAE, Saudi Arabia, and the UK, according to a press release. The two companies are integrating their platforms, namely Para’s Para OS, which features Building Information Modeling features, and Schneider’s EcoStruxure Power and Building platform.
