Sandooq Al Watan, the community initiative launched by Emirati businessmen to support the creation of a better future for forthcoming generations, announced that it has funded ‘Lune,’ a platform from an Emirati startup specializing in the field of financial data analysis, with an amount of AED250,000 ($68,000).
Created by Lune Technologies, a startup founded by a group of experienced professionals with backgrounds in the fields of technology, payments and financial regulation, Lune is receiving Sandooq Al Watan’s investment under its Emirati Innovator program – an initiative that supports Emirati entrepreneurs and inventors.
Hind Baker, Director-General of Sandooq Al Watan, explained that Emirati Innovator program was conceived to support innovation in technology and to enable Emirati businessmen to establish successful companies capable of competing at the local, regional and global levels.
She said that the program mainly targets startup companies in the UAE, with the wider aim of contributing to achieving the visions of the leadership and the goals of the country in its transition towards a knowledge-based, diversified and sustainable economy fit for future generations.
Baker added that the program further aims to enhance the work of these companies by presenting them to a diverse network of sources and relationships. Other support that the program provides, she said, includes providing grants and investments, along with non-financial assistance that includes working with various bodies and institutions to develop the companies’ respective offerings.
Helal Tariq Lootah, Co-Founder of Lune Technologies, said that the concept of Lune is unique, as it allows banks and companies to extract valuable financial insights and indicators from their customers’ daily transactions and reveals spending patterns and habits. He said that the platform’s other valuable functions include monitoring average spending, giving a warning in the event of unusual financial movements, and reactivating dormant accounts.
Lootah pointed out that the Lune Platform features an intuitive and easy-to-use control dashboard, designed to give users a comprehensive view of their customers’ financial accounts. He said that through employing artificial intelligence, the platform allows them to understand their customers’ daily spending accurately.
The Emirati Innovator program supports innovators, entrepreneurs and young national competencies by developing their skills and improving their knowledge and expertise. The initiative adopts unique ideas and translates them into effective and influential projects that participate in the UAE’s march towards greater progress and prosperity, while working to enhance the country’s global economic position.