Latest News from Fintech News ME
Fintech News ME
3 days ago
- Business
- Fintech News ME
GCC Customers Push for Blended Digital and In-Person Banking
A new survey by Arthur D. Little (ADL), covering 24 banks in the UAE and 18 in the Kingdom of Saudi Arabia (KSA), finds that customers across the Gulf Cooperation Council (GCC) are increasingly seeking integrated omnichannel banking experiences that balance digital convenience with human interaction. The findings show both distinct and converging trends in the UAE and KSA. In the UAE, 72% of respondents primarily use mobile banking apps, reflecting a preference for intuitive, anytime-anywhere digital access. In KSA, 46% cite mobile apps as their main banking channel, indicating ongoing efforts to increase digital adoption as part of the Vision 2030 agenda. A generational trend is evident, with 62% of younger users in the UAE and 56% in Saudi Arabia regularly using mobile banking services. Despite growing digital engagement, physical branches continue to play an important role. Approximately 73% of blue-collar workers in Saudi Arabia and 60% in the UAE still rely on branches for cash-related services and remittances. More complex financial services, such as mortgages and investment advice, also see continued demand for in-person support, with 33% of respondents in KSA and 35% in the UAE preferring branch visits for such needs. 'Banks across the GCC have an urgent opportunity to blend technological innovation with trusted customer engagement,' said Martin Rauchenwald, Partner and Global Head of Financial Services practice at Arthur D. Little. 'Whether in Dubai or Riyadh, today's consumers expect seamless experiences that combine digital efficiency with human connection. Meeting these expectations will be critical for securing customer loyalty and driving future growth.' Income levels appear to influence digital preferences. Around 70% of high-income consumers in the UAE and 65% in KSA prefer digital channels for routine banking tasks but still seek personal advisory services for more complex decisions. Among younger users in the UAE, mobile wallet usage is rising, while in Saudi Arabia, initiatives under Vision 2030 aim to promote wider adoption of cashless payment solutions. 'Successful omnichannel transformation across the GCC must be anchored in customer-centric innovation,' noted Rezwan Shafique, Principal, Financial Services at Arthur D. Little Middle East. 'By enhancing mobile apps, expanding self-service kiosks, and maintaining strong advisory services in branches, banks can bridge the digital divide and deliver unified, inclusive banking ecosystems.' The survey highlights growing customer expectations in both the UAE and Saudi Arabia for consistent 24/7 omnichannel access, personalised digital journeys, user-friendly self-service options, mobile wallet enhancements, and reliable advisory support for major financial decisions. To meet these demands, GCC banks are encouraged to adopt 'phygital' approaches that merge digital and physical service models. This includes the use of AI for personalised experiences, investment in digital literacy initiatives, and the development of hybrid banking ecosystems that address the diverse needs of the region's increasingly digital yet trust-conscious consumers.
Fintech News ME
3 days ago
- Business
- Fintech News ME
Hub71 Partners with Yas Investments to Connect Startups with Private Capital
Hub71, Abu Dhabi's global tech ecosystem, has entered into a strategic partnership with Yas Investments, a multi-family investment platform and fund manager, to support greater investor participation in the UAE's venture capital sector. The collaboration aims to link high-potential startups with private capital, offering opportunities for strategic investment and business growth. Yas Investments, which invests through Spartech Ventures, brings extensive experience in both global and regional markets. The firm has a track record in identifying and supporting high-growth investment opportunities, with a focus on contributing to the region's evolving economic landscape. As family offices emerge as a key source of long-term capital for startups, providing not only funding but also strategic input and industry knowledge, this partnership will make use of Hub71's Tech Barza platform. Tech Barza is designed to connect regional family offices with a network of more than 300 startups within Hub71's ecosystem. Through this partnership, Yas Investments will work to broaden investor engagement, helping startups refine product-market fit, scale operations, and access new markets. The firm will also assist in developing investor profiles for Tech Barza members, allowing for more targeted connections between startups and investors. Ahmad Ali Alwan, CEO of Hub71, said: 'Driving investment and corporate deal opportunities is essential to fuelling startup growth. Through our Tech Barza family office network, Hub71 is creating new pathways that support Abu Dhabi's position as a leading global tech destination.' Yagub Alserkal, CEO at Yas Investments, said: 'Through this partnership, we aim to bridge the gap between family offices and high-potential startups, facilitating strategic investments that unlock value for both investors and entrepreneurs.' In addition to capital investment, the partnership is expected to promote closer collaboration between investors and startups, including strategic guidance and mentorship. By enabling family offices to explore corporate deal-making alongside financial investment, the initiative seeks to create broader business opportunities and long-term value.
