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<p><!-- wp:paragraph -->In recent years, Southeast Asia has emerged as a frontrunner in global fintech adoption. Companies like Grab, GoTo, and Sea developed super apps that include financial services, and startups like Xendit, Akulaku, and Dana, to name a few, have raised hundreds of millions of dollars for payments, banking services, and other financial tools, making Southeast Asia a home to a thriving fintech scene.</p> <!-- /wp:paragraph --> <p><!-- wp:paragraph -->Due to the potential and enthusiasm these services generate, these fintech unicorns rank among the world's most well-funded digital startups. They are predicted to amass over $38 billion in annual revenue in Southeast Asia by 2025, a remarkable increase from the $11 billion recorded in 2019.<strong> </strong></p> <!-- /wp:paragraph --> <p> </p> <!-- wp:heading --> <h2 class="wp-block-heading"><strong>Charting the Rise of Islamic Finance</strong></h2> <!-- /wp:heading --> <p><!-- wp:paragraph -->Malaysia, in the heart of Southeast Asia, is among the countries with the largest Muslim population. Fintechs that are only focused on Islamic finance and provide shariah-compliant goods and services are flourishing in Malaysia. This prohibits, among other things, the accumulation of interest, speculating, and financing of non-halal goods.</p> <!-- /wp:paragraph --> <p><!-- wp:paragraph -->Buoyed by a robust economic resurgence, Islamic financing has surged to a remarkable five-year pinnacle, marking a substantial 13% growth in 2022. Working capital loans have been increasing steadily, and the household sector's unwavering toughness is what gives this increase its drive. </p> <!-- /wp:paragraph --> <p><!-- wp:paragraph -->As a result, by the end of 2022, a remarkable 41% of all loans in the banking system included Islamic finance, representing a noticeable rise from the roughly 38% noted at the end of 2021. This success strengthens Malaysia's position as the third-largest Islamic financial center on the international scene. Notably, Malaysia has a well-established and competitive sukuk (financial certificate) market, with sukuk accounting for a staggering 64% of all local outstanding issuances as of the end of November 2022.</p> <!-- /wp:paragraph --> <p> </p> <!-- wp:heading --> <h2 class="wp-block-heading"><strong>Foundations of Islamic Finance</strong></h2> <!-- /wp:heading --> <p><!-- wp:paragraph --><strong><br></strong>Islamic finance describes the means by which organizations and people raise money in conformity with Shariah, or Islamic law. Islamic finance is a distinct type of socially conscious investment. Shariah law necessitates a categorical approach to financial services, prompting even conventional banks to introduce products tailored to Muslim customers. Islamic-compliant services are becoming more widely available as more Islamic finance businesses digitize the process.</p> <!-- /wp:paragraph --> <p> </p> <!-- wp:gallery {"linkTo":"none"} --> <figure class="wp-block-gallery has-nested-images columns-default is-cropped"><!-- wp:image {"id":147053,"sizeSlug":"large","linkDestination":"none"} --> <figure class="wp-block-image size-large"><img class="wp-image-147053" src="https://admin.purplequarter.com/storage/posts/67fe30d618f6d-1-2-1024x683.png" alt="Image"></figure> <!-- /wp:image --></figure> <!-- /wp:gallery --> <p> </p> <!-- wp:heading {"level":3} --> <h3 class="wp-block-heading">1. Prohibition of Interest (Riba):</h3> <!-- /wp:heading --> <p><!-- wp:paragraph --><br>Charging or paying interest is considered exploitative in Islamic finance. Instead, profit-and-loss sharing arrangements are encouraged.</p> <!-- /wp:paragraph --> <p> </p> <!-- wp:heading {"level":3} --> <h3 class="wp-block-heading">2. Prohibition of Speculation (Gharar):</h3> <!-- /wp:heading --> <p><!-- wp:paragraph --> Excessive uncertainty, ambiguity, or speculation in financial contracts is discouraged. Transactions should be clear and transparent.</p> <!-- /wp:paragraph --> <p> </p> <!-- wp:heading {"level":3} --> <h3 class="wp-block-heading">3. Prohibition of Investments in Forbidden Goods and Services (Haram):</h3> <!-- /wp:heading --> <p><!-- wp:paragraph --> Investments in industries such as alcohol, gambling, pork, and certain types of entertainment are not allowed.</p> <!-- /wp:paragraph --> <p> </p> <!-- wp:heading {"level":3} --> <h3 class="wp-block-heading">4. Zakat and Charity:</h3> <!-- /wp:heading --> <p><!-- wp:paragraph -->Islamic finance promotes the concept of giving to those in need. Zakat, a form of obligatory charity, is a significant aspect of Islamic finance.</p> <!-- /wp:paragraph --> <p> </p> <!-- wp:heading --> <h2 class="wp-block-heading"><strong>Integration of Technological Advancements into Islamic Finance</strong></h2> <!-- /wp:heading --> <p> </p> <!-- wp:paragraph --><!-- /wp:paragraph --> <p><!-- wp:paragraph -->In Malaysia, the <em>Investment Account Platform</em> introduced by Bank Negara stands out as the inaugural Islamic peer-to-peer (P2P) venture initiated by a central bank. Simultaneously, the Malaysia Digital Economy Corporation, under government ownership, facilitates the interaction between investors and halal business proprietors. In 2019, the Malaysian government unveiled the Shared Prosperity Vision 2030, outlining a decade-long blueprint for economic transformation. A pivotal component of this strategy is the establishment of an Islamic fintech hub, demonstrating the nation's commitment to this dynamic sector.</p> <!-- /wp:paragraph --> <p> </p> <!-- wp:gallery {"linkTo":"none"} --> <figure class="wp-block-gallery has-nested-images columns-default is-cropped"><!-- wp:image {"id":147054,"sizeSlug":"large","linkDestination":"none"} --> <figure class="wp-block-image size-large"><img class="wp-image-147054" src="https://admin.purplequarter.com/storage/posts/67fe30d89ba11-2-2-1024x683.png" alt="Image"></figure> <!-- /wp:image --></figure> <!-- /wp:gallery --> <p><!-- wp:paragraph -->Malaysia has consistently secured the top position in the Global Islamic Fintech (GIFT) Index since its inaugural launch in 2021, outshining 64 other nations across various dimensions including talent, regulation, infrastructure, the Islamic Fintech market and ecosystem, as well as capital.</p> <!-- /wp:paragraph --> <p><!-- wp:paragraph -->In the 2021 IFN Fintech CEO & Founder Survey, nearly 40% of the participants acknowledged Malaysia as the global leader in fostering an ideal Islamic Fintech ecosystem. This recognition is primarily attributed to the proactive involvement of stakeholders, orchestrated by the Malaysia Digital Economy Corporation (MDEC), the principal governmental body entrusted with overseeing the nation's digital economic transformation.</p> <!-- /wp:paragraph --> <p><!-- wp:paragraph -->The regulatory framework, overseen jointly by Bank Negara Malaysia (BNM) and the Securities Commission Malaysia (SC), is consistently updated in line with the 2022-2026 Financial Sector Blueprint for Malaysia's Islamic fintech direction. BNM's recent efforts include discussing digital Takaful operator licensing and upcoming revisions to the Innovation Green Lane to support Fintechs. Currently, the Innovation Green Lane fast-tracks trials and approvals for Islamic Financial Institutions (IFIs), with Islamic Fintechs included upon partnership with IFIs.</p> <!-- /wp:paragraph --> <p> </p> <!-- wp:paragraph --> <p>Malaysia's governance of Islamic Fintech stands firmly on the foundation of value-based intermediation, a concept introduced by BNM. This principle governs the comprehensive regulatory framework of Islamic finance in the country, with the overarching objective of attaining social finance, comprehensive development, and inclusive goals.</p> <!-- /wp:paragraph --> <p> </p> <!-- wp:heading --> <h2 class="wp-block-heading"><strong>Malaysia's Dominance in Islamic Banking and Robust Financial Landscape</strong></h2> <!-- /wp:heading --> <p> </p> <!-- wp:paragraph --><!-- /wp:paragraph --> <p> </p> <!-- wp:gallery {"linkTo":"none"} --> <figure class="wp-block-gallery has-nested-images columns-default is-cropped"><!-- wp:image {"id":147055,"sizeSlug":"large","linkDestination":"none"} --> <figure class="wp-block-image size-large"><img class="wp-image-147055" src="https://admin.purplequarter.com/storage/posts/67fe30dae8379-Retained-search-1-1-1024x576.png" alt="Image"></figure> <!-- /wp:image --></figure> <!-- /wp:gallery --> <p><!-- wp:paragraph -->Islamic banks are widely present in Malaysia's financial services industry; significant examples include Maybank Islamic Bhd., CIMB Islamic Bank Bhd., and RHB Islamic Bank Bhd. These organizations are essential components of sizable banking organisations that are endowed with abundant resources and wide-ranging customer bases, which strengthens their power within the sector.</p> <!-- /wp:paragraph --> <p><!-- wp:paragraph -->Six of the top 20 Islamic banks have their global headquarters in Malaysia, a country that stands out in the global Islamic financial scene. Maybank Islamic, CIMB Islamic Bank, Bank Kerjasama Rakyat Malaysia Bhd., RHB Islamic Bank, Bank Islam Malaysia Bhd., and Public Islamic Bank Bhd. are among the top banks that have been recognised in The Asian Banker's ranking of the top 100 Islamic banks and financial holding companies for 2021.</p> <!-- /wp:paragraph --> <p><!