(MENAFN- The Peninsula) Joel Johnson |
The Peninsula
Doha, Qatar: During a panel dialogue held yesterday at the second edition of the Arab Fintech Forum, officials of leading firms accentuated the significance of the Fintech market, opportunities and challenges, and how the sector will perform in the years ahead in the MENA region
The session entitled 'Shaping the Future of FinTech in MENA Region' witnessed key highlights on the rapidly evolving sector. The panel talk was attended by the Chairman and CEO of Trans Capital Finance, Fadi Saab, Country Manager of Qatar and Kuwait, Mastercard Erdem Çaka, Digital Transformation & FinTech Industry Specialist at IFC - International Finance Corporation and Head of Growth at 3S Money Dr. Konstantinos Tsanis and Nile Younis Senior Regional Director of Strategic Products at HyperPay.
Fadi Saab outlined that there is a“dramatic growth” in the industry during the past decade. He said:“ In May last year, it was calculated that the world has 27,050 firms. Financial investments in the fintech amounted to $150bn.
However, he noted that last year the number declined rapidly due to possibly cyber currency