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Embedded payments firm additiv expands in Middle East

Source: additiv

Serving the ME region since 2020, additiv, a global leader in Fintech and embedded finance, reaffirms its commitment to expand operations.

The appointment of Niraj Naetsawan as the new Middle East General Manager, plays a pivotal role in the growth engine for additiv, this strategic move underscores the company’s commitment to strengthening its presence in this dynamic market.

The financial services industry in the Middle East region is currently going through disruptive changes fuelled by new regulations, establishment of new financial market infrastructures, rise of fintechs and large investments into digital banking propositions, all of which is driven by changing consumer demand. Dubai’s financial hub, DIFC, reported that 1,451 new companies launched operations in 2023 – marking the highest number of registrations in decades and a 34% increase from the previous year. Amid global economic uncertainty, the UAE’s appeal for new businesses is growing, primarily attributed to its swift recovery from the pandemic and its high-ranking ease of doing business. Furthermore, an increasing number of Asia-based wealth managers, family offices, and asset managers are choosing to establish their presence in the emirate[1] marking a notable gap for additiv’s business transformation services.

Niraj, General Manager ME is excited about the opportunity to further expand the Middle East market through additiv’s finance-as-a-service proposition, which empowers financial and non-financial companies to enhance efficiency, seize new opportunities through embedded finance and diversify their revenue streams, ultimately driving continued growth. Serving the region from its Dubai office, the Middle East is one of the most important markets for additiv as affluence and digital literacy is rising and there remains a notable gap in the provision of high-quality financial services tailored to the unique needs of the region’s consumers, particularly in the banking sector.

Niraj Naetsawan, General Manager Middle East at additiv said: “What makes the Middle East a truly exciting place is the convergence of cutting-edge technologies with innovative propositions and that is what we are doing at additiv - We are disrupting the way financial services are being distributed to consumers through innovative proposition design and bringing the power of tech and collaborative partnerships to life.”

Nils Frowein, Chief Executive Officer at additiv added: “At additiv, we continue to prioritize the Middle East as a key area of focus. Although we have been operating in the Middle East since 2020, It was crucial for us to establish a physical presence and have a dedicated team in the region, as they possess extensive knowledge of the market. Appointing Niraj as our new general manager for the Middle East is a crucial move towards advancing our operations, given his deep understanding of the market and his ability to meet the needs of our partners and clients.”

As we envision the future, the imperatives are clear. Financial services must be liberated from their traditional confines, embedded within the broader narrative of consumers' lives, and delivered with an unwavering commitment to accessibility, affordability, and relevance. This approach not only enhances customer experience but also opens new revenue streams for businesses. Our mission is to empower businesses in the region with the tools and capabilities to embrace embedded finance and drive unprecedented growth.

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