As Saudi Arabia's Fintech Revolution Gains Traction, MALY is Helping to Fuel It
In Saudi Arabia, despite almost universal smartphone usage and increasing digital platform awareness, officials are concerned about the lack of financial literacy and accessibility to financial advice.
To address this issue, fintech startup MALY was established in 2022.
MALY aims to bridge this gap by offering a financial wellness platform that promotes better money management habits, addressing significant shortcomings in Saudi Arabia's struggling consumer savings sector.
Mo Ibrahim, MALY's co-founder and CEO, highlighted the current financial landscape in Saudi Arabia as: “Various estimates cite up to 70% of the Saudi population as having no savings […] despite the reality of immense economic challenges. People need help in building healthier relationships with their finances, and fintechs can provide the necessary tools and platforms to enable individual financial wellness”.
Saudi Arabia's National Fintech Strategy (SNFS) is set to bolster the growth of fintech in the country, according to Ibrahim.
The initiative's goals include driving fintech innovation, raising the number of startups in the Kingdom to 230, and increasing digital transactions by 70% by 2025.
MALY is positioned uniquely to support KSA in realizing its fintech vision, utilizing cutting-edge platforms driven by data science and machine learning.
Ibrahim emphasized that MALY serves as a crucial toolbox, automating and managing personal savings, investments, debt, and investment strategies.
Moreover, MALY is planning to introduce an AI-powered Financial Stress Tracker, utilizing Open Banking to detect financial stress patterns and provide personalized advice and educational programs to help customers manage their finances effectively.
Nour Nasir / Tech Magazine