Connect with us

News

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.

Published

on

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.

Advertisement

📢 Get Exclusive Monthly Articles, Updates & Tech Tips Right In Your Inbox!

JOIN 23K+ SUBSCRIBERS

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

LUVED Is A New Curated Preloved Marketplace For The UAE

Sellers keep 100 percent of every sale and AI can build a listing in five seconds — though the app’s smartest tools are still coming.

Published

on

luved is a new curated preloved marketplace for the uae

Secondhand shopping has become mainstream in the UAE, but the experience is still scattered across resale sites, social media and informal group chats. LUVED, a mobile-first marketplace that launched in Dubai this month, is betting it can pull that activity into one place — and that the thing buyers and sellers actually want is not more inventory, but trust.

The app trades in what it calls circular luxury: preloved fashion and lifestyle pieces across men’s, women’s and children’s categories, bought, sold or given away peer to peer. Its main pitch is economics, with sellers keeping 100 percent of every sale under a zero-commission, fast payout model, while buyers are promised vetted pieces at lower prices.

Where LUVED is staking its reputation is verification. Sellers pass a KYC check, and items run through a two-layer authentication system powered by Entrupy that pairs instant AI screening with human expert review for high-value pieces. Authenticity certificates travel with each item, payments sit in escrow, and a buyer-protection package the company calls The Safety Net adds a 48-hour return window and dispute resolution. Door-to-door logistics removes the in-person meetups that make most resale deals awkward.

An in-app assistant called Luvbot — offering selling insights and demand-based recommendations — is soon to be introduced to the platform. Other features include autofill and dynamic pricing that lets users build a listing in as little as five seconds from three photos, plus a swipe-based feed, story-style drops and in-app chat in English and Arabic. Finally, a gifting layer, Luved & Gifted, lets users pass items to others inside the app rather than sell them.

Also Read: Logitech’s New Folding Mouse Is Designed For Work On The Go

“After moving to Dubai, I saw how difficult it was to sell or even give things away,” says founder and CEO Shaima Sibtain. The friction is real, and so is the competition. In resale, trust is won transaction by transaction — and that is the test LUVED has set itself.

The app is live on the App Store now, with Google Play to follow. The company also plans to expand across the region, which will be the real test for a marketplace staking everything on trust.

Continue Reading

#Trending