Develop Future-Proof Fintech Solutions in the UAE
Create unique personalized fintech services to meet the needs of the most demanding customers. No need to start from scratch – we’ve done the heavy lifting so that you get a reliable digital banking core as a foundation for your finance product.
White-label digital banking solutions to accelerate the launch and growth of fintech companies in the UAE
Create a customer-centric fintech experience that drives engagement and loyalty and helps increase your revenue using our tailored digital banking platform and professional services.
Unlock a comprehensive and integrated solution designed specifically for fintech digital journeys, including instant onboarding, account opening, card issuance, payment processing, fund management, user support, and more.
Unlock customizable features and seamless integrations tailored to meet your unique needs. Experience exceptional performance, scalability, and security with our seamless API orchestration and microservice-based approach.
Leverage our fast time-to-market and flexible platform set-up to propel your digital journey forward. Stay ahead of the curve by moving swiftly, scaling effortlessly, and embracing hassle-free customization.
White-label digital banking solution
Faster launch
Experience accelerated product development with Velmie's white-label solution. Focus on enhancing core functionalities without the hassle of building from scratch.
Tailor-Made for Your Success
Unlock the power of customization and embrace a solution that adapts to your unique needs. With our platform, you have the flexibility to customize and configure according to your specific requirements, allowing you to unleash your full potential.
Elevate Customer-Centricity
Put your customers at the heart of your business and deliver exceptional customer-centricity. With our solution, you can create and deliver experiences that prioritize customer satisfaction, loyalty, and engagement. By focusing on their needs and preferences, you can build strong relationships and achieve long-term success.
End-to-end delivery
Get an all-inclusive experience that covers every aspect of your development project. From ready-made apps to personalized customizations and designs, comprehensive training, and ongoing support and maintenance, we are committed to being by your side every step of the way.
Our solution is the best choice for
Banks
Simplify finance management for your users with our intuitive and straightforward interfaces, accessible across all devices
E-wallet companies
Create an advanced e-wallet app that caters to your customers' diverse financial needs. With unparalleled flexibility, cutting-edge technology stack and stunning UI, our software empowers you to deliver next-level apps.
Card issuing companies
Accelerate the launch of your corporate and consumer card programs within weeks. Seamlessly combine various services and effortlessly connect new features to create tailored card offerings that meet your unique requirements.
Payment service providers
Provide your customers with a comprehensive range of payment options from bank payments such as IBAN and SWIFT transfers to card payments. Integrate with third-party providers through API and empower your customers with the convenience and flexibility they need to effortlessly and securely manage their transactions.
Money transfer companies
Enable your customers to send and receive money effortlessly with our seamless integration with payment and service providers. From peer-to-peer transfers to international remittances, empower your customers with speed and ease.
Wealth management firms
Empower individuals and businesses effectively manage their finance. Our comprehensive suite of tools and personalized approach equips clients with the resources needed to make informed investment decisions and confidently achieve their long-term financial goals.
"We like that Velmie’s platform is an all-in-one solution with the ability to be customized and scale. For us, it is as powerful and simple as achieving a new line of business, thanks to the final product developed by Velmie. Basically, we are opening a new functionality that will cross sell in an excellent way with our current product."
Alejandro González,
Co-Founder
Case study:
Digital Banking Platform for EU Communities
Creating a personalized digital experience to serve EU community.
The platform has been built with the digital banking technology by Velmie that brings scalable architecture, configurable back office workflows, and an API ecosystem with direct access to the market-leading payment, KYC, and other service providers. It’s a cutting-edge digital banking platform that offers users a full range of services, including account opening, card issuing, domestic and international transfers, eCommerce payments, and digital wallets. Plus, it offers MasterCard Send functionality, providing clients with lightning-fast payment options.
Explore the key platform features
Accounts
Account types for current, savings, credit and other accounts are supported by banks, payment processors, mobile wallets, wealth management firms and private banking companies.
Digital onboarding
To meet regulatory requirements, a fully customizable tiered KYC system supporting different countries and account limits is available. You can use one of the many KYC, KYB, and AML automation options supplied by the platform or provided by our integration partners.
Reporting and compliance
A comprehensive system to build up reporting on transactions, settlements, interests, revenue, and more.
Payments & Transfers
Available payment options for domestic and international transfers include QR payments, mPOS, invoicing, P2P transfers, and payment linkages.
