Dubai International Financial Centre (DIFC) strengthens its position as the world’s foremost fintech hub, as evidenced by the extraordinary success of the Dubai Fintech Summit, a prominent forum for the global fintech community. The DIFC, the biggest economic environment in the MEASA region, is drawing in significant investments and experiencing accelerated growth, as indicated by a historic achievement of over one thousand new company enrollments, bringing the overall number of active registered companies to 4,376.
The United Arab Emirates has emerged as a center for fintech innovation, drawing talent from all over the globe. Therefore, we have compiled a list of the top 10 fintech companies in UAE to monitor. Unsurprisingly, the UAE has demonstrated an intense interest in Fintech, given the area’s high smartphone usage and hunger for technological advances. With a growing number of digital banks and Fintech startups disrupting the market, we have compiled a list of the top 10 companies to monitor over the next year. We have not classified them in any particular order of success, as they are all exceptional businesses that offer innovative and disruptive services in their respective markets.
Top Three UAE-based Fintech Startups to Watch in 2023
Tabby
Tabby is a shopping and payments app in the Middle East and North Africa (MENA). It is a fintech company based in the UAE that allows consumers to pay for their offline and online purchases in one transaction at a later date or in multiple instalments. Customers can divide their expenditures into four interest-free, no-fee instalments. The procedure takes only a few minutes and requires no prepaid fees or top-ups. Online registration lets Customers easily incorporate their Tabby Card into any preferred digital wallet.
Optasia
Optasia is an AI platform previously referred to as Channel VAS. It facilitates access to credit for billions of consumers. As a flexible, data-driven business-to-business-to-customers (B2B2X) financial technology solution, the platform was created for mobile network operators, financial institutions and mobile wallet operators.
The credit assessment system developed by Optasia facilitates informed credit decisions and the expansion of financial services. On the basis of sophisticated data analysis, the platform’s AI-driven, fully-automated decision algorithm enables the efficient processing of millions of financing applications. Optasia enables financial choices for approximately 88 million consumers per month and will have more than 560 million potential users in 2021 as it continues to expand into new global markets.
Huspy
Khalid and Jad were startled by the difficulty and expense of obtaining loans in a majority of nations in the year 2019. They decided to act swiftly and set out on a mission to create an offering that would facilitate the entire home-buying process, from locating a property to securing financing. Using technology and the knowledge of internal experts, they are developing a simple experience. The goal is to make purchasing a property a joyous occasion instead of a stressful one. Within its first year of operation, Huspy became the dominant mortgage lender in the UAE, with a yearly turnover in excess of $1 billion.
All About the Firms Leading the Fintech Frontier & Reshaping the Industry
Qlub
While establishing and growing multiple small businesses and raising a million dollars, the founders of Qlub noticed a startling trend: the dine-in encounter had seen not many technological advancements over the past two decades compared with various other sectors that had been streamlined by innovation. Qlub responded when the global epidemic necessitated a change. They created the payment system by integrating QR codes and cashless transactions. The work was difficult but rewarding. Qlub received $17 million in funds and now has an international workforce of over 200.
Cashew Payments
Cashew, a financing organization in the MENA region, focuses on payment solutions. Their objective is to address the obstacles consumers confront when gaining access to financing during sales. They develop a technological solution that provides a quicker and more equitable method of payment, thereby facilitating the funding of significant purchases. By paying attention and embracing diversity, Cashew endeavors to grow into a more open organization reflective of the larger community it serves.
YAP
YAP is a reversed spelling of the word ‘PAY’, which represents the company’s mission to revolutionize the payment industry. YAP, launched by Anas Zaidan and Marwan Hachem, aims to remove the need for several bank accounts and numerous financial apps for managing personal finances. The all-in-one money app from YAP enables users to monitor their spending, pay their bills, and make payments internationally and locally with no minimum balance requirements.
Also Read: Tech-driven Trade Finance Industry 4.0 Expands Horizons
Nymcard
NymCard is a one-of-a-kind BaaS provider based in the Middle East that provides an advanced payment processing and issuing platform that allows fintech startups, banks, and big companies in the Middle East and North Africa (MENA) to instantly create, manage, and distribute physical or virtual cards via their fully public API platform. The business aims to streamline financial services inclusion into payment innovators’ applications and consumer journeys.
Elaborating Fintech Startups Pioneering the Future of Finance
Pyypl
Innovative fintech Pyypl is motivated by an understanding that everyone in a digitalizing world deserves safer, quicker, and more intelligent banking solutions than traditional currency. Their cutting-edge technology permits users to securely and affordably access financial services from their devices. The business began its voyage towards financial stability in 2017 with a team of fintech industry veterans with decades of experience. Today, with over 150 people and over one million users, Pyypl’s fundamental philosophy is to improve people’s financial lives by creating user-friendly products.
BitOasis
The UAE is home to BitOasis, the largest cryptocurrency market in the MENA region. Since its founding in 2015, BitOasis has been a pioneer in the area’s cryptocurrency ecosystem, serving both novice and advanced merchants. Its objective is to provide the safest and most regulated framework for institutional and retail clients in the region, making it the platform of choice for purchasing, trading and selling cryptocurrencies. BitOasis aspires to be the leading cryptocurrency marketplace in the area by offering a secure, user-friendly, and compliant trading platform.
Telr
The mission of Telr is to establish seamless integration in the e-commerce ecosystem by eliminating fragmentation, with a particular emphasis on digitizing customer payment acceptance methods and facilitating cashless transactions. While Telr’s headquarters are in Singapore, the company’s technology operates from Dubai, and extra branches in Mumbai and Riyadh serve KSA and India customers, respectively. Consequently, Telr provides payment gateway services to companies established in the KSA, India and UAE.
The takeaway
As the United Arab Emirates emerges as a thriving center for fintech innovation, a list of the best ten companies to monitor to drive transformational change and spearhead industry advancements has been mentioned above. Keep following these companies as they will reshape the future of finance effectively.
Global trade leaders is a large repository of information about reputed FinTech companies and trade finance firms. To learn more about Fintech leaders, please visit Global Trade Leaders Website.