Fintech News ME
3 days ago
- Business
- Fintech News ME
UAE Launches Region's First Finfluencer License
Free Newsletter Get the hottest Fintech Middle East News once a month in your Inbox The Securities and Commodities Authority (SCA) of the UAE has officially introduced the region's first 'Finfluencer' license, marking a significant step in regulating and supervising digital financial content. This initiative aims to establish a formal governance framework for individuals providing investment analysis, recommendations, and financial promotions via digital platforms. The measure is intended to strengthen investor protection across the UAE's capital markets. Waleed Saeed Al Awadhi, Chief Executive Officer of the SCA, commented on the development, stating, Waleed Saeed Al Awadhi 'Introducing the Finfluencer license is not merely a regulatory measure; it is a strategic move to redefine the role of regulators in the digital economy. Through this initiative, the SCA aspires to elevate global benchmarks of market integrity, foster transparency, and nurture a disciplined and trustworthy financial environment. The launch of the Finfluencer license forms part of a broader set of incentive measures adopted by the SCA to modernise its regulatory framework in response to the dynamic nature of digital finance. As part of this effort, the SCA has waived registration, renewal, and legal consultation fees related to this service for a period of three years. This move is aligned with the UAE government's wider efforts to reduce administrative barriers and encourage innovation within a sound legal and regulatory context. The license is available to individuals who provide financial or investment recommendations related to regulated products or entities in the UAE, whether through digital or traditional media. Applicants must register with the SCA and adhere to relevant regulatory requirements to ensure high standards of investor protection and reinforce public confidence in local financial markets. A Finfluencer is defined as an individual registered with the SCA who provides recommendations on the purchase, sale, or retention of financial products or virtual assets. This may also include guidance on financial services or local financial instruments, delivered through traditional or digital media. This could involve social media content, blog posts, podcasts, participation in public forums, seminars or media appearances, as well as the provision of financial commentary, analysis, or opinion. Finfluencers engage the public through a variety of formats, sharing content that includes financial advice, information, discussions, and evaluations of investment opportunities or products relevant to the UAE market. Featured image credit: Edited by Fintech News Middle East, based on image by Freepik
Fintech News ME
3 days ago
- Business
- Fintech News ME
Vault Wealth Launches Digital Private Wealth Platform in MENA
Vault Wealth, a digital private wealth platform focused on serving affluent individuals based in UAE, has officially launched to the public. The announcement coincides with a new investment round led by Peak XV Partners, formerly Sequoia Capital India and Southeast Asia, with continued backing from Outliers VC. Following the receipt of its license from the ADGM Financial Services Regulatory Authority in mid-2023, Vault has worked closely with a group of high-net-worth individuals (HNWIs) to refine its offering. With this groundwork in place and product-market fit established, the platform is now opening up to a wider base of affluent investors, specifically those with more than US$100,000 in liquid assets. According to the company, assets under management have grown by over 300% in the past year, with new clients typically tripling their deposits within 90 days of joining. 'Vault was built with a simple premise: that affluent investors in MENA deserve better, better access, better alignment, and better outcomes,' said Bilal Abou-Diab, Co-Founder and CEO of Vault. 'Vault is what wealth management should look like today: digital-first, fiduciary by design, and built for how people live and invest now. With Peak XV Partners' support, we're entering a new phase of growth, delivering institutional-quality wealth management to a broader base of clients across the region.' Vault aims to provide a full-service wealth management experience by combining advisory expertise with technology. Its clients include professionals and entrepreneurs from the UAE, the Gulf Cooperation Council, Europe, Asia, and North America. Services include financial planning, goal-based portfolio management, and access to global markets via Interactive Brokers. Clients can also explore private market investment opportunities, including private equity, venture capital, private credit, and real estate, through a single platform.
Fintech News ME
4 days ago
- Business
- Fintech News ME
UBS Expands to Abu Dhabi as More Millionaires Move to Middle East
European banking giant UBS Group is establishing a new office in Abu Dhabi, aiming to tap into the growing number of wealthy individuals relocating to the Middle East, according to Bloomberg. The ultra-rich have increasingly been moving away from high-tax countries such as the United Kingdom, opting instead for the region's favourable low-tax environment. 'The Middle East has definitely been a winner for private individuals that have been moving away from higher-tax regimes, other places and other locations like the UK,' said Beatriz Martin Jimenez, president of UBS's businesses across Europe, the Middle East, and Africa. She made the remarks during the Qatar Economic Forum in Doha. Over the past decade, the number of resident millionaires in the UAE capital has risen by 80%, according to data from Henley & Partners. The city is also expected to see its population of centi-millionaires more than double over the next ten years.
