Reportedly, software-as-a-Service (SaaS) solutions are among the fastest-growing segments in the IT industry, with total SaaS spending expected to grow to $140 billion in 2022 from $100bn in 2020, according to research conducted by Gartner.
As SaaS solutions continue to deliver various corporate and business use cases, the model has become a go-to for many organizations due to the advantages it offers, including flexibility and affordability.
With that, UAE-based B2B SaaS solution provider FOO is helping empower MENA businesses through digital transformation and using innovative fintech solutions that are built entirely in-house.
“We use innovative, modular solutions, consisting of sophisticated micro-services that can be assembled to create customized digital products,” said Ghady Rayess, co-founder and managing director at FOO.
With the MENA’s fintech market well-positioned for substantial growth, expanding swiftly at a CAGR of 30 percent, FOO continues to grow its products, offering solutions for digital banking, mobile money, cross-border remittance, white-label mobile apps, and fintech services based on blockchain, shared Rayess.
“It’s important for businesses to recognize key trends and create their offering to serve demand. For example, digital payments is a rapidly growing sector – 97 percent of consumers in the UAE plan to try at least one new digital payment including wearables, QR codes, biometrics, and digital currencies,” he said.
By the end of 2022, it’s predicted that over 800 fintech companies from sub-segments that include payments, open banking, smart lending, blockchain, and regtech, will raise over $2bn in venture capital funding in the region.
“As we move towards a cashless society, we see the emergence of neobanks. As of 2020, there are over 20 operating in the region, serving over 15 million customers. For neobanks, effective and agile fintech solutions are the key to a successful operation,” Rayess said.
“We can also see the rise of embedded finance – the seamless integration of financial services, adopted by non-financial companies. As consumers demand an increasingly digital experience, companies across industries such as retail and healthcare, are leveraging fintech solutions to meet demand,” he added
With that, FOO is leading the way in fintech innovation, with key projects underway, including BenefitPay, the first national e-wallet in the kingdom of Bahrain; Zain Cash, a mobile wallet for money transfer, electronic bill payment and funds disbursement, licensed by the Central Bank of Iraq; as well as Tamam, a quick and easy financing solution for digital payments in Saudi Arabia.
Speaking about FOO’s future plans, Rayess said: “Going forward, we hope to continue our growth by increasing regional coverage throughout UAE, KSA, and Egypt. Developing our channel model and evolving our key products – digital bank in a box, white-label digital wallet, virtual card issuing for corporates, merchant platforms, and tokenization – will be a key focus for us this year. We also have plans to expand our strategic partnerships to include technology, card processing, and consultancy partners, in addition to completing our Series B funding to support these future plans for growth.”
To conclude, operating in the Middle East for more than 12 years, FOO continues to expand its client portfolio, forging strategic partnerships with Visa and Mastercard, and creating solutions for clients across industries such as Zain Group, PwC, and Majid Al Futtaim Group.
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