On March 17, 2023, California-based SVB Financial Group, the parent of Silicon Valley Bank (SVB) filed for bankruptcy after weeks of speculation had already led to volatility across the U.S. and global financial stock markets. While this left many players in the banking and Fintech industries feeling the pressure, some leaders in the Fintech world are clearly feeling optimistic. “This is Fintech’s time to shine,” says Mark Chahwan, Co-founder and CEO of U.A.E.-based investment platform Sarwa. “Fintechs were born after the 2008 financial crisis. People had lost trust in banks and sought alternative financial services. Technology and access today make it a lot easier to diversify. A lot of services that were once reserved for the 1% are now available to all.”
Having been established in 2017, Sarwa—meaning “wealth” in Arabic—today employs around 50 people and offers four main products via its app. Sarwa Invest is the long-term investment arm, whereby clients create personalized portfolios and choose their risk profile, and fees are charged based on assets under management. Sarwa Trade is a zero-commission “do-it-yourself” trading platform, with revenue streams coming from the foreign exchange market. And Sarwa Save, which launched in February 2023, is a high-yield cash account, which Sarwa offers through banking partners, whereby clients earn interest on their cash while Sarwa takes a small percentage. In 2022, the company also launched Sarwa Crypto, which allows customers to trade Bitcoin, Ethereum, and other coins. All products are regulated by the Abu Dhabi Global Market’s Financial Services Regulatory Authority, and Sarwa Invest is also regulated by Dubai’s Financial Services Authority.
This story is from the April 2023 edition of Forbes Middle East - English.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the April 2023 edition of Forbes Middle East - English.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Celebrating Emirati Businesswomen and Entrepreneurs on Emirati Women's Day
As part of the U.A.E.’s annual Emirati Women’s Day celebrations, the Abu Dhabi Business Women Council and the Abu Dhabi Chamber hosted an event on August 28, 2024, under the theme “We Collaborate for Tomorrow,” celebrating the role and achievements of Emirati women.
THE MIDDLE EAST'S TOP 100 HEALTHCARE LEADERS 2024
MENA’s healthcare landscape is evolving towards integration, marked by the rise of fully comprehensive ecosystems. Industry giants are setting future trends, driven by systems that thrive on data abundance, accessibility, and intersectoral collaboration.
SCOUTING FOR OPPORTUNITIES
Ayman Cheikh-Lahlou, Chairman and CEO of the Morocco-based Cooper Pharma, took the helm of the family-owned pharmaceutical company in 2005 and has seen business boom over nearly 20 years. Now, he’s exploring expansion opportunities in new markets.
TURNING THE TIDE
Irina Zaporozhets, President and General Manager for Eli Lilly Suisse S.A. in the META region is driving expansion, focusing on innovation and patient-centric care. As she navigates regional challenges, her commitment to expanding access to medicine remains at the forefront.
Supercharging AI
Armed with a newly raised 640 million, GROQ thinks it can challenge one of the world’s most valuable companies with a purpose-built chip designed for Al from scratch.
How Technology is Accelerating Digital Equality in Diverse Markets
The rise of smartphones and digital technologies has transformed our daily lives, contributing to the evolution of connected consumers.
Rare Fortune
Money manager JAMES LITINSKY turned a bad junk bond bet into a $400 million fortune. His MP Materials operates a strategic mine and will begin manufacturing supermagnets for electric vehicles next year.
The State of Mental Health in the Middle East
While mental health awareness is on the rise, the Middle East faces some challenges in providing care. Still, we're seeing some progress.
Big Breakthroughs
From gene therapy to nasal sprays, these were some of the most significant healthcare breakthroughs in the last year.
MENA's 5 Most Valuable Healthcare Companies 2024
The combined market cap of 57 healthcare companies listed on MENA's stock exchanges hit $83.7 billion on August 13, 2024, with the top five companies accounting for about 62.4% of the total market cap. These are MENA's five most valuable healthcare companies in 2024.