Economy, Sci & Tech

Newcomer in Iran's Personal Financial Management App Market

Newcomer in Iran's Personal Financial Management App Market
Newcomer in Iran's Personal Financial Management App Market

An Iranian startup ‘Analyza’ has launched a personal financial management application with the aim of helping users track their expenses.

The app is developed by Neshan Software Company and offers users a wide range of free and paid services.

According to the business’s official website, Analyza lets users know when bills are due and what they owe. It also offers periodical income and expenditure reports.

The app keeps tabs on user’s finances so as to help them manage spending, stick to a budget plan and make investment decisions with less difficulty.

Annual subscription fee for the service is 100,000 rials ($1.7).

The paid version gives users automated analyses on their financial transactions.

Similar services are also offered by other startups like Nivo, Hesabit, Ghollak, Kasabeh and Poolam.

Referred to as a ‘personal wallet’, Nivo is one of the popular personal financial management apps in Iran.

It has been able to claim the title of Iran’s eighth best startup in the last round of International Exhibition of Electronics, Computer and E-Commerce (Elecomp 2017) in Tehran.

In recent years fintechs have grown exponentially in Iran.

Unofficial reports show that at least 50 major fintechs are operating in the financial markets.

However, lack of an ombudsman overseeing their activities and a proper regulatory framework are some of the hurdles in the way of such businesses.

Recently, the Central Bank of Iran said it is working on a comprehensive rulebook on fintech startups.

Furthermore, CBI is to devise a mechanism for overseeing operations of the businesses and providing them with the required permits.

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