The Rise of Fintech Industry in MENA RegionMarch 13th, 2017 by Admin Backup
Financial technology also known as Fintech is swiftly becoming a dominant industry for startups. More and more companies are finding new solutions to old problems around the world. Alone in the Arab world the number of startups operating have doubled growing from 43 to 105 in just 2 years.
The detailed look at the current state of Fintech in the MENA region provides you with everything you need to know about this emerging sector.
Fintech startups are present in 12 countries with UAE, Lebonan and Jordan is the most popular locations.
The steep rise in Fintech across the Arab world is likely to stem from four factors.
- 86% of the adults don’t have bank accounts
- Lending is still almost exclusively handled by enterprise level banks.
- Ecommerce is rapidly growing in the region.
- 1in 2 banking customers have said that they are interested in experimenting with new digital services meaning adoption of quality services shouldn’t be a problem.