UAE-based FinAI startup launches MalyGPT

UAE-based FinAI startup launches MalyGPT

Maly, an innovative FinAI startup headquartered in Dubai International Financial Center (DIFC), has announced the launch of MalyGPT, MENA’s first Generative AI Financial Assistant. With the user’s permission, this groundbreaking tool can analyse spending habits, financial activities, and income, then align these with saving goals to offer personalised financial advice and help them build better money habits.

MalyGPT brings a suite of financial wellness tools right to consumers making it easier to make informed decisions about spending and financial targets. The platform, along with its new features, is crafted and fully developed by Maly’s in-house tech and product team.

According to a recent PwC report, the potential impact of artificial intelligence in the Middle East is projected to reach US$320 billion by 2030. The annual growth in AI’s contribution is expected to range between 20-34 per cent per year across the region, with the UAE and Saudi Arabia leading this growth.

The launch of MalyGPT comes at a critical time when financial literacy is recognised as a global challenge. Maly aims to address this challenge by offering a service that not only tracks expenses and liabilities, but also provides actionable solutions and wellness tools, filling the gap in the region’s financial services.

“We believe this tool represents a new era in personal finance management,” said Mo Ibrahim, CEO and Founder of Maly. “By leveraging open banking and our advanced data science models, Maly’s AI provides always-on personalised financial advice and solutions that go beyond general guidance, delivering tailored financial planning and decision support to its users.

“Monitoring your savings and expenses can sometimes be overwhelming, with many individuals struggling to make informed financial decisions. Through MalyGPT, we aim to simplify this process, giving customers the flexibility to spend mindfully, highlight activities that are harmful to their budget, and develop long-term financial habits based on their unique lifestyle and savings goals.”

MalyGPT integrates advanced AI algorithms with user-friendly mobile technology, serving as a pocket-based financial assistant available anytime. Key features include custom financial planning and budgeting, real-time financial health assessments, predictive analysis for future financial scenarios, automated savings and investment advice, and a privacy-centric approach to data management.

One innovative feature of the technology is the Gen-AI card designer, allowing users to create personalised artwork for their Maly cards. Users can generate unique designs for virtual cards and enhance their interactive experience.

Maly addresses five key areas on the financial wellness spectrum: Saving, debt management, spending management, security, and investing. By focusing on these areas, the app helps its users achieve their financial goals and facilitates the planning process for more effective monetary savings and a prosperous future.

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