Middle East Fintech Market Introduction and Overview
According to SPER Market Research, the Middle East Fintech Market is estimated to reach USD XX billion by 2033 with CAGR of 10.26%.
The report includes an in-depth analysis of the Middle East Fintech Market, including market size and trends, product mix, applications, and supplier analysis. A portmanteau of "financial technology," "fintech" describes businesses that use new technology to supply financial services in competition with more established financial ways. Big data, blockchain, cloud computing, and artificial intelligence are considered the "ABCD" (four essential areas) of fintech. Technologies aimed at improving public accessibility to financial services include the use of smartphones for mobile banking, investing, borrowing, and crypto currencies.
- October 2022: Forbes Middle East reports that Tamara had three million active users as of October 2022, having completed transactions of USD 267 million in 2021.
- June 2022: The company most recently unveiled PayTabs SwitchOn, an integrated payments and transaction processing platform, PT Touch, the first SoftPOS solution in MENA, and Paymes, a social commerce network to facilitate payments for small companies.
Market Opportunities and Challenges
The Middle East and North Africa's financial sector greatly benefits from fintech services. In the Middle East and North Africa, startups find refuge in the fintech sector. By 2022, there will be roughly 465 financial startups in the Middle East. There were fifteen fintech companies operating in Jordan, Egypt, and Lebanon—seventeen in Lebanon and fifteen in Jordan. UAE was home to the corporate offices of all five of the top-financed insurance companies. The success of the United Arab Emirates has increased the opportunities for insurtech and insurance to grow in the Middle East. Prospective insurance options could help close those disparities, especially in the United Arab Emirates, where most low-wage workers lack insurance.
The dynamic nature of the fintech sector frequently presented regulatory obstacles for these organizations. While regulatory frameworks were being built, the rate of development differed among the region's nations. Regulations and compliance standards that are unclear could provide challenges and impede the expansion of fintech companies. There were issues in some Middle Eastern regions because they lacked sophisticated financial infrastructure. This includes problems including uneven degrees of technological adoption, poor financial infrastructure, and restricted access to digital payment systems. Financial services are becoming more digitalized, which has increased the industry's vulnerability to cybersecurity attacks. In order to safeguard client data and foster confidence, fintech companies have to make large investments in strong security measures.
Market Competitive Landscape
The entertainment and leisure market in the United Arab Emirates has a thriving and dynamic competitive landscape. Numerous domestic and foreign businesses are vying for a piece of this profitable market. The entertainment and leisure market is made up of a number of industries, such as movie theatres, water parks, indoor theme parks, arcades, live events, concerts, sports events, and more. Leading companies in the film business provide cutting edge theatres with cutting edge technology and first access to new movies. Some of major players are Tamara, Liv. ,Pepper, PayTabs, Tabby, Sarwa, Ila Bank, Bayzat, Eureeca, Cwallet and various others.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2019-2033 |
| Base year considered | 2022 |
| Forecast period | 2023-2033 |
| Segments covered | By Service proposition
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| Regions covered | Bahrain, Egypt, Iran, Israel, Qatar, Saudi Arabia, United Arab Emirates, Rest of MENA
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| Companies Covered | Tamara, Liv. , Pepper, PayTabs, Tabby, Sarwa, Ila Bank, Bayzat, Eureeca, Cwallet and various others.
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COVID-19 Impact on Middle East Fintech Market
The epidemic hastened the uptake of online shopping and digital financial services. Lockdowns and other social distancing measures caused people to migrate to digital platforms for financial services such as banking and payment processing. Regulations have changed in a few places to make room for the expansion of digital banking and fintech. Governments realized how crucial fintech was to keeping financial services running during the pandemic and accelerating the recovery of the economy. A change in consumer behaviour was brought about by the crisis, with more consumers adopting online banking and digital payments. Adoption of fintech companies with creative solutions and intuitive platforms surged.
