By Mo Ibrahim, Founder & CEO, Maly

The sheer volume of growth that the fintech industry in the region is experiencing is astounding. Driven by a solid regulatory framework that enables both small and big players to contribute to the region’s digital transformation, the UAE and KSA in particular are both making a strong mark as powerhouses of innovation in the larger fintech ecosystem. As a homegrown brand that is striving to make a mark in the tech sector, this is a very exciting time for us at Maly.

There are many key areas that have dominated the fintech scene this year and will continue to play a definitive role next year as well. AI and machine learning will continue to shape the future of finance, along with digital banking, payment landscapes, and public and private partnerships.

AI and machine learning have opened new opportunities for the sector, pushing boundaries of how it can augment customer service and collect data to help redefine financial services for consumers. At Maly, our aim is to seamlessly integrate artificial intelligence into our product offerings, enhancing both customer experience and operational efficiency. Born out of the vision to reduce the financial literacy gap in the region and empower people to improve their knowledge about concepts such as credit scores, interest rates and budget management, Maly is committed to helping customers set short- and long-term financial goals and achieving them by committing to better financial management.

There has been a lot of debate this year on how AI will replace humans eventually, but with fintech, AI has only enhanced and streamlined processes by helping reduce fraud and improving accuracy. At Maly, we are a step ahead of our competitors with our revolutionary tech stack, which is built and managed inhouse. By combining cutting-edge AI algorithms with a scalable, cloud-native architecture, Maly has created a platform that is not only robust but also highly adaptable to the diverse needs of the evolving fintech landscape.

As a tech-focused business, we are deeply investing in understanding the customer behavior and preferences of our target audience in order to customize their experience. With Maly, you can grow, spend, send, and track your money in the same app and make use of group payments features to split costs, simplify payments between friends and set up a Grow Plan for effortless saving.

According to the 2024 Financial Literacy Survey by Visa, 37 per cent of respondents spend as much as their income and 65 per cent want to improve their knowledge of savings and investments. With a year-on-year increase in the cost of living in the country, influenced by rents, petrol prices and other factors, it is becoming critical for residents to take measures to put a long-term savings plan in place and maintain a good quality of life.

Some of the biggest spenders in both the UAE and KSA are the millennials, and being a tech savvy generation, these customers put substantial focus on personalisation and customer experience. Keeping this in mind, we launched our AI-powered financial guide, Luna. With this service, customers can receive tailored plans and advice based on their financial requirements.

The fintech sector in the UAE and KSA is poised for continued growth, driven by supportive policies, technological innovation, and an appetite for digital transformation. Stakeholders, policymakers, and consumers alike must continue to support and engage with fintech innovators to ensure a dynamic and inclusive financial landscape in the Middle East. By fostering collaboration and embracing technological advancements, we can ensure that the benefits of this digital revolution are realized across all sectors of society.

By – Dr. Sean Lochrie, Associate Professor at Heriot-Watt University Dubai

The hospitality industry has undergone a transformative journey shaped by integrating technology and innovative processes. Particularly in the UAE, a region known for its forward-thinking approach and desire to lead in luxury and service, the impact of these advancements is evident. In a highly competitive market catering to an international clientele with high expectations, embracing technology is beneficial and essential for sustained growth and success.

One of the most significant shifts in hospitality has been the digitisation of the guest experience. Today, digital tools enable a seamless experience from booking to check-out, often with a high degree of personalisation. Many hotels in the UAE use artificial intelligence (AI)-powered chatbots. For instance, Address Hotels and Resorts in Dubai leverages artificial intelligence (AI) for virtual concierge, which can provide an in-depth tour of the Address Downtown Hotel, spotlighting everything from luxurious rooms to gourmet dining and serene spa sanctuaries. Another example is the Ritz-Carlton, a hotel renowned for its exceptional service, which has embraced AI to elevate the guest experience. They introduced an AI-powered chatbot to streamline guest interactions and deliver personalised recommendations.

Many hotels also offer personalised mobile apps that allow guests to check in remotely, access room controls, and request services without interacting with staff directly. These apps are a single interface for managing everything from lighting and temperature to ordering room service. Such conveniences, luxuries just a few years ago, have become essential as guests seek contactless and streamlined interactions. This level of convenience is particularly valuable in the UAE, where the diversity of visitors necessitates quick and personalised communication.

