 | |
| Company type | Private company |
|---|---|
| Industry | Financial services |
| Founded | 2012 |
| Defunct | 2016 |
| Fate | Unknown |
| Headquarters | Mogadishu, Somalia |
Key people | Liban Abdi Egal |
| Products | Loans, debit cards, money transfer and retail banking |
| Website | www |
The First Somali Bank (FSB) is was a Somali commercial bank headquartered in Mogadishu, Somalia. The bank provided bank accounts, loans and debit cards as well as money transfer services.
FSB was established in May 2012 by Liban Abdi Egal. [1] It was the first commercial bank to open in southern Somalia since 1991. [2]
An Islamic financial institution, the bank offered personal banking, commercial banking, agency banking, mobile banking and internet banking. It also provided money transfer services to clients. [3]
In mid-2012, the First Somali Bank organized its first ever Technology, Entertainment, Design (TEDx) conference. The event was launched to showcase improvements in local business, development and security to potential Somali and international investors. [2]
Albert Falck was the first CEO of the bank from January 2012 to end of June 2012. He managed the product portfolio creation and launch of the bank.
Mobile payment, also referred to as mobile money, mobile money transfer and mobile wallet, is any of various payment processing services operated under financial regulations and performed from or via a mobile device. Instead of paying with cash, cheque, or credit card, a consumer can use a payment app on a mobile device to pay for a wide range of services and digital or hard goods. Although the concept of using non-coin-based currency systems has a long history, it is only in the 21st century that the technology to support such systems has become widely available.
Fiserv, Inc. is an American multinational company headquartered in Milwaukee, Wisconsin. Fiserv provides financial technology and services to clients across the financial services sector, including banks, thrifts, credit unions, securities broker dealers, mortgage, insurance, leasing and finance companies, and retailers.
Mobile banking is a service provided by a bank or other financial institution that allows its customers to conduct financial transactions remotely using a mobile device such as a smartphone or tablet. Unlike the related internet banking it uses software, usually called an app, provided by the financial institution for the purpose. Mobile banking is usually available on a 24-hour basis. Some financial institutions have restrictions on which accounts may be accessed through mobile banking, as well as a limit on the amount that can be transacted. Mobile banking is dependent on the availability of an internet or data connection to the mobile device.
Banque du Liban is the central bank of Lebanon. It was established on August 1, 1963, and became fully operational on April 1, 1964. In 2023, Wassim Mansouri stepped up as interim governor of the Banque du Liban after Lebanon failed to name a successor to Riad Salameh, whose term finished in July 2023. Salameh, who was chairman for 30 years, has been accused of corruption, money laundering and running the largest Ponzi scheme in history; he was additionally labeled "the world’s worst central banker". He is currently under sanctions by Canada, the United Kingdom and the United States.
Contactless payment systems are credit cards and debit cards, key fobs, smart cards, or other devices, including smartphones and other mobile devices, that use radio-frequency identification (RFID) or near-field communication (NFC) for making secure payments. The embedded integrated circuit chip and antenna enable consumers to wave their card, fob, or handheld device over a reader at the point-of-sale terminal. Contactless payments are made in close physical proximity, unlike other types of mobile payments which use broad-area cellular or Wi-Fi networks and do not involve close physical proximity.
The Central Bank of Somalia (CBS) is the monetary authority of Somalia. Somalia has struggled to reestablish a functioning state since the collapse of an authoritarian regime in 1991. Somalia has been cited as a real-world example of an anarchist stateless society and a country with no formal legal system. The Transitional Federal Government, formed in 2004, was recognized as the central government of Somalia. Among other duties, it is in charge of ensuring financial stability, maintaining the internal and external value of the local currency, and promoting credit and exchange conditions that facilitate the balanced growth of the national economy. Within the scope of its powers, it also contributes to the financial and economic policies of the State.
Bank Audi is a Lebanon-based universal bank and financial services company headquartered in Beirut, offering financial products and services in personal banking, business banking, private banking and Treasury and Capital Markets segments.
O2 Money is a range of financial services provided by O2 in the United Kingdom.
JPMorgan Chase is an American multinational banking corporation with a large presence in the United Kingdom. The corporation's European subsidiaries J.P. Morgan Europe Limited, J.P. Morgan International Bank Limited and J.P. Morgan Securities plc are headquartered in London.
CB Bank is one of Myanmar's oldest and largest commercial banks. It became the first bank in Myanmar to issue ATM cards and credit cards. The bank, led by U Khin Maung Aye (Chairman) and U Kyaw Thu Ko (CEO) has over 200 branches across the country.
Peoples Trust Company, operating as Peoples Group, is a Canadian financial services company based in Vancouver, British Columbia. Peoples Group operates as a trust company and also maintains a chartered bank subsidiary, Peoples Bank of Canada. It is a subsidiary of the Alberta-based holding company Triple Five Group and maintains offices in Vancouver, Montreal, Calgary, and Toronto.
Monitise was a British fintech company that provided mobile banking services and technology for mobile phones to financial institutions.
Host card emulation (HCE) is the software architecture that provides exact virtual representation of various electronic identity cards using only software. Prior to the HCE architecture, near field communication (NFC) transactions were mainly carried out using hardware-based secure elements.
Liban Abdi Egal is a Somali entrepreneur. He is the founder and chairman of First Somali Bank (FSB), established in 2012.
Salaam Somali Bank, often abbreviated to SSB, is a Somali commercial bank. It is headquartered in Mogadishu, Somalia. SSB is one of the largest privately owned banks in the country.
"Fintech", a clipped compound of "financial technology", refers to the application of innovative technologies to products and services in the financial industry. This broad term encompasses a wide array of technological advancements in financial services, including mobile banking, online lending platforms, digital payment systems, robo-advisors, and blockchain-based applications such as cryptocurrencies. Fintech companies include both startups and established technology and financial firms that aim to improve, complement, or replace traditional financial services.
SIA S.p.A. is an Italian company operating in the area of ICT, providing services to the banking and finance sector in addition to platforms for financial markets and e-payment services.
The ATM Industry Association (ATMIA), originally the ATM Owners Association, was established in 1997 in the United States as a global nonprofit trade association to service an industry that built around the global growth of the ATM.
Mi-Pay is a contactless NFC-based mobile payment system that supports credit, debit and public transportation cards in China. The service was launched by Xiaomi in partnership with UnionPay.
Google Wallet is a digital wallet platform developed by Google. It is available for the Android, Wear OS, and Fitbit OS operating systems, and was announced on May 11, 2022, at the 2022 Google I/O keynote. It began rolling out on Android smartphones on July 18, 2022.
