UAE leads $2.5 billion Mena Fintech market – GulfToday

UAE leads $2.5 billion Mena Fintech market – GulfToday

UAE leads $2.5 billion Mena Fintech market

2 hours ago

The photo has been used for illustrative purposes.

Inayat-ur-Rahman, Deputy Business Editor

The UAE is leading the Middle East and North Africa (Mena) region's Fintech market reaching a record-high of $2.5 billion by 2022.

Regional and multi-national financial institutions are rolling out digital platforms to transform customer experiences, optimize costs, and meet data regulations. As a result, Clifford Chance says Mena's Fintech market will top $2.5 billion by 2022.

Since the launch of the Emirates Blockchain Strategy 2021 and Dubai Blockchain Strategy, the UAE has been at the forefront of an emerging new world of decentralised smart contracts.

The Emirates Blockchain Strategy 2021 seeks to move 50% of government interactions to Blockchain, by 2021. The Dubai Blockchain Strategy has set itself the ambitious target of making Dubai the first city in the world to be fully powered by Blockchain.

Khurram Shroff, Chairman of Dubai-based IBC Group, has announced an investment of $10 million.

Beyond such government initiatives, the UAE's Fintech sector is now proactively investing in these emerging digital solutions.

Khurram Shroff, Chairman of Dubai-based IBC Group, has announced an investment of $10 million “” or a stake of around 20,000 Ether “” in the upcoming launch of Ethereum 2.0.