GCC FinTech Startups ‘Cash In’ on Millennial Banking Needs

GCC Financial Technology startups are cashing in on the always-connected banking habits of Millennials, industry experts revealed in the build-up to GITEX 2016.

There is a surge in growth of “moneyhawks” – the high-income, and under-35-year-old customers who want constant mobile access to their banking and finance accounts.

“UAE Millennials do not want to wait at bank branches – they want constant, secure, and easy access to their banking and financial from their mobile devices. As a result, more banks are establishing partnerships with FinTech startups, which can drive digital payment innovation with a more agile mindset,” said Abdirizak Ibrahim Salah, Co-Founder of Trriple.

At last year’s GITEX, Trriple launched as a company and signed a partnership with Ericsson on mobile wallet solutions in banking and Smart Cities. Trriple returns this year to showcase digital payment innovations, and exhibit alongside FinTech startups at the GITEX Startup Movement.

“Cash represents 75 percent of the UAE’s total payments – leading to a fragmented payment space for consumers, businesses, and banks. Innovative FinTech startups can use mobile apps to transform the UAE consumer payments space, leading to a cashless society by 2018,” added Abdirizak Ibrahim Salah.