The United Arab Emirates remains a hotspot for fintech to grow, closely followed by Jordan as per a recent Forbes report. Similar to the Financial Conduct Authority‘s Regulatory Sandbox in the United Kingdom, The Financial Services Regulatory Authority of the Abu Dhabi Global Market commissioned the first regulatory lab called ‘RegLab‘ which eases the process for fintech companies to start up and launch in the region. Two other sandboxes, by the Dubai International Financial Centre (DIFC) and Central Bank of Bahrain, support the ecosystem.
While support from the market regulators is always key to industry growth, investments also remain an important factor. Fintech startups in the region are said to have raised over $100 million within 5 years, with an aim to have raised over $250 million in 2020. Investments follow the opportunity for bringing financial inclusion in the region where immigration creates a strong demand for various financial services, in addition to local demand. These range from payments, forex, access to finance to comparison services. Blockchain technology in the Middle East is picking up in the oil, shipping & logistics, and other industries as well.
The Middle East region is also in the sights of international companies looking for an entry into the market and of the over 35 banks in the region which are investing to emerge as top players in the digital finance industry.
In spirit of ensuring access to the best information for the global Fintech community, LATTICE80 has put together a list of top Fintech influencers in the Middle East that you should know about and follow to learn about developments as they happen.
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