Tell Me Why fintech is powering the UAE’s economic transformation

The UAE’s proactive regulatory environment, advanced infrastructure and openness to experimentation have created a fertile ground for fintech innovation, says Pankaj Kundra, CEO of Geidea UAE. Speaking on Gulf News' Tell Me Why podcast, Kundra said the country and the wider GCC region are now among the leading markets for digital transformation, particularly in financial services.

Kundra points to the UAE’s combination of mindset and ambition as a key driver of its fintech success. He describes the country as an effective test environment where companies can develop and trial new products before taking them to global markets. “That enables the environment and the culture of taking risk, of coming out with new products and services,” he says.

Born in the Middle East

For Geidea, that regional understanding is central to its proposition. Operating across Saudi Arabia, Egypt and the UAE, the fintech company serves businesses ranging from governments and major retailers to restaurants, small shops and SMEs.

Kundra says being born out of the GCC gives Geidea a distinct advantage, combining local cultural understanding with the ability to execute quickly. Its integrated payments and point-of-sale solutions are also being deployed at major venues and events, including Formula 1, where real-time transaction data can help organisers understand business performance and make faster decisions.

The same technology is being applied to smaller merchants, with Kundra emphasising that “SMEs are the backbone of any economy”. Geidea’s focus, he says, is to deliver technology that improves both customer experience and business economics. “The value is coming both in terms of experience and the P&L,” he says.

Partnerships and innovation

Kundra also sees partnerships as critical to fintech’s next phase of growth, arguing that successful collaborations should create more value than either organisation could achieve alone. Geidea’s partnerships with banks and payment service providers are designed to extend its capabilities across sectors including education, real estate, aviation and hospitality.

Innovation remains central to that strategy. Among Geidea’s recent developments is a pay-by-link capability built directly into its payment terminals, allowing merchants to send payment links through email, WhatsApp or SMS and receive real-time confirmation on the terminal.

Kundra believes the UAE’s regulatory environment, investor interest and infrastructure provide the perfect recipe for the fintechs to thrive. For Geidea, he sees the biggest opportunity in integrated digital payments that can serve businesses of every size, from major events to the smallest shop.