Maly, the UAE-based integrated financial wellness platform, is set to roll out a slew of AI-powered financial tools to boost long-term investment and saving plans in the GCC region, amid the UAE – as well as Saudi Arabia – kicking off initiatives to implement pension and other financial security plans in the employment sector.
Its soon-to-be launched products will be for helping employees – and also the general population – in areas such as saving and smart ways to grow long-term investments, besides debt management, budget and spending, financial protection and security.
Market studies show that about 60 percent of the population in Maly’s two primary target markets – the UAE and KSA – do not have any type of pension or savings plan currently.
“Our in-house developed AI-powered financial stress tracker, leveraging open banking to identify patterns and trends that indicate financial stress, will provide customers with personalised advice on reducing their financial stress, and also help them to make better financial decisions,” Mo Ibrahim, Co-Founder and CEO of Maly, told Arabian Business.
“What we offer is an essential toolbox to help people automate and manage personal savings and investments effectively, with time-based plans, debt management tools, responsible borrowing, and investment techniques,” he said.
Ibrahm said though deposits in the UAE and KSA banking sector grew at double digits – 11 and 10 percent, respectively, in 2022 – that unfortunately does not necessarily mean more individuals are saving, as rising inflation and cost of living posed a serious challenge to households in general.
“While savings/deposits in the region are expected to grow at between 6 and 7 percent annually, we know that leadership in GCC countries – particularly in Saudi Arabia – have set far more ambitious targets on individual savings and investments, with the Vision 2030 mandate to boost savings rate to 10 percent of total household income. That’s a big deal,” he said.
The startup, which recently raised $1.6 million from a clutch of GCC angel investors, will use the fresh capital to super-accelerate its advanced AI/ML model rollout to the market, besides expanding into the Saudi Arabian market.
The startup says it’s in a unique position to drive investment culture in the region
Ibrahim said his startup is in a unique position to help drive a seamless execution of UAE’s “We the UAE 2031” and KSA’s 2030 Vision through the platform’s focus on financial wellness.
“Our cutting-edge technologies primarily leverage the power of data science, machine learning, and strong in-house technical expertise,” he said.
Maly has also forged strategic partnerships with major card brands such as VISA, NymCard, and DAPI to further boost its ambition to become a leading player in the MENA financial wellness sector.
“We are not here to replace banks but to create an enabler for the society to prosper,” Ibrahim said.
UAE citizens and residents can download the Maly app from any store, securely link it to their bank account or card, and receive an instant Visa Debit Card from Maly.
“With our Visa card, customers can transfer money within the Maly society free of charge and in less than a second,” he said.
Maly to compliment’s UAE’s efforts to implement pension, long-term investment plans
Highlighting the UAE government’s recent moves to introduce long-term financial security plans for employees, Ibrahim said this again showed that the country is at the forefront of advancing the region’s financial inclusion and wellness.
“This is very encouraging for us as a fintech company having both the technology and knowledge to strongly complement this effort,” he added.
The Maly founder, however, said financial wellness is multi-faceted and therefore it should not be limited to one vertical.
“Investing for example, although it’s critical, to invest you need to save first and more importantly learn how to manage debt and do proper budgeting. That’s why we are coming in as a one-stop-shop for all financial wellness aspects, providing the practical tools and guidance for people to improve their financial security,” he pointed out.
Maly’s move to bet for a high potential growth in the UAE and other GCC markets is understandable, considering the abysmally low financial sector indicators in the region currently.
As per Mercer and YouGov findings, more than two-thirds of the region’s population have not got any savings at all, while almost 75 percent of all UAE expats have no pension plan or saving scheme, and nearly three-quarters of those in the UAE and KSA – the region’s biggest economies – are without any long-term financial plan or investment.
In Saudi Arabia, only less than 10 percent of the population is estimated to save 15-20 percent of their income, which is below benchmarks from other developed economies.
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