Fintech flourishes in the Gulf
The MENA region was a late entrant to the financial technology sector, but the sector’s growth has accelerated rapidly, specifically in the last five years. From a low base, growth has nearly doubled in the Gulf States, particularly Saudi Arabia and the UAE, which lead the field. The integration of financial technologies in their economies is being actively encouraged by government policy and regulation in both countries; it is set to grow swiftly given the high levels of internet use and young populations. This week, we examine how:
- The Fintech sector in the Middle East has witnessed a rapid expansion, especially since the 2016 announcement of Saudi Arabia Vision 2030, with the KSA and the UAE leading the pack.
This success has been driven by government investment in future technologies and other incentives to encourage fintech growth.
Leila Lajevardi, Yasmina Zamel, Lara Harfoush Analysts
The Regional Views series are thematic papers aimed at identifying and analysing factors behind medium to long-term economic trends shaping the region. Our analysis draws conclusions that help businesses and investors get ahead of the curve. As a firm staffed by Middle Easterners, we focus on insight rather than standard analysis.
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