Here’s how fintech helps businesses control their expenses and manage financial operations

Here’s how fintech helps businesses control their expenses and manage financial operations

Spend reconciliation and payment authorisation are still highly labor-intensive for many companies, absorbing considerable amounts of accounting time. This is where payment solution providers like Checkout.com come into play. They can help identify and implement a payment platform that is right for the business and enable them to bring the best possible experience to their customers. In the Middle East region, we support some of the fastest-growing businesses such as – Careem and Al Shaya, as well as enterprises like Carrefour, Extra, Instashop and Vox Cinemas – helping them optimise existing payment methods and evaluate to add new payment methods. Research shows that fintech is outperforming other finance subsectors in sheer growth. Over the next four years, the global fintech market is anticipated to grow around 20 per cent annually to reach a market value of $305bn by 2025, according to data from GlobalData. A report by the UAE Ministry of Economy shows the UAE leading MENA’s fintech market, expected to reach a record high of $2.5bn by the end of this year. Digital banking, wealth management, remittances and payments mark the country’s biggest segments of the fintech industry. The Ministry also says consumers are interested in more complex financial