Meet Dubai IT Award Winner: Ziina’s Innovative Payment Solution

Advertisement

Ziina, a UAE-based fintech startup, won the Dubai IT Award. The announcement came from Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Dubai Executive Council.

What is Ziina?

Ziina offers a digital payment solution that allows users to send and receive money instantly using just a phone number. The platform aims to simplify financial transactions and promote financial inclusion in the UAE.

How does Ziina work?

Users can download the Ziina app, register with their phone number, and link their bank account. Once set up, they can transfer money to any contact in their phone book, even if the recipient does not have the app. Ziina supports multiple currencies and offers competitive exchange rates.

Why Ziina won the Dubai IT Award

The Dubai IT Award recognizes innovative IT projects that contribute to the emirate’s digital transformation. Ziina impressed the judges with its user-friendly interface, secure transaction process, and potential to revolutionize peer-to-peer payments in the UAE.

Why it matters for the Gulf

Ziina’s win highlights the Gulf’s growing fintech scene. The region has seen a surge in digital payment solutions in recent years, driven by a young, tech-savvy population and a push towards cashless societies. According to a 2022 report, digital payments in the Middle East and North Africa region are expected to grow at a compound annual growth rate of 25.8% from 2021 to 2028.

Ziina’s success also underscores the UAE’s commitment to fostering innovation. The country has implemented various initiatives to support startups, including the Dubai Future Accelerators program and the Mohammed bin Rashid Innovation Fund.

Ziina vs. other digital payment solutions

Here’s how Ziina compares to other popular digital payment solutions in the UAE:

• Ziina: Uses phone number for transactions, supports multiple currencies
• Bee: Offers bill payments and money transfers, linked to Emirates NBD accounts
• Mashreq Neo: Provides a digital wallet, bill payments, and money transfers, linked to Mashreq Bank accounts
• Liv.: Offers a digital wallet, bill payments, and money transfers, linked to Emirates Islamic Bank accounts

Ziina stands out with its phone number-based transaction system and multi-currency support.

What digital payment solutions do you use in the UAE? Share your experiences in the comments below.

For more details, read the original report from Sharjah24.