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.
The rise of fintech has and will continue to change the world of banking as we know it, generally transitioning it into the digital age. The prospects for rapid growth, both in the fintech sector specifically and in the banking sector as a whole, remain excellent.
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