Lebanon at the forefront of innovators in digital economy
Beirut, Lebanon, May 21, 2024 – In a press conference held today in Beirut, Arab World Technologies AWT (Fintech) introduced its innovative capabilities in developing advanced financial solutions.
The company’s chairman, Abdallah El-Dib, and CEO, Ramzi Saboury, showcased the extensive features and robust security of a comprehensive e-wallet and financial platform developed by AWT, under MATENSA name, aiming at facilitating seamless communication between consumers and financial entities such as banks, financial institutions, telecommunications companies, and others.
MATENSA serves as a comprehensive social financial platform. It offers a wide range of services and holds both an ISO 27001 certificate and a BDL e-wallet license.
“Our e-wallet concept originated in Australia but was brought to life in Lebanon” said Abdallah El-Dib, a Lebanese-Australian financial adviser with over 23 years of experience managing award-winning companies in financial planning, accounting, and mortgage management in Australia who believed in leveraging Lebanese talent for this innovative platform. “Lebanon’s financial sector faces significant challenges, including a cash-based economy, inefficient financial dealings, and inadequate transaction management software, causing widespread issues. Recognizing this gap, I invested in Lebanon and leveraged my expertise with AWT to develop advanced solutions. Over the past four years, we employed local talent to create innovative technologies, exemplified by the MATENSA platform with its advanced engineering, unparalleled security, and resilience against disruptions or cyberattacks, and effectively addressing these challenges and fostering positive change” Mr. El-Dib said.
Arab World Technologies is a fintech enabler, delivering advanced solutions to financial institutions globally. As per Ramzi Saboury, “the establishment of MATENSA in Lebanon instills trust and confidence among our clients across all regions”.
Arab World Technologies’ MATENSA platform is built on five fundamental pillars:
E-Wallet: Facilitates secure payment transactions between companies and individuals, as well as peer-to-peer transactions, adhering to global and industry standards for fund transfers
Financial Management: Enables the creation and execution of fixed agreements and subscriptions with service providers, maintains detailed records of all transactions, protects sensitive information, and includes automatic payment alerts.
Financial Literacy: Empowers users to manage their finances responsibly by offering rewards for timely payments, assessing financial behaviors, and providing tailored articles. The platform also includes a rating system and unbiased evaluations of financial conduct, all while ensuring complete privacy.
Market-Place: Functions like a social media platform, facilitating connections between SMEs and their customers. Users can create communities and groups, offer discounts, and enhance engagement. They can also showcase products in an online store, browse and purchase goods, recharge mobile phones, and access various services such as ticket purchases, tutoring, and guest house reservations.
Business Development: AWT goes beyond software solutions by collaborating with partners to market their services, offering proven strategies tailored to their specific needs.
Mr. Saboury explained that the platform’s technology is customizable, ensuring a high-quality user experience, data privacy, and swift browsing across all features. “We are working to revolutionize daily financial interactions and encourage secure digital payments in an easy-to-use environment. Matensa has successfully passed rigorous live and field-testing stages and has been certified by financial technology leaders”
“Financial Technology Companies focused on e-wallets development are counted by thousands globally. We are not adding a new platform to that list, but rather taking the e-wallet industry to another level by having a comprehensive, integrated platform with functions designed in a way to complement the conventional and common activities that most wallets provide for their users. Said Saboury.
Lebanon's journey towards digital financial inclusion through the adoption of e-wallets represents a pivotal shift in the country's approach to addressing economic challenges and leveraging technology for financial empowerment. As e-wallets continue to evolve, driven by artificial intelligence and global trends, Lebanon stands at the forefront of digital finance innovation in the MENA region. The future of e-wallets in Lebanon, characterized by enhanced security, user personalization, and global accessibility, heralds a new era of financial transactions that promises to reshape the economic landscape locally and globally.
The Lebanese market has embraced e-wallets as a critical solution to the country’s economic and banking challenges. The shift towards digital payments is driven by several factors, most notably economic challenges, as hyperinflation and a decline in confidence in traditional banks have compelled individuals and businesses to seek alternative financial solutions, and the increasing digital literacy as the Covid19 pandemic accelerated the process of digital adoption, making e-wallets a convenient choice for the tech-savvy Lebanese population.
A comprehensive analysis of Lebanon's position in the Middle East and North Africa (MENA) region reveals that 78% of Lebanon's population uses the Internet, compared to 52% in non-high-income MENA countries. This indicates that Lebanon is outperforming these countries in internet usage. Regarding digital payments, 33% of Lebanese individuals over the age of 15 use digital payments, slightly above the 32% average in non-GCC countries.
E-wallet platforms built by Arab World Technologies can service a wide range of entities, including e-commerce sites, landlords, charities, unions, small, medium, and large companies, government departments, schools, gyms, merchants, and electricity suppliers.