Top 5 Fintech Apps in the Middle East and How to Build Your Own!

Best 5 Fintech Apps in the Middle East

Here, we’ve listed the best 5 Fintech apps in the Middle East. Let’s know about them:

1. MyFawry 

MyFawry is the #1 digital payment app in Egypt. It provides financial services to individuals and companies in more than 225,000 locations through a number of channels. Additionally, it offers e-commerce solutions and payment gateways in Egypt. Users can easily download the app on the Google Play Store and iPhone App Store. 

Amazing Features of MyFawry Fintech App

• Simple and secure login 
• Offer strong privacy (Face Authentication or Finger-print)
• Dues reminder notifications 
• Enable utility payments and other multiple bill payments
• Fraud detection 
• Can easily like MasterCard or Visa

Want to build a FinTech app like MyFawry? – Read the different features & functionalities, estimated costs, and other factors in this comprehensive guide.

2. Tabby

One of the most popular Fintech apps – Tabby – offers convenience to users regarding buy-now-pay-later services. Here customers can pay for their purchases via online or offline mode either in full payment or later with numerous EMIs. 

Also, customers may divide their purchases into four interest-free installments without any additional fees or interest. This process doesn’t require any prepaid top-ups or fees. Customers can quickly add their Tabby card to their preferred digital wallet by tapping their phone at the checkout.

Many top brands support the Tabby Fintech app because of its amazing user-friendly, and innovative solutions. 

Amazing Features of Tabby Fintech App

• Due bill alert notifications
• Exclusive deals with offers and discounts
• Interest-free payments option
• Offers 20% on cashback for purchases
• Robust and effective security 
• Users can shop from their favorite brands

3. Al Ansari Exchange Mobile App

Al Ansari is the second-largest Fintech mobile app in the UAE. With cutting-edge technology and amazing user-friendly features – Al Ansari offers safe, secure, and convenient Fintech services to users. Interestingly, it is recognized as the most downloaded mobile Fintech app, with over 900,000 active users. 

Amazing Features of the Al Ansari Fintech App

• Simple user interface
• Secure and instant transfers
• Ensures swift and reliable support
• AI-based fingerprint security
• Can easily track transactions
• Push notifications for online payments and money transfers
• Bill payment reminders
• Support multiple currency exchanges
• In-app maps to locate the banks in real-time
• Allows users to pay debit and credit card bills through certain payment gateways 

4. Al Mulla Exchange Appl

The Al Mulla exchange app is another of the best Fintech mobile apps in the Middle East. 

According to the company's most recent estimates, the program has currently been downloaded 340,000 times from app stores for Android, iPhone, and Huawei. Al Mulla Exchange, the company's mobile Fintech service, says that over $1 billion has already been exchanged securely using it.

Amazing Features of the Al Mulla Exchange Fintech App

• Simple to use user interfaces for all available service options
• Details about previous deals
• Easy to add contacts and send money
• The application's availability in seven different languages improves personalization.
• Currency exchange rate calculator for sending money at the best exchange rate

5. Pyypl

Launched in 2017, Pyypl (also pronounced as people) is a Fintech mobile application. Pyypl's main goal is to make people's financial lives easier by creating user-friendly products.

It offers cutting-edge technology driven by the notion that everyone deserves financial services that are more secure, efficient, and intelligent than using traditional money in a world that is fast going digital. Users may securely and affordably access all required financial services directly from their telephones.

This app is 100% digital, with no requirements for paperwork. 

Moreover, users don’t have to have a bank account, no minimum salary, no minimum balance, no post-dated cheques, and no branch visits.

Amazing Features of the Pyypl Fintech App

• Easy to conduct transfers and send money
• Users can easily pay bills and subscriptions
• Users can do online shopping anywhere where MasterCard is accepted. 
• Tracking to control spending and to stay within your budget.

Now, as we’ve read about the top 5 Fintech apps, let’s get started with three reasons why you must invest in a Fintech app. 

3 Reasons Why You Should Invest in a Fintech App 

Following, we’ve listed 3 major reasons why you should invest and build a Fintech app. Let’s learn.

1. Rise of Digital Banking

As technology evolves, the rise of digital banking is also rapidly growing. 

Look at the stats: Globally, 2.5 billion people currently use digital financial services. According to a survey by UK-based research company Juniper Research, 53% of the world's population will have access to digital banking by 2026.

Evidently, it signifies that the digital banking market is continuously growing, which makes it perfect for entrepreneurs to target this sector and build fintech app.

2. Rapid Increase in Smartphone Users

Nowadays, people have easy access to smartphones, and the number of users is rapidly increasing. 