-- wp:paragraph -->In terms of technological improvements, these banks stand out from traditional fintech players by providing a wide range of complete digital services. Their mobile banking platforms are based on cutting-edge technology, giving them a competitive advantage. These services possess the capacity to benefit all businesses by enhancing payment systems, refining customer relationship management, and streamlining invoicing and collection processes. It holds the potential to foster a greater array of opportunities, amplify economic activities, and catalyze overall economic growth.</p> <!-- /wp:paragraph --> <p><!-- wp:paragraph -->By integrating fintech solutions into their <a href="https://www.google.com/url?q=https://www.purplequarter.com/rise-of-islamic-finance-in-saudi-arabia/all-about-tech/&sa=D&source=editors&ust=1692861393838714&usg=AOvVaw1gaodJuBPCk38drW44rAXG">Islamic financing</a> operations, banks in Malaysia have the potential to enhance efficiency, elevate customer satisfaction, and achieve cost reduction. This synergy allows Islamic banks to introduce novel services like peer-to-peer lending, crowdfunding, and robo-advisory services, thereby expanding their service offerings.</p> <!-- /wp:paragraph --> <p> </p> <!-- wp:paragraph --> <p><br>Industry analysts predict these elements are expected to continue such banks' development trajectory and market dominance, outpacing the growth possibilities of fintech companies in Malaysia. This is anticipated to bring about a transformative shift, leading to a more innovative and competitive industry that is well-equipped to effectively cater to consumer demands.</p> <!-- /wp:paragraph --> <p> </p> <!-- wp:heading {"level":3} --> <h3 class="wp-block-heading">Authored by<strong> Nishka Agrawal</strong></h3> <!-- /wp:heading --> <p><!-- wp:paragraph -->For more information, please reach out to the <a href="mailto:ma*******@pu***********.com">Marketing Team.</a></p> <!-- /wp:paragraph --> <p> </p>
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<h2><b>Introduction</b></h2> <p>In recent years, India has witnessed a remarkable transformation in its healthcare landscape, with a growing emphasis on holistic HealthTech solutions. Holistic HealthTech encompasses a wide range of digital solutions that enable individuals to monitor and manage their health comprehensively. These technologies leverage data-driven insights, advanced algorithms, and personalized recommendations to promote overall well-being, bridging the gap between traditional medicine and modern technology.</p> <p>Here we explore the various facets of holistic HealthTech in India, highlighting its potential to revolutionize the healthcare industry and improve the overall health and wellness of the nation.</p> <h2><b>Key Developments in the Indian HealthTech Sector</b></h2> <p>According to Pharmabiz, while in 2020, the healthtech industry was valued at $1.9 billion, which is under 1% of the healthcare industry, the sector is looking to grow at a CAGR of 39% and reach US$ 5 billion by 2023.</p> <p>According to NITI Aayog, the National Digital Health Mission (NDHM) will spur a fundamental transformation in India’s healthcare system and unlock economic value worth over $200 billion by 2030.</p> <p>The Indian e-pharmacy market is expected to rise at a 22 percent CAGR and reach US$1.1 bn in market value. ePharmacies and eDiagnostics account for the largest market size of US$7,500m in the curative care sector. </p> <p>According to Expresshealthcare, Telemedicine in India is at a nascent stage compared to developed countries like the USA, but that is all set to change. The Indian telemedicine market is expected to rise at a 21 per cent CAGR and reach US$5bn in market value.</p> <p>India’s rehab-tech market, a US$17 bn opportunity, is set to double in 5 years. Rehab tech comprises interventions that enhance functionality and minimize disability. The services include nursing, caregiving, physiotherapy, occupational therapy, and medical aid equipment. Hospitals and local unorganized players are currently the major providers of rehab, however, this is bound to change as rehab-tech players are emerging in the healthtech sector. For instance, Dee Dee Labs Pvt Ltd, a medical device startup, is a design and development lab with a primary focus on the development of the next generation of bionic prostheses for upper limb amputees. AfterallHealth in Hyderabad and PhysioConnect in Mumbai are two notable tech companies providing physiotherapy services and products through app-based and online services.</p> <h2><b>Government Initiatives to Fortify the Indian Holistic HealthTech Landscape </b></h2> <p>The <b>National Digital Health Mission</b> launched on August 15, 2020, was intended to create an integrated healthcare system linking practitioners with patients digitally by giving them access to real-time health records. It was implemented by the National Health Authority and laid the bedrock principle of ABDM as mentioned below.</p> <p>The <b>Ayushman Bharat Digital Mission (ABDM)</b> was launched under the National</p> <p>Health Authority on September 27, 2021. With the Ayushman Bharat Health account (ABHA) and personal health record app, users can share, store and link their health records to avail of healthcare services with autonomy and consent. ABDM will enable the core infrastructure and capabilities required for health record standardization and interoperability. It offers two major electronic health services:</p> <p><b><i>Personal Health Record (PHR)</i></b><b>:</b> An electronic form of medical record for an individual that conforms to nationally recognized interoperability standards. The PHR is managed, shared, and controlled by the individual and can be drawn from multiple sources, like Practo, ABHA Health Locker (PayTM), DocPrime etc. </p> <p><b><i>Unified Health Interface (UHI)</i></b><b>:</b> A core foundation of ABDM, UHI is similar in concept to the Unified Payment Interface (UPI) where you can use any UPI-enabled app (BHIM app, Paytm, PhonePe, GPay etc) to make seamless payments from your bank account or wallet to any other bank account. Through UHI-enabled applications, patients can discover, book, conduct and pay for services offered by a variety of participating providers from any application of their choice.</p> <p><b>eSanjeevani</b> is a national doctor-to-doctor telemedicine service that strives to provide an alternative to conventional physical consultations via a digital platform. It is a cohesive part of the Ayushman Bharat Digital Health Mission (ABDHM). It leverages technology via smartphones, tablets, and laptops enabling doctor consultations to be accessible from the patient’s residence regardless of location. According to Pharmabiz, eSanjeevani is currently serving about 90,000 patients per day and has accumulated a total of 2,58,553 consultation hours.</p> <p><b>E-aushadhi</b> is a software platform developed through C-DAC (Centre for Development of Advanced Computing under MEITY), Noida with the support of the Ministry of Health and Family Welfare to automate various activities. It is a part of the Drug and Vaccine Supply Chain Management system that deals with Purchase Order, Inventory Management & Distribution of various drugs etc. The main aim of e-Aushadhi is to improve the drug warehouse management system and facilitate the provision of cost-effective essential drugs to common people by keeping an eye on the flow of drugs, vaccines, and information from suppliers to warehouses to health facilities to patients without any delay.</p> <p><b>MyGov Help Desk</b>, an AI-enabled chatbot helpdesk launched by the Government in March 2020 to provide information related to COVID and vaccination services, is another example of the country’s rapidly expanding digital health ecosystem. </p> <h2><b>Major Players In </b><b>Holistic HealthTech </b><b>Landscape</b></h2> <p>The focus of holistic HealthTech is its focus on empowering individuals to take a proactive approach to their health. By promoting self-care, many tech companies are empowering individuals to take better care of themselves with the help of technology. Some revolutionary such companies are mentioned below: </p> <h3><b>HealthifyMe</b></h3> <p><b>The Problem</b>: In 2012, the year HealthifyMe was launched, reports indicated that there were 60 million diabetics and 150 million hypertensive people in India. The main reason behind this was a lack of awareness of the quality of food intake and a lack of general exercise among Indians.</p> <p><b>The Solution</b>: HealthifyMe is a cloud-based solution that helps people reach their fitness goals using the support of nutritionists, trainers, yoga instructors, and wearable devices. The HealthifyMe app allows users to track diet and exercise regimens, get expert advice on custom diet and wellness solutions, and connect with other fitness enthusiasts to lead a healthy lifestyle. HealthifyMe plans to offer a range of premium options to help customers and fitness enthusiasts achieve their goals.</p> <p>HealthifyMe is primarily distributed in over 300 cities with 10 million downloads, approximately 25 million users, and 1,500+ trainers. The app has a rating of 4.6/5 on the Play Store and has been cited multiple times by Google and Apple as a quality indicator.</p> <h3><b>PharmEasy</b></h3> <p><b>The Problem:</b> Long working hours, high-pressure environments, and juggling multiple responsibilities has become part and parcel of the Indian lifestyle. The result: Poor mental health due to anxiety, depression, and stress. These conditions can increase the risk of developing chronic diseases like heart disease, diabetes, and chronic pain.