National Bank of Fujairah partners with Finverity to expand MENA supply chain finance

Key Insights and Signals in Banking & Financial Services

Centre Setup & Expansion
Virgin Money opens flexible working spaces in UK stores
Virgin Money colleagues can now use hybrid workspaces in the bank’s Edinburgh, Norwich, Dewsbury, Leeds, Wakefield, Bradford, and York stores. Read More>>
JM Financial Home Loans launches its branch in Tamil Nadu
The launch of the Erode branch marks the milestone of opening 75 branches in India for JMFHLL. The new branch will help the company penetrate the affordable housing market. Read More>>
Punjab & Sind bank opened two new branches in Rajasthan
The Bank opened two new branches at Nanau District Hanumangarh, Rajasthan, and Shaitan Singh Nagar, Phalodi District Jodhpur to reach further in rural and remote belts of Rajasthan. Read More>>
Merger and Acquisition
BNP Paribas to buy currency risk management firm Kantox
Corporate & Institutional Banking (CIB) and Commercial, Personal & Banking Services (CPBS) divisions will promote Kantox to large corporate, SME, and mid-cap clients. Read More>>
Fawry Cooperates with Shahid to offer Digital Payments
The company has announced a partnership with “Shahid,” the first and leading VOD platform in MENA to offer digital payment options for their new VIP mobile package in Egypt. Read More>>
National Bank of Fujairah partners with Finverity
The company announced the partnership to grow supply chain finance and account receivables finance volumes in the MENA region. Read More>>
Ajman Bank signs strategic agreement with VaultsPay
The partnership aims to build and implement a highly innovative payments value proposition for businesses and individuals in the UAE and enable the Bank to expand its existing payments business. Read More>>
Executive Movement
AllianceBernstein announces Erin Bigley as Chief Responsibility Officer
As Chief Responsibility Officer, Ms. Bigley will oversee the firm’s investing strategy, research, engagement, stewardship activities, and corporate responsibility. Read More>>
State Street appoints a new Global Chief Compliance Officer
Yvette Hollingsworth Clark has been appointed to Executive VP and Global Chief Compliance Officer. Hollingsworth Clark will also be accountable for the Examining and Audit Committee. Read More>>
Aimia announced changes to the Board of Directors
Kristen M. Dickey has been appointed to the Board as a new independent director. Ms. Dickey is currently the Managing Partner and lead investor at Seaview Capital, LLC, and has worked for 20+ years at BlackRock Inc. Read More>>
Wex laying off 150 employees as it prepares for growth
The cuts were made at the 33 Wex locations worldwide. The layoffs are not because of business performance or economic conditions. Read More>>
Financial and Market Activity
Bank of Muscat profit rises to USD 384 Mn in the first nine months of 2022
The Bank posted a net profit of USD 384 Mn for the first nine months of this year compared to USD 363 Mn reported during the same period of 2021, recording a year-on-year increase of 5.8 percent. Read More>>
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Latest Industry Insights from Draup Braindesk

  • Draup analyzed KeyBank’s recent business priorities and partnerships to understand their focus areas and future bets. Our research has mapped out its future digital offerings. 
  • KeyBank’s recent initiative focuses on an eCommerce platform, an automated dispute management platform, and a digital platform to enhance its commercial product. Through this model, KeyBank will improve its digital offerings. 
  • We analyzed some of KeyBank’s critical technology centers, including focus areas, hiring analysis, and key leaders. 

Funding Alert

DeFi lending protocol MakerDAO to invest USD 500 Mn in US government bonds
Of this USD 500 Mn, 80% will be invested in short-term US treasuries, and 20% will be made in investment-grade corporate bonds. Read more>>

Startup Spotlight

Company – Doorvest
Total Funding  USD 92.5 Mn
About: Doorvest is an end-to-end rental home investing platform that helps individuals own real estate to generate passive income and build equity. Its platform helps users unlock homeownership, passive income, and equity by investing in properties online. Read more>>
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