Fintech for Everyone: How We’re Helping Telco Leader Ooredoo Break New Ground
Fintech is no longer limited to the finance industry. On the contrary, companies in other industries can leverage their “unfair advantage” to hop on the fintech train. Case in point: our exciting cooperation with Ooredoo Fintech, a scale-up operating in the MENA region as part of telecom giant Ooredoo. We asked Creative Dock’s CEO Gabriela Teissing and Ooredoo Fintech’s CEO Michelangelo, Mirko Giacco about their biggest challenges –and learnings – so far.
What are some of the trends and opportunities you see in the fintech industry?
Mirko: The fintech sector in the MENA region is highly active and dynamic. There are two major trends. One is technology—whether it’s blockchain or generative AI—revolutionising how money moves around. The second important factor is regulation. Regulators are looking at the world of financial services in a very progressive way, and it’s constantly evolving, from digital banking licences to buy-now-pay-later insurance. It’s a very fertile and promising environment.
Gabi: At Creative Dock, we see fintech as really advanced compared to the other industries we work in. There is a lot of future vision, especially regarding how digitalisation and evolving technology will influence all of us: consumers, companies, everyone. It also inspires other industries.
A big trend in today’s fintech is launching fintech services for companies that are not necessarily in the financial segment. This is the case of Ooredoo, a telco operator who decided to build financial services and venture into a new industry. It’s possible, and there’s real value in there. Thanks to Ooredoo’s existing client portfolio, we can address their current clients with financial services as well. This is a real advantage, we call it an “unfair advantage”, when it comes to venture building. Marketing costs are usually the highest when building a venture––but here, we can leverage an asset Ooredoo already has.
Mirko: I agree. Many non-banking players are now entering the arena: retail and logistics companies, telecom operators… It’s extremely dynamic. Being a recognised brand that stands for trust and security poses an advantage.
“Thanks to Ooredoo’s existing client portfolio, we can address their current clients with financial services as well. This is a real advantage; we call it an ‘unfair advantage‘.”
How do you see AI impacting your business?
Mirko: We’re looking at what AI can do for us in two ways. Number one is using AI and machine learning in internal processes such as recruitment, onboarding, performance management, meeting and document management, et cetera. The second area is external – how AI can serve our consumers, users, or merchants. We are starting with some specific use cases. One is built around personalisation, the other around operations, automation, and customer care.
Gabi, what about Creative Dock? Where do you see the impact?
Gabi: I think AI has become a buzzword; it’s everywhere. About a year ago, we began looking for answers to our own questions: What’s in it for us? How can AI serve us? What is the added value? Creative Dock is very much about speed, and we were looking for ways to make our process of coming up with product propositions and launching new products even faster. We committed to speeding it up by 30% by the end of 2024. This will allow us to test products on real customers rather than smoke testing, which makes a big difference.
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