In an era of dynamic digital transformation and a rapidly evolving financial landscape, the disruptive power of fintech has taken center stage, shattering long-standing barriers and revolutionising how we approach financial services. Gone are the days when access to diverse financial solutions was limited to a privileged few, leaving millions unbanked and excluded from essential opportunities.
The emergence of fintech has ushered in a profound revolution, compelling companies to reimagine financial inclusivity and cater to the needs of the masses. Amidst this wave of innovation, Astra Tech has rapidly emerged as MENA’s fastest-growing fintech company, commanding a staggering user base of over 140 million individuals. In fact, the 2023 Global Startup Ecosystem Report (GSER) by Startup Genome placed Dubai as the highest-ranked MENA entry in the Emerging Ecosystems ranking, with Astra Tech joining the exclusive club of unicorns, contributing to an 81 percent increase in Ecosystem Value alongside esteemed counterparts like Fenix Games.
Empowering the unbanked
At the heart of Astra Tech’s mission lies a relentless commitment to empowering the unbanked and underserved. One notable example is our focus on blue-collar workers who often face barriers to traditional banking services. Through extensive research in the UAE, we discovered that these workers would spend an entire month’s salary over 12 months on international money transfers, factoring in transportation costs, transfer fees, and the significant time spent waiting in long queues. Within these communities, the potential of fintech solutions shines brightest, unlocking opportunities and transforming lives on an unprecedented scale.
In addition to ensuring inclusive financial services, Astra Tech is also making ChatGPT accessible, catering to different needs and segments in various languages, further empowering previously untapped populations. Soon, we will introduce the first-ever, fully functional Arabic Chat GPT in MEA, with plans to include other languages. This will enable users to easily order services, like water delivery, through a simple chat mechanic, avoiding the need to navigate multiple app offerings.
Through our microlending arm, we have facilitated over 2 million transactions, providing more straightforward eligibility, efficiency, and convenience to support the underserved. This commitment to financial empowerment is further solidified through strategic acquisitions and partnerships. For instance, our global collaboration with Moneygram, one of the world’s largest money transfer operators, enables cross-border remittance services across 200 countries and territories for our user base. In the Philippines, our acquisition of a majority stake in Y-Finance, a licenced financing company, along with our partnership with Banco de Oro (BDO), the country’s largest bank, underscores our dedication to seamless cross-border money transfers, benefiting Filipinos both in the UAE and their home country. On the regional front, we introduced a more convenient way to pay bills and invoices in Egypt, and even more efficient international money transfer services via strategic partnerships with Fawry, Egypt’s leading digital payments platform and Banque Misr. These strategic alliances exemplify our mission to forge impactful relationships that transcend borders, ensuring ease and convenience for individuals, and driving economic growth and financial inclusion.
Unlocking innovative payment methods
Unlocking innovative payment methods is another domain where Astra Tech has pushed boundaries. What once seemed like futuristic imaginings has become our reality. We introduced ‘B Store’ in the UAE, the world’s first fully autonomous shopping store featuring face pay technology powered by advanced AI and fintech solutions. This innovation streamlines the entire shopping experience, from supermarkets to retail stores, and soon expands to other establishments like gas stations. Face pay is reshaping how people transact by offering unparalleled convenience and efficiency, revolutionising daily lives.
As we reflect on Astra Tech’s extraordinary journey to becoming MENA’s fastest-growing fintech powerhouse, it is evident that our unwavering commitment to financial inclusivity and innovation has been the bedrock of our success. From empowering blue-collar workers to catering to diverse language speakers, we are forging a future where financial services are accessible to all. Fintech is more than a mere trend; it is an ever-evolving ecosystem with limitless possibilities. With each milestone we achieve, Astra Tech paves the way for a future where financial inclusion knows no boundaries, and the transformative power of fintech is harnessed for the benefit of all.