Financial technology (Fintech) has been growing in importance and popularity in the MENA region in recent years even though it’s been there for decades. Fintech is challenging old traditional financial models transforming the whole sector. It works on delivering financial services to more people in more efficient ways of reducing churn with Fintech initiatives. Fintech startups are being launched every now and then, mostly in countries like Egypt, UAE, and Lebanon. According to Alan Kelly, Commercial and Strategy Director at Informa Middle East, the number of startups launched in the industry is expected to more than double by the year 2020. Here are six fintech companies that will be transforming the region, hopefully in the best ways possible.
Fawry
This one definitely sounds familiar as it’s Egypt’s number one pioneering e-payment network. You’ll find Fawry’s point-of-sale machines all over the country at kiosks, small super markets and even stationery stores. This service definitely made our lives much easier by allowing us to pay bills and providing us with other similar services at the nearest most convenient spots.
ArabianChain
Arabianchain Technology is a UAE based venture that is unlocking the potential of tomorrow’s economy by enabling today’s blockchain innovation. Arabianchain is the first public, decentralized and consensus-driven blockchain in the MENA region that allows for self-executing and globally accessible smart contracts and decentralized Apps to be developed, and for digital tokens to be transacted, tracked and safeguarded over a network of thousands of connected yet distributed devices.
Souqalmal
Operating in the UAE, Saudi Arabia and Kuwait, this website is considered the leading financial comparison platform in the Middle East. From all kinds of insurance plans to personal loans and mortgages, you can compare almost everything related to your finances with this user friendly website.
Paytabs
Paytabs makes it easier for online business offering them a hassle-free method for online payments. The platform isn’t just secure thanks to its anti-fraud protection, but also accepts 168 currencies from all around the world.
Payfort
Payfort is also an online payment gateway for businesses powered by Amazon. In addition to the dashboard and anti-fraud protection, they also offer invoicing services and installments.
Beehive
This one is the region’s first regulated peer-to-peer lending platform. Beehive creates a bridge linking businesses seeking finance with investors offering them great crowdfunding opportunities.
Eureeca
Eureeca is the first global equity crowdfunding platform. It allows its wide network of investors, ranging from casual and angel investors to institutional firms, to buy shares in growth-oriented businesses. The platform is multi-regulated receiving licenses from large specialized entities around the world including UK Financial Conduct Authority.
Yalla Compare
As previously known as the UAE’s compareit4me, the company has changed its name and brand identity as it went from just comparing banking services to comparing almost everything. Yalla Compare helps you compare personal loans, health insurance plans, telecom packages, medical centers, you name it! The company operating in nine markets across the region has been definitely saving people lots of cash.
Moneyfellows
Founded in Egypt, this web and mobile-based platform digitizes money circles, what we know as game’ya. Moneyfellows allows users to expand their networks by joining public circles, not just private ones, allowing them to earn more. However, these circles are safe and secure as the website asks for a list of requirements to approve users’ entry.
ReAble
This Lebanon-based startup offers the first e-wallet for anyone with cognitive challenges. ReAble Wallet is a financial management tool that allows users with special needs to carry out their transactions in a simple manner while monitoring their purchasing habits. The app also keeps guardians involved in the process.
BitOasis
Founded in the UAE, this app is the region’s first digital asset wallet and exchange platform. It basically enables users to buy, sell and secure their bitcoins. However, it’s currently only available in UAE, Saudi Arabia, Bahrain, Kuwait and Oman.