User management
Role-based access control (RBAC) system support for staff users and administrators for commercial and retail consumers. Roles and workflows that may be customized to precisely match business models and operational processes.
Starting a Fintech in the UAE: What You Need to Know
The market space in the United Arab Emirates is blooming right now and has become the center of attraction for investors and businessmen. The country attracts billions of dollars in investments each year and has become the favorite birthplace of new, innovative businesses due to its enabling conditions. Especially in the fields of technology, the UAE government has made things extremely convenient, to promote tech startups in their flourishing economy.
As of now, FinTech, or financial technology is one of the most profitable business prospects to start in the UAE. The region’s financial services and banking industry is still inclined towards traditionalism whereas its tech-savvy population demands modern and convenient banking services. This is one of the main reasons why fintech start-ups are thriving in the UAE’s economic space, especially in its populous, metropolitan business hubs like Dubai!
The total fintech industry of the UAE is worth close to 40 billion US dollars, and with an annual growth rate of 15 percent, it is expected to cross the 50 billion mark in the near future! Dubai alone hosts close to a hundred fintech start-ups with a total of 1,500 employees. As a result, starting a fintech business in the United Arab Emirates means sure success and profitability, that is, if you know what you’re doing!
What is FinTech? – An Introduction
First of all, let’s understand what fintech businesses are. FinTech or Financial Technology businesses provide specialized financial management services or create software, applications, or technologies to help individuals, companies, and financial institutions (such as banks), access and manage their finances and clientele.
Due to the ongoing modernization of the financial services industry, changing customer demands, and increasing competition, almost every financial institution is striving to adopt the most advanced financial technologies, which FinTech businesses provide or create for them! These technologies enable them to efficiently perform day-to-day operations and provide the best services to their customers. This is the primary reason why the FinTech industry is booming globally.
The UAE FinTech Market
There is a huge demand for fintech in the United Arab Emirates. The country’s population and financial institutions are shifting from traditional towards modern banking methods and fintech companies are playing a pivotal role in enabling them with the necessary technologies. The UAE financial tech industry, as discussed earlier, is worth close to 40 billion US dollars with a growth rate of 15 percent, a rate that is only looking to further increase in the coming years!
Regulatory Compliance
To start not only a fintech company but any business in the UAE, it is important to first understand the business rules, regulations, laws of the country, and the licenses required. Particularly to start a fintech business, you must have the Innovation Testing License or ITL issued by the Dubai Financial Services Authority (DFSA). This license allows foreigners to do business in the UAE without actually living in the country. In addition to that, you must also register your company with the Department of Economic Development UAE, and comply with their requirements.
Benefits of Starting a FinTech in the UAE
Starting a fintech business in the UAE can prove to be very profitable for multiple reasons. The fintech industry is growing at a very rapid rate in the region due to increasing demand, as well as the comfortable business space provided by the government. The UAE has very relaxed corporate laws and registering your company, as well as getting relevant licenses, is much easier compared to other countries. In addition to that, the UAE has a very attractive corporate tax rate of just 9 percent, which is a huge plus.
Choosing the Right Software Platform
Choosing the right software platform can help you efficiently manage your business, streamline operations, manage clientele, provide customers with the best services, and comply with regulations, ultimately boosting growth.
-
Company’s Track Record in the Local Market. While choosing a fintech software platform provider, make sure that the company is well-reputed and has a positive track record in the local market. Check past clients’ experiences with the company before making the final decision.
-
Modularity. The software platform must be modular so you can conveniently maintain, repair, and modify it when needed. Changing needs of the business as well as the customer can require you to adjust your system accordingly, which is why this feature is important.
-
Modern Technology. Your platform must utilize the most modern tech so you can beat market competition and provide customers with the best services. In today’s cut-throat market, only the latest technologies can help your business stay ahead of the curve.
-
Customizability. It is important that the platform is customizable so you can tailor it to use it comfortably, as well as when needed in the future for reasons such as changing regulations, demands, and business structure.
The United Arab Emirates is one of the best places to start a fintech business due to high demand, changing trends, and low corporate tax rates. The government of UAE has made it extremely convenient for people to start businesses in their region, and due to the high demand for financial technologies, the country is ideal for a fintech start-up. So if you’re planning to start one, go through our article to understand the factors you need to keep in mind!