The Rise of FinTech in the Middle East
Advanced technology and innovation have forever disrupted business operations of the past. The financial service industry is no exception to the impact of changing trends and customer expectations, product offerings, service, and business operations that have driven the dynamic transformation pertaining to digital and technological aspects of product classification and conducting business.
FinTech firms and banks are embracing changes, according to a press release by Exibex regarding Finnovex, as they strive to address consumer demands for more timely and convenient payments. Technology has triggered a transformation in policies and regulations, compelling banks and financial institutions to work on their strategies and push the boundaries when it comes to technology.
The Middle East, as one of the world’s fastest-growing regions in the banking and capital markets sector, has witnessed heavy investment by banks and financial institutions into improving their offering, aiming to match or surpass their international peers.
According to Exibex, as published in NewsAffinity, this can be attributed to the better educated, younger, (and therefore digitally intuitive,) and demanding population. And the increasing diversity in financial products and services, and rising regulatory requirements for better monitoring of processes and developing secure financial systems.