Foloosi
(https://www.foloosi.com) is a UAE Fintech
startup facilitating consumer-to-business card payments by enabling the
business to display QR code, Payment Link and API integrations for the customer
to scan & pay in a tap.
We are very glad to announce that our bi-annual gross transaction value (GTV) had crossed one million AED since going live in January 2019. This is not possible without our Foloosi community, business partners and followers.
Foloosi’s CEO & Co-founder Omar Bin Brek said
We as a team believe that this is the best and ever-green Eid gift reaching our milestone is something special to be celebrated.
We
thank our Foloosi community, business partners and followers with grateful
heart and wishing them all a happy and prosperous Eid.
Foloosi enables a digital economy
empowerment for local businesses, operating merchants and most importantly the
e-commerce sector. Foloosi features a wide range of advanced technological
products on its modern platform – including the core function of ‘Scan to Pay’
feature, which allows a business to accept card payment by displaying QR code
technology.
We have a unique offering, since
no other digital platform in our region serve to onboard businesses and
consumers alike while complimenting the banking system using the QR code
technology.
We distinguish ourselves by
offering local financial intelligence educational feeds using machine learning
techniques and artificial intelligence, besides great user retainment features
such as social event bookings.
Together we have come up with a fresh concept, in line with the UAE’s 2021 vision, complimenting the banking system and an ambitious but achievable plan to build into a thriving new business.
Foloosi’s Co-founder, Mohan K outlined
Foloosi enables simple and easy way to accept, process, disburses payment solution for businesses. We help businesses by providing payment gateway, payment link, subscriptions and POS software. Foloosi payment solutions can be integrated by both web and mobile applications
Dubai: Dubai International Financial Centre’s (DIFC) new $100 million (Dh367 million) FinTech fund, which will come from internal resources, will support Fintech Hive start-ups in Artificial Intelligence, blockchain, robotics, DIFC governor Essa Kazim said on Tuesday.
He was speaking at the Global Financial Forum, which was opened by Shaikh Maktoum Bin Mohammad Bin Rashid Al Maktoum, Deputy Ruler of Dubai and the president of DIFC.
DIFC thinks that fintech is “underserviced” and the allocation of funding going into this new business is “very very limited” in the MEASA region, accounting to less than 1 per cent of the total.
“We are ready to spend the money. But it will depend on opportunities and if it makes commercial sense,” Kazim told reporters. “We want to consolidate the position of the DIFC and to be at the forefront of the changes that may happen in the financial sector.”
The fund can grow bigger, Kazim said.
“We have been talking with some government departments at federal level, or local level. If the interest materialises into anything then definitely the structure of the fund will be different,” he said.
“We don’t mind having other entities mainly government or semi government entities to participate in this fund. Today the fund is sufficient to support our own initiatives whether it is development of Fintech hive, the type of companies that are going to be supported by accelerator,” Kazim added.
Importance of Fintech
The 2024 strategy, which was a 10-year plan of the DIFC to triple its size, was launched 3 years ago, but Kazim didn’t envisage that Fintech would have been a part of the strategy, when the announcement was made.
“There is a new order that global financial services industry needs to navigate … the new alliances are being forged. The rapid emergence of advanced technology in all areas of finance is creating shifts like never before in the industry,” Kazim said.
Updating on the achievements made so far in the 10 year strategy rolled out in 2015, Kazim said “We are on track (in terms of meeting targets for the 10 year strategy). In certain areas we have passed our targets, but other areas we are lagging behind in area of employment. Although the number of licenses are on track attracting companies, but there is a little lag (not significant) in terms of employment,” said Kazim.
Falling oil prices has not been a negative for the center to attract businesses. Before the drop in oil price, the DIFC licensed 150 companies a year on an average, after that the average jumped to 300 companies.
“That (funding) element has encouraged banks to really expand their balance-sheet and provide credit to regional governments. Governments have been active in issuing bonds and sukuk and that also encouraged financial activities in the DIFC,” Kazim said.
DIFC also hopes to attract more asset managers, financial institutions from India and China.
Regarding competition from other financial centers, Kazim said “competition is always there. The UAE was built on competition and on market forces. We have 5 airports, and 7 ports, and financial activity is one of those things. We don’t fear competition, and it is always good.”
Growing number of professionals seeking work options that have flexible working hours
Dubai Aviation City Corporation (DACC), which is the licensing and regulatory body for Dubai South free zones, has announced that freelancers can now avail the opportunity to work under a freelancer work permit.
The
initiative is in line with global trends of a growing number of
professionals that are seeking work options that have flexible working
hours and work-from-home agreements, said a statement.
This new development reflects Dubai South
and DACC’s commitment to help position the emirate as the most
innovative business hub attuned to the modern needs of both companies
and the workforce in line with the directives of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, it said.
Dubai South
continues to build new initiatives that support businesses in Dubai to
maintain its global attraction as a magnet for foreign investors, it
added.
The emirate is strategically positioned in key sectors
surrounding innovation and digital technology such as e-commerce, AI,
blockchain and fintech, following 26 per cent increase of foreign direct
investments (FDI) during the first half of 2018, reaching Dh17.7
billion ($4.81 billion).
Dubai South’s ongoing initiatives are
further boosting the business activities of its partners which include
startups, SMEs and multinational companies, and most recently,
individual professionals in specialised professional sectors.
Shoaib Al Rahimi, vice president of the Business Park,
Dubai South, said: “Our commitment to create a viable business
environment for SMEs and multinationals alike continues to be reflected
in various initiatives.”
“Considering the ever-evolving business
landscape, policies and strategies from 10 years ago had to undergo huge
transformation to adapt to current trends and meet the needs of
businesses. We are keen to be on top of leading efforts that meet the
needs of today’s SMEs, startups as well as individual professionals
seeking independence through a range of customized solutions that will
further hep them grow their business,” he added.
The new scheme is
expected to widen the scope of income sources for professionals in
Dubai and the UAE and take advantage of the business opportunities
within Dubai South.
Among other initiatives, the Business Park
continues to boost the role of multinational companies (MNCs) and
connect them with SMEs at Dubai South Business Park through various engagement sessions, including periodic workshops.
The
Business Park is home to some of the leading international business
organisations such as the Japan Trade Center, Chinese Business Hub, and
Queensland Australia.
Business entities also enjoy a range of
incentives such as rent reduction from 5 per cent up to 25 per cent for
existing and new tenants in line with customer loyalty program, leading
to 85 per cent tenants’ retention.
It also allotted 10 per cent of
its annual procurement and projects to Dubai-based SMEs, including more
than 25 per cent reduction on annual rent.
The latest initiative
defines a freelancer as a sole practitioner who conducts his business in
his birth name as opposed to a brand name. Freelancers, who manage
their own schedule, will have the flexibility to choose the company they
work with and the projects they accept.
When applying for a work
permit in Dubai South, they must be a degree holder and they should
submit a professional certificate or proof of relevant freelance
experience. The guidelines also state that no lease is required to be
granted the permit and benefiting from the free zone privileges while
maintaining a sustainable business environment and three years visa.
Khalid
Abdulla Ahmed, vice president – licensing and regulatory affairs, Dubai
Aviation City Corporation, said: “We made the decision to issue this
special permit to keep up with the dynamic changes that we have been
seeing over the past years.”
“This is in line with the UAE’s phenomenal rise as a leading business hub which is reflected by a clear long-term vision towards sustainable development by the country’s leaders,” he added. – TradeArabia News Service
