For Immediate Release:

8August 2016

GCC FinTech Startups ‘Cash In’ on Millennial Banking Needs

High-Value and Connected Millennials Represent Majority of Bank Profits: Database Marketing Institute;

UAE FinTech Startup Trriple to ShowcaseDigital Payment Innovations at GITEX

Dubai, United Arab Emirates

GCC Financial Technology (FinTech) startups are cashing in on the always-connected banking habits of Millennials, industry experts announced today in the build-up to GITEX 2016.

There is a surge in growth of “moneyhawks” - the high-income, and under-35-year-oldcustomers who want constant mobile access to their banking and finance accounts.

Banks often struggle to profit from their customers. The bottom 28 percent of customers give a 22 percent profit loss, due to cashing checks at branches or not paying back loans.Moneyhawks are only 16 percent of banks’ customers, but generate the majority of profit, especially from digital payments,according to the Database Marketing Institute.

Millennials in the UAE are a key target for banks. About 60 percent of the population is under 25 years old, and the GDP per capita is over USD 48,000, the second-highest in the Middle East and North Africa, according to a recent report by the Kuwait Financial Center, Markaz.

“UAE Millennials do not want to wait at bank branches – they want constant, secure, and easy access to their banking and financial from their mobile devices. As a result, more banks are establishing partnerships withFinTech startups, which can drive digital payment innovation with a more agile mindset,” said Abdirizak Ibrahim Salah, Co-Founder of Trriple, a UAE-based digital payments startup.

Global investors are pouring money into FinTech firms. Investment grew by 75 percent from USD 13 billion in 2014 to USD 22 billion by 2015, according to a recent Accenture report.

At last year’s GITEX, Trriple launched as a company and signed a partnership with Ericsson on mobile wallet solutions in banking and Smart Cities.Trriplereturnsthis year to showcase digital payment innovations, and exhibit alongside FinTech startups at the GITEX Startup Movement.

“Cash represents 75 percent of the UAE’s total payments – leading to a fragmented payment space for consumers, businesses, and banks. Innovative FinTech startups can use mobile apps to transform the UAE consumer payments space, leading toa cashless society by 2018,” added Abdirizak Ibrahim Salah.

At GITEX Technology Week 2016, Trriple will exhibit in Hall 6, along with their partner ecosystem.

-ENDS-

Photo Caption: Trriple will showcase digital payment innovations at GITEX.

About Trriple

Trriple is a UAE-based start up offering a first-of-its-kind mobile wallet that enables secure and convenient everyday payments saving consumers and businesses time and money, while meeting the regulatory environment of UAE.

Ushering in the country’s “cashless society” by delivering an inclusive payments ecosystem that is available to both the unbanked using cash, and the banked using cards, Trriple makes on-the-go mobile payments possible on a mass scale in line with the UAE Government’s Vision for a Smart Society by 2017.

Trriple mobile wallet provides the highest accredited certification and security standard in the world for digital payments, while at the same time keeping the actual cash where we trust it to be kept – in banks. The platform is built around a multi-purpose and cross-bank mobile wallet, which can be conveniently funded by cash-in merchants holding Trriple Mobile Point of Sale Terminal (mPOS), as well as credit/debit cards, ATM, salary transfer or bank accounts.

Trriple mobile wallet’s all inclusive payment and funding process covers the entire spectrum of the payments industry, offering instant and easy banking for consumers, real-time settlements for merchants and enterprises, and faster and more cost effective services for government, service providers, money exchanges and banks.

Trriple has partnered with reputable organizations to bring a wide range of services under one umbrella. Trriple’s main partners include Ericsson, Noor Bank, and Verifone Mobile Money,amongst others.Please visit for more information.

Media Contacts

Trriple: Didem Turkmen Redman, , +971 52 2369797

Wallis Marketing Consultants: Steve Baron, , +971.4.275.4100