Fintech to drive Mideast financial sector growth
Originally published in Trade Arabia (link below)
Technological innovation is changing the face of finance. Recent years have seen fintech investment reaching new highs across the North America, Asia, and Europe. Now, the Middle East is beginning to catch on, says an industry expert.
Bana Akkad Azhari, head of Sales & Relationship Management MEA and the CIS, Treasury Services EMEA, BNY Mellon, discusses the potential for fintech to impact the Middle East financial sector, including– perhaps most significantly –the region’s trade landscape.
Bringing with it the promise of enhanced efficiency, security and transparency, fintech is gaining recognition across the Middle East. Spurred on by a growing millennial population – some 60% of the UAE is under 25–the region is increasingly looking to leverage fintech developments for all-round improvements to the financial sector.
Fintech has already found a degree of success in the payments space in the Middle East. The high profile status of PayFort (UAE) and other payment fintechs such as Fawry (Egypt) and Madfoo3atCom (Jordan), for example, are signalling growing acceptance of fintech in the largely traditional Arabic business market.