Geidea, one of the largest FinTech companies in the Middle East, has taken a major step by sponsoring and endorsing the Dubai FinTech Summit. Geidea, a significant player in the Saudi Arabian FinTech payment services industry, intends to use this forum to stand up for an integrated regulatory structure in the GCC area. When I researched, I found that Geidea hopes to increase investor confidence, nurture innovation, and stimulate industry expansion. In my analysis under the guidance of esteemed officials and with 5,000 international FinTech experts, the conference claims to be a global platform for shaping the future of this swiftly transforming industry.
An Overview of the Dubai International Financial Centre
Dubai International Financial Centre (DIFC) exemplifies the extraordinary development of the financial landscape. Positioned as the leading financial center for Africa, the Middle East, and the MEASA region (South Asia), which comprises 72 countries with an astounding 3 billion inhabitants and a combined GDP of USD 8 trillion. DIFC has played an integral part in assisting with trade activities for nearly two decades, connecting the rapidly expanding markets of MEASA to the global economies of Europe, Asia, and the U.S. via Dubai.
International recognition is accorded to DIFC’s independent regulator and well-established legal system founded on English common law. The financial environment within DIFC comprises over 36,000 professionals who represent over 4,300 active registered businesses. This thriving community includes the region’s biggest and most varied talent reservoir.
Through modern technology, innovation, and partnerships, DIFC is at the forefront of the financial industry’s journey to the future. It has become a global center for innovation and finance, providing a vast array of venture capital sources. These include streamlined licensing solutions, forward-thinking regulations, innovative accelerator programmes, and funding opportunities for entrepreneurs during their growth phase.
Beyond its financial significance, DIFC employs a holistic approach, offering a variety of world-famous dining and retail establishments, hotels, residential apartments, public spaces and culture or art spaces. This remarkable combination has reinforced DIFC’s position as a sought-after business, capturing the essence of Dubai’s thriving economy.
The Dubai International Financial Centre is an indicator of financial skills, promoting development and innovation. It exemplifies the ever-changing financial landscape, attracting businesses and individuals desiring a prosperous future in the thriving heart of the MEASA region.
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Everything You Need to Know About Geidea
Leading fintech payment service provider Geidea is revolutionizing digital banking and smart payment options for small and medium-sized enterprises in digital commerce. Geidea, a company with a global reach, presently serves more than 150,000 merchants worldwide, providing them with simple and intuitive tools to launch, manage, and grow their operations. Geidea was founded in Saudi Arabia in 2008 by the visionary founder Abdullah Faisal Al-Othman. Since then, the company has expanded swiftly throughout the entire area, with branches in Egypt and the UAE, serving both small and medium-sized businesses and financial institutions.
Geidea’s mission is to make commerce technology accessible and affordable for all. Doing so demonstrates its commitment to empowering merchants. As the first non-banking entity in the Kingdom to obtain a license from the SAMA (Saudi Central Bank), Geidea is authorized to provide direct financial services to merchants and small and medium-sized enterprises. Geidea is the largest fintech corporation in Saudi Arabia, with a 75 percent market share and over 700,000 terminals. Forbes has recognised it as one of the top twenty-five financial technology firms in the Middle East due to its remarkable growth. With over 2,000 staff members across all of its locations, Geidea Solutions influence the future of fintech by fostering creativity and promoting regional economic development.
Abdullah Othman, the Founder of Geidea’s Insights on Growth Journey
Abdullah Othman, the founder and chairman of Geidea, aims to empower global merchants through the use of digital technologies and assets. Small businesses and financial institutions can acquire point-of-sale terminals, business management services and digital banking solutions. Geidea is expanding its services in order to meet the rising demand for convenient payment solutions, thus encouraging financial inclusion and digital transformation. Let us see the answers given by Abdullah Othman here.
What prompted you to establish Geidea?
Being an entrepreneur engaged in numerous ventures, I recognised the need for merchants to expand their businesses with affordable and user-friendly payment solutions. I realized the ability of fintech innovations to transform the business environment and create opportunities for aspiring entrepreneurs and SMBs. Geidea has emerged as a business environment enabler, reducing costs and time, enhancing the consumer experience, and employing digital technologies.
Can you describe Geidea’s development since its inception?
Geidea’s travel has been remarkable. In 4 years of introducing our product, we grew to become the largest fintech provider in the country based on market share. We obtained a fintech license in 2021 from the Saudi Arabian Monetary Authority, and being a non-bank institution in the Kingdom to receive an acquiring license from SAMA, we assumed the responsibility of supporting the vision of a cashless society. We created app-based, contactless “phone-POS” technology that enables SMBs to process consumer payments swiftly and safely. We currently support more than 700,000 terminals for payment and ATM systems with 150,000 merchants, which has earned us widespread recognition.
What unique products and partnerships have Geidea introduced in the past few years?
Co-creation and collaboration have been essential to our success. We have established strategic alliances with organizations, including Banque Misr and Magnati. These alliances have allowed us to broaden our services into markets such as Egypt and the UAE. Additionally, we collaborated with worldwide payment institutions such as Visa, Mastercard, and SABB, bolstering our position as we scale our technologies throughout the region.
Where will you see Geidea in the next five to ten years?
Our mission is to enable all merchants worldwide to connect with customers by utilizing digital assets and technologies. We seek to level the playing field by offering convenient payment options and actively supporting financial inclusion and digital transformation initiatives in the MENA region. We will continue expanding our services to additional markets, with a particular emphasis on providing fintech tools essential for economic development and social mobility.
What steps has Saudi Arabia taken to become a prominent digital economy?
In recent years, Saudi Arabia has made major economic growth and regulatory advances. It has become a center for fintech financing and actively encourages innovation and entrepreneurship. Initiatives such as the QR-based payment system exhibit the nation’s dedication to improving digital payments infrastructure and fostering collaboration. The regulatory framework and initiatives such as the Open Banking Exchange promote innovation, sustainable growth and financial inclusion.
How does Geidea fit into the Saudi Arabian fintech ecosystem?
Geidea plays a crucial position in Saudi Arabia’s fintech ecosystem. We are actively contributing to the country’s goal of attaining 70% cashless transactions by 2030. To provide digital financial institution licenses and value-added solutions, we broaden our offerings throughout the transaction chain using strategic alliances and geographic expansion. We are focused on streamlining fund availability for businesses by partnering with Alamthal and Forus, thereby fostering growth and democratizing access to funds for Saudi Arabian entrepreneurs.
The takeaway
Geidea, a prominent fintech firm in the Middle East, has partnered with the Dubai FinTech Summit 2023 to shape the industry’s coming years. In my opinion, by supporting the regulatory framework, Geidea intends to boost investor confidence, encourage innovation, and promote industry growth. Furthermore, I have observed their participation demonstrates their dedication to effecting beneficial shifts in the fintech industry.
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