GCC Fintech Market Share, Revenue, Trends, Growth Drivers, CAGR Status, Challenges and Future Investment Strategies Till 2033


GCC Fintech Market Share, Revenue, Trends, Growth Drivers, CAGR Status, Challenges and Future Investment Strategies Till 2033: SPER Market Research

 Category : BFSI

 Published: Jan-2024
 Author: SPER Analyst

Middle East Fintech Market is projected to be worth USD XX billion by 2033 and is anticipated to surge at a CAGR of 10.26%.  

A play on the term "financial technology," fintech describes businesses that use new technology to challenge established financial practices in the provision of financial services. The "ABCD" (four essential areas) of fintech are thought to be artificial intelligence, blockchain, cloud computing, and big data. Utilizing smartphones for mobile banking, investing, borrowing, and cryptocurrencies are a few instances of technology intended to increase public accessibility to financial services.
Middle East Fintech Market Driving Factors and Challenges
The banking industry in the Middle East and North Africa greatly depends on fintech services. In the Middle East and North Africa, the fintech sector provides a refuge for startup companies. By 2022, the Middle East will be home to over 465 financial startups. There were 15 fintech companies operating in Jordan, 15 in Lebanon, and 17 in Egypt. The UAE served as the home base for all five of the top-financed insurance companies. The Middle East has more opportunities for the development of insurtech and insurance due to the success of the United Arab Emirates. The potential of fintech to promote financial inclusion and economic progress has been acknowledged by several Middle Eastern countries. Through incentives, innovation hubs, and regulatory frameworks, governments have taken action to help the fintech industry. Even in the United Arab Emirates, where the majority of low-wage workers lack insurance, potential insurance solutions could help close those gaps.

Due to the industry's constant change, fintech startups frequently encountered regulatory obstacles. Though the rate of development differed among the region's nations, regulatory frameworks were being built. Regulations and compliance standards with ambiguities could present challenges for finance businesses and impede their expansion. The absence of sophisticated banking infrastructure created problems for several Middle Eastern areas. These included things like uneven adoption rates of technology and undeveloped financial infrastructure, as well as restricted access to digital payment methods. The financial services sector has become increasingly vulnerable to cybersecurity threats due to its rising digitization. To safeguard client information and foster confidence, fintech businesses have to make large investments in strong security protocols.

Impact of COVID-19 on Middle East Fintech Market 
Online transactions and the use of digital financial services were expedited by the pandemic. People resorted to digital channels for banking, payments, and other financial services when lockdowns and social distancing measures were implemented. In certain areas, regulatory frameworks were modified to allow fintech and digital banking to expand. Governments realized that fintech was critical to sustaining financial services throughout the pandemic and advancing economic recovery. More consumers are using digital payments and internet banking as a result of the crisis, which changed consumer behaviour. Fintech companies that provided new solutions and easily navigable platforms experienced a surge in user adoption.

Middle East Fintech Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as major key players are Tamara, Liv. , Pepper, PayTabs, Tabby, Sarwa, Ila Bank, Bayzat, Eureeca, Cwallet and various others.

Middle East Fintech Market Segmentation:

By Service proposition: Based on the Service proposition, Middle East Fintech Market is segmented as; Digital Lending & Lending Marketplaces, Money Transfer and Payments, Online Insurance & Insurance Marketplaces, Savings and Investments, Other Service Propositions.

By Region: This research also includes data for Bahrain, Egypt, Iran, Israel, Qatar, Saudi Arabia, United Arab Emirates, Rest of MENA.

This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.

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