Fintech to make up 8% of Middle East’s financial services revenue by 2022

Fintech firms are expected to account for at least 8% of financial services revenue according to a recently published report from start-up accelerator FinTech Hive, an initiative of Dubai International Financial Centre, and Accenture & FinTech Hive, a New York-based technology company.

Chief Executive of DIFC Authority, Arif Amiri said,

“DIFC tripled its commitment to FinTech in 2018, and we have delivered on this promise by broadening our scope, bringing new partners on board and introducing dedicated streams for InsurTech, RegTech and Islamic FinTech,”

The report suggests this “huge” growth will be driven by customer demand and continual investment into sectors in the area. It also claims that the total number of FinTech companies across the regions grew nine-fold from 91 to 839 since 2010. However, it notes the region is still expected to suffer from familiar challenges: lack of funding and skills, shallow market reach and wildly inconsistent regulations.

Currently, a large proportion of major FinTech activity and investment in the Middle East is focused around hubs in Abu Dhabi, Dubai & Manama. Meanwhile, African FinTech continues to revolve around Lagos and Nairobi-based organisations.

This growth of FinTech in previously barren regions is hardly surprising. As finance becomes digital, understanding financial technology is more and more critical to succeed in finance. CFTE has developed a course for learners to get a solid knowledge of what’s happening in Fintech. Learn more: bit.ly/2Bh6WBs