The Finance World Magazine| Edition: October 2023
In this dynamic era of technology and innovation, the world stands at the crossroads of boundless possibility, where visionary endeavours and transformative innovations shape the future. This issue centres around the innovative tech startups that play a pivotal role in shaping the Middle East and North Africa Region. It highlights 20 tech startups that have gained prominence for their innovative approach and revolutionary vision. Within the ever-evolving financial landscape, the enduring strength of long-term investments is subject to in-depth analysis. Discover how strategic patience, persistence, and a keen eye for innovation can lead to long-term financial success. This edition offers a comprehensive exploration of the AI innovation landscape in the UAE, emphasizing the vibrant startup ecosystem. It provides insights into stock market trends, dynamics, and the role of AI in financial markets. Additionally, it delves into the transformative impact of technological acquisitions on various industries through mergers and acquisitions (M&A). The publication also highlights the top three robo-advisors, serving as a reliable resource for making informed and efficient investment decisions, making it a valuable guide for individuals interested in the intersection of AI and finance in the UAE. Keep yourself up to date with all financial sector news with our current news segments. Each person can find something unique from us. We believe our readers deserve real value from what we have to offer.
In this dynamic era of technology and innovation, the world stands at the crossroads of boundless possibility, where visionary endeavours and transformative innovations shape the future. This issue centres around the innovative tech startups that play a pivotal role in shaping the Middle East and North Africa Region. It highlights 20 tech startups that have gained prominence for their innovative approach and revolutionary vision.
Within the ever-evolving financial landscape, the enduring strength of long-term investments is subject to in-depth analysis. Discover how strategic patience, persistence, and a keen eye for innovation can lead to long-term financial success.
This edition offers a comprehensive exploration of the AI innovation landscape in the UAE, emphasizing the vibrant startup ecosystem. It provides insights into stock market trends, dynamics, and the role of AI in financial markets. Additionally, it delves into the transformative impact of technological acquisitions on various industries through mergers and acquisitions (M&A). The publication also highlights the top three robo-advisors, serving as a reliable resource for making informed and efficient investment decisions, making it a valuable guide for individuals interested in the intersection of AI and finance in the UAE.
Keep yourself up to date with all financial sector news with our current news segments. Each person can find something unique from us. We believe our readers deserve real value from what we have to offer.
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Fintech Application<br />
TAMARA<br />
Founded in 2020, Tamara is a<br />
shopping and payment platform<br />
headquartered in Riyadh, Saudi<br />
Arabia, that has swiftly risen to prominence<br />
in the Middle Eastern financial<br />
technology landscape. Co-founded<br />
by Abdulmajeed Alsukhan, Turki Bin<br />
Zarah, and Abdulmohsen Al Babtain,<br />
Tamara offers a unique shopping and<br />
payments platform, with its flagship<br />
product being the Buy Now, Pay Later<br />
(BNPL) service.<br />
Tamara’s BNPL platform enables<br />
merchants to provide customers with<br />
flexible payment options, making purchases<br />
more accessible and affordable.<br />
This service is seamlessly integrated into<br />
online shopping experiences through<br />
APIs and plugins, allowing consumers<br />
to defer their payments and split them<br />
into manageable instalments. This<br />
approach has led to larger shopping<br />
baskets for consumers and boosted<br />
conversion rates while simultaneously<br />
reducing returns. Moreover, Tamara<br />
facilitates co-marketing efforts that<br />
grant businesses access to high-intent<br />
shoppers, thereby further enhancing<br />
their sales.<br />
In a relatively short time, Tamara<br />
has achieved remarkable growth. <strong>The</strong><br />
company boasts six million customers<br />
and partnerships with over 15,000<br />
merchants, which include globally<br />
recognized brands like Shein, Jarir,<br />
Noon, Ikea, and H&M, as well as local<br />
small and medium-sized enterprises.<br />
Its operations extend across key Middle<br />
Eastern markets, including Saudi<br />
Arabia, the United Arab Emirates,<br />
and Kuwait.<br />
Tamara’s financial journey has been<br />
impressive, with total funding of $366<br />
million in equity and debt secured since<br />
its inception. In March <strong>2023</strong>, the company<br />
raised an additional $150 million<br />
in a credit facility from Goldman Sachs,<br />
earmarked for meeting the surging<br />
demand for its BNPL product and<br />
expanding into new business verticals.<br />
One of the standout features of<br />
Tamara is its unwavering commitment<br />
to core principles: fairness, transparency,<br />
and seamlessness. <strong>The</strong>se<br />
values are at the heart of its product<br />
development, making Tamara a reliable<br />
and customer-centric platform in the<br />
financial sector often criticized for<br />
lacking these qualities.<br />
Tamara’s shariah-compliant foundation<br />
and dedication to social responsibility<br />
have further solidified its position<br />
as an industry trailblazer in the Middle<br />
East’s BNPL market. With substantial<br />
funding, a growing global presence, and<br />
an expanding customer base, Tamara is<br />
poised to continue making a significant<br />
impact on the financial services sector.<br />
Its unique vision and values, coupled<br />
with innovative BNPL solutions, are<br />
setting new standards for the industry<br />
in the Middle East and beyond.<br />
Availability: Google Play Store and<br />
Apple App Store<br />
Website: www.tamara.co/en/app<br />
20 www.thefinanceworld.com <strong>October</strong> <strong>2023</strong>
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