- additiv opens a new office in Dubai’s DIFC Innovation Hub One, led by ex-EY director, to boost its Finance-as-a-Service presence in the Middle East
- Company reaffirms commitment to local talent, expands headcount, and invests to support institutions meeting rising demand for personalized financial services in the Middle East.
Dubai, UAE, 29 February 2024 – Responding to growing demand for Finance-as-a-Service propositions in the Middle East, additiv, a global leader in Fintech and embedded finance, has announced today that it is expanding its presence in Dubai, UAE by opening a new, fully operational office location in the heart of Dubai International Financial Centre (DIFC), the Innovation One building. In addition to bolstering its executive team on the ground, additiv reiterates its commitment to hire key personnel from the local market across research and development, customer delivery and sales to ensure the continued implementation of industry-leading wealth, credit and insurance solutions and fulfill the growing ambitions of its customers and partners.
Operating in Dubai since 2020, additiv recognizes Middle East as a key market and driver of its future growth. The company chose the DIFC Innovation Hub as the location of its regional headquarters, due to its reputation as one of the world’s most advanced financial centers as well as one of the largest innovation communities in the region. This strategic move further solidifies additiv’s ongoing commitment to enhance its presence in this vibrant market.
As affluence and digital literacy is rising in the Middle East, 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 wealth management and investment services. A comprehensive consumer research study conducted by additiv, which surveyed 1,000 consumers across the UAE and Saudi Arabia, reveals a significant demand for professional financial or investment advice. Despite 49% of respondents not having received such advice in the past twelve months, a striking 76% expressed a desire for it in the coming year. Preferences for the delivery of this advice are evenly divided, with consumers showing equal interest in advisor-led models and hybrid models that blend digital platforms with advisor interaction. Intriguingly, the study highlights a growing trust in non-traditional financial service providers, including super apps, retailers, e-commerce platforms, and utility companies, positioning them as either competitors or potential distribution partners to conventional banks and financial institutions.
Thomas Schornstein, General Manager Middle East/Africa at additiv said:
“Dubai stands out as a premier global fintech hub, renowned for its clear regulatory frameworks designed to attract foreign investment and promote innovation. This environment enables fintech firms to flourish, contributing to job creation and economic expansion. Our commitment to the region is unwavering, with continuous investment in our local operations and the recruitment of regional talent. This approach ensures we provide best-in-class technology combined with strategic advice in financial service to our clients and partners across the Middle East.”
Niraj Naetsawan, Country Head UAE at additiv added:
“I am delighted with the opening of our new office at the Innovation Hub One, DIFC. The case for embedded finance in wealth management throughout the Middle East has never been clearer. With a rapidly expanding mass affluent and middle-class population, enhanced digital proficiency, and significant wealth transfer activities, there’s a pronounced need for innovative business models in financial service delivery. Our strategy includes increasing our investment in the Middle East, expanding our operations and workforce to guarantee the sustained provision of outstanding service across UAE, Saudi Arabia, Qatar, and other rapidly developing markets in the region.”
The recently inaugurated additiv office is set to function as a regional hub, empowering both financial and non-financial institutions to leverage digital innovation for transforming their business models. By embedding new wealth, credit, and insurance solutions into their existing portfolios or into new distribution channels, these institutions can significantly enhance their offerings.
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About additiv
additiv enables leading financial institutions and brands globally to develop new and transform existing business models, capitalizing on digital innovation and Finance-as-a-Service capabilities.
additiv’s API-first cloud platform is one of the world’s most powerful solutions in wealth management, credit, and insurance. The technology, together with the global ecosystem of regulated financial service providers, opens new opportunities for banks, insurance companies, asset managers, IFAs but also ‘consumer brands’ to offer their own and third-party financial solutions quickly and flexibly via existing or new customer channels.
Headquartered in Switzerland, with regional offices in Singapore, UAE, and Germany and more than 250 employees, additiv serves over 400 financial companies (banks, insurers, asset managers, pension providers, IFAs etc) and brands globally.
For more information, please visit www.additiv.com
For press enquiries, please contact:
media@additiv.com
Additiv Technologies Ltd.
Dubai International Financial Centre (DIFC)
Innovation One, CP05, Level 8, Office 805
Dubai, UAE
+971 (04) 576 3896
