Forbes Middle East Unveils Top Fintech Apps In The Middle East 2021

Press release

Published August 31st, 2021 - 07:53 GMT

Forbes Middle East Unveils Top Fintech Apps In The Middle East 2021

The 15 apps had 9.5 million downloads and $6.9 billion worth of transactions in 2020.

Highlights

Forbes Middle East has released a list of the region’s Top 15 Fintech Apps 2021

Forbes Middle East has released a list of the region’s Top 15 Fintech Apps 2021, highlighting the mobile applications helping customers make payments, remit money, borrow and invest online. The list was constructed based on the amount of money executed through the app in 2020, the number of downloads and active users, and the date of establishment. Fintech applications owned by traditional banks and telecommunication firms were excluded.

Egyptian payment portal myFawry topped the ranking with over 1.6 million downloads last year. Remittances and money transfer platforms Al Ansari Exchange Mobile App in the U.A.E. and Kuwait-based Al Mulla Exchange placed second and third, respectively. Established in 2020, Kuwait’s FinFirst Capital is the youngest app featured at 14th position. The financial services marketplace has conducted 5,000 transactions worth a total of $60 million.

The companies featured on this list amassed a combined total of 9.5 million downloads and processed $6.9 billion worth of transactions in 2020. The apps represent five countries. Six are headquartered in the U.A.E., followed by four in Egypt, three in Kuwait, and one each in Jordan and Saudi Arabia.

Top Fintech Apps In The Middle East 2021: Country Breakdown
U.A.E	6	Jordan	1
Egypt	4	Saudi Arabia	1
Kuwait	3

Click here for the complete ranking of the Top Fintech Apps In The Middle East 2021.

Top 5 Fintech Apps In The Middle East 2021

1 | myFawry

Payment Portal

Established: 2019

Country: Egypt

2 | Al Ansari Exchange Mobile App

Remittances and Money Transfer

Established: 2018

Country: U.A.E.

3 | Al Mulla Exchange

Remittances and Money Transfer

Established: 2018

Country: Kuwait

4 | MyFatoorah

P2P Payment Solutions

Established: 2016

Country: Kuwait

5 | valU

Buy-Now-Pay-Later (BNPL) Platform

Established: 2017

Country: Egypt

Background Information

Forbes Middle East

Forbes Middle East has a license for copy rights and distribution rights in the MENA region from Forbes Media, U.S.A. Under the guidelines standardized amongst all Forbes titles, the magazine features analysis and expert reporting related to the finance and business world, as well as investment opportunities in the Arab region. Forbes Middle East puts together its lists based on the criterion of neutrality, authenticity, commitment to the methodology of scientific research, and the quality of standards set globally by Forbes through its extensive experience in this field.

Forbes Middle East also serves as a guide for businessmen and decision makers by providing them with information and statistics necessary for making the right decisions. Thus, the magazine becomes the guiding compass for investments in the region. Through its wide network of press correspondents the magazine also works toward covering all the economic fields and issues concerning the Arab region.