Middle East’s fintech market poised for growth despite COVID-19: KPMG

SourceZawya
SectorTechnology
CountryGCC

Investor interest in the Middle East’s fintech sector remains strong despite the uncertainty arising from the coronavirus pandemic.The latest analysis from KPMG revealed that markets in Europe, Middle East and Africa (EMEA) saw deals worth $4.6 billion in the first half of 2020, with the region sprouting new early-stage fintech hubs. Across the globe, fintech investments hit $25.6 billion through the 1,221 deals recorded from January to June this year.According to KPMG, the fintech market in the Middle East is poised for expansion and diversification “for the foreseeable future,” despite an overall slowdown in deal activity. This growth will be fuelled by the launch of new initiatives that are geared towards supporting the fintech sector.The acceleration of digital trends, including the rise of contactless or cashless payments, as well as ...read more...