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In a notable development within the financial sector, Money Protects Capital Limited has achieved a significant milestone by obtaining approval from the Dubai Financial Services Authority (DFSA) and securing a Category 3C license from the Dubai International Financial Centre (DIFC). This achievement underscores Money Protects’ steadfast commitment to incorporating financial innovation and technology, fostering sustainability, and instilling long-term confidence in the financial ecosystem.
As an emerging leader in the dynamic landscape of open banking and financial technology, Money Protects is making substantial progress in the untapped AED 20 billion Mortgage Non-Performing Loan (NPL) market, alongside an auxiliary AED 10/20 billion market. The company’s innovative approach is encapsulated in its three-pronged composite innovation pack, strategically designed to redefine conventional financial methodologies.
The innovation pack comprises three pioneering products:
- EMI Sleeping Period: A groundbreaking Mortgage Loan Restructuring solution offering an extended EMI-free period (ranging from 11 months to 5 years), thereby mitigating financial stress for consumers.
- Fixed EMI for Life: A concept aimed at stabilizing the loan’s interest/profit rate, addressing a gap often overlooked by conventional financial institutions for threshold consumers (below USD 50 million).
- Double Rental: An Equity Release concept empowering consumers to generate multiple income streams, thereby bolstering financial security.
In the UAE, the banking system’s assets expanded by 4.2% in 2021, reaching AED 3.3 trillion. Despite the NPL ratio increasing from 6.5% in 2019 to 7.9% in 2021, the banking system’s provision coverage improved, with the specific provision coverage ratio reaching 60.0% of non-performing assets, and the total provision coverage ratio at 86.6%. The banking system’s exposure to the real estate sector, constituting approximately 24.7% of total loans at AED 432 billion, reflects a 7.4% annual growth.
In this landscape, Money Protects aims to target over AED 20 billion (5% of real estate NPL) with its innovative financial products, addressing a substantial portion of the market. The company’s solutions are poised to reshape the real estate loan market, presently valued at $7,968 billion globally and projected to reach $23,121 billion by 2030.
Mr. Mirza Ashraf Beg, Founder and CEO of Money Protects, underscores the company’s dedication to balancing market and consumer needs through an online marketplace under an open banking and DeFi approach. The three products effectively address consumer challenges, including interest rate fluctuations and cash flow issues. Anticipating significant traction of USD 10 billion plus in 3 to 4 years, the market availability for the aforementioned products is underscored.
Registered as a “Work of Science” under the title “Decentralized Finance Model for Debt Restructuring, Long Term Credit, and Equity Release” in the European IP Depository, Money Protects seeks to revolutionize the industry by providing digital solutions for prevalent financial challenges.
Money Protects’ vision extends beyond short-term objectives, emphasizing its dedication to supporting economic growth and stability. By targeting a substantial portion of the real estate NPL market and offering innovative solutions, the company is poised to play a pivotal role in transforming the financial landscape and fostering sustainable growth in the UAE market and beyond.
https://gulftoday.ae/business/2023/12/12/money-protects-achieves-milestone-with-dfsa-approval-and-difc-license
Author is a Fin-tech entrepreneur having excellent track record of over 20 years of banking and financial industry in U.A.E, Saudi Arabia and India. Wide-range of experience in Corporate & Wholesale Banking, Treasury, Investment Banking, Funds, Corporate, Commercial, Credit, Cash, Trade Finance, & Islamic Operations.
Outclass expertise in Products & Regulatory Controls, Risk Management, in “Business Modeling” focused on bespoke client products along with technology adoption. Proven in-depth understanding of micro/macro financial market econometrics, Offshore, Cross Border Banking and Legal Barriers.
Major Strengths:
• Debt & Asset Management
• Treasury, Investment & Funds
• Credit Management & Product Development
• Structured products and Restructuring
• Hedging and Derivative Markets
• FinTech & Reg Tech Advisory
Expert in Regional/Global Regulatory operational management having exemplary accolades in Islamic Banking with high end achievements in structured products.
Expertise in Global Intelligence, Value Research, Product Development & Processing, projects related to current global disruptive technological changes & its adaptation through FinTech Landscape – micro/macro.
Author is a Fintech Writer, Market Researcher, Speaker & Panelist in various International Banking & Technology Forums: Terrapin, Clear stream/Euroclear, Fleming, BII, Allan Lloyds, Trescon, Alpha-one, PWC, Finastra Universe - Misys-Connect etc.
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