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Due to its size and lack of established financial institutions, the Middle East and North Africa (Mena) region presents considerable opportunities for fintech companies. In contrast to mature markets, 67 per cent of the adult population in Mena is either underbanked or unbanked. Among various financial segments and trends in the region, cross-border payments have always been vital to the ecosystem.

Mena is home to some of the world's most significant remittance corridors, providing connections to markets such as India, Pakistan, Bangladesh, Sri Lanka, and the Philippines. A study has suggested that, in 2020, the UAE and Saudi Arabia handled $78 billion in payments because of the large number of unbanked and underbanked expatriates living in the region.

Ebury was founded in the UK in 2009. By riding the rapid growth of digitalisation and fintech wave, the firm now has 32 offices globally across 21 countries and services thousands of clients internationally. Ebury provides international payments, FX risk management, and cash management solutions to empower businesses to trade and scale internationally.

In 2018 Ebury opened its Dubai office - located in the heart of Dubai International Financial Centre (DIFC), the leading financial hub for the Middle East. This has energised the region by providing alternative financial solutions distinct from traditional banks.

Ebury’s goal is to redefine financial services and disrupt the traditional, cumbersome, and expensive service typically offered by other players. It continues to innovate by listening to its clients in order to create new products that help them break down borders previously associated with international trade.

One of its notable innovations is Ebury Online. Ebury Online is an integrated platform that offers a seamless experience for users to manage overseas finances digitally without geographic and time limitations. Undoubtedly, managing international finances can be complex, time-consuming, and costly for companies that trade globally. Ebury Online simplifies the process for its customers by offering services, including converting money across currencies, managing FX risk, financing the payables and receivables, and viewing their account details for global collections. Tom Davies, Managing Director of Ebury Middle East and Africa, says, “Ebury continues to develop new and exciting products for all of our clients. Our online platform is at the forefront of this with its ever-growing number of features and ease of use. Our mission remains to make international trade easier, more cost-effective and more accessible for customers. We are truly excited to be able to continue to grow in the region and remain focused on our goal to be the number one partner for SME and corporate business looking to transact internationally.”

Its expertise and ethos of constantly evolving have been recognised by Santander, which splashed out £350 million for a majority stake in Ebury in 2019. It also cements the trend of fintech development for the world. With Ebury's reputation speaking loudly for itself, the disruptive success Ebury achieved also allows companies to thrive in Mena.