UAE – A Dubai-headquartered property technology (proptech) platform providing a digital alternative to paying rents by cheque or cash has collaborated with Visa and is growing into Saudi Arabia, Kuwait, and Bahrain.
Reporting its partnership with the global digital payment provider, Ajar, cloud-based property management and rent collection platform, informed it aimed to disrupt the rental market for tenants and landlords.
Mohammed Al-Munaikh, chief executive officer of Ajar, said: “We aim to revolutionize the region’s property market through digitalization, reducing losses by maximizing efficiency.”
The plan is to eventually get rid of check or money rental installments and the next phase of the platform’s improvement will permit tenants to digitally pay landowners who are not pre-enlisted with Ajar.
The scope of proptech has extended essentially in recent years to include data transparency, AI-fueled valuations, virtual viewings, online postings, and blockchain transactions, among others. With widespread adoption, 2019 proved to be a banner year for proptech, securing AED9.55bn of global investment, up from AED3.67bn in 2016, a KPMG report suggests.