AI and data analytics have transformed how hotels understand their guests and predict their preferences. For instance, by analysing data from previous stays, hotels can tailor their offerings to individual guests, ensuring that each visit is unique and memorable. This predictive capability enables hotels to surprise and delight their guests while optimising resource allocation. AI also plays a significant role in revenue management, allowing hotels to adjust room rates dynamically based on demand and occupancy levels. For instance, many hotels use AI-driven pricing strategies that analyse market trends and competitor pricing, adjusting room rates to maximise occupancy and revenue. Such proactive approaches help hotels stay competitive in a fluctuating market like Dubai, where tourism demand varies throughout the year.

Furthermore, blockchain technology, the foundation of cryptocurrencies like Bitcoin, offers transformative potential for hotel loyalty programs, enhancing security, interoperability, and user experience. With its decentralised ledger, blockchain secures guest information and transaction histories, significantly improving data integrity and privacy. Blockchain enables secure and transparent transactions, reducing the risk of fraud and enhancing data security, an essential consideration in the UAE, where high-end transactions are common. This protection bolsters guest trust in the program. Blockchain also supports interoperability, allowing loyalty points to be earned and redeemed across different hotels or chains, increasing rewards’ flexibility and value. This technology enables real-time, transparent transactions, letting guests track and use points without complex conversion processes. Many blockchain loyalty programs also use tokenised points, which can be traded or transferred, expanding their usability beyond hotel services.

The UAE’s hospitality industry is a beacon of innovation, continually embracing the latest technologies to enhance guest experience, improve efficiency, and drive sustainability. By integrating digital tools, AI, robotics, VR, and blockchain, UAE hotels and resorts are meeting the evolving expectations of modern travellers. These technologies streamline operations and create a memorable and differentiated experience that sets UAE hospitality apart globally. As technology continues to grow and evolve, so will the processes that define hospitality in the UAE, ensuring that this sector remains at the forefront of service, luxury, and innovation. For professionals and stakeholders in the hospitality industry, staying abreast of these advancements is crucial, as they not only influence day-to-day operations but also shape the future of hospitality in a rapidly changing world.

By Wai Ken Wong, Regional Director, StashAway

Financial wellness isn’t about making massive, dramatic changes overnight. Instead, it’s about developing consistent, sustainable habits that gradually improve your financial health. Whether you’re just starting your career or looking to reset your financial approach, understanding and implementing key financial strategies can transform your economic well-being.

Research shows that forming a new habit takes time. Behavioural scientists suggest it takes approximately 66 days for a new behaviour to become automatic. This means that building healthy financial habits requires patience, commitment, and a systematic approach.

Create a Savings-First Mindset

One of the most crucial financial habits is prioritizing savings from the moment you receive your income. According to research, people who set clear savings goals can save up to $550 more annually compared to those who don’t.

The practical approach involves opening a dedicated savings account and committing to saving a percentage of your income immediately after getting paid. Financial experts recommend starting small, perhaps with 10% of your earnings, and gradually increasing your savings rate. Setting up automated payments can make this process effortless, ensuring you consistently save before you have a chance to spend.

Budget Wisely and Track Expenses

Budgeting is fundamental to financial health. We recommend a practical allocation of after-tax income: 50% for essential needs, 30% for wants, and 20% for savings and debt repayment. This framework helps create a balanced approach to managing your finances.

Modern technology offers numerous tools to support budgeting. Budgeting apps that link directly to your bank account can help you track spending categories, set up alerts for unusual spending patterns, and provide insights into your financial behaviour. Monthly budget reviews and adjustments are crucial to maintaining financial discipline and ensuring your spending aligns with your goals.

Manage Debts Strategically

Debt management is critical for financial stability. The key is to be proactive and strategic about your debt. Prioritize paying off high-interest debts first, and consider overpaying, when possible, to reduce overall interest charges. Avoiding unnecessary credit card debt and creating a systematic repayment plan are essential steps in maintaining financial health.

Build Emergency Savings

An emergency fund provides financial security and peace of mind. Financial experts recommend having enough savings to cover at least three months of essential expenses. Start by building a small, consistent fund and keep it in an easily accessible account. Some banking apps offer innovative features like “round-up” savings, which automatically transfer spare change into your savings, helping you build your emergency fund effortlessly.

Invest for Long-Term Growth

Beyond simple saving, consider investment strategies that can help your money grow over time. Explore stocks and ETFs and assign them to long-term goals such as retirement or kids education. Understanding that investments carry risks but potentially offer higher returns than traditional savings is crucial. Aim for investments with at least a five-year horizon to ride out market fluctuations.

Long-term investing is a proven way to build wealth, and adopting the right strategies can make all the difference. One of the key principles is consistent investing, such as dollar-cost averaging, where you invest a fixed amount regularly, regardless of market conditions. This strategy reduces the need to time the market and helps average out the cost of your investments over time.

Another crucial factor in long-term investing is the power of compounding. By holding investments for extended periods, you allow your earnings to generate additional returns, which can significantly boost your wealth. However, it’s important to avoid frequently checking your portfolio. Constant monitoring can lead to emotional decisions driven by short-term market movements, potentially derailing your long-term goals.

Diversification is also essential in minimizing risk. Spreading your investments across different asset classes and sectors ensures that you’re not overly exposed to any single investment. Lastly, maintaining a long-term perspective helps you stay focused, even during periods of market volatility. By sticking to these strategies, you can improve your chances of financial success and navigate market fluctuations with confidence.

Protect Your Financial Future

Risk management is the unsung hero of financial planning, acting as a critical shield against life’s unpredictable challenges. While many people focus on savings and investments, comprehensive insurance coverage provides the foundational security that prevents financial devastation during unexpected life events.

Life and health insurance represent more than just policy documents; they are strategic financial instruments that protect your most valuable asset—your ability to generate income. For working professionals, these insurance products serve as a financial safety net, ensuring that your family’s economic stability remains intact even if you’re unable to work due to illness, injury, or unforeseen circumstances.

Different life stages require different insurance strategies. Young professionals might prioritize disability insurance to protect their earning potential, while those with families need robust life insurance that can replace lost income and cover long-term financial obligations. Health insurance becomes increasingly critical as medical costs continue to rise, offering protection against potentially bankrupting medical expenses.

Beyond traditional insurance, consider additional risk management tools. Critical illness insurance, income protection plans, and comprehensive health coverage can provide layered financial protection. Umbrella liability policies can safeguard your assets against unexpected legal claims, adding an extra layer of financial security.

Regular policy reviews are crucial. Life changes like marriage, childbirth, career advancements, or purchasing a home necessitate reassessing your insurance coverage. What provided adequate protection five years ago might be insufficient today.

Working with a qualified insurance professional becomes essential in navigating this complex landscape. They can help analyze your specific risk profile, recommend tailored insurance solutions, identify potential coverage gaps, and balance comprehensive protection with affordable premiums.

Effective risk management isn’t about eliminating all potential risks—it’s about strategically mitigating those that could cause significant financial harm. By proactively protecting your financial future, you create a robust foundation for long-term economic stability and peace of mind. The goal is to build a comprehensive safety net that provides security and allows you to pursue your life goals with confidence.

Continuous Learning and Financial Wellness: A Psychological Approach

Financial success is more than just numbers—it’s a dynamic journey of personal growth, continuous learning, and psychological resilience. Understanding the intricate relationship between knowledge, emotion, and financial management is crucial to building lasting financial health.

Staying informed requires a commitment to ongoing education. Read reputable financial publications, attend workshops, and consult with financial advisors who can provide nuanced insights into evolving economic landscapes. The financial world changes rapidly, and your strategies must adapt accordingly.

Life’s unpredictability demands financial flexibility. Major life events like career transitions, marriages, or unexpected challenges can dramatically alter your financial needs. A rigid approach becomes obsolete; instead, cultivate adaptability and regular financial reassessments.

The psychological dimension of financial management is often overlooked. Many individuals approach financial mistakes with harsh self-criticism, creating cycles of shame and potential inaction. The key is developing self-compassion and viewing each financial misstep as a valuable learning opportunity.

A growth mindset transforms financial challenges from insurmountable obstacles into chances for development. This approach emphasizes learning, resilience, and continuous improvement. Celebrate small victories—saving an extra amount, reducing unnecessary expenses, or making a thoughtful investment decision—as these build positive financial momentum.

Psychological barriers like fear of investing, scarcity thinking, and emotional spending can significantly impact financial health. Overcoming these requires self-awareness, potential professional guidance, and gradual exposure to financial challenges.

Financial wellness integrates knowledge, strategy, emotional intelligence, and personal growth. By embracing continuous learning and maintaining a compassionate, growth-oriented perspective, you transform financial management from a daunting task into an empowering journey of self-discovery.

Your financial path is unique. Be patient, stay curious, and approach each financial moment as an opportunity for growth and understanding.

Healthy financial habits are within reach for everyone. By understanding key principles, using the right tools, and maintaining a disciplined yet flexible approach, you can significantly improve your financial well-being.

The journey to financial wellness begins with a single step. Start today, be patient with yourself, and remember that every small action contributes to your long-term financial health.