Data analytics and artificial intelligence are expected to be the top technologies driving the growth of fintech, finds Mastercard study

Data analytics and artificial intelligence are expected to be the top technologies driving the growth of fintech, finds Mastercard study

- Study highlighted how solutions related to payments and remittances continue to drive the growth of the region's fintech sector, with lending and open banking growing at a fast pace

Dubai, UAE: Data analytics and artificial intelligence (AI) are the top technologies of the Fourth Industrial Revolution that are powering fintech solutions, found a Mastercard study on the state of fintech in the Middle East and Turkey markets*.

The white paper titled ‘The Future of Fintech: Smart, Scalable, Collaborative’ was released during Fintech Surge in GITEX Global 2022, one of the leading technology events in the Middle East. Mastercard is a Strategic Sponsor of Fintech Surge where senior global and regional executives are speaking at multiple panel discussions, fireside chats and presentations.

Announced during a panel discussion, the white paper findings were discussed by industry leaders who highlighted how young, technologically savvy, and informed consumers are driving the trend for fintech products and services across the Middle East and Turkey. The metaverse, AI, 5G, and data analytics are making hyper-personalized experiences possible for consumers, which, in turn, fuel the demand for a 24/7 digital experience.

“The fintech landscape is accelerating at an unprecedented speed to transform economies and the exchange of value. Our study