A Deep Dive into MENA's Fintech Ecosystem with Tap Payments' Ali Abulhasan
In a world that is swiftly moving towards digital transactions, the financial technology sector, known as fintech, plays a pivotal role. Fintech is rapidly evolving, driving significant changes in the way businesses operate and individuals manage their financial activities. One region particularly impacted by these developments is the Middle East and North Africa (MENA), with startups making a notable difference in the online payment landscape.
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Tap Payments' Ali Abulhasan: The Maestro of MENA's Fintech Symphony
On the latest episode of Couchonomics with Arjun, we are joined by Ali Abulhasan, co-founder and CEO of Tap Payments, one of the most disruptive fintech companies in the MENA region. Abulhasan, initially ignited by his work in payments within the oil and gas sector and then the telecom industry, became a passionate advocate for seamless and innovative payment experiences. His unique journey led to the creation of Tap Payments, connecting the region's disconnected payment landscape and simplifying digital transactions for thousands of businesses.
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Breaking Time Barriers: How Tap Payments Accelerated the Online Payment Race
Tap Payments was born out of a singular aim – to reduce the lengthy period required for businesses, particularly startups and SMEs, to accept online payments. Abulhasan realized that the prolonged time to achieve this - often up to a month - could stifle growth and limit the liquidity crucial for a company's expansion. Consequently, Tap Payments committed to shortening this timeframe to just 48 hours, a move that drastically changed the landscape.
For businesses based in the MENA region, expanding to neighboring countries is a natural ambition, but the logistics can be complicated. The market behavior in one country can be strikingly different from another, leading to complexities and challenges when trying to grow. This is particularly true with payment preferences, which can differ significantly from one country to another. For instance, KNET is prominent in Kuwait, while in Saudi, it's MADA. Tap Payments sought to tackle this problem, offering a standardized API that provides access to all prominent payment methods in the region, simplifying the experience for businesses and consumers alike.
Crypto and Biometrics: The New Cadence in Tap Payments' Fintech Dance
Abulhasan acknowledges the importance of evolving payment trends and their incorporation into Tap's platform. He sees cryptocurrency as a growing behavior and payment method that will evolve further, indicating a promising future. Biometrics, too, is increasingly driving payment authentication – a trend he sees as aligning with the evolution of financial technology. Tap aims to incorporate any new market-adopted behaviors or trends, simplifying these for clients.
Artificial Intelligence (AI) is not just influencing, but revolutionizing various industries – and fintech is no exception. Comparing the role of AI in payments to the use of software in navigation, Abulhasan illustrates how AI can make complex tasks simpler and more intuitive, although he admits it can be a double-edged sword, given people's reliance on it.
Tap Payments' Global Canvas: Painting a Future Beyond Borders
Looking ahead, Abulhasan outlines Tap Payments' ambition to help MENA-based companies grow globally. The firm aims to bridge the gap between the region and the world by building connections and collaborations. In doing so, it hopes to enhance and streamline the financial landscape not only within the region but also in the wider world.
Riding the Fintech Wave: A Recap of Tap Payments' Digital Symphony
In this episode of Couchonomics, we take a close look at the dynamic fintech landscape in the MENA region. Ali Abulhasan, with his firm Tap Payments, is clearly at the forefront of this evolution, leveraging technology to revolutionize online payments. His insights offer a rare glimpse into the challenges and opportunities in the fintech sector, illustrating just how much impact one company can have on the financial experiences of businesses and consumers. As digital transactions continue to gain momentum, fintech firms like Tap Payments will undeniably lead the way, redefining the future of financial technology.
Learn more about open banking and open finance by checking out this exciting episode of Couchonomics with Arjun. Join us as we chat with Ali Abulhasan, the Co-Founder & CEO at Tap Payments, about the future of finance. So, if you're interested in staying up to date with the latest trends in fintech and finance, be sure to listen to the latest episode of Couchonomics with Arjun today!