3 companies revolutionizing the Kuwait FinTech space
By Leandra Monteiro
FinTech has become a quite major buzzword across the Gulf Cooperation Council (GCC) as countries aim to diversify and gain a foothold in this new dynamic industry. Kuwait too is aiming to become a major player in the FinTech space. With the country’s finance sector well established compared to other countries in the GCC, it gives impetus to a booming FinTech industry.
The Global Fintech Index 2020 ranks Kuwait City as the ninth-best FinTech destination in the Middle East and North Africa, and the fourth-best in the GCC behind Dubai, Manama, and Riyadh. As more and more companies are entering into the FinTech space, here are 3 to look out for:
FinFirst: FinFirst digital platforms deliver a digital experience for auto loans, personal loans, car insurance. The platform also offers consumer loans such as personal loans, healthcare loans, automobile loans, education loans, and mortgage loans.
Furthermore, it offers business loans such as working capital, asset financing, and invoice financing. FinFirst has various banking products including investment funds such as mutual funds, equity funds, and real estate funds, bank accounts, fixed deposit solutions. It provides credit analysis, bank statement analysis, and risk analysis. The FinTech aims to remove all physical interactions from financial products, and let customers enjoy a smooth digital journey from the comfort of their offices or homes.
MyFatoorah: MyFatoorah is a new and innovative online payment solution, enabling Kuwaiti businesses of all sizes to maximize efficiency when it comes to taking payments online. It provides payment solutions to businesses and offers payment gateways, payment links, and invoice-based payment solutions.
The company’s smart technology makes it simple for users to invoice and collect payments, and quick deposit time through all major banks helps improve cash-flow, too.
Tap: Tap simplifies payments for businesses by offering payment gateways to businesses and bill payment app to consumers. The FinTech offers an API-based payment gateway through which businesses can accept card payments. Additionally, it offers a dashboard to businesses to view their transaction history and payment analytics.
Tap also extends goCollect, a payment collection platform for companies to create custom bills and share it with customers through various channels like Whatsapp, email, etc.
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