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For Immediate Release:
8 August 2016
GCC FinTech Startups ‘Cash In’ on Millennial Banking Needs
High-Value and Connected Millennials Represent Majority of Bank Profits:
Database Marketing Institute;
UAE FinTech Startup Trriple to Showcase Digital Payment Innovations at GITEX
Dubai, United Arab Emirates
GCC Financial Technology (FinTech) startups are cashing in on the always-connected banking
habits of Millennials, industry experts announced today in the build-up to GITEX 2016.
There is a surge in growth of “moneyhawks” - the high-income, and under-35-year-old
customers who want constant mobile access to their banking and finance accounts.
Banks often struggle to profit from their customers. The bottom 28 percent of customers give a
22 percent profit loss, due to cashing checks at branches or not paying back loans. Moneyhawks
are only 16 percent of banks’ customers, but generate the majority of profit, especially from
digital payments, according to the Database Marketing Institute.
Millennials in the UAE are a key target for banks. About 60 percent of the population is under 25
years old, and the GDP per capita is over USD 48,000, the second-highest in the Middle East and
North Africa, according to a recent report by the Kuwait Financial Center, Markaz.
“UAE Millennials do not want to wait at bank branches – they want constant, secure, and easy
access to their banking and financial from their mobile devices. As a result, more banks are
establishing partnerships with FinTech startups, which can drive digital payment innovation with
a more agile mindset,” said Abdirizak Ibrahim Salah, Co-Founder of Trriple, a UAE-based
digital payments startup.
Global investors are pouring money into FinTech firms. Investment grew by 75 percent from
USD 13 billion in 2014 to USD 22 billion by 2015, according to a recent Accenture report.
At last year’s GITEX, Trriple launched as a company and signed a partnership with Ericsson on
mobile wallet solutions in banking and Smart Cities. Trriple returns this year to showcase digital
payment innovations, and exhibit alongside FinTech startups at the GITEX Startup Movement.
“Cash represents 75 percent of the UAE’s total payments – leading to a fragmented payment
space for consumers, businesses, and banks. Innovative FinTech startups can use mobile apps to
transform the UAE consumer payments space, leading to a cashless society by 2018,” added
Abdirizak Ibrahim Salah.
At GITEX Technology Week 2016, Trriple will exhibit in Hall 6, along with their partner
ecosystem.
-ENDSPhoto Caption: Trriple will showcase digital payment innovations at GITEX.
About Trriple
Trriple is a UAE-based start up offering a first-of-its-kind mobile wallet that enables secure and
convenient everyday payments saving consumers and businesses time and money, while meeting
the regulatory environment of UAE.
Ushering in the country’s “cashless society” by delivering an inclusive payments ecosystem that
is available to both the unbanked using cash, and the banked using cards, Trriple makes on-thego mobile payments possible on a mass scale in line with the UAE Government’s Vision for a
Smart Society by 2017.
Trriple mobile wallet provides the highest accredited certification and security standard in the
world for digital payments, while at the same time keeping the actual cash where we trust it to be
kept – in banks. The platform is built around a multi-purpose and cross-bank mobile wallet,
which can be conveniently funded by cash-in merchants holding Trriple Mobile Point of Sale
Terminal (mPOS), as well as credit/debit cards, ATM, salary transfer or bank accounts.
Trriple mobile wallet’s all inclusive payment and funding process covers the entire spectrum of
the payments industry, offering instant and easy banking for consumers, real-time settlements for
merchants and enterprises, and faster and more cost effective services for government, service
providers, money exchanges and banks.
Trriple has partnered with reputable organizations to bring a wide range of services under one
umbrella. Trriple’s main partners include Ericsson, Noor Bank, and Verifone Mobile Money,
amongst others. Please visit www.trriple.com for more information.
Media Contacts
Trriple: Didem Turkmen Redman, [email protected], +971 52 2369797
Wallis Marketing Consultants: Steve Baron, [email protected], +971.4.275.4100