UAE reaches EMEA top ten Fintech deals list in H1’21, says KPMG’s Pulse of Fintech H1 2021 – EMEA report
In the United Arab Emirates (UAE), the Fintech sector continues to develop and mature on the back of rising adoption of digital payments, thriving e-commerce and a robust digital banking landscape, stated GoFinance - a first-of-its kind digital finance and insurance marketplace which promises instant fulfilment of financial products to its customers. GoFinance is essentially an online marketplace for financial products which offers end-to-end solution where customers can search, compare, choose, apply and receive with just a tap on their screens. The platform, in addition to being available in English, is a fully Arabised finance platform in the market, serving as a great mechanism for the digitally savvy local population in the UAE and the growing fintech organisations.
Fintech in the Europe, Middle East, and Africa (EMEA) region reflect the industry’s global upward trajectory. KPMG’s Pulse of Fintech H1’21 report stated that the UAE reached the EMEA top ten Fintech deals list in in H1’21. According to the same report, total Fintech investment in EMEA continued to surge, with over $39 billion invested in H1’21, compared to 2020’s total of $26 billion.
MAGNitt’s H1 2021 report for the UAE Startup Ecosystem showed that investment in Fintech in H1’21 grew by 49 percent YoY, while the sector accounted for 23 percent of all transactions closed in Middle East North Africa (MENA) region in the same period.
“The numbers speak for themselves - Fintech is growing exponentially in the UAE and across the region. This has been possible given the UAE government’s constant efforts to foster smart and digital transformation in the country. The launch of Dubai Digital Authority (DDA), launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai is a testament of the same. At GoFinance, we understand the importance of this cooperation and truly appreciate the innovative solutions and initiatives launched by the government. Fintech platforms not only help automate and streamline processes, but also help structure data and provide businesses with a roadmap to optimise new and efficient ways of doing business,” said Safwan Khalil, Chief Operating Officer and Co-founder of GoFinance. Safwan Khalil has over a decade of experience working in Dubai government and now builds private companies, using his extensive expertise in setting up companies in Dubai.
Within this new ecosystem of evolving Fintech, GoFinance is uniquely positioned to help banks and customers with the ease of performing their everyday financial activities from the comfort of their homes. Digitisation has transformed the way retail banking works and GoFinance wishes to empower customers, banks and brokers by easing out the online banking process and enhancing the customer journey. GoFinance provides neutral advisory that facilitates fast, simple and secure decision making and onboarding of banking solutions.
“With FinTech growing and given both – the opportunities and demand witnessed by the industry, FinTech will continue to scale and accelerate to the next level. To support this, the UAE government is constantly easing and updating regulations to encourage the evolution of financial services, attracting both the locals and expats, who are keen to explore online digital services, whether its public service or buying products and services. As the Fintech industry continues to be an instrumental force for the evolving economy, we created GoFinance - a one-stop marketplace for all banking and insurance products and services with real time deals and digitised services. Through the (English/Arabic enabled) platform, customers can use the interface to create their profiles, authenticate their identities, digitally complete ‘Know Your Customer’ (KYC) process and perform all other financial activities, just with a click. Whether it is opening a bank account or applying for a financing product, GoFinance is set to provide a seamless customer journey which makes the whole process simple, secure and fast,” added Khalil.