</p> <p><b>The Solution</b>: PharmEasy, one of India's leading platforms for healthcare solutions, is taking a holistic approach to wellness for its customers on their journey to achieving good health. PharmEasy has evolved from being just a medicine-providing platform to a wellness partner by building a sustainable healthcare ecosystem. With a presence of over 5 Mn customers across 1000+ cities in India, Pharmeasy has become one of the largest players in the Indian healthtech landscape.</p> <p>PharmEasy has developed a healthcare delivery platform to simplify and modernize the healthcare setup in India. The platform helps patients stay connected with various local pharmacy stores and outlets. Data analytics and AI-based technology are the driving factors behind a robust health and well-being ecosystem today, and PharmEasy is leveraging both of them to strengthen healthcare in India.</p> <h3><b>Tata 1mg</b></h3> <p><b>The Problem</b>: A common process towards holistic health is the use of alternative medicine like ayurveda and homoeopathy to increase nutrition and improve quality of life. However, a major obstacle is the availability of authentic physical distributors in urban and especially remote areas, which has led to the need for an online marketplace for medicines or a trusted e-pharmacy.</p> <p><b>The Solution</b>: Tata 1mg is a leading online pharmacy and healthcare platform in India. Their objective is to make healthcare understandable, accessible, and affordable for the masses. It allows users to order medicines, book lab tests, consult doctors, and access health information from their smartphones. It is one of the largest digital health platforms providing 20+ specialities and 3000+ doctors across 100+ cities in India.</p> <h3><b>Healthians</b></h3> <p><b>The Problem</b>: In the Indian healthcare system, the diagnostic market is highly fragmented, with no standardization in pricing or experience. People after a certain age (likely after 35) wish to</p> <p>get a preventive health check-up done every year, but they don’t get it done due to high cost, multiple visits to labs & hospitals, the chance of inaccurate reports, and long waiting periods for sample collection, tests & report delivery of medical tests.</p> <p><b>The Solution</b>: Today, Healthians is a preventive healthcare company that offers a wide range of health check-ups, health care services, and diagnostic services at home or off-clinic. As a technology-led, asset-light model, it is India's largest health test at-home service that offers affordable pathology testing followed by continuous health advice and consultation for screening, monitoring and improving health conditions which helps in lifestyle disease management. Chronic diseases and lifestyle diseases can be reduced if they help people fix lifestyle-related issues early in age. By analyzing the lifestyle, test results, family and medical history of a person, Healthians provide insights like current health status, chances of getting a chronic disease, preventive measures he/she needs to take, etc.</p> <p>Some other developments are noteworthy in the healthtech startup sector as well</p> <p><b>AyuRythm i</b>s a Health & Fitness Startup which provides personalized holistic wellness solutions through Ayurvedic principles through digital platforms. Using their patent-pending technology and approval from leading Ayurvedic doctors, the solution serves as a one-stop shop for all wellness needs. It assesses the user's ideal and current body type based on a one-time response to 30 questions, followed by a daily 30-second pulse diagnostic test using your mobile phone camera. The product gained media attention after being featured on SharkTank where they raised equity from shark Aman Gupta.</p> <p>Upholding the pillars of holistic healthcare in line with ABDM, <b>Eka.Care</b>. is an exemplary healthtech startup that offers solutions to both healthcare professionals and patients. For caregivers, Eka.Care offers an advanced technology platform that helps doctors manage their clinic practice and helps them know their patients better (medical history, symptoms, etc). For patients, the platform allows users to create their ABHAs, store their medical records, and take self-assessments to know their health risk factors. The organisation’s AI-driven app forms longitudinal values of a patient's medical records, allowing them to keep track of their health parameters and share these with doctors easily. The platform is available in 12 languages, helping Indian families across the country to create multiple health profiles and store health records such as vaccination charts for kids, developmental milestones, prescriptions, lab reports, and scans.</p> <p><b>Dozee</b> is a Bangalore-based healthtech startup that has introduced a contactless health monitoring system. The device uses AI and machine learning technology to monitor vital signs such as heart rate, respiration rate, and sleep patterns, without any physical contact with the user. Some of the key features of Dozee include accurate and reliable sleep monitoring, personalised sleep insights, seamless integration with health apps, and family sleep tracking.</p> <p><b>Loop </b>is a corporate employee insurtech based out of Pune that offers a host of wellness sessions for corporates that focus not only on physical fitness but overall holistic well-being. In addition to providing group health insurance, the difference from other similar corporate insurance providers is that they conduct sessions like financial management, self-care, dealing with procrastination, yoga, mind workshops, mental health consults, and more.</p> <p><b>HealthPlix Technologies</b> is a Bangalore healthtech startup which promotes better health outcomes across India with a doctor-first approach and its comprehensive, artificial intelligence (AI)-driven EMR software. About 10,000 physicians currently use the HealthPlix platform across 370 cities in India, with software and built-in support available in 14 languages.</p> <h2><b>Conclusion</b></h2> <p>Holistic HealthTech is revolutionising the healthcare landscape in India, ushering in a new era of personalized and data-driven wellness solutions. With government initiatives in place as well as key developments in the HealthTech sector, technology is playing a key role in <a href="https://www.purplequarter.com/the-future-is-here-ar-and-vr-in-healthcare/all-about-tech/">healthcare</a> not only to ease the availability of doctor consultations and diagnoses but also to provide access to alternative medicine and improve the holistic physical and mental well-being of individuals. </p> <p>At Purple Quarter, we closely observe and support holistic healthtech initiatives aimed at improving the health and lifestyle of Indian citizens. We have to understand the synergy between tech and healthcare and how it maps to general well-being and the ecosystem at large. This is reflected in our partnerships with some leading <a href="https://www.purplequarter.com/abhinav-yajurvedi-delves-deeper-into-supply-chain-and-healthtech/industry-expert-narratives/">healthtech firms</a>. With constant improvements in technology and newer innovations taking place in healthcare, it is conclusive that the potential scope for the growth of holistic healthtech will remain a conclusive process.</p> <h3 class="wp-block-heading">Authored by<strong> Tathagata Chakrabarti</strong></h3> <!-- /wp:heading --> <p><!-- wp:paragraph -->For more information, please reach out to the <a href="mailto:ma*******@pu***********.com">Marketing Team</a></p>
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<p><!-- wp:heading --></p> <h2><b>Introduction:</b></h2> <p>Sustainable technology is a bright spot, enabling businesses to contribute positively to both the environment and their bottom line. In recent years, MENA has shown a promising commitment to adopting eco-friendly technologies to balance business interests with reduced environmental impacts. Here we delve into the region’s burgeoning sustainable tech exploring how businesses are taking innovative steps to build a greener future.</p> <h2><b>Key Developments in Green Tech</b></h2> <p>2023 marks an important year for using sustainable technology in the MENA region. As per His Highness Sheikh Mohamed Bin Zayed Al Nahyan, 2023 is the Year of Sustainability. According to BusinessChief<a href="https://businesschief.eu/sustainability/will-2023-be-the-year-for-clean-tech-in-the-middle-east">,</a> the top agenda for governments, businesses, and investors globally is COP28, which is the most important sustainability summit that is set to take place in the UAE later this year. </p> <p>To increase <b>awareness</b> and improve <b>regulatory framework</b> policies, some key developments have taken place towards the use of sustainable technology :</p> <ul> <li style="font-weight: 400;" aria-level="1">The UAE was the first country regionally to establish the net-zero by 2050 strategy, followed by Oman; while Saudi and Bahrain have pledged to achieve net-zero emissions by 2060. Qatar, which has the highest carbon intensity per capita in the world, plans to lower emissions by 25% by 2030.