By 2028, there will be almost 797 million smartphone subscribers in the Middle East and North Africa, predicts Statista. In the Middle East and North Africa, there were approximately 559 million smartphone subscribers as of 2022.

If you want to target a global audience – then it is best to build a Fintech app and target users on a global scale. 

3. Popularity of Blockchain and Cryptocurrency

Fintech applications leverage blockchain to create a secure environment for conducting business.

40% of businesses providing financial services think blockchain technology will change the way services are provided.

The majority of people are becoming aware of blockchain technology and cryptocurrencies. Undoubtedly, blockchain technology is expected to have applications across a variety of industries.  Healthcare, insurance, real estate, and finance are just a few of the businesses. And all of these sectors would require Fintech applications to fulfill their purpose. 

Fintech App Features and Functionalities 

Following, we’ve listed some important features and functionalities that you can incorporate into your Fintech app or mobile wallet app development. 

• User Login/ Signup: Many Fintech apps use biometric solutions or fingerprint/ face recognition scanning for users to log in.
• Operations and Payment Gateway Integration: This functionality allows users to make transactions, money transfers, and other actions via secured gateways. 
• Push Notifications: Users will get notifications or reminders regarding updates, information, and other changes.
• Robust Security Features: The Fintech app requires strong, robust security features to safeguard against cyber attacks, hacking, and other online frauds. 
• QR Code/ Scanning: The user gets the option to scan QR codes or cards to make financial transactions or related financial aspects. 
• 24/7 Customer Service: Having top-notch customer service is also an important factor in making your business successful. With the help of a real chat assistant or digital assistants such as chatbot functionality or AI-based functionality –you can clear all the doubts or concerns of your customers. 

Build Your Fintech App: A Complete Step-by-Step Guide

Following, we’ve discussed a step-by-step guide to building a Fintech app for your business. Let’s check:

Step 1: Planning

The first and most important step in creating a Fintech mobile app is strategic planning. Fintech developers start with a map outlining their approach with complete features and interface design. The overall structure and all of the elements of the MVP development services should also be made very clear.

Step 2: Incorporating Features and Functionalities 

If you want a successful Fintech app, you must incorporate amazing features and functionalities in your Fintech app. These features include budgeting, bill tracking, fraud detection, international currency exchange, and more. 

Taking into account that you can pick the features you wish to include in your mobile app. The cost will go up if you want your app to have more advanced features. 

Step 3: Design and Development

Here’s when UI/UX designers must step up. This is another crucial step in the development of an online payment app. You need a user-friendly design, a compelling user interface, accessibility, and an intuitive design if you want people to download your app. 

A superior user experience will be provided by having all these components coupled with deployed servers and third-party APIs. 

Step 4: Tech Stack 

Having a strong tech stack will create a foundation for your Fintech mobile app. Therefore, it is important to choose the right tech stack. Following, we’ve listed some important tech stacks for your Fintech app. Let’s learn:

• Native: Swift, Objective C, Kotlin
• Hybrid: Flutter, React Native
• Frontend: React JS, Angular
• Backend: Node JS, .NET, Python, Java, PHP, TypeScript

Get in touch with Apptunix experts to have the right tech stack for your Fintech app. 

Step 5: Testing and Launching 

Testing is the last stage to be taken into account before you launch the Fintech app. Use automated and manual testing techniques to thoroughly assess the usability, operation, and security of your Fintech app. It will be advantageous to identify any errors, lagging issues, or other concerns as soon as you can. 

Once you’re satisfied with the testing process, you are ready to launch your fintech app in the market. 

Note: You can opt for Minimum Viable Product (MVP) once your detailed plan is outlined and the product is ready with minimal features. You can launch it in the market, and once you get the idea of customers and other factors – you can go for a full development process with advanced features, better user experience, and other factors. Reach out to investors for funding. Hire mobile app developers in UAE today. 

How Much Does it Cost for Fintech App Development?

The development of a Fintech app depends on the features, tech stack, and complexity that you want to incorporate into your app. If we talk about the estimated cost to build a Fintech app – it can be as low as $25,000 or as high as $50,000. However, if you want to incorporate advanced features and functionality, then the cost would be $80,000 or more.

It's important to remember that to build a Fintech app only accounts for a small fraction of the overall cost. Additional costs like customer service, marketing, and ongoing maintenance and updates should also be considered.

Develop Your Fintech App With Apptunix Experts

Of course, Fintech app development comes with various challenges. However, if you have the right resources and support for the team, you will take your business to the next level. 

For that, make sure that you get in touch with the right Fintech app development company like Apptunix. A dedicated team of designers and developers will help to align your vision and goals with the Fintech app development. Therefore, make sure to choose the right steps that will help you kickstart your business and stay ahead of the finance market competition.