Legacy hardware and software are two of the most significant impediments to FinServ architecture upgrades. Organizations are forced to use obsolete technology due to the prohibitive cost of refactoring and re-platforming their core systems. Companies no longer need to be stymied by legacy technology. The Nutanix Cloud Platform has been demonstrated to provide a staggering 477% ROI in 5 years while lowering TCO by two-thirds. This entails maximizing the company’s investment in on-premises infrastructure in the near future.

Veracode, a global provider of application security testing solutions, released data revealing that the financial services industry ranks among the best in terms of overall flaw percentage when compared to other industries, but has one of the lowest fix rates for software security flaws. The sector also ranks in the middle of the pack for high-severity flaws, with 18% of applications containing a serious vulnerability, with 18% of applications containing a serious vulnerability, implying that financial firms should prioritize identifying and remediating the flaws that matter the most.

Businesses in the UAE are doubling down on mobile apps in an effort to increase customer engagement and spending, and the overall number of mobile app installs in the country is up 23% in H1 2022, compared to the same period last year. While finance apps were the most successful, with installs increasing by an astounding 183%, other categories that experienced significant app install growth included entertainment (31%), travel (36%), social (30%), and food & drink (15%).

Tribal Credit, a Silicon Valley-based global company that provides integrated financial solutions for startups in the Middle East and emerging markets, announced that it has hired Shariyah Review Bureau (SRB), a Shari’a Advisory firm based in the Gulf Cooperation Council, to review, certify, and supervise Shari’a compliance for its new corporate cards and working capital products in Islamic markets.

FOO, a B2B Fintech solutions provider in the MENA region, has begun to expand operations into the Kingdom of Saudi Arabia to support the country’s digital transformation efforts.