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New Fintech App Aims To Improve Children’s Financial Literacy

A startup known as Leap has built an app to help kids track where their money is being spent, and to help them save more effectively.



new fintech app aims to improve children's financial literacy

For children and young teens, it can be hard (and not to mention boring!) to get a handle on topics such as budgeting and saving. Money and financial matters aren’t exactly a top priority for youngsters, but they are vital subjects to master in order to be better prepared for adult life.

To that end, UAE-based startup Leap has an ambitious goal of helping young people to make better financial decisions and to improve basic money management skills and literacy. The fintech company has developed an app aimed at young people and their parents, which works to incentivize good budgeting and saving habits.

“Financial literacy is a core life skill that is not readily taught while growing up. Most kids get their first taste of financial responsibility when they go off to college without the oversight and knowledge on managing their money. We’re committed to changing this reality and empowering kids as young as 6 years old to understand, value, and manage their money,” says Ziad Toqan, CEO and Co-founder of Leap.

Parents can transfer a child’s allowance into the app or have funds appear when certain milestones are achieved (such as good school grades). Children using the service will get a prepaid Visa card linked to their Leap account, allowing them to use their balance however they see fit.

Also Read: Egyptian Digital Lending Platform Blnk Raises $32 Million

As well as helping to promote better budgeting and sensible spending, the app also diverts unused funds to a savings account at the end of each week, which Leap hopes will encourage kids to spend less and save more.

The app is available on both Apple and Android devices and is suitable for children between 6 and 18 years of age. Leap is currently focused on the UAE, but has plans to expand into Saudi Arabia and Egypt in the future.


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NEOM Airlines Is Saudi Arabia’s New, Tech-Centric Carrier

The airline will embrace advanced technologies such as artificial intelligence, and utilize high-tech propulsion systems by 2026.



neom airlines is saudi arabia's new tech-centric carrier

Opening in 2025, NEOM is a $500 billion Saudi Arabian smart city that will be powered entirely by renewable energy. Now, Saudi authorities have announced that the futuristic metropolis will also be served by its own dedicated carrier — NEOM Airlines.

neom international airport

The service will begin operating in 2024 and embrace advanced technologies, including artificial intelligence and biometric check in. Aircraft will fly to and from NEOM Bay before moving to the soon-to-be-built NEOM International Airport.

Also Read: ChatGPT Is Accelerating The AI Revolution In The Middle East

NEOM Airlines will focus on tourist, commercial, and residential travel and incorporate plenty of cutting-edge technology. Klaus Goersch, the airline’s CEO, revealed that existing aircraft will be retrofitted with existing technology on launch, but by 2026, an ultra-modern fleet will be in operation, “whether electric, hydrogen-powered, or supersonic”.

As well as modern, low-emissions power airplanes, NEOM aircraft will also be fitted with sleek, modern interiors, 6G Wi-Fi, large screens for every seat, plus gaming and chat technology.

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