Fintechnews Middle East, a UAE publication, has produced a new report titled Fintech News Middle East: UAE Fintech Report 2021 that maps out the fintech ecosystem in the country, while highlighting key developments and emerging trends observed over the past year.
According to the report, 2020 saw an uptick in digital payment transactions and a trend away from cash amid COVID-19 restrictions.
In light of this, the report also highlighted four startups that have made notable strides and are worth keeping a close eye on: tabby, Mamo Pay, Telr, and NymCard.
tabby (interview here) is a young buy now pay later (BNPL) startup that raised US$30 million in funding last year and joined the Saudi Central Bank’s regulatory sandbox. Mamo Pay is a peer-to-peer (P2P) payment app that went live last year and which took part in Visa’s Fast Track program. Telr is an award-winning startup serving small and medium-sized enterprises (SMEs). And NymCard is an end-to-end payment platform for financial institutions. Originally from Lebanon, NymCard moved its headquarters to Abu Dhabi in June 2020.
For more insights and useful information on topics such as the rise of neobanks and blockchain, among other related topics, you can find the full report here.