Will MENA Region Emerge as the Next Fintech Hub?

Will MENA Region Emerge as the Next Fintech Hub?

The market is also poised for further expansion in the near-term, with a compound annual growth rate of 25% forecast through 2022.. We're also seeing the geographical diversification of fintech, with locations in regions such as Africa and the Middle East now competing with established financial powerhouses like London.. In simple terms, fintech refers to financial technologies, while it continues to drive a diverse range of innovations and applications within the financial services sector.. The growth has been largely inspired by a rising number of fintech startups in sectors such as forex, combined with increased mobile Internet penetration and sustained economic reforms throughout the region.. Overall, the number of fintech startups offering fiscal services in the MENA jurisdiction will peak at 250 by the end of this year, up from a paltry 46 back in 2013..