Technology is embedded in our everyday lives like never before, with the financial services sector witnessing significant innovation over the past decade. By combining financial services with technological innovation, businesses aim to enhance the customer experience by making it as seamless as possible to consume services, such as making payments, managing one’s wealth, or sending and receiving money.
Today Fintech is one of the fastest growing sectors and the Emirates Post Group is set to leverage the opportunities of this new era. The global fintech market is predicted to grow at an annual rate of 11.9 per cent between 2022 and 2027 to reach USD 266.9 billion by 2027. The UAE alone is home to more than 400 fintech companies.
COVID-19 was a turning point for fintech as companies rushed to find solutions for the population to avail key services within the safety of their homes. Although we have seen some industries reverting to pre-COVID market conditions, Fintech on the other hand is continuing to push the innovation boundaries.
At Emirates Post Group, our journey started nearly 20 years ago, when EPG realized the potential of the financial services sector and invested in Wall Street Exchange (licensed exchange house in the UAE https://www.wallstreet.ae/) in 2005, fully acquiring the company, along with Instant Cash (money transfer operator operating internationally https://www.instantcashworldwide.com/), in 2012. By 2021, fintech had radically transformed financial services which in turn fundamentally changed the expectations of customers. This shift has created major opportunities to develop new business models and provide new experiences to the customers.
Accordingly, Emirates Post Group created FINTX, its new fintech initiative which was officially launched at GITEX Global 2022. It spearheads the transformation of all existing financial services companies and looks towards the future to create, and invest in, new ventures. The overarching vision of FINTX is to create a fintech eco-system for the UAE and beyond. This eco-system will consist of a multitude of financial services for businesses and individuals, all provided under the FINTX umbrella, basically fulfilling several customer needs at once.
Today, the UAE has emerged as one of the leading fintech hubs in the region. The industry will continue to grow and contribute to further establishing the UAE as a global centre for innovation. With the considerable financial services experience, expertise and resources within FINTX, the group is well positioned to become a key fintech player within the UAE and beyond.