</li> <li style="font-weight: 400;" aria-level="1">QatarEnergy is building the world’s largest blue ammonia plant, a US$1 billion plant projected to support Qatar’s efforts to develop carbon capture technology. Additionally, the Investment Promotion Agency claimed the country is set to drive growth in the clean tech industry in MENA, largely thanks to its favourable government policies and advanced tech infrastructure.</li> <li style="font-weight: 400;" aria-level="1">In Jan 2023, The Sustainable Energy Fund for Africa (SEFA) of the African Development Bank Group will provide a $1 million technical assistance grant to the Green Mobility Facility for Africa (GMFA).GMFA provides technical assistance and investment capital to accelerate and expand private sector investments in sustainable transport solutions in seven countries: Kenya, Morocco, Nigeria, Rwanda, Senegal, Sierra Leone, and South Africa.</li> <li style="font-weight: 400;" aria-level="1">In May 2023, the Africa Finance Corporation and Japan Bank for International Cooperation (JBIC), signed a Memorandum of Understanding to collaborate on infrastructure projects that accelerate energy transition in Africa.</li> <li style="font-weight: 400;" aria-level="1">Tanzanian President Samia Suluhu Hassan presented a USD 18 billion energy transition proposal to increase renewable energy generation (solar and wind) by around 8.4 GW for 12 southern African countries (Angola, Botswana, Democratic Republic of the Congo, Eswatini, Lesotho, Mozambique, Malawi, Namibia, South Africa, Tanzania, Zambia, and Zimbabwe).</li> <li style="font-weight: 400;" aria-level="1">The Tunisian government recently launched a call for bids on renewable energy projects to produce 1,700 megawatts (MW) nationally by 2025, including the Hecha and Khobna photovoltaic plants and eight solar projects of 100 MW each. The bid also calls for eight new wind farm sites with 75 MW each.</li> </ul> <h2><b>Major Challenges in Sustainable Tech </b></h2> <p>Sustainable technologies and practices may be relatively new or unfamiliar for certain countries in the MENA region. A lack of awareness and understanding can hinder the adoption of green investments and sustainable tech. On a corporate level, this could cause a misunderstanding towards the need for corporate compliance. In addition, implementing sustainable technology has high infrastructural and financial dependencies. </p> <p>The adoption of sustainable technologies may require infrastructure upgrades and a skilled workforce to implement and maintain them effectively. Also, Implementing sustainable technologies often requires significant upfront <a href="https://www.purplequarter.com/navigating-climate-tech-investments-in-the-funding-winter/all-about-tech/">investment</a>, which may be challenging for some governments and businesses in the region, especially if they are facing economic pressures or budget constraints. Furthermore, the MENA region is characterized by arid and water-scarce environments, which pose unique challenges for certain sustainable technologies that require substantial water resources.</p> <h2><b>Businesses Embracing Cleaner and Greener Technology</b></h2> <p>In addition to government initiatives, private businesses are also working towards greener and cleaner technologies to combat <b>infrastructural </b>and <b>environmental </b>hurdles in the MENA region.</p> <p><b>Food Tech: </b></p> <p>Harnessing the power of technology is essential to providing food to people in a more sustainable way.</p> <ul> <li style="font-weight: 400;" aria-level="1">Dubai-based <b>Emirates Crop One (ECO 1)</b> is the world’s largest vertical hydroponic farm. It aims to produce over one million kilograms of premium quality leafy greens annually while using 95% less water than conventional agriculture methods. </li> <li style="font-weight: 400;" aria-level="1">Elsewhere, the <b>Mleiha</b> farm in the desert sands of Sharjah uses AI to analyze weather and soil data and also employs thermal imaging to regulate irrigation rates and monitor growth across its 1,400 hectares.</li> </ul> <p><b>Green Air Conditioning: </b></p> <ul> <li style="font-weight: 400;" aria-level="1">Air conditioning accounts for as much as 70% of UAE electricity consumption in the UAE and produces millions of tonnes of carbon dioxide annually. Based on Sorbent Ventilation Technology (SVT), <b>enVerid</b> provides a non-toxic tech solution that cleans indoor air and helps reduce outside air requirements by as much as 80%. As a result, annual HVAC energy costs can be reduced by up to 40%, substantially lowering a building’s energy intensity and carbon emissions.</li> <li style="font-weight: 400;" aria-level="1">Founded in 2017 by Basima Abdulrahman, <b>KESK</b> offers green building materials to construction companies as well as solar energy products. The company aims to change the way buildings and communities are constructed and maintained while also providing standalone solar air conditioning units that help reduce dependence on the power grid.</li> </ul> <p><b>Solar Energy:</b> </p> <ul> <li style="font-weight: 400;" aria-level="1"><b>Nomadd</b>, founded in 2016 by Georg Eitelhuber in Jeddah, develops technology to make solar generators technically and commercially viable in harsh desert environments like Saudi Arabia. NOMADD's "fixed-tilt installations" offer dust control solutions for all desert solar array applications, with each of its robots capable of cleaning up to one kilometre of solar panels. NOMADD's robots also require no manual labour or water usage, and they can be remotely controlled and monitored at all times. They are designed to be adaptable and durable for a 25-year-long operation, with the feature of not running on the panel surface.</li> <li style="font-weight: 400;" aria-level="1"><b>Shamsina</b> creates unique and economical solar water heaters for energy-deprived regions. It operates out of a workshop in Cairo’s AlDarb AlAhmar, an unplanned neighbourhood. It is a community organisation as it uses a local design, sources raw materials from local, small-scale enterprises, trains and employs community members, promotes local and worldwide environmental awareness, and, finally, offers energy services to the community. It inspires communities to generate their own energy using a similar concept. </li> </ul> <p><b>Biofuels </b></p> <ul> <li style="font-weight: 400;" aria-level="1"><b>Neutral Fuels </b>is gearing up for an IPO in 2023 with its promise to make reducing carbon emissions a commercial proposition by converting cooking oil into biodiesel. Neutral Fuels is unique in the GCC, offering biodiesel containing 10% to 20% fatty acid methyl ester (FAME), also called biodiesel, blended with either marine gas oil (MGO) or very low sulfur fuel oil. The company, which listed the first green bond from the Middle East in 2019, uses sensors and apps to optimise fuel consumption and save time and money in the management of transport fleets.</li> <li style="font-weight: 400;" aria-level="1"><b>Biofire</b> is based in Tébourba, Tunisia and provides people with more inexpensive energy options while also preserving forests that are dwindling owing to inefficient wood fuel use. The company gathers and converts agro-forestry waste into solid biofuels such as wood briquettes, eco-friendly coal, and biochar, which are both efficient and healthy for cooking and heating. </li> </ul> <h3><b>Motivating MENA Startups - How Big Tech Companies are Aiding Green </b></h3> <p><b>Google for Startups Accelerator</b></p> <p>In June 2023, Google announced the launch of a clean tech accelerator programme aimed at startups from across the MEA region. The 10-week, equity-free hybrid programme aims to back Seed to Series A startups focused on sustainable technology climate solutions, cleantech and green energy. </p> <p>The ongoing accelerator aims to identify, support, and scale startups to build sustainable tech solutions in the MENA region. The selected startups will not only benefit from mentorship courtesy of Google engineers and business experts but also from various educational workshops and access to Google Cloud technical expertise. </p> <p><b>PepsiCo Greenhouse Accelerator</b></p> <p>PepsiCo also recently introduced its Greenhouse Accelerator programme to the MENA region earlier this year. The soft drinks giant has partnered with Food Tech Valley, a UAE government-backed hub for future clean tech-based food products, to provide 6 sustainable food startups from Egypt, Jordan, Lebanon, and Tunisia with funding and mentorship. </p> <p><b>NoorNation </b>in Egypt is a renewable energy startup that aims to provide sustainable decentralised energy and water infrastructure solutions to the off-grid sector across Egypt and Sub-Saharan Africa. Their product, LifeBox, is a solar-powered, self-contained mobile unit that delivers clean energy and safe water at an affordable price.</p> <p><b>SmartWTI</b> is a Jordan-based IoT/AI solutions provider that specializes in designing and manufacturing water management solutions to enable the Internet of Things (IoT).</p> <p><b>Smart Green</b> is a Jordanian startup that provides Agri-tech solutions to agribusinesses for Digital Transformation from traditional agriculture to modern agriculture based on Industry 4.0 Technologies.</p> <p><b>Dooda Solutions</b> is a Lebanon-based women-led earthworm farm that uses advanced technologies to produce premium-grade solid and liquid vermicompost (organic fertilizer) at a commercial scale.