Fintech isn’t a new term in the business world. We are all aware that finance and technology are related as everyone has a digital business bank account these days. The term proposes a change, especially in the banking sector. Various definitions of the term are available in business journals and academics. In simple words, Fintech uses IT technology to improve the efficiency of the financial sector thus answering the relevance of the “What is fintech in banking?”
The BFA describes what is fintech in banking as follows. A technological advancement capable of innovating the provision of financial services. Almost all banks benefit from using top fintech banks. Fintech offers different financial business models. For example, crowdfunding or payment. In this blog, we will explore what are fintech banks and amongst them the best ones in UAE.
Though fintech is common nowadays, some of us think of what is the role of digital banking. It allows banks to be more efficient than ever and people could manage monetary operations in a better way compared to traditional banking. Fintech is more than digital banking as a digital bank only provides services online while fintech is a full-fledged innovation of technology and the financial sector.
The Fintech bank list compasses different types of companies that offer a plethora of financial services backed with innovative technologies. They can be classified into various categories which are as follows:
Payment fintech: These focus on payments can acquire customers at low cost and are among the fastest in terms of switching and choosing new payment features. These include mobile wallets, peer-to-peer mobile payments, foreign currency, real-time payments, digital currency settlement, and interbank transactions – such as money market contracts and foreign exchange transactions.
Lending fintech: These companies allow you to lend and borrow money while offering modest interest rates.
Capital Market fintech: Fintech companies like these enable you to buy and sell commodities with risk management. You can analyse data and buy or sell based on your knowledge about the capital market.
Crowdfunding fintech: allows you to verify the creation of new products based on reward-focused, donation and share-based crowdfunding.
Wealth management fintech: Companies belonging to these categories allow you to select assets to invest in considering your needs.
Insurance fintech: The services offered by these firms are usually a direct relationship between the customer and the insurer that takes place in insurance-type fintechs. They employ data analytics to quantify and manage risk, and products are provided to customers to satisfy them.
The list of digital banks in UAE that fall under the top fintech bank list. The following is the list of fintech banks:
The first on our list is Paytabs which is one of the famous companies in the fintech bank list of UAE. It simplifies financial operations and provides end-to-end payment solutions.
Tabby is a renowned fintech platform launched in 2019 and offers online shopping and financial services. It offers a flexible payment option that allows customers to split their purchase amount into 4 interest-free payments. The company operates in the UAE, Saudi Arabia, and Kuwait and serves over 11 million customers.
Bayzat fintech is the finest example of the difference between fintech and digital banking. The company provides the best online health insurance solutions to worldwide clients.
Powered by AI-driven technology, this platform offers multiple financial services such as airtime credit, microlending and data monetisation to individual customers, SMEs, mobile operators, etc. It consists of a distinctive credit scoring system that offers smart credit decisions to about 88 million customers monthly.
Yallacompare is the result of people’s dilemma between fintech vs traditional banks in UAE. It primarily compares insurance and other banking products in a stellar manner for you.
Struggling to obtain a home loan in the UAE? Meet Huspy, the most trusted digital mortgage provider in the UAE. The company primarily aims to minimise the hassles of obtaining home loans. With a team of credible and reputed industry experts, the platform assures easy-to-process home financing.
What is neobank? The simplest answer is a bank without any tangible or physical branches but operates fully online. We see a leap in the number when it comes to the list of neobanks just like fintech companies. The famous list of neo banks offers savings accounts, credit cards and business loans just like traditional banks.
It is one of the oldest neobanks in UAE that provides easy access to bank operations such as opening a bank account, credit card, personal loan and more. To acquire the banking service, you must be a UAE citizen and in this way, you can enjoy their complete banking services.
Liv is also a renowned neo-bank in the Gulf region that provides personal banking services and you can manage everything on your own using Android or iOS applications. The bank provides rewards and benefits and encourages users to have a healthy financial lifestyle.
Xpence is known for providing expense management solutions for businesses of all kinds including freelancers, corporates and small SMEs. Instant invoicing is a feature that xpence provides for its customers with other add-on services.
E20. is the UAE’s first digital business bank that helps SMEs, corporates, startups and solo entrepreneurs. It’s best for local monetary transactions as it does not provide international transfers.
It is a neo-bank that was launched by ADBI. This bank especially takes care of the financial needs of millennials and Z generations in the region. It offers every banking service that a traditional bank would offer. Besides, it is also linked to Moneysmart.
The list goes on. Some of the other emerging neo-banks in the United Arab Emirates such as Wio, Yap, Zand Bank, etc are also worth checking out for the features they offer.
The banking and financial sector will continue to grow and change leading to questions like what is neo bank what is crowdfunding fintech or something else on the go. Being updated about fintech helps a lot to be advantageous and if someone asks about fintech vs banks, you can explain and suggest the top fintech banks.
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