Rising significance of top 5 Fintech innovation in this new era in Middle- East region - MENA startups, innovation, and tech news

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Rising significance of top 5 Fintech innovation in this new era in Middle- East region
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Rising significance of top 5 Fintech innovation in this new era in Middle- East region

“Ignoring technological change in a financial system based upon technology is like a mouse
starving to death because someone moved their cheese”- Chris Skinner

Fintech has been a lingo in the world of finance and the economy. It has the potential to expand financial inclusion, improve the daily lives of people, and encourage growth. COVID-19 has become an unexpected activator for adopting tech globally. As people will encourage the digital lifestyle, then only will they expect the same comfort and seamless experience from other areas of life. Thus, the Fintech industry needs to evolve and adapt to this new scenario.

Understanding Fintech: the Financial Technology

According to www.fintechweekly.com, the term Fintech (Financial Technology) refers to software and other modern technologies used by businesses that provide automated and improved financial services. As it’s a well-known fact that the fast and innovative signs of progress such as Mobile Payments changed the way we manage our finances. Tech-savvy customers, especially millennials expect money transfer, lending, loan management, and investing to be effortless and fully secured without the assistance of a person or a bank.

According to en.wikipedia.org, Fintech is the new applications, processes, products, or business models in the financial services industry, composed of one or more complementary financial services and provided as an end-to-end process via the Internet. Fintech can also be considered innovative ideas that improve financial services by proposing technological solutions according to different business situations. Since we have understood the term well so, without wasting our valuable time let’s jump straight into the article to know in-depth about the top 5 fintech companies in the MENA region.

1.PayTabs

As per site.paytabs.com, In 2015, Saudi Arabian entrepreneur, Abdulaziz Al Jouf sketched the concept of an affordable and simple payment procedure on a Starbucks napkin for Saudi Aramco investors. The only objective was to help merchants in the MENA region with a secure online payment solution. Today, PayTabs is an award-winning, B2B, Payments Solution Company. Being the first homegrown company to provide seamless B2B e-commerce solutions to SME’s PayTabs become an early starter in the “fintech” world.

Backed by private Saudi investment, PayTabs in-built and exported a full stack of mobile applications, hospitality, governmental, education, airline, travel, transport, and biller solutions, to interlink the multi-billion-dollar enterprise market chain in the MENA region. Their vision is to be global in outlook by making the payment process simple, straightforward, and seamless. Moreover, their mission is to power the future of payments.

2.Bayzat

Bayzat, the UAE-based company provides a free platform for human resources, payroll, and employee benefits. The company was founded in 2013 by entrepreneurs Talal Bayaa, Brian Habibi and Tarek Bayaa. Bayzat’s mission is to make world-class employee experiences available to every small-and-medium-sized enterprise. Bayzat is a free online platform designed to assist companies with managing HR administration, payroll, and health insurance. According to www.bayzat.com. business needs good people and to allure and retain them we required a great employee experience. And this experience relies on the best technology which Bayzat can provide with.

3.Aqeed

As per gomedici.com, Aqeed is a digital insurance platform that enables its users to compare, buy, and manage insurance products in the UAE. The company was founded by the shareholders behind international reinsurance corporation Barents Re, and Equitrust, a group company of MENA's media and advertising enterprise Choueiri Group. Currently, the platform is offering car insurance products.

The company designs technological solutions for consumers to understand insurance, manage insurance and buy insurance, in an easy and transparent manner. The vision of the company is to digitize the insurance journey for customers in a lucid and efficient manner. The company is working towards revolutionizing how customers perceive insurance, help them understand what they are buying, help them close the gap between what they have and what they need.

4.Beehive

As per www.beehive.ae, Dubai-based company Beehive is the first P2P lending platform in MENA to be regulated by the DFSA. The company was founded in 2014 by Craig Moore. It basically provides business loans to UAE-based small-and-medium-sized enterprises. As a leading Fintech start-up, the company uses innovative technology to connect with businesses explicitly to fund growth. Beehive eliminates the cost and complexity of traditional finance and provides an efficient funding process. The company has established a committed and dynamic team of individuals who possess a profound level of experience in financial markets and technical innovation, both in the UAE and internationally.

5.Souqalmal.com

Souqalmal.com is the first comparison website in the Middle East that lets customers compare financial and insurance products. Souqalmal.com was launched in the year of 2012 and Ambareen Musa founded it. Their vision is to create a highly transparent marketplace, empowering MENA consumers to make the right choice by bringing them all the latest details. The company lets customers compare more than 3,200 retail banking, telecoms, insurance, and education products offered by various providers in the UAE and Saudi Arabia (KSA).

The company allows customers with more than 360 credit cards, 450 bank accounts, 147 personal loans, 100 car loans, 105 mortgages, 1143 mobile phone plans, 150 broadband plans, 280 schools, and 234 nurseries. Moreover, I would like to conclude the article by saying that it doesn’t matter whether it's our personal finances or investments, Fintech helps to simplify how we manage our money. Fintech companies are now leading the industry by focusing on the major purpose of making money management easier more effectively.

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