</p> <p><b>YY ReGen</b> is a forward-thinking company in Lebanon which is committed to providing innovative solutions through the promotion of renewable energy, sustainable water management, and regenerative farming.</p> <p><b>RoboCare</b> is a Tunisian company that specializes in using spectral technology and AI to promote sustainable agriculture. Their precision farming services offer solutions to monitor crops, prevent stress, control plant requirements, improve land efficiency, and optimize pesticide needs.</p> <h2><b>Conclusion:</b></h2> <p>As experts in the technology ecosystem, Purple Quarter comprehends the relevance of clean tech for MENA in the times to come. We partner with companies and work with leaders who can drive a paradigm shift and think for the long-term vision. While the government’s initiatives are noteworthy in the MENA region, we envision a high possibility of more green startups in the sector which will consequently lead to an inter-connected chain of growing businesses and, subsequently, more lucrative government initiatives to support the ecosystem.</p> <p>In conclusion, we can add that the MENA region is revving up the use of sustainable <a href="https://www.purplequarter.com/the-metaverse-revolution-in-the-mena-a-viewpoint/all-about-tech/">technology</a> not just as an alternative, but as an essential business strategy. Purple Quarter can predict that there will be huge growth in this sector in the upcoming decade, with potentially limitless applications in almost every viable business sector.</p> <p><!-- /wp:paragraph --> </p> <!-- wp:heading {"level":3} --> <h3 class="wp-block-heading">Authored by<strong> Tathagata Chakrabarti</strong></h3> <!-- /wp:heading --> <p><!-- wp:paragraph -->For more information, please reach out to the <a href="mailto:ma*******@pu***********.com">Marketing Team</a></p> <p><!-- /wp:paragraph --> </p>
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<p><!-- wp:heading --></p> <h2><b>Introduction</b></h2> <p>The US payments sector is a large and complex industry with a wide range of players and services. In recent years, there has been a growing trend toward digital remittances and <strong>cross-border payments</strong>. These digital payments offer a number of advantages over traditional methods, such as faster processing times, lower fees, and greater convenience.</p> <h3><b>What are digital remittances and cross-border payments?</b></h3> <p>Digital remittances are electronic transfers of money from one country to another. They can be made through a variety of channels, such as online platforms, mobile apps, and bank transfers. Digital remittances are typically faster and cheaper than traditional methods, such as sending cash through a courier or Western Union. They are also more convenient for senders and recipients, as they can be made from anywhere with an internet connection.</p> <p><a href="https://www.purplequarter.com/test/industry-expert-narratives/">Cross-border payments</a> are made between two parties in different countries. They can be used for a variety of purposes, such as international trade, business-to-business payments, and remittances. <strong>Cross-border payments</strong> are typically more complex than domestic payments, as they involve multiple financial institutions and clearing systems. However, digital payments can help simplify the process and reduce costs.</p> <h2><b>The Emergence of Digital Remittances and Cross-Border Payments</b> </h2> <p>The global digital remittance market has been appraised at approximately USD 19.65 billion in 2022, with an anticipated increase to USD 21.83 billion in 2023.</p> <p>Presently, the United States holds the distinction of being the largest remittance-sending country worldwide. Immigrants residing in the United States sent an estimated total of $68 billion in outward remittances in 2020. Approximately 14% of the U.S. population, or over 44 million people, are foreign-born.</p> <p>Multiple factors are driving the growth of the US digital remittances market:</p> <ul> <li style="font-weight: 400;" aria-level="1">The surging adoption of smartphones and internet connectivity </li> <li style="font-weight: 400;" aria-level="1">Heightened demand for rapid, secure, and cost-effective cross-border payment solutions </li> <li style="font-weight: 400;" aria-level="1">The rising number of migrant labourers across the globe </li> </ul> <p>Furthermore, the implementation of favourable government regulations aimed at promoting digital payments and facilitating financial inclusion has also contributed to expanding the digital remittance market.</p> <h2><b>Benefits and Opportunities for Individuals and Businesses</b></h2> <p>Digital remittances and cross-border payments offer a number of benefits for individuals and businesses. These benefits include:</p> <p><b>Reduced Time and Effort: </b>With the introduction of digital payment apps, people in the US can now conveniently transfer funds across countries without having to visit the bank to obtain SWIFT codes and routing numbers for international transfers.</p> <p><b>Cash management:</b> A PYMNTS report stated that 56% of U.S. businesses saw enhanced cash management capabilities as a direct benefit of cross-border payments innovation. In addition, people prefer push payments, digital wallets, automating payables, and enabling business partners to choose how they would like to receive payments.</p> <p><b>Reduced Fraud: </b>With the rapidly increasing number of cases of credit card fraud in the US, security remains a major concern for businesses and individuals alike. Trust remains a major concern, and when it comes to digital payments, fintechs and payment facilitators provide multi-factor authentication, network tokenization, and other security measures when it comes to cross-border payments. According to Paypal’s <a href="https://www.paypal.com/in/brc/article/enterprise-solutions-5-hidden-problems-payments-platform">survey</a>, 59% of U.S. consumers trust unfamiliar businesses more when they offer PayPal.</p> <p><b>Transactional Transparency:</b> Traditional cross-border payment services in the US often lock in FX rates as soon as a transaction is confirmed. They take longer to complete and may involve many intermediaries. As a result, these processes are less transparent than they could be.</p> <p>But with digital cross-border payment platforms, every transaction detail, along with beneficiary information and a unique ID is provided to the user. In addition, transparent payment platforms also assist payees in avoiding deficits caused by unfavorable currency conversion rates.</p> <h2><b>Major Fintech Stakeholders Transforming the US Payments Sector</b></h2> <p>The US has a number of different cross-border payment platforms available, each with its own features and benefits. Some of the most popular platforms include:</p> <h3><b>PayPal:</b></h3> <p>PayPal is a well-known online payment platform that offers a variety of features for sending and receiving money internationally.</p> <h4><b>What they do</b>: </h4> <ol> <li style="font-weight: 400;" aria-level="1">PayPal uses the power of webhooks to receive real-time information on events taking place in customers’ gateways and respond to them quickly and effectively. They use network tokenization, which can help improve authorisation rates and <b>reduce costs</b>.</li> <li style="font-weight: 400;" aria-level="1">It is a fully customizable payment platform that can adapt to customers’ changing needs. It is one of the world’s largest online payment platforms, with 300 million active users and multiple local payment methods. This enables <b>faster processing of transactions</b>.</li> <li style="font-weight: 400;" aria-level="1">About 59% of U.S. consumers trust unfamiliar businesses more when they offer PayPal. It supports multiple payment instruments like credit and debit cards and popular digital wallets like Apple Pay and Google Pay, all seamlessly integrated into one payment platform. This makes <b>tracking transactions</b> very easy for customers.</li> <li style="font-weight: 400;" aria-level="1">Paypal constantly deploys and authenticates transaction rules in real-time to adapt to evolving patterns with advanced machine-learning-based fraud protection. They also prevent costly card fraud with 3D Secure authentication and keep transactions secure with network tokenization. This reduces the <b>chances of fraud</b> in cross-border payments.</li> </ol> <h3><b>Wise </b><b>(formerly TransferWise)</b><b>:</b> </h3> <p>Wise is helping to solve the problems of high fees, slow settlement times, and a lack of transparency that have plagued the <strong>cross-border payments</strong> industry for years.</p> <h4><b>What they do</b>: </h4> <ul> <li style="font-weight: 400;" aria-level="1">They use the mid-market exchange rate: With Wise Business, one can use local account details to pay and get paid like a local. They don't have a high markup for cross-border and currency conversion fees. This means <b>reduced costs</b> for the customer.</li> <li style="font-weight: 400;" aria-level="1"><b>They have low fees</b>: Wise's fees are much lower than those of traditional banks. This is because they use a peer-to-peer network to process payments, eliminating the need for middlemen.</li> <li style="font-weight: 400;" aria-level="1"><b>They are fast</b>: Wise payments are typically settled within 1-2 days. This is much faster than traditional bank transfers, which can take up to a week or more.