COLLABORATIVE APPROACHES TO FINTECH IN THE MENA REGION

What are the current trends, challenges, and demands in the fintech business, specifically in the online payment gateway vertical?

We need to acknowledge the growing demand for a seamless, secure, and personalized online payment experience across various channels, such as mobile, web, and in-store. Currently, we are experiencing a gold rush from artificial intelligence and machine learning. Companies must learn to leverage this technology in order to remain ahead of the curve and not fall behind.

Another trend is the increasing adoption of open banking and APIs, which enables fintech companies to connect with traditional banks and financial institutions to offer more comprehensive payment solutions. Additionally, there is a growing interest in blockchain technology, which has the potential to revolutionize the payment industry by providing a secure and transparent ledger for transactions.

However, we shouldn’t disregard the challenges, such as the need to maintain compliance with constantly evolving regulations, the threat of cybersecurity breaches, and the need to continuously innovate to keep up with changing consumer behaviors and preferences.

What sets Telr apart from its competitors?

At Telr, we are focused on providing our clients with state-of-the-art online payment gateway solutions that are both secure and user-friendly. We leverage cutting-edge technologies and customizable features that set us apart from other payment gateway providers.

We strongly advocate for user experience and believe that ensuring ease of use is crucial in leaving a positive impact on customers.

How has the recent boom in the digital payment industry impacted your business services to your regional partners and clients?

Just as the world is shifting towards sustainability, the recent boom in digital payments isn’t in fact, very recent. I firmly believe that this move was inevitable and that technology is influencing us to shift towards digitization. This has been extremely helpful for us, especially during the pandemic where we were able to ride the wave of digital payments.

With the Kingdom’s goal of becoming a cashless society by 2030, we’ve been very instrumental with our regional partners and clients who are aligned with this vision.

What are the solutions you provide to Middle Eastern governments?

Telr’s online payment gateway allows governments to receive payments from citizens for a variety of services, such as taxes, fines, and fees. We also provide solutions to streamline payment processing for government agencies, reducing paperwork and increasing efficiency.

Furthermore, our platform is highly secure and compliant with international regulations, ensuring that government transactions are safe and transparent. We are committed to providing innovative solutions to help governments in the region improve their financial operations and better serve their citizens. Our goal is to make payments simple, secure, and accessible for everyone for users in the Middle East especially in the UAE and Saudi Arabia.

Is there a power shift in the region from conventional banks to fintechs?

There is definitely a shift happening in the MENA region from conventional banks to fintech companies. As consumers increasingly seek convenience and accessibility in their financial transactions, fintech companies are able to offer innovative solutions that traditional banks often struggle to match. Additionally, the regulatory landscape in the region is becoming more fintechfriendly, which is encouraging more entrepreneurs to start fintech companies.

Can you provide a little background of your company, Cyber Gear?

Cyber Gear is a leading technology company that specializes in creating digital twins, providing immersive shopping experiences with avatars, offering phygital workshops, and helping brands transition from Web2 to Web3. Cyber Gear was the first digital agency in the Middle East region, established in 1996. The company has now started to focus on Web3 and Metaverse services, providing these solutions to global clients.

How do you envision Web3 and Metaverse transforming the entire F&B industry?

Web3 represents the next stage in the evolution of the internet. Although it is still in its early stages, many brands have begun to experiment with this medium, and it is only a matter of time before mass adoption takes place. It is an ideal time for hospitality brands to begin building communities because, without a community in Web3, success is difficult to achieve. Additionally, it is essential to note that in Web2, we have consumers, while in Web3, we must create "fansumers," who