The fintech industry in the Middle East region has witnessed exponential growth over the past few years. The region’s youth population, along with the large number of underbanked people who depend on cash and the recent development of a robust regulatory environment, are key factors contributing to the rapid growth of the Middle East’s fintech industry. This year, the pandemic has pushed the consumers to use homegrown apps as they avoided physical offerings and tried to restrain the spread of the virus.
On the flip side, financial institutions are expected to establish innovative, standalone digital banking solutions that will operate independently of their legacy systems. Fintech solution providers are also planning to introduce voice technology to banking. Many users already operate their devices using voice commands, so the time has come for financial services to take part in these voice interactions. However, the range of tasks users can complete using voice commands is quite limited, but as the technology is advancing quickly, functions like transferring money or applying for mortgages using voice will be a reality soon. Also, one of the fastest-growing fintech trends is blockchain. The technology behind distributed ledgers that power cryptocurrencies such as Bitcoin or Ethereum is on its way to changing the financial sector significantly. Blockchain has already started to take over the conventional banking system, and experts believe that 2020 is going to be a breakthrough year for the technology.
Further, the Middle East’s fintech sector is booming, with the pandemic acting as a catalyst for continued growth. The region is undoubtedly becoming more and more appealing to international investors.
CFO Tech Outlook’s editorial board has assessed and shortlisted a number of the foremost prominent organizations within the fintech solution providers industry. We hope this issue of the CFO Tech Outlook helps you build the partnership you and your firm need to foster a technologically-driven learning environment.
We present to you CFO Tech Outlook’s “10 Most Promising Fintech Solution Providers in Middle East – 2020”
