Maly, a FinAI startup headquartered in Dubai International Financial Center (DIFC) has launched a new GenAI financial assistant designed to enhance the way people manage their personal finance.
With the user’s permission, MalyGPT can analyze spending habits, financial activities, and income, and align these with saving goals to offer personalised financial advice and help build better money habits.
Key features include personalised financial planning and budgeting, real-time financial health checks, predictive analysis for future scenarios, and automated saving advice, the firm said in a statement.
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% and 34% 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 is aiming 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.
Speaking on the launch Mo Ibrahim, CEO and Founder of Maly said the tool reflected new era in personal finance management
“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,” he said.
Among its goals, Maly is aiming to address five key areas on the financial wellness spectrum: Saving, debt management, spending management, security, and investing.
“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,” Ibrahim added.
