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MALY Is Helping To Fuel Saudi Arabia’s Fintech Revolution

The KSA is rapidly becoming a MENA fintech leader, and next-gen digital savings platform and money mentor app MALY is one of its key players.

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maly is helping to fuel saudi arabia's fintech revolution
MALY

Despite nearly 100% smartphone penetration and a growing awareness of digital platforms, Saudi Arabian officials are concerned by the lack of financial education and the accessibility of financial wellness advice.

Founded in 2022, fintech startup MALY aims to plug this gap, providing users with a financial wellness platform that helps cultivate better money habits, plugging crucial gaps in Saudi Arabia’s struggling consumer savings sector. Mo Ibrahim, MALY’s co-founder and CEO, described the current climate in the KSA:

“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”.

Ibrahim says fintech growth in Saudi Arabia will also be aided by the country’s National Fintech Strategy (SNFS). The initiative aims to drive fintech innovation, increase the number of startups in the Kingdom to 230, and grow digital transactions by 70% by 2025.

Also Read: A Guide To Digital Payment Methods In The Middle East

MALY is uniquely positioned to help the KSA achieve its fintech vision. The company’s cutting-edge platform leverages data science and machine learning. According to CEO Mo Ibrahim, MALY is an essential toolbox that helps to automate and manage personal savings and investments while offering debt management tools and investment techniques.

As well as its current suite of financial tools, MALY is also planning an AI-powered Financial Stress Tracker, which will leverage Open Banking to identify patterns indicating financial stress while providing customers with personalized advice and education programs to help them manage their finances.

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Initial Trials Of Dubai’s Driverless Evocargo Trucks Completed

Testing was announced on July 17, and the completion is a major milestone towards upgrading the region’s logistics infrastructure.

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initial trials of dubai's driverless evocargo trucks completed
Dubai Media Office

A Dubai-based company has completed the initial trials for the UAE’s first driverless trucks. The groundbreaking achievement by Evocargo, partnering with Dubai South, took place at Dubai South Logistics District, and marked a significant step towards incorporating autonomous technologies into the region’s wider logistics infrastructure.

Announced on Wednesday, July 17th, the trials featured the Evocargo N1 unmanned electric truck navigating a predetermined route within a controlled setting. The test involved interactions with common road obstacles such as cars, trucks, and pedestrians, aiming to evaluate the vehicle’s hardware and software reliability, accident prevention systems, and overall readiness for public road use.

Officials were keen to highlight that this accomplishment aligns with the UAE’s ambitious strategy to position itself as a global leader in innovation and technology adoption. The country aims to have 25% of all transportation in Dubai autonomous by 2030, underscoring its commitment to revolutionizing the logistics sector using advanced technologies.

Mohsen Ahmad, CEO of the Logistics District at Dubai South, emphasized the importance of the collaboration with Evocargo in enhancing the region’s logistics capabilities. He noted that autonomous vehicles are set to increase efficiency, reduce carbon emissions, and establish a sustainable logistics infrastructure that will benefit both Dubai and the wider UAE.

Also Read: Riyadh Developers Reveal New 45,000-Seat Murabba Stadium

Ahmed Al-Ansi, CEO of Evocargo Autonomous Logistic Services, also expressed optimism that the trials will draw new customers and investments across the Gulf Cooperation Council (GCC) countries. The partnership aims to lead in innovative tech solutions, further establishing the UAE as a pioneer in autonomous transportation.

The successful completion of the trials marks a crucial step towards realizing the UAE’s vision for a technologically advanced and sustainable future in which autonomous vehicles are expected to play a pivotal role in global logistics.

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