Why Middle East investors should consider Northern Ireland’s fintech sector

Why Middle East investors should consider Northern Ireland’s fintech sector

Financial technology (fintech) has rapidly emerged as one of the most attractive sectors worldwide and also specifically in this region - investments in fintech across Europe, Middle East and Africa (EMEA) in the first half of 2020 reached $4.6bn with 391 deals, according to the Pulse of Fintech H1'20 report by KPMG.

While the industry was growing even before the Covid-19 outbreak, the pandemic has further propelled its rise to accommodate the changing demands in the 'new normal'.

"Covid-19 is driving a major shift in customer behaviours - with a rapid increase in the use of digital payments models and online product and service channels,“ KPMG said.

"It has also shifted how businesses operate, with many accelerating investments in digital channels and related enablers in order to meet customer needs. This acceleration will continue to drive fintech investment geared toward succeeding in the 'new normal'.

"Well-capitalised fintechs and those able to respond quickly to the shifting needs of customers could see strong growth,“ KPMG said.

For investors from the Middle East looking for fintech opportunities, one destination they should be considering is Northern Ireland, according to Northern Ireland's Fintech envoy, Andrew Jenkins.

The city of Belfast is currently "the world's number one destination“ for fintech