Top 5 Fintech Startups in UAE
The United Arab Emirates is home to more than 7000 small and large businesses in the country. The fintech startups sector has also contributed to the overall development of UAE’s economy through its technological advances.
Fintech startups are already creating a disruptive impact in the UAE banking industry, especially in the payment sector. UAE is being a key player in providing digital payment solutions and has offered several innovative initiatives to support banking technology. Payment solutions like PayFort, UAE Exchange Money Transfer, Al Ansari Exchange, PayTabs are already ruling the market with their impressive features than other conventional banking options.
The current status of fintech startups in the UAE and their contribution to the economy is well discussed in this article.
The fintech sector of UAE has already helped over 500 local businesses run their daily transactions, support innovation & entrepreneurship ecosystems, and create a stronger leadership position for UAE globally.
Fintech Start-Ups has led to the creation of thousands of jobs in the region by providing cloud-based technology, payment solutions, remittance services, and loan processing.
Following are some of the top fintech startups that can be implemented:
- Fostering Financial Innovation (FFI) Program:
FFI program is an initiative that offers support to banking and non-banking financial institutions in the UAE. FII offers three main incentives to financial institutions. These are as follows:
Provision of Financial Technology (FinTech) licenses for qualified FIs, Review and evaluation of the internal IT systems and processes in financial institutions by FII, and support for projects related to testing new technologies and applications.
The above incentives offered by FFI can help increase the number of fintech startups and companies willing to implement new technologies. The program also encourages innovation with support from regulators and other financial institutions, which is helpful for economic growth as it enhances efficiency and reduces risks.
- Financial Technology Regulatory Sandbox:
Dubai Global Market is a marketplace that provides regulatory support for startups in the FinTech sector. This is due to innovative technology and has been seen as a major success factor for other markets across the globe. They have introduced a separate sandbox that helps test new financial products and services, which financial regulators do not yet regulate. Using this sandbox system, companies can test their products and services, eventually increasing the number of fintech startups.
UKAEA (United Kingdom-Australia Enterprise) is a technology incubator that supports innovative FinTech companies with access to its global network. They offer business support, investment opportunities, and mentoring from financial professionals from around the globe. They offer companies with support and guidance for fintech startups that have the potential of disrupting banking policies.
The Dubai Future Accelerators (DFA) initiative by Emaar Properties is to help FinTech startups implement their innovative ideas in the banking sector. DFA helps to get access to the significant investment opportunities available in other parts of the world. They provide support to both local and international FinTech startups with a combination of financial, advisory, and networking Support.
The initiatives mentioned above have been launched by key government officials or industry leaders in UAE to encourage fintech growth. This provides an opportunity for many small and large businesses to use innovative technologies to implement their ideas. These new innovative products by fintech startups will greatly benefit the banking sector and financial institutions in UAE.
- PayFort:
PayFort is a payment gateway that offers end-to-end e-payment solutions. It’s a Dubai-based Company and operates in UAE, KSA, and other gulf countries.
The company has several partners like Pindify, PayTM, etc., who collaborate with the bank for their payment gateway services.
PayFort offers the following products to the customers.
1. QuickPay: It is a simple and secured E-payment solution for both individual users and organizations. With this quickly, users will easily pay their Balance in just a few taps on their phones. There is no need for any plastic cards or internet banking applications. All they need to do is download the app, create an account, and start paying.
It supports many UAE local banks: Dubai Islamic Bank, Mashreq Bank, Emirates NBD, Abu Dhabi Commercial Bank, and the National Bank of Fujairah. It also supports payment gateways like PayPal & Skrill for online purchases of products from partners like Souq, Pindify music platform, etc.
2. Business Payment: It is a flexible E-payment solution for businesses that includes the option of many payment gateways like PayPal, Skrill (Moneybookers), Payfort gateway, and all UAE local banks. It can be used by both small business owners as well as large organizations.
3. eMoney: It is a solution for E-money & Prepaid payment gateways with the support of all UAE local banks.
4. Business Debit Card: It supports payments through Visa, MasterCard and Union pay cards run on digital currency, which has become an acceptable transaction method worldwide.
- Talabat
Talabat is a Dubai-based fintech startup firm that offers a payment gateway solution for digital products and services. It’s also operating in KSA, UAE, Muscat, Qatar, and Bahrain.
The company has partnered with some top global brands like Uber, PayTM, Souq.com, Booking.com, etc., for their mobile payment solution.
The company has some products listed on its website, which may be used per firms and businesses’ requirements. These include:
1. Digital Wallet: The digital wallet supports cashless payments for online shopping via the partner’s website. Payment can also be made to local business retailers and shops if you don’t have the smart App.
2. PayDOOH: Through this solution, users can pay for their mobile or cable bills, flight tickets & bus ticket booking, movie or events tickets, etc. The payment is then made through App using just a phone number as ID.
3. Talabat Terminal: Retailers use this to accept cashless payments using QR code or card scan and mobile App, which is normally used in small shops & retailers across UAE.
4. PayREVIEW: This is a solution for media firms and publishers to integrate their content with the Talabat payment solution. The users can then pay the publisher through his website from their registered wallet. Thus, the publisher needs to go through normal payment gateways and set up their solutions.
- OmiseGO:
OmiseGO is a Thailand-based fintech startup that has its operating center in UAE. It works with many local banks and financial institutions like Emirates Islamic bank, RAKBANK, and the National Bank of Fujairah.
OmiseGO provides the following services:
1. Omise Payment Gateway: It allows firms to receive payment from digital wallets, credit/debit cards, ACH, or wire transfers. The solution also includes fraud detection & risk management solutions that help to reduce losses due to fraud.
2. OmiseGO Terminal: It is a point of sale terminal used for accepting payments from digital wallets in local retail stores, shops, and outlets across Asia.
3. Omni DApp (decentralized App): This application allows customers to make internet transactions using their Omise Go wallet without sharing their private information with the merchant.
4. OmiseGo Wallet: It supports fiat and digital currency payments to many partner’s e-commerce websites & apps like Uber, Airbnb, Lazada, etc. The wallet also supports other financial services, including money transfers, fund transfers between peers, and much more.
5. Payment Services: This solution for local and international money transfers through banks and corporate server networks across Asia using OmiseGo Wallet.
The Above Startups have a very bright future ahead, and their concept is catchy. If they execute their plans properly, it will make the UAE economy cashless faster than expected.
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