FinTech | Page 4

The expected market contraction will be an opportunity for many fintech companies to focus on their product and service offerings.

With hopes to scale its services across the UAE and introduce new features, Klaim is also looking to move into the B2C market.

Paymob offers more than 40 payment methods, and empowers over 150,000 SME merchants to manage and scale their businesses.

Ruba enables parents to pay for their children's school tuition fees in easy instalments on a monthly basis at zero cost.

Fintech has revolutionized the world's business, from mobile banking to cryptocurrency, but its impact has not been restricted to the financial industry. Among other sectors, it is starting to have a sizeable influence on healthcare, making healthcare fintech an ideal investment choice.

With the capital infusion, Arab National Bank has also acquired an undisclosed stake in the startup.

HP Spring Studios is expected significantly enhance the region's fintech ecosystem, as well as improve the way people save, send, lend, manage, and invest their money.

The new capital infusion will be used to the startup's product offering, while entering adjacent markets.

Fintech offers the means to leapfrog old technologies straight to the new to a huge and receptive market waiting to take advantage, and we have only just scratched the surface in this regard.

Dubai-based fintech startup Qashio aims to solve one of the biggest pain points for companies in the GCC region- the lack of visibility and control over company spending.

For Alexandre Soued and Helal Lootah, co-founding their Dubai-based fintech startup Lune came about as a result of observing a massive lack of financial literacy among UAE residents.

The company aims to "create 5,000 high-tech jobs, produce 500 business leaders, train 50 capable founders, and be the institutional co-founder of at least five major exits in the region in the next 5-10 years."

CWallet is a fintech startup that enables users to receive their salaries on the platform, while also being able to conduct online and offline transactions, and ultimately, send money to other countries in a seamless fashion.

Without a doubt, digital payments will be a key factor in enabling SMEs to become more competitive moving forward.

According to H.E. Omar bin Sultan Al Olama, UAE Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, the UAE provides the ideal stepping-off point for fintech entrepreneurs from around the world.

Open banking, and at a wider level, open finance, provides the necessary environment for banks, fintech companies, and innovation players to successfully develop the future of banking in Saudi Arabia.

Zenda, a UAE-based startup aiming to ease how parents in MENA pay school bills with pay-now and pay-later options, has raised US$9.4 million in an oversubscribed seed round.

By becoming an intermediary in the traditional insurance payment cycle, Klaim is addressing a financial issue that has long been plaguing healthcare providers in the MENA region: delayed and/or rejected claim payments.

Studio Launchpad stems from the DIFC's efforts to achieve its Strategy 2030 goals, which aim to attract the best minds and companies from across the world to Dubai.

The 2022 edition of the Global Entrepreneurship Congress (GEC 2022), which was held in Riyadh, Saudi Arabia from March 27-30, 2022, was able to secure a total of US$13.8 billion of investment to promote entrepreneurial activity in the Kingdom.

With the investment, Souqalmal plans to execute a growth plan over the next 24 months.