Muscat – An Omani startup has thrown the digital transformation of banking services into top gear. Its Maaly App is empowering people to effortlessly oversee their financial matters. The app won the ITHCA Pitch Battle Competition 2023 held at COMEX last month.
Ahmed al Shibli, CEO of Digital Coin Company (DCC), told Muscat Daily in an exclusive interview that the Maaly App was designed as a unique finance management tool that allows users to monitor transactions, gain insights into spending patterns, and make informed decisions for future financial endeavours like budgeting and saving plans.
The idea behind the app emerged following recognition of the need to digitise banking services in the country’s ongoing digital transformation. DCC started as a startup in 2015, testing ideas at the Ministry of Transport, Communications and Information Technology’s SAS for Entrepreneurship Centre. However, its breakthrough came in 2018 when Oman Technology Fund invested in it, supporting its vision of revolutionising the banking sector with digital services. “That’s how we built our startup, the Digital Coin Company,” said Shibli.
DCC specialises in providing user-friendly financial solutions through projects like Maaly App and TelyPay. While Maaly App focuses on personal finance management and helping users achieve their financial goals, TelyPay offers a payment gateway and invoicing system for small businesses to accept payments remotely.
“The ultimate aim of Maaly App is to enhance financial literacy and utilise technology to support users in reaching their financial objectives.”
Shibli emphasised DCC’s commitment to delivering cutting-edge solutions tailored to the evolving needs of its diverse clientele. “We have a team of 13 professionals spanning various fields, who work together cohesively, celebrating our recent success in winning the ITHCA Pitch Battle Competition 2023.”
As a startup in the banking sector, DCC faces several challenges. These include sourcing and hiring the right talent, building trust and awareness among potential customers and partners, and navigating the complex regulatory environment. “Moreover, we strive to scale our products and services while maintaining high quality and performance standards.”
Looking ahead, DCC aims to expand its offerings, streamline the fintech landscape and collaborate with more financial institutions, e-commerce platforms and relevant stakeholders. “We plan to introduce new products and services that cater to customers’ evolving needs, such as investment options, robo-advisors and personal savings.”
Shibli expressed gratitude to organisations like SAS for Entrepreneurship Centre, the Authority for SME Development and Oman Technology Fund for their support in shaping ideas, providing mentorship, and enabling international connections for knowledge exchange among entrepreneurs.
Encouraging the younger generation of Omanis to embrace technological changes, Shibli said, “Building a startup in the technology sector may be challenging, but it is achievable with passion, perseverance and patience.”