</li> <li style="font-weight: 400;" aria-level="1"><b>They are transparent:</b> Wise is very transparent about their fees and exchange rates. You can always see exactly how much you will pay before you make a transfer.</li> </ul> <h4><strong>Some other players include: </strong></h4> <ul> <li style="font-weight: 400;" aria-level="1"><b>The Western Union Company</b> is one of the top leaders in cross-border, cross-currency money movement and payments, with a global financial network across 200 countries and territories and over 130 currencies. Western Union partnered with Google Pay back in 2021 for users in the U.S. They now enjoy a seamless peer-to-peer in-app experience when sending cross-border payments to family and friends through Western Union's bank account or retail network throughout India and Singapore. Users may fund their transactions using Google Pay (debit or credit card linked to their Google Pay account), bank account or card.</li> </ul> <ul> <li style="font-weight: 400;" aria-level="1"><b>Remitly</b> is a leading digital financial services provider for immigrants and their families in over 150 countries around the world. As a mobile-first digital remittance company, they have expanded core cross-border remittance products to over 2,100 corridors worldwide. They enable US consumers to shift small sums across borders directly to debit cards or digital wallets with ease. </li> </ul> <h2><b>A Greener Future Outlook </b></h2> <p>The US payments sector is constantly evolving, and there are a number of key trends that are shaping the way that people send and receive money internationally. </p> <p><b>The rise of <a href="https://www.purplequarter.com/unlocking-indias-financial-future-how-upi-is-driving-the-fintech-revolution/all-about-tech/">fintech</a> companies:</b> Fintech companies are using technology to disrupt the traditional payments industry. These companies offer innovative new products and services, making it easier, faster, and cheaper to send and receive money internationally.</p> <p><b>The growth of mobile payments:</b> Mobile payments have gained widespread acceptance as people use their smartphones to make payments for various goods and services. This trend is also impacting the cross-border payments space, as people are increasingly using their smartphones to send and receive money internationally.</p> <p><b>The growing number of users in the Digital Remittance Market</b>: According to <a href="https://www.statista.com/outlook/dmo/fintech/digital-payments/digital-remittances/united-states">Statista</a>, the number of users is expected to amount to 3.04m users by 2027. In addition, the transaction value is expected to show an annual growth rate (CAGR 2023-2027) of 4.28% resulting in a projected total amount of US$32.83bn by 2027 in the US.</p> <h2><b>Conclusion</b></h2> <p>Digital payment regulators and fintech play a significant role in the US payment sector. At Purple Quarter, we support the visionaries who act as the driving force in this landscape. As a search firm with expertise in continually solving growing businesses’ leadership needs, <a href="https://www.purplequarter.com/">Purple Quarter </a>is well-positioned to comment on the value that fintech companies will play in evolving digital inclusion needs in remittances and payments. It is safe to conclude that the future of digital remittances and <strong>cross-border payments</strong> will continue to be a beacon in the complex ecosystem of business.</p> <h3 class="wp-block-heading">Authored by<strong> Tathagata Chakrabarti</strong></h3> <!-- /wp:heading --> <p><!-- wp:paragraph -->For more information, please reach out to the <a href="mailto:ma*******@pu***********.com">Marketing Team.</a></p>
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<p><!-- wp:paragraph -->Gloomy climate change headlines such as - carbon dioxide levels in the atmosphere continuing to climb, the "Doomsday Glacier” melting quicker than expected, increase in greenhouse gasses, climate change’s impact on increasing the risk of extinction of hundreds of species may be rife but there remains one glimmer of hope through the startup ecosystem. It is manifesting in the form of wiser and calculated investments.</p> <p>The funding winter of 2022 has had little impact on the <a href="https://www.purplequarter.com/climate-technology-a-call-for-change/all-about-tech/">Climate tech </a>sector. Despite the substantial geopolitical and financial challenges that roiled most global capital markets, climate-related investments rose dramatically in 2022.</p> <!-- /wp:paragraph --> <p><!-- wp:paragraph -->According to <a href="https://www.pwc.com/gx/en/services/sustainability/publications/overcoming-inertia-in-climate-tech-investing.html">PwC’s State of Climate Tech 2022</a> report, more than a quarter of all venture capital funding went to climate technology businesses that were specifically focused on emission reduction technologies. Across the globe, financing in major sectors such as FinTech, Retail, EdTech, and HealthTech fell more than 35% year on year, whereas funding in the Climate Tech space dropped only 5% year-on-year in 2022.</p> <!-- /wp:paragraph --> <p><!-- wp:paragraph -->Climate-related private market investment significantly exceeded the overall market in terms of deal activity, cash deployed, and capital flows into specialized funds. The upward trajectory appears certain to keep pace in 2023, as governments, firms, and investors speed the deployment of climate solutions, which have the potential to support energy security, affordability, and sustainability goals.</p> <!-- wp:heading {"level":3} --> <h3 class="wp-block-heading"><strong>Facilitating Greener Pastures</strong></h3> <!-- /wp:heading --> <p><!-- wp:paragraph -->In response to the current energy crisis, many nations have kept up, and in some cases increased, their short-term reliance on fossil fuels in response to the ongoing energy crisis. However, both public and private organizations have made extensive promises to cut greenhouse gas emissions across all sectors of the economy and technologies.</p> <!-- /wp:paragraph --> <p><!-- wp:paragraph -->Long-term demand for climate and decarbonization technology is predicted by multiyear offtake agreements for renewable fuels, low-carbon materials, and essential input materials. In the United States alone, the need for clean energy through industrial power purchase contracts has nearly quadrupled since 2015.</p> <!-- /wp:paragraph --> <p><!-- wp:paragraph -->Rather than just being a decarbonisation instrument, in the aftermath of the Russia-Ukraine conflict, funding in the climate tech sector is acquiring traction as a means of attaining energy self-sufficiency. Moreover, governments, notably those in large economies have introduced substantial legislative and regulatory measures in order to promote their priorities for climate and energy transition. Programs such as the European Union’s Green Deal (2019), Fit for 55 (2021), and RePowerEU (2022) have gradually increased the participating states' emission reduction goals.</p> <!-- /wp:paragraph --> <p><!-- wp:paragraph -->The transdisciplinary nature of many of the solutions is one of the distinctive features of climate technology. It is used in a variety of fields including, but not limited to, solar, wind, energy storage, energy transmission, carbon capture, bioplastics, climate data and reporting, geothermal energy, software, manufacturing, and engineering; which are needed to end the climate crisis.</p> <!-- /wp:paragraph --> <p><!-- wp:paragraph -->There is also a decline in green premiums for climate solutions. According to <a href="https://www.mckinsey.com/capabilities/sustainability/our-insights/climate-investing-continuing-breakout-growth-through-uncertain-times">Mckinsey sustainability’s report</a>, when compared to fossil fuel alternatives, certain mature climate solutions, such as utility-scale solar or wind, have already attained cost parity—or discounts. As a result, they have access to substantial value pools. Solutions that are still considered green, such grid-scale storage or hydrogen, are still in the early stages of development.</p> <!-- /wp:paragraph --> <p><!-- wp:paragraph -->McKinsey analysis predicts substantial cost savings through the 2030s that will ultimately result in cost parity between green hydrogen (produced using renewable power) and grey hydrogen (produced using natural gas), particularly among nations with plentiful cost-effective renewables like Australia, Chile, and China. While the cost of clean hydrogen has most recently increased, largely driven by development costs, analysis suggests noteworthy expense drops through the 2030s. Moreover, The total expense of ownership (TCO) for medium and heavy duty battery EVs will be cheaper than the TCOs for their internal combustion engine (ICE) equivalents as early as 2025.</p> <!-- wp:heading {"level":3} --> <h3 class="wp-block-heading"><strong>Making Dents with Robust Investments</strong></h3> <!-- /wp:heading --> <p><!-- wp:paragraph -->With climate tech companies undergoing rapid innovation, investors are taking note of the cutting-edge solution-centric ideas and the potential these businesses promise.</p> <!-- /wp:paragraph --> <p> </p> <!-- wp:image {"id":145025,"sizeSlug":"large","linkDestination":"none"} --> <figure class="wp-block-image size-large"><img class="wp-image-145025" src="https://admin.purplequarter.com/storage/posts/67fe30f9e7945-2-1-1024x683.png" alt="Image"></figure> <!