Fintech Galaxy, the MENA region’s only fintech digital crowdsourcing platform, has announced Anachron Technologies and TicknPay as the winners of the latest Innovation Challenges, which were held in partnership with National Bank of Fujairah (NBF) and Finablr, a global platform for Payments and Foreign Exchange solutions.
Launched on 21st March with over 167 applications, the final round of the Innovation Challenges took place at Seamless Middle East 2019, on the 10th of April, where nine shortlisted startups were invited to pitch on-stage in front of a panel of judges and their peers. The winning startups will unveil their proof-of-concepts (PoC) with NBF and Finablr to further enhance the two companies’ digital proposition.
Through the Innovation Challenges at Fintech Galaxy, Finablr was primarily exploring IoT-based solutions that could seamlessly enable cross border payment and foreign exchange solutions through voice or gestures, and also differentiated value-added features to enhance user engagement and experience in digital mobile wallet solutions.
TicknPay, which won the Finablr Innovation Challenge, is the next generation of corporate cards where the credit line is to the wallet with mobile first functionality. TicknPay, based out of Malta, provides digital control for business over employees making operations payments, with real time requests and approval prior to spend. The platform integrates Visa and Mastercard, in order for employees to make payments with ease.
In a separate challenge, NBF was searching for a talented startup that was able to build a financial wellness service that could attract and engage today’s evolving consumers, through the adoption of AI in personal financial management, like the use of chatbots for customer experience and robo-advisory.
The winner, Anachron Technologies from Lebanon, offers banks and financial institutions the opportunity to enter the robo-advisory market faster, without the need for major investment.
“The financial technology market in MENA is currently estimated at $2 billion and is expected to witness an annual growth of $125 million until 2022, and so governments, banks and companies are increasing their investments into the growth of the fintech economy”, commented Mirna Sleiman, Founder & CEO, Fintech Galaxy.
The mobile wallet market is projected to surpass $2.3billion by 2022 in the UAE, according to a report by ResearchAndMarkets.com, which cites government initiatives towards a cashless and digitalized economy.
“With initiatives like the Innovation Challenge, we are not only supporting this growth, but enabling and leading it. We could not be happier to have partnered with NBF and Finablr on this initiative, as they embrace their own digital journeys,” continued Sleiman.
Vince Cook, Chief Executive Officer at National Bank of Fujairah, commented: “The impact of digitization on the banking industry is significant given the importance of responding to the ever-evolving customer needs and expectations. Being the best financial partner for clients, our digital transformation journey reflects our constant quest to ensure client satisfaction. We are proud to partner with Fintech Galaxy to challenge young innovators to develop a financial wellness service which clients can leverage to save and grow their wealth.”
Promoth Manghat, Group Chief Executive Officer, Finablr, commented: “Fintech Galaxy presents an ideal platform for organizations to seek solutions from the market that can support their technology aspirations. Finablr has been at the forefront of disruptive trends through various incubator and accelerator programmes, providing promising use-case concepts and growing companies with access to our ecosystem of products and services, compliance and proprietary technology. The winners of the Fintech Galaxy Challenges could benefit from our leadership and expertise, while we get access to potential solutions that can add value to our customer proposition.”
Joseph Ridley, General Manager, Terrapinn Middle East, organizer of Seamless Dubai, commented: “When we first met the Fintech Galaxy team two years back we knew then that it was inevitable that we would partner, collaborate and support each other in driving fintech innovation across the region.”
He continues saying: “We share the common vision of bringing communities together, being inclusive and see value and necessity in sharing knowledge and ideas on how to overcome the biggest challenges and opportunities the industry faces as the financial services industry navigates a period of unprecedented industry change.”
According to Joseph, for 19 years Seamless Middle East has always endeavored to and invested in bringing the brightest minds from across the global fintech and payments ecosystem together here in Dubai. “We are extremely proud to be chosen as the preferred platform of choice to play host to such exciting initiatives as the Fintech Galaxy Innovation Challenges, and congratulate not only the winners TicknPay and Anachron Technologies, but also our partners National Bank of Fujairah,
Fintech Galaxy works as an open innovation marketplace for organizations to post their innovation challenges, inviting a global network of startups to take a crack at solving them. The company advises startups on fundraising, operational growth and business development. The platform also brings to the market a virtual marketplace of on-demand fintech experts in areas like blockchain, artificial intelligence, mobile payments, robotics and data science.
Seamless Middle East 2019 is the region’s leading payments and commerce technology conference and exhibition. The event has separate conference agendas covering the world of payments, fintech, e-commerce, retail, and identity, and hosts 350 of the region’s leading technology providers.