Nov 08, 2021
Primed for growth: The evolution of financial services in the digital era
In the Middle East, there’s currently a shortage of digital financial services players. What are the opportunities in terms of addressing this gap in the market?
Fintech has been the fastest-growing regional market in the past couple of years, with the pandemic further accelerating digital transformation and adoption by most, if not all, market players. Banks are now keen to follow in Fintech companies’ footsteps and be agile enough to revamp their value proposition.
The Middle East, more specifically the United Arab Emirates (UAE) and the Saudi Arabia, are witnessing the same evolution and, in some cases, are even aiming to become trend setters for some fintech services and innovative propositions. Regulators and central banks in the region are also making huge steps to organise the industry and invest in a hosting ecosystem, and this too represents a way for opportunities to come to fruition.