Monty Finance Expands Digital Banking and Payments Platforms Into Middle East

Technology provider Monty Finance will be pursuing expansion plans in the Middle East and adding ways to help the unbanked with digital finance services, a press release said Friday (May 27).

The company plans to use the Seamless Middle East exhibition to engage with companies looking to digitize.

The exhibition will take place May 31 and June 1 at the Dubai World Trade Centre.

Bruno Martorano, CEO of Monty Finance, says the United Arab Emirates (UAE) is an excellent market that provides an ideal platform for the company to accelerate its international expansion. “The Emirates has a robust FinTech sector that supports innovation. It is the best place to engage potential partners that will help us achieve our growth plans.”

He said that though the UAE is one of the more progressive markets for finances, 54% of the working population is underbanked.

That makes it a good opportunity to add to the company’s reach, especially as the Middle East has a growing FinTech sector, with businesses eager to get in on new digital tech.

The release notes Monty Finance rolled out MyMonty in that region, too, which allows for banking services for anyone to send, receive or request money in just a few steps. This will let businesses get a “reliable partner” to help guide them through the digital transformation.

The company with use the Seamless Middle East event to announce its new payments solution, MontyPay.

In similar news, Alif, a Tajikistan FinTech, is trying to help the unbanked as well through getting into the Pakistan FinTech space.

Read more: Tajik B2B FinTech Alif Prepares to Enter Pakistan’s Unbanked SMB Market

Alif began as a microcredit organization, but is now one of around 20 companies that applied for a license after the State Bank of Pakistan debuted a digital banking framework.

Mahmood Shamsher Ali, the head of the company, said it would be offering BNPL services along with short-term loans, B2B finance and remittances services.

According to Ali, this could make for an interesting time, what with legacy banks also changing their approaches.