Mohammad El Saadi, VP of Careem, Discusses Global Expansion and Fintech Growth in the UAE

The United Arab Emirates (UAE) still has the goal of making itself a global capital center for fintech activity. The likes of Dubai and Abu Dhabi have become fintech powerhouses in their own right.

In this year Abu Dhabi Finance Week (ADFW) in UAE, The Age of Fintech aimed at examining fintech growth in the country by sitting with Mohammad El SaadiVP of Careemthe Dubai-based company looking to build an ‘everything app’ for the Middle East. Its super app includes ordering food and groceries, hailing rides, and managing payments, among other features.

El Saadi first explained how Careem is expanding its remittance service throughout 2024, as well as some of the company’s expansion plans for the near future.

“We launched in the Philippines last July. About a month and a half ago we launched our first few corridors in Europe. So now Careem Pay is live in the UK, Ireland, France, Spain, Germany and Italy. We are also planning to launch in Lebanon soon. “

He also shared how Careem’s expansion strategy differs from other companies: “There are ways for it to survive globally. I think many players end up with a strategy of partnering with one of the global networks, which giving them access to almost every country in the world.

“But that is not our strategy. We continue our commitment to launch the corridor in the corridor. We want to capture the experience of each corridor because we believe it will enable us to serve customers better. We also got a bigger market share as a result of that.

“When you go global, you’re effectively building a common experience everywhere you go. In our experience, what you find is every corridor you launch into has its own set of problems, so knowing how to resolve issues so we can provide a better experience for customers.

Cross-border collaboration

El Saadi also explained how the UAE aims to separate itself from other countries seeking to ensure the growth of fintech.

“For the longest time, I think one of the struggles for the fintech sector in general, is that it’s very difficult for companies to scale globally. Part of the reason is regulation, and part of it is It’s just the infrastructure. It’s really difficult to operate in multiple jurisdictions.

“We are starting to see central banks around the world forming at least some alliances and alliances, as they try to build that direct connection to make it easier for fintechs to operate across markets , but also to transfer money between markets.

“I think the UAE seems to be leading the charge in that, by working with central banks in different markets. And that could open up some interesting use cases. Ultimately, these are enablers. If you think about you in home payment systems, such as UPIthe real-time payment system in India, what makes it popular are the apps and services built on top of it. That’s it Google Pay very good in india, PhonePe also entered, as well Paytmwhich transfers a lot of activity from wallets to the UPI infrastructure.

“Ultimately, this activity opens up use cases for us to pursue. And so we’re excited to see where that goes and the opportunities that arise.

In stablecoin… or not in stablecoin

“From where we are, it seems like every week or so, we get questions asking if we want to use stablecoins to strengthen our shipping business,” said El Saadi. “We had the opportunity to sit down with some people on the regulatory side and it appears, even in the UAE, there is a push for stablecoins. I think they are taking a healthy approach to market acceptance.

“Stablecoins provide stable rails, which users like, because they are almost instant Usually that can result in some good margins in general, simplifying your savings, etc.

The effects of growth are being felt in the UAE

Finally, El Saadi talked about how ADFW has progressed compared to the previous years he attended: “It seems like a lot more is happening this year, if I’m honest. I think it’s a testament first to when what the UAE has done to position itself as a capital for fintech innovation, with fintech-friendly policies.

“I’ve had some great conversations here. What I like about it is that it’s not too big. so you can actually meet the people you want to meet, with the right stakeholders. There’s a really good level of energy around it, so I’m really happy to be here. “