In its 43rd edition, GITEX Global is the world’s largest technology event and a great opportunity to take all our visitors on a journey of the future making the unimaginable possible through technological innovation.
With the theme focused on ‘Accelerating Innovation’ it is about transforming the world of technology to create a better future. It is also about breaking new ground to achieve breakthrough with the power of technology to create immersive and unforgettable experiences. Every year at GITEX, we bring in a glimpse of the immense possibilities on the digital landscape with innovation that is set to transform the future of communication and technology.
With our fintech arm e& money it is about showcasing the next – generation digital world accessible to our consumers at their fingertips. This is a great platform to also engage with customers, understand their needs and enhance their experiences.
Highlights of the participation at GITEX this year
The event has always been about exploring new possibilities with technology in all aspects of our lives. From the way we work, conduct business, shop, educate and interact, with technologies like AI, IoT, robotics, 5G all making its presence on the stand in the most innovative showcases, many of which are globally being launched or displayed for the first time on the e& stand.
This year e& money’s showcase is an example of how we can collaborate and bring the best for our consumer, visitors can link their e& money and smiles account to elgrocer to make purchases throughout GITEX and also earn Smiles points.
With smart retail there are AI solutions and tools that helps with shopping lists, identifies products, and intelligent shelves that help with faster purchasing decisions, also offer analytics and AR shopping experiences. Visitors can go on a virtual shopping experience navigating through leading brands with other displays focused on amplifying the entire shopping journey.
Our partner WIO Bank will be present bringing a glimpse of the future of banking for visitors. WIO has been supporting SMEs in the UAE by providing them with money management solutions that contribute to the growth of their businesses. At the e& pavilion, there are other live, interactive, and innovative experiences from across global markets, that will soon become a digital reality of tomorrow. These exhibits include next-generation technologies, advancements in 5G, drone and autonomous vehicles focusing on sectors from retail, healthcare, and various AI and robotics technologies.
Looking back at 2023
At e& life our mission is to integrate the digital world into our customers’ lives seamlessly. Through our advanced platforms, we deliver various services spanning entertainment applications, retail, remote services, and financial technology. We’re dedicated to enriching the daily experiences of our users, bringing them both entertainment and utility.
Our ambitious roadmap for e& money in the last year was to diversify and expand our offerings, encompassing international and local transfers, bill payments, balance top-ups, gifting, card payments, lending, and many other financial services.
The efforts taken in our fintech business has only gained momentum with a strategic plan to take a lead in the region within the next five years. The goal is fuelled by the rapidly evolving payment landscape in the Middle East, marked by a growing preference for non-cash transactions. Simultaneously, we’re cementing our position as the region’s most extensive entertainment content curator, all while ensuring delivery via smart platforms.
Our approach is tailored, crafting services specific to each consumer segment. This enhances business growth prospects and ensures our customers enjoy distinctive, secure, and flexible digital experiences. We’re always looking to innovate, eager to collaborate, form strategic partnerships, and even make acquisitions when the synergy aligns with our growth vision.
Since our inception, we have consistently focused on enhancing our customers’ digital experiences and delivering exceptional value to e& by scaling up innovative consumer businesses and improving core revenue. At e& life we continue to focus on expansion, diversify our offerings, and capitalise on digital technologies.
Leveraging e&’s strength, we plan to launch many more fintech products and services to cater to diverse segments of customers, supporting our vision to become the UAE’s leading digital wallet and the most advanced financial super app in the market for both consumers and merchants.
Performance of the e& money app and its contribution to supporting the financial technology sector in the country
Since inception e& money has focused on revolutionising customer experience and also aspire to become UAE’s top financial applications. The app today encompasses secure and adaptive e-payment solutions, streamlining daily financial transactions for users. Its service suite caters to both individuals and businesses, encompassing offerings like investments in real estate, stocks, cryptocurrencies, and gold, as well as loans and financial consultancy. This supports the nation’s push towards cashless transactions.
The platform is all-encompassing, catering to a variety of financial requirements. Users gain access to services such as payments, money transfers, bill settlements, loans, investments, ATM cards, and insurance. We’re committed to inclusivity, ensuring all demographics, banked or unbanked, have their financial needs addressed comprehensively.
Our emphasis on innovation saw the e& money app expand to feature open banking services and debit cards. This resulted in a subscriber base of 750,000. We’ve also broadened our international transfer reach to over 200 countries through collaborations with global financial firms.
Our efforts haven’t gone unnoticed. e& money was recognised as the Best Digital Wallet in the Region and Best Technological Innovation in Financial Services. We pride ourselves on offering the swiftest digital experience in user access compared to other digital wallets locally. With the integration of over 30 new brands for payment and bill settlements, our app’s digital service portfolio has grown.
With partners like Mastercard who have revolutionised payment methods for consumers, the introduction of an exclusive prepaid card provided e& money app users a convenient and secure payment mechanism, in-store or online, globally. This initiative positions it as the UAE’s first telecommunication operator-backed card.
Since its debut in March 2023, over 250,000 e& money digital cards have been issued. Notably, it offers one of the most competitive loyalty programmes in the nation. Users reap cash rewards equivalent to 1 per cent of their purchases when using the card during the launch—a perk traditionally reserved for credit cards.
The focus this year was also about increasing the usability on the e& money card with seamless integration of popular wallets like Samsung Wallet, Apple Pay and Google Pay, enabling secure, contactless payments worldwide.
“In money transfer, our partnership with Moneygram extended our global reach. This move allows our global customer base to send and transfer money effortlessly. Our aim is to offer this service across all our international markets, with diverse receiving options like bank accounts, cash pick-up, and digital wallets in regions spanning India, China, Asia, and Latin America. We have recently incorporated the ability to transfer money to subsidiary company wallets in specific markets, such as Egypt (Etisalat cash), Pakistan (UPaisa) and Afghanistan (mHawala).
As part of our commitment towards communities in times of crisis, e& money also launched special initiatives to support the people in Afghanistan, Morocco and Libya, with customers able to make international money transfers at zero fees and best exchange rates.
Leaders in the fintech sector in the region and contributing to the future growth of this sector in the UAE
The UAE is carving a niche for itself as a global fintech powerhouse characterised by significant growth and innovation. The UAE’s fintech market stands at an impressive 39.3 billion dollars this year in transaction value. Predictions indicate a compound annual growth rate exceeding 15 per cent.1 Driven by its national digital economy strategy, the UAE aspires to amplify its digital economy contribution to its GDP from the current 9.7 per cent to over 20 per cent by 2031.2 This ambitious move aims to position the UAE as a premier digital economy hub both regionally and internationally. Projections indicate that the national digital economy’s value could skyrocket to 140 billion dollars by 2031 from its present 38 billion dollars.
The region’s fintech sector is on the brink of substantial expansion, buoyed by innovations in supply chain technology, user-centric solutions, and modern payment modalities.
With consumers prioritising simplicity, speed, and security in digital transactions, the UAE witnessed a surge in preference for digital payment techniques.
1 https://www.mordorintelligence.com/industry-reports/uae-fintech-market
2 https://www.mediaoffice.ae/en/news/2022/April/11-04/Mohammed-bin-Rashid-chairs-the-cabinet-meeting
