MENA Fintech Affiliation Divulges the State of the Area’s Cost Ecosystem in New SHIFT Report


The MENA Fintech Affiliation (MFTA) has launched the primary quantity of its SHIFT report; a complete information that’s set to permit the worldwide fintech group to higher navigate the cost panorama of the Center East and North Africa area.

The SHIFT report is ready to be absolutely printed over the course of a number of volumes, with every delving into the core points of funds, from regulation, expertise and processing to info on developments in particular international locations, together with the UAE, Saudi Arabia, Kuwait, Bahrain, Oman, Iraq and others.

Extra on the authors

‘SHIFT’ is the title of the working group fashioned by the affiliation’s members. These members are targeted on cost expertise options and providers, monetary schooling and regulation, and worldwide card networks.

The working group contains the likes of The London Institute of Banking and Finance (LIBF), Dubai Worldwide Monetary Centre (DIFC), Abu Dhabi World Market (ADGM), Arthur D. Little, BPC, checkout.com, Codebase Applied sciences, GPS, Karm, Mastercard, M2P Options, Marshal, Taptap Ship and YAP.

The group was fashioned with the goals of progressing significant conversations on regional prime cost subjects and fostering a shift in the direction of the way forward for funds.

Between the covers of quantity one

The discharge of the primary quantity, entitled ‘SHIFT – MENA Funds Landscaping‘, units the scene for these conversations to occur. It covers a plethora of need-to-know topic issues for anybody, fintech or in any other case, that’s within the present state of the area’s funds market.

It attracts an image of a various area present process a major transformation in how funds are made.

Though the banking sector has been comparatively sluggish to undertake digital funds in comparison with different elements of the world, numerous elements and developments which can be mentioned on this report point out that digital funds have gotten extra commonplace throughout MENA and are disrupting the normal worth chain for funds.

The report describes fascinating and persevering with developments within the area which can be key drivers for change. These embrace the rise of real-time digital cost strategies, the expansion of embedded funds and purchase now pay later (BNPL) programs, the area’s urge for food for money and the rise of substitute fintech choices.

Arjun Singh, partner and head of financial services Middle East at Arthur D. Little
Arjun Singh

Arjun Singh, accomplice and head of economic providers Center East at Arthur D. Little and a contributor to the SHIFT report, commented: ‘’What’s driving the speedy change within the MENA funds panorama is the area’s demographically younger societies, who’re effectively versed in the usage of digital expertise and are contributing to the development of transferring away from money as a conventional medium of alternate.’’

He continued: ‘’Latest developments in regulatory initiatives that help a digital economic system and cashless society and the affect of pandemic-driven digitalisation on all points of each day life have led to a rise within the variety of fintechs within the area. These companies are actually replicating profitable international fashions. Furthermore, there may be an growing funding from VC and PE companies within the area inside the funds sector.’’

Nameer Khan, chairman of MENA Fintech Association
Nameer Khan

Nameer Khan, chairman of MFTA additional commented: “Cost is the center of fintech and spine of our economies, plus on the tempo we have gotten cashless as a society, it’s pivotal for the business to help its improvement.

“That is the primary time that the business has come collectively to share their data in an all-in-one information that may serve to foster wholesome cost competitors and innovation within the MENA area.”

Christian Kunz, head of group strategy and innovation at DIFC Authority
Christian Kunz

Christian Kunz, head of group technique and innovation at DIFC Authority, commented: “The fintech sector is witnessing speedy development and we’re delighted to be collaborating in making a complete information for the fintech group.

“At DIFC, we’re dedicated to growing start-up corporations by means of our acceleration programmes that present progressive options and stimulate the expansion of corporations’ companies inside built-in regulatory frameworks.”

Subsequent volumes of the report will cowl regulatory and know-your-customer (KYC) stipulations, card-issuing fashions and finest practices, cross-border funds and trending merchandise, resembling retailer worth playing cards.

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