MyMonty and MontyPay to provide cutting edge digital financial services Middle East fintech sector enjoying growth rate of 30% Businesses outside financial industry to capitalize on digital trends Seamless Middle East, ideal vehicle to engage with ripe audience
Dubai, UAE : London-based technology provider Monty Finance revealed it is ramping up its international expansion plans with the roll out of cutting edge fintech solutions in the Middle East and will use the Seamless Middle East exhibition as a platform to engage with companies wanting to digitize their services and ride on the digital wave. The annual event takes place on the 31 st May/1st June at the Dubai World Trade Centre.
Bruno Martorano, CEO of Monty Finance says the UAE is an excellent market that provides an ideal platform for the company to accelerate its international expansion. “The Emirates has a robust fintech sector that supports innovation. It is the best place to engage potential partners that will help us achieve our growth plans.”
According to Martorano, although the UAE is among the more progressive markets in the region in terms of financial services, 54 per cent of its working population, according to a recent report by the Fintech Consortium, remain under-banked. “It represents a fantastic opportunity for our suite of fintech solutions. Overall, the fintech sector in the Middle East is growing rapidly with a compounded annual growth rate of 30 per cent with many businesses outside of the financial industry also looking to capitalize on digital trends. So now is the right time to push for digital-first solutions across sectors like payments and banking,” he added.
It was also in the UAE where Monty Group launched MyMonty in the region. The platform enables the innovative provision of banking services that will allow anyone to send, receive or request money in just a few steps, with a smooth and seamless experience while still complying with essential regulatory requirements. With MyMonty, businesses will have a reliable partner to guide them through their digital transition with the proper tools and solutions developed by experts in the fintech sector.
Charles Matta, SVP of MyMonty explained, “By partnering with us, banks will launch their own neo bank and companies will be able to run their fintech businesses while addressing their customers’ needs and achieving unprecedented levels of value. We offer a state of the art technology solution, flexible for numerous partnerships structure, enabling clients, banks, companies, and merchants to benefit from the new era.”
Monty Finance will also be using the Seamless Middle East event to announce MontyPay, a new solution it will be rolling out in the region soon.
Noel Moukheiber, GM of MontyPay says its global digital payment gateway system is now live in the UK, EU, Lebanon, Jordan, Bahrain, Nigeria, Indonesia, and Singapore. It offers fast onboarding system as well as a smart and secure platform to collect payments easily and safely. “MontyPay is designed with the user experience in mind. It will also empower merchants to help them grow and scale their business with a dedicated merchant mobile app that gives them access to a reporting dashboard for easy tracking and monitoring,” he explained.
The Monty Finance leadership team is confident MyMonty and MontyPay will thrive in the region, where smartphone penetration is among the highest in the world at 91 percent and the regulatory framework is aggressively pursuing measures to enable the market to transition to a cashless economy.