-- /wp:image --> <p> </p> <!-- wp:image {"id":145026,"sizeSlug":"large","linkDestination":"none"} --> <figure class="wp-block-image size-large"><img class="wp-image-145026" src="https://admin.purplequarter.com/storage/posts/67fe30fca7aa0-3-1-1024x683.png" alt="Image"></figure> <!-- /wp:image --> <p> </p> <!-- wp:heading {"level":3} --> <h3 class="wp-block-heading"><strong>Into the Future </strong></h3> <!-- /wp:heading --> <p><!-- wp:paragraph -->With the reversal of climate change gathering considerable international favor, several governments presented plans and pledges at the 2021 COP26 conference in Glasgow. India has also vowed to achieve Net-Zero emissions by 2070, and its leadership is actively moving in that direction. The recent Energy Conservation Amendment Bill 2022, which promotes non-fossil energy sources and introduces and supports the trading of carbon credits, is an example of this.</p> <p>Moreover, with continued support from business giants investing in environmentally friendly technologies, the climate tech market is poised for remarkable expansion in the coming years. Information technology giant HP is investing in the development of energy-efficient tools and services to keep its products operating for a longer period of time. HP is also actively moving away from expanded plastic foam packaging cushions in favor of those made from recycled, molded pulp, which should prevent the need to dispose of over 900 tonnes of expanded plastic foam annually.</p> <!-- /wp:paragraph --> <p><!-- wp:paragraph -->Yvon Chouinard, the founder of American outdoor clothing retailer Patagonia, pledged to donate all profits not invested in the business towards fighting climate change, a sum equivalent to $100 Mn annually. In line with this, Microsoft co-founder Bill Gates recently donated $20 billion to the battle against social and environmental problems worldwide.</p> <!-- /wp:paragraph --> <p><!-- wp:paragraph -->We at Purple Quarter believe that while climate technology projects throughout the globe have already achieved significant progress, ideas that attempt to address different facets wherein climate change and its consequences show themselves, will have the greatest impact. There are many unidentified situations and consequences caused by climate change, and we have only scratched the surface of these complicated and centuries-long relationships. More innovative ideas, technological acumen, mathematicians, data scientists, tools, and technologies are needed to refine this understanding while shooting at a shifting target.</p> <p>The future prosperity of climate tech businesses will be determined by how they can assist developing nations in achieving sustainable growth faster and with a greater sense of responsibility than the rest of the globe. Given the urgency, innovators of climate technology today are motivated by the need to innovate, disrupt, and solve pervasive issues that touch a critical mass of people—a feat fueled by macro and micro variables that promise a different result from its forebears.</p> <!-- /wp:paragraph --><!-- /wp:paragraph --> <p> </p> <!-- wp:heading {"level":3} --> <h3 class="wp-block-heading">Authored by<strong> Nishka Agrawal</strong></h3> <!-- /wp:heading --> <p><!-- wp:paragraph -->For more information, please reach out to the <a href="mailto:ma*******@pu***********.com">Marketing Team.</a></p> <!-- /wp:paragraph --> <p> </p>
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<p><!-- wp:paragraph -->Countries in the MENA region are in the early stages of embracing the potential of the <a href="https://www.purplequarter.com/metaverse-calling-a-deep-dive-into-business-opportunities-of-tomorrow/all-about-tech/">Metaverse</a> to reshape various industries and create new <a href="https://www.purplequarter.com/beginners-guide-to-investing-in-the-metaverse-purple-quarter/all-about-tech/">economic opportunities</a> as digital adoption grows. The availability of digital infrastructure and growing internet connectivity are laying the foundation for Metaverse adoption across the region.</p> <!-- /wp:paragraph --> <p> </p> <!-- wp:heading --> <h3 class="wp-block-heading"><strong>Manifestation of The Metaverse - Case Studies in the MENA Region</strong></h3> <!-- /wp:heading --> <p><!-- wp:paragraph --><strong>UAE: </strong></p> <!-- /wp:paragraph --> <p><!-- wp:paragraph -->The UAE, particularly Dubai, is actively embracing the Metaverse concept. According to <a href="https://www.strategyand.pwc.com/m1/en/strategic-foresight/functional-expertise/digital/metaverse/middle-east-perspective-on-the-metaverse.pdf">PwC</a>, Dubai officially launched its metaverse strategy in July 2022. The objective is to position itself as a leading metaverse economy. This strategic initiative aims to contribute an estimated $4 billion to Dubai's economy and generate 40,000 new job opportunities within the next five years.</p> <!-- /wp:paragraph --> <p><!-- wp:paragraph -->One revolutionary organization in the UAE Metaverse is Big Dream Lab. Their creative team implements VR and AR products. They have delivered numerous immersive projects in the mining sector, oil & gas industry, manufacturing, construction, agriculture, marketing, education, and tourism. They entered the UAE market in 2019 as a studio and have since developed several AR and VR projects. Continuing this success, they are expanding into the MENA region.</p> <!-- /wp:paragraph --> <p><!-- wp:paragraph --><strong>Saudi Arabia: </strong></p> <!-- /wp:paragraph --> <p><!-- wp:paragraph -->According to <a href="https://www.alareebict.com/leading-companies-in-the-metaverse-in-the-middle-east/">Alareeb ICT</a>, Saudi Arabia is heavily investing resources in Metaverse startups,</p> <!-- /wp:paragraph --> <p><!-- wp:paragraph -->funding research, and exploring innovative use cases across various industries. As a pioneer in the region, the United Arab Emirates (UAE) has established the Middle East's inaugural metaverse incubator, focusing on nurturing early-stage metaverse and Web3 applications. Moreover, Saudi Arabia's NEOM, a $500 billion city development project, has integrated a metaverse component that is actively employed to enhance the city's construction processes and facilitate collaboration among architects, engineers, designers, and other professionals, enabling customization for real estate clients.</p> <!-- /wp:paragraph --> <p><!-- wp:paragraph -->The latest news in the Metaverse space in the region is that Singapore and Saudi Arabia-based AI company BuzzAR is teaming up with Cypher Capital, a leading venture capital firm, to create disruptive AI+LBS Web3 location-based game projects with a $1 million seed investment.</p> <!-- /wp:paragraph --> <p><!-- wp:paragraph -->This partnership will allow the companies to leverage proprietary generative AI technologies on Metaport, a portal that turns human faces into avatars in real-time, to create a decentralized social graph. With leading retail holdings, hospitality partners, and tourism government collaborations in Singapore and Saudi Arabia, BuzzAR is poised to reshape the gaming landscape.</p> <!-- /wp:paragraph --> <p><!-- wp:paragraph --><strong>Egypt: </strong></p> <!-- /wp:paragraph --> <p><!-- wp:paragraph -->Situated in an economically advantageous location, Egypt has a relatively diversified economy, driving a dynamic business environment and economic development. The economic contribution of the metaverse to Egypt’s annual GDP could reach $11.6bn – $22.0bn by 2035. In addition, the country has emerged as a leading player in Metaverse startups and innovations. <a href="https://www.f6s.com/companies/metaverse/egypt/co">F6S</a> highlights several Egyptian startup companies making waves in the Metaverse space, developing virtual reality experiences, immersive content, and virtual commerce platforms.</p> <!-- /wp:paragraph --> <p><!-- wp:paragraph -->For instance, Estate Waves, a real estate company that uses 3D platforms and marketplaces to promote properties, invested approximately 525 million pounds in building projects by default and has invested more than US$ 20 million in an exhibition to showcase and promote virtual real estate projects in Egypt.</p> <!-- /wp:paragraph --> <p><!-- wp:paragraph --><strong>Jordan:</strong></p> <!-- /wp:paragraph --> <p><!-- wp:paragraph -->Jordan offers a dynamic economy and a rich cultural landscape, creating an internationally inclusive atmosphere for both businesses and visitors. The country's thriving technology ecosystem and highly competitive Information and Communication Technology (ICT) sector position it favorably to serve regional markets within the MENA region. Notably, 87% of Jordanians utilize the internet, with the majority (85%) owning smartphones, indicating a high level of digital connectivity among the population.</p> <!-- /wp:paragraph --> <p><!-- wp:paragraph -->IKEA in Jordan has launched the IKEA Virtual Reality Experience, which allows customers to explore all items in the store through 360° virtual tours. Users can pick a room size and layout and furnish it virtually in the way they want it in their home, and then proceed to a virtual checkout to pay. The experience resulted in an estimated 20% increase in footfall and sales in physical retail.</p> <!-- /wp:paragraph --> <p><!-- wp:paragraph --><strong>Morocco: </strong></p> <!-- /wp:paragraph --> <p><!