الخدمات المالية الرقمية

Over the past months, the global economy has witnessed massive changes as a result of the COVID-19 pandemic. While certain organizations faced bumps along the way, many others discovered several opportunities that propelled their businesses forward. One of the biggest changes brought by the pandemic is the move towards digitization.

With people working from home and operations and services moving online, digital transformation is now considered to be the center of today’s economic development. Jordanian Valery Abou Eid from Mercurian Solutions reveals how the pandemic has provided his startup with unparalleled opportunities, enabling it to be part of the global market.

The Idea behind Mercurian Solutions

Computer engineer, Valery Abu Eid, spent several years studying and working in Russia. After acquiring experience in the financial trading sector, he discovered the amount of opportunities rooted in it. With the intention of beginning operations in Jordan, and while researching about the subject matter, he discovered the low demand on enterprise solutions.

“This was both an opportunity and a challenge. On one hand, there’s a gap in the market, on the other, there’s a reluctance to accept my solutions,” revealed Abu Eid.

After further thought and research, he decided to bring Mercurian Solutions to life. The startup works as a software provider of next-generation highly efficient and revenue/ income driven brokering solutions, which utilize the capabilities of decentralized networks and cryptocurrencies.

The Challenges Faced by The Startup

One of the biggest challenges the Jordanian startup faced was attracting investors and clients. “Many people find financial trading technologies complex. We had to simplify our solutions and approach when communicating our idea.”

Once they had worked on that, the Mercurian had to negotiate with businesses having conservative ideas about traditional IT systems. “We decided to address the challenges one step at a time,” said Abu Eid. They began building trust with their perspective investors and clients.

They further explained the advantages of their solutions such as the low cost of setting them up and their benefit to the company. Lastly, they worked on closely working with organizations to translate their software and brokering solutions into projected revenue streams.

The Impact of COVID-19

The pandemic presented itself as an opportunity rather than a hurdle. Mercurian Solutions used LinkedIn as a primary medium to connect with businesses, and they were able to contact organizations outside Jordan.

“Everybody is now working remotely, and automation has become the new trend due to COVID-19. It was the perfect opportunity to reach new businesses that were once considered too difficult to reach,” admits Abu Eid.

Today, they have successfully closed several deals in Dubai, Lebanon, and Cyprus, and they are working on securing deals in London as well. The startup’s success is growing significantly, as the solutions’ response rate increased by 300%. This is 30 times to what it was before the lockdown.

Final Words

Abu Eid addresses everyone who possesses an idea but might be too afraid to take a leap of faith, “focus on your skills, but don’t stay in your bubble. Step out of your comfort zone and leverage on opportunities others might have disregarded. The entrepreneurial journey will be long, and mistakes won’t be inevitable, however, the rewards you’ll gain will make the journey worth it.”

https://www.the8log.com/jordanian-startup-decapolis-is-transforming-the-future-of-food-safety-worldwide/

https://www.the8log.com/jordanian-startup-changecom-facilitates-financial-planning-and-meeting-saving-goals/

Financial planning and figuring out how to save money can be challenging. There is cutting back on expenses, setting goals, and not to mention fixing your budget. Now before your mind wanders off and you start thinking that this is another article trying to convince you to open a saving account, spoiler alert: it is not.

While saving money is important, many of us struggle to do it. Not because we are bad at budgeting, but because we think too much of it. Saving money is not about dividing your income and spending only half of it. It is rather about minor savings that you can easily do every day. Intrigued? Read on to discover how Jordanian Startup ChangeCom can change your life.

What is ChangeCom?

Established in 2018 by Jordanian civic engineer and innovator Yazan Al-Kurdi, ChangeCom is the first Middle Eastern platform to offer personal finance management solutions. The concept of this startup came to Al-Kurdi three years ago when he realized that several people struggle to meet their saving goals. “The word ‘saving’ is perceived to be hefty and scary. In truth, saving goals do not require drastic changes in your financial plan, small changes are enough,” he said.

The name of the startup carries a double reference. On one hand, it is about the aforementioned small changes, and on the other, it implies to the change you receive when you pay more money than something costs. Whereby the latter highlights how the startup works.

How Does ChangeCom Application Work?

In 2021, ChangeCom is set to launch the application’s pilot version in the Middle East. You will create a free account, enter information such as income and saving expectations, link your bank account, and lastly select your plan.

“Currently there are six different plans at a user’s disposal,” Al-Kurdi revealed. “Once relevant information is entered about both income and saving goals, we’ll advise users on the plan that best suits their needs.” The concept of the application is straightforward: for every purchase you make and depending on your plan, a small portion of your money will be set aside. After your micro-savings have been added together, you will be able to buy services directly via the application. “We offer gym memberships, health insurances, and several other discounted services on our platform. We’re also proud to be introducing a section dedicated to NGO donations!”.

Challenges Faced

No path is met without its challenges. For Al-Kurdi, his biggest challenge was his lack of knowledge about the startup ecosystem and business in general. When he started on his own, it was at first challenging for him to figure out what to do and how to raise funds. “However, I was lucky. One of my friends is part of the startup ecosystem, she offered me valuable guidance when I needed it,” Al-Kurdi said. “And also, where I am today is greatly attributed to persistence. I believe that you won’t be able to reach your goals without it.”

Read More – Jordanian Startup InnoPharma Provides Pharmacies with a Competitive Edge

The Tank’s Incubation

“We are thankful to The Tank, which is behind everything my team and I have learnt about growing our startup,” Al-Kurdi said, recalling what they learned during incubation period. “Business development, financial and legal regulations, building strategies… It helped turn ChangeCom from a mere idea to a concrete startup”.

The incubator has also helped the startup participate in several competitions and win many of them such as the ABI Hub First Fintech competition in Jordan and the first Cohort of EEDP program by the World Bank. They were also CBJ residents in their sandbox program.

Aiming to make ChangeCom a global solution that will help shape the future of fintech in the world, Al-Kurdi could not part without a final message to young entrepreneurs. “A 9-5 job never made legends. If you have an idea, go for it. No matter how frightened you may feel, do not let yourself wonder what might have happened had you decided to make it happen”.