AMMAN, JORDAN AND BEIRUT, LEBANON – 31 October 2024 – DSIK (German Sparkassenstiftung for International Cooperation) in Jordan collaborates with Arab World Technologies for the launch of MyMal, a comprehensive platform to support sustainable economic development for the local community.
The platform “MyMal” shall help users to build healthy habits related to budget management, via streamlining separate personal and professional financial management processes, enhancing financial literacy, and improving users’ financial records and performance. This partnership comes as a result of a shared strong belief among both parties in financially including and sustainably supporting micro businesses, entrepreneurs and unbanked individuals, not only in Jordan but also in the region.
The Sparkassen-Finanzgruppe (Savings Banks Finance Group) is the largest financial group in Europe and the market leader in Germany. With their 200-year history, Germany's Sparkassen show that sustainable microfinance is only feasible if it is organised efficiently and professionally. By strengthening local and regional financial structures, their international development organization "German Sparkassenstiftung for International Cooperation" not only generates development opportunities for wide sections of the population and local companies, but ultimately also helps to create jobs and income. This complies with the approach and objectives of Germany's Sparkassen. It also has a stabilising effect on the respective financial sector and, as a result, on the given country's economic development.
Speaking on this partnership, Lydia Nafa, Country Representative for DSIK Jordan, said, “we are very excited about our cooperation with AWT to develop an easy-to-use app for individuals as well as micro and small businesses to monitor and record their income and expenses, improve their financial knowledge, interact more efficiently with their customers, and improve their access to responsible financial services. The App “MyMal” will be launched in Jordan in with the long-term aim to make it available in more Arabic speaking countries.
Arab World Technologies is a leading fintech enabler, delivering advanced solutions globally in the space of financial management and payments. The holistic solution developed, provides unique features for users between individuals and companies such as financial management and literacy, reward system and behavioral analysis based on artificial intelligence, as well as a marketplace to be leveraged by all users, all in one mobile App easy to use and supported by tutorials in different languages. The platform holds ISO 27001 certificate and Central Bank of Lebanon’s e-wallet license where it operates under the brand “matensa”.
Ramzi Saboury, CEO and Partner in Arab World Technologies, said: “We are pleased to be working with DSIK Jordan, and honored to be chosen as the technical partner for their project in Jordan. Financial inclusion and literacy are mutual objectives for both entities, and the App “MyMal”, designed and developed by Arab World Technologies, will serve all the requirements set by DSIK for their foreseen activities in this arena, to support SMEs and Micro-SMEs through a seamless and cashless eco-system. We aim for a long-term partnership in Jordan and eventually in other geographies where DSIK operates around the globe”. Ramzi added: “In AWT, we have on going collaborations with Visa, Mastercard, and other international players in this ecosystem to continuously enhance its solutions, delivering expanded functionality, improved services, and deeper integration into the financial space.”
About Arab World Technologies
AWT embodies the future of financial interaction, intertwining financial management with social connectivity to foster a community-oriented ecosystem. Driven by the limitations of traditional banking and inspired by technological advancements, the company offer a suite of solutions designed for the contemporary needs of individuals and businesses alike. The long-term vision is to seamlessly empower people in a cashless ecosystem by providing unique and international standard solutions in the e-wallet space.