Key Target Audience:
- Tourists
- Entrepreneurs and Small Businesses
- Government and Regulatory Bodies
- Financial Institutions and Banks
- Retail Consumers
- Corporate Sector
- Insurance Sector
- Islamic Finance Community
- E-commerce and Retail Industry
- Media and Advertising Agencies
Our in-depth analysis of the Middle East Fintech Market includes the following segments:
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By Service proposition:
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Digital Lending & Lending Marketplaces
Money Transfer and Payments
Online Insurance & Insurance Marketplaces
Savings and Investments
Other Service Propositions
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By Region:
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Bahrain
Egypt
Iran
Israel
Qatar
Saudi Arabia
United Arab Emirates
Rest of MENA
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Key Topics Covered in the Report:
- Middle East Fintech Market Size (FY’2023-FY’2033)
- Overview of Middle East Fintech Market
- Segmentation of Middle East Fintech Market By Service Proposition (Digital Lending & Lending Marketplaces, Money Transfer and Payments, Online Insurance & Insurance Marketplaces, Savings and Investments, Other Service Propositions)
- Statistical Snap of Middle East Fintech Market
- Expansion Analysis of Middle East Fintech Market
- Problems and Obstacles in Middle East Fintech Market
- Competitive Landscape in the Middle East Fintech Market
- Impact of COVID-19 and Demonetization on Middle East Fintech Market
- Details on Current Investment in Middle East Fintech Market
- Competitive Analysis of Middle East Fintech Market
- Prominent Players in the Middle East Fintech Market
- SWOT Analysis of Middle East Fintech Market
1. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data
2.1.2. Primary Data
2.1.3. SPER’s internal database
2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
4.2. COVID-19 Impacts of the Middle East Fintech Market
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths
5.1.2. Weaknesses
5.1.3. Opportunities
5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.3. Social Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. Middle East Fintech Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Middle East Fintech Market
7. Middle East Fintech Market, By Service proposition (USD Million)
7.1. Middle East Fintech Market Value Share and Forecast, By Service proposition, 2023-2033
7.2. Digital Lending & Lending Marketplaces
7.3. Money Transfer and Payments
7.4. Online Insurance & Insurance Marketplaces
7.5. Savings and Investments
7.6. Other Service Propositions
8. Middle East Fintech Market Forecast, 2019-2033 (USD Million)
8.1. Middle East Fintech Market Size and Market Share
9. Middle East Fintech Market, By Service proposition, 2019-2033 (USD Million)
9.1. Middle East Fintech Market Size and Market Share By Service proposition (2019-2026)
9.2. Middle East Fintech Market Size and Market Share By Service proposition (2027-2033)
10. Middle East Fintech Market, By Region, 2019-2033 (USD Million)
10.1. Middle East Fintech Market Size and Market Share By Region (2019-2026)
10.2. Middle East Fintech Market Size and Market Share By Region (2027-2033)
10.3. Bahrain
10.4. Egypt
10.5. Iran
10.6. Israel
10.7. Qatar
10.8. Saudi Arabia
10.9. United Arab Emirates
10.10. Rest of MENA
11. Company Profile
11.1. Bayzat
11.1.1. Company details
11.1.2. Financial outlook
11.1.3. Product summary
11.1.4. Recent developments
11.2. Cwallet
11.2.1. Company details
11.2.2. Financial outlook
11.2.3. Product summary
11.2.4. Recent developments
11.3. Eureeca
11.3.1. Company details
11.3.2. Financial outlook
11.3.3. Product summary
11.3.4. Recent developments
11.4. Liv
11.4.1. Company details
11.4.2. Financial outlook
11.4.3. Product summary
11.4.4. Recent developments
11.5. PayTabs
11.5.1. Company details
11.5.2. Financial outlook
11.5.3. Product summary
11.5.4. Recent developments
11.6. Pepper
11.6.1. Company details
11.6.2. Financial outlook
11.6.3. Product summary
11.6.4. Recent developments
11.7. Sarwa
11.7.1. Company details
11.7.2. Financial outlook
11.7.3. Product summary
11.7.4. Recent developments
11.8. Tabby
11.8.1. Company details
11.8.2. Financial outlook
11.8.3. Product summary
11.8.4. Recent developments
15.9 Tamara
15.9.1 Company details
15.9.2 Financial outlook
15.9.3 Product summary
15.9.4 Recent developments
15.20 Others
16 List of Abbreviations
17 Reference Links
18 Conclusion
19 Research Scope
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
