The Abu Dhabi Exports Office (ADEX), the export-financing arm of Abu Dhabi Fund for Development (ADFD), has signed an AED 36.7 million (US$10 million) line-of-credit agreement with the National Bank of Iraq, part of the Capital Bank Group.

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.

According to a global survey of 300 C-suite banking industry executives, 54% believe their financial institutions have faced increased competition from digital alternatives over the last three years. These executives, however, indicate that they are better positioned to compete. Notably, 84% said they have the necessary technological tools to create new digital products and services to some extent or more.

Finbots. AI, an Artificial Intelligence-envisioned firm bringing innovation to banks and financial institutions, announced the successful completion of a USD 3 million Series A round.

The report also discovered that once cybercriminals gain access to a financial organization, they are no longer looking for wire transfers or capital, as was previously assumed. Cybercriminal cartels are now looking for non-public market data such as earnings estimates, public offerings, and significant transactions. In fact, two out of every three (66 percent) financial institutions were subjected to attacks aimed at market strategies.