-- wp:paragraph -->Morocco boasts a stable macroeconomic environment and operates an open, diverse market economy. It stands out as one of the most technologically advanced countries in North Africa, with the highest level of internet penetration and the region's most powerful supercomputer. Moreover, Morocco is recognized as a leader in MENA in terms of cryptocurrency ownership, highlighting its active participation in the digital currency landscape. Notably, in 2023, Morocco is set to host the inaugural African edition of the Gulf Information Technology Exhibition (GITEX), further establishing its position as a regional hub for technology and innovation.</p> <!-- /wp:paragraph --> <p><!-- wp:paragraph -->An innovative example of Metaverse development in the region, Morocco’s Office of Vocational Training and Labour Promotion has recently collaborated with EON Reality to bring metaverse technologies to its training programs. The technologies will allow students to access stimulating virtual learning environments and interactive lessons, which can facilitate the learning experience for people who are not able to be physically present in the center.</p> <!-- /wp:paragraph --> <p> </p> <!-- wp:heading --> <h3 class="wp-block-heading"><strong>Mesmerizing Metaverse Applications in the MENA Countries</strong></h3> <!-- /wp:heading --> <p> </p> <!-- wp:image --> <figure class="wp-block-image"><img class="alignnone" src="https://admin.purplequarter.com/storage/posts/67fe30fd55c8c-R4DrvqxVm4L25WcfjE07rdwRPyRZPO6Cb5QRrz2l4vtGkaHdrlQyR1mVMFVz46_1uqOINPxCjlWCUBHZ_GbTyw3NLfG6LBOH1NW3TnGtMJsV1_ziS9Xn-nX0iZqyT9dqwdAWQQRqWuLds8oqGpPWB3o" alt="Gaming | Tourism | Retail | Real Estate" width="1600" height="1067"></figure> <p><!-- /wp:image --> </p> <p><!-- wp:paragraph --> </p> <!-- /wp:paragraph --> <p><!-- wp:paragraph -->Other key applications involve:</p> <!-- /wp:paragraph --> <p><!-- wp:paragraph --><strong>E-Learning :</strong></p> <!-- /wp:paragraph --> <p><!-- wp:paragraph -->Virtual classrooms and interactive learning platforms are enhancing the mode of education in MENA. The Metaverse facilitates immersive and engaging experiences that enhance remote learning and training programs. As per the <a href="https://hrme.economictimes.indiatimes.com/news/industry/understanding-the-economic-potential-of-the-metaverse-in-the-mena-region/100150166">Economic Times</a> article, the Metaverse has the potential to revolutionize education in the MENA region, providing access to quality education for all.</p> <!-- /wp:paragraph --> <p><!-- wp:paragraph --><strong>E-commerce and Retail:</strong></p> <!-- /wp:paragraph --> <p><!-- wp:paragraph -->The Metaverse is redefining the retail industry, offering virtual shopping experiences and innovative ways to interact with products and services. Integration of blockchain technology and cryptocurrencies in virtual marketplaces has the potential to revolutionize e-commerce in the MENA region. <a href="https://businesschief.eu/technology/how-the-middle-east-region-is-making-moves-in-the-metaverse">Business Chief</a> highlights how the Metaverse is reshaping the retail landscape in the Middle East.</p> <!-- /wp:paragraph --> <p><!-- wp:paragraph --><strong>Socializing and Entertainment:</strong></p> <!-- /wp:paragraph --> <p><!-- wp:paragraph -->Virtual events, concerts, and VR chat rooms pave a new way for people to socialize and seek entertainment in the MENA region. <a href="https://www.arabnews.com/node/2305576/media">Arab News</a> reports on the increasing popularity of virtual concerts and events, enabling individuals to connect and engage with others in immersive virtual environments.</p> <!-- /wp:paragraph --> <p> </p> <!-- wp:heading --> <h3 class="wp-block-heading"><strong>Meddling With The Metaverse </strong></h3> <!-- /wp:heading --> <p><!-- wp:paragraph --><strong>Infrastructure and Limited Access:</strong></p> <!-- /wp:paragraph --> <p><!-- wp:paragraph -->While the UAE already operates as a global technology hub and has achieved a strong business and innovation environment, KSA for example, has scope to enhance the environment further. In countries such as Egypt, Morocco and Jordan, near‐term adoption is expected to use existing devices such as smartphones, whereas adoption of more sophisticated applications at scale appears a longer‐term prospect. From an end‐user perspective, significant gaps exist with respect to digital connectivity and skills, while affordability will be a barrier for many potential users.</p> <!-- /wp:paragraph --> <p><!-- wp:paragraph --><strong>Data Security and User Privacy:</strong></p> <!-- /wp:paragraph --> <p><!-- wp:paragraph -->Data protection and cybersecurity will remain vital considerations, as voiced by Economy Middle East: establishing a secure Metaverse ecosystem is essential for protecting user data and providing strong privacy measures and regulatory guidelines.</p> <!-- /wp:paragraph --> <p><!-- wp:paragraph -->Personal data usage within the Metaverse raises inevitable questions related to privacy; the control of data in the Metaverse can grant certain entities significant market control. The question is whether the existing security systems can address data protection and privacy concerns in this unique environment.</p> <!-- /wp:paragraph --> <p><!-- wp:paragraph --><strong>Intellectual Property Issues:</strong></p> <!-- /wp:paragraph --> <p><!-- wp:paragraph -->The rise of virtual property acquisition and the purchase of non-fungible tokens (NFT) are major contributing factors to the expansion of digital assets and tokens within the Metaverse. Two significant challenges emerge here:</p> <!-- /wp:paragraph --> <p> </p> <!-- wp:list --> <ul> <li style="list-style-type: none;"> <ul><!-- wp:list-item --> <li>Establishing ownership rights for creators of digital assets</li> <!-- /wp:list-item --> <!-- wp:list-item --> <li>Verifying ownership of digital assets within the Metaverse</li> </ul> </li> </ul> <!-- /wp:list-item --> <p> </p> <!-- /wp:list --> <p><!-- wp:paragraph -->Intellectual property protection within the Metaverse is a challenge, as tracking instances of copyright infringement is more complex in the virtual realm. The current state of the Metaverse hampers the seamless ownership experience, resulting in isolated and disjointed encounters and undermining the immersive potential of the virtual environment.</p> <!-- /wp:paragraph --> <p><!-- wp:paragraph --><strong>Administrative and Legal Issues:</strong></p> <!-- /wp:paragraph --> <p><!-- wp:paragraph -->The Metaverse provides a virtual space in which real-world activities as well as commercial interactions are simulated. But in doing so, it leaves room for participants to be susceptible to vulnerabilities if no regulatory framework or virtual jurisdiction is established. Implementing a cross-border regulatory framework is thus essential in the MENA region. This would ensure compliance with safety standards without the issue of legal vulnerability.</p> <!-- /wp:paragraph --> <p> </p> <!-- wp:heading --> <h3 class="wp-block-heading"><strong>MENA’s Metaverse Potential </strong></h3> <!-- /wp:heading --> <p><!-- wp:paragraph -->The Metaverse may be in its early stages, but the MENA region's strong initial interest and work hold immense potential. Metaverse technologies can promote this economic value through key impact drivers, as shown below and discussed below in the context of key growth sectors for the region.</p> <!-- /wp:paragraph --> <p> </p> <!-- wp:image --> <figure class="wp-block-image"><img class="alignnone" src="https://admin.purplequarter.com/storage/posts/67fe30fddfe8b-JhcewAh9xATcSc06t_aJDDiVQzzd9v_Xiru9i1N5Lhh9Pn_8hUotaM2rQ_LOZF5E6kNc0jg7QMh2dpJZBzN0tI4oCMaLtWwil2bMpmaE9priC-8pWof-azFETkQGe-4_ACm8y8-fUz_LSOpA7Lz2fSE" alt="The metacerse impact drivers" width="1600" height="1066"></figure> <!-- /wp:image --> <p> </p> <!-- wp:heading --> <h3 class="wp-block-heading"><strong>Looking Ahead</strong></h3> <!-- /wp:heading --> <p><!-- wp:paragraph -->The Metaverse revolution has arrived in the MENA region, promising transformative changes across various sectors. As outlined above, the gaming, tourism, and real estate industries are thriving, education is becoming more immersive, e-commerce is embracing virtual realms, and social experiences are evolving. The economic potential of the Metaverse is significant, with job creation, entrepreneurship, and digital marketing opportunities on the rise.</p> <!-- /wp:paragraph --> <p><!-- wp:paragraph -->The MENA region's case studies demonstrate the ambition and progress made in embracing the Metaverse. From Dubai's visionary plans to Saudi Arabia's investments and Egypt's thriving startup scene, the region is positioning itself as a hub for Metaverse innovation.</p> <!-- /wp:paragraph --> <p><!-- wp:paragraph -->As the journey into the Metaverse continues, it is crucial to prioritize inclusivity, accessibility, and privacy to ensure a Metaverse that benefits all individuals and communities in the MENA region. By embracing this vision, the MENA countries can lead the way in pioneering the Metaverse revolution and redefining the digital landscape for generations to come.</p> <!-- /wp:paragraph --> <p> </p> <!-- wp:heading {"level":3} --> <h3 class="wp-block-heading"><strong>Authored by Tathagata Chakrabarti</strong></h3> <!-- /wp:heading --> <p><!-- wp:paragraph -->For more information, please reach out to the <a href="mailto:ma*******@pu***********.com">Marketing Team.</a></p> <!-- /wp:paragraph --> <p> </p>
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