The GCC Fintech Revolution: A Deep Dive into AI and Financial Literacy

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.