Absa opens in DIFC + DFSA fines Moody’s for data privacy failings

Absa opens in DIFC

South Africa’s third-largest bank Absa Group has followed through on its plan to open up an office in Dubai International Financial Center (DIFC), according to a press release. The expansion is aimed at tapping into the growing Gulf-Africa trade and investment ties, which already attracted its peer Investec to the emirate. Original plans had targeted a 1Q opening date, though the firm gave no reason for the delay.

What attracted Absa: Absa flagged prospects in the fast-moving consumer goods, logistics, infrastructure, and energy sectors, as well as in cooperation with institutional investors and corporates in the region. The group said it secured a category 4 license and will be able to arrange investment transactions and advisory services for financial products and credit.

Moody’s in the doghouse for privacy failings

Moody’s fined over data leaks: The Dubai Financial Services Authority (DFSA) slapped a USD 585.8k fine on Moody’s Investors Service Middle East for breaching several data confidentiality rules, the regulator said in a statement. Moody’s failed to ensure employees didn’t disclose confidential information and failed to implement adequate safeguards for data confidentiality between December 2023 and May 2026. Moody’s agreed to an early settlement on the issue, meaning it avoided a larger fine of USD 836.9k.