he Middle East tech boom is underway as government initiatives prioritize digital transformation and emerging technologies take center stage in both the public and private sectors as many countries in the region aim to diversify their savings. Fintech, one of the major technology trends, is rapidly transforming services in the financial sector, from digital payments and capital markets to supervision.
Mohammed Al-Rashidi, Founder and Executive Chairman of One Global, said: “There is a lot of development in the fintech industry, especially in corporate finance. On the other hand, cross-border payments and trade finance businesses have a long way to go. Digital wallets and banks are becoming extremely popular, but payment processing remains constant. In addition to the banking sector, the region is experiencing the rise of robotics, big data and blockchain.
Growth of startups
According to data platform Magnitt, fintech has been one of the main beneficiaries of the return of a risk-based approach by investors around the world in 2021. As a result, both funding deployed in the industry and the number of deals closed by fintech startups rose to a record high in 2021, growing 550% and 56% year-on-year, respectively.
Meanwhile, the Covid-19 pandemic has caused a significant surge in startups, with the number of new businesses around the world topping metrics compared to recent years. Young professionals from the Middle East are now likely to start their careers in a startup and work in several functions within these startups.
Al-Rashidi, however, says startups often shut down due to challenges such as lack of funding, despite introducing innovative solutions and services. He says, “Although the region is a top community for startups, we believe they still struggle to acquire funding to sustain their business model. Address
To meet this challenge, we have created a decentralized financial services marketplace that will help banks and other financial institutions to digitally transform and also foster the growth of startups.
A holistic approach
One Global, according to Al-Rashidi, is a digital transformation and innovation company founded in 2004. It now operates in more than 20 countries in the Middle East and North Africa, Europe and North America . “We provide services in the digital economy, including supply chain finance and distribution, sourcing, accepting and collecting payments, and automated settlements on bank accounts, cards and wallets, among others.”
Explaining the market, Al-Rashidi adds that they provide acceleration capabilities and services to businesses across the spectrum, including startups, small and medium enterprises, and large enterprises. With digital offerings such as Og Business, Og Travel, Og Life and other similar platforms under one umbrella, Al-Rashidi has positioned One Global as a diverse company serving the community.
“We connect customers to technological advances that make payments for everyday digital services more mobile, secure and convenient. Additionally, we offer lifestyle services leveraged through our platforms, all of which are powered by in-house innovation. By connecting private and public clouds around the world, we can create, manage and maintain mobile applications, software and websites, software interfaces and wearable devices,” adds Al-Rashidi. For example, Og Money, one of their financial services platforms, serves as a one-stop-shop for bill payments, recharges, and other financial transactions.
Al-Rashidi also highlights how their business model is split into two components and serves as an end-to-end solution ecosystem. “Our business strategy is divided into two parts: venture capital and operations. As a result, our ecosystem can meet the end-to-end demands of our customers. At the same time, we also study current market trends and develop new solutions and services to meet customer needs.
Disrupt the status quo
One Global’s forward-thinking approach and business platforms are poised to disrupt the status quo for entrepreneurs. Al-Rashidi believes that Og Stack and Og Business have been well received by companies that have adopted it so far.
“Og Stack allows entrepreneurs to connect their services to a larger ecosystem. This tool makes it easier for ideas to reach global markets, incubators, investors and other stakeholders. We further provide startups with complete profiling, sandbox, production environment and test environment among others. We also offer business support services such as legal, financial, subscription plans and pricing strategies, all in one ecosystem.
In short, startups can use Og Stack’s platform to register their services in an online ecosystem that allows them to combine their services into a single integrated software development kit (SDK). Additionally, Og Stack will allow businesses and startups to integrate all of their service menus into a single platform without worrying about contracting and paying developers or software specialists.
“Startups and enterprises do not need to employ or rely on a third party to obtain security-as-a-service, encryption-as-a-service, or even business support such as trade deals and agreements. service level. Instead, all of them can be accessed using a single SDK. They just need to verify their software using the SDK and then release it to the market where other companies can use the service,” he adds.
The company’s Og Business platform enables private organizations of all sizes and governments to manage their financial activities more efficiently.
Og Business’s payment gateway, which was created to enable personalized payment solutions and an easy checkout process, is used by startups, online stores, and e-commerce merchants across various industries. The platform also makes it easier for businesses to accept payments by creating QR codes that can be used to accept digital payments without using point-of-sale equipment. The platform also intends to trade multiple global currencies.
He mentions another attractive platform, Og Travel. “This platform acts as an umbrella where customers can effectively plan and manage their trips. They can book flights, hotels and other domestic travel services. We have already launched these services in the Middle East, Kuwait and Bahrain, and we plan to do the same in the United Arab Emirates, which we consider a single market.
“Our mission is to provide customers with smart life as a service by 2030. We aim to release some of our innovations and achievements at every step of this mission,” Al-Rashidi concludes.
Read: This is how the Middle East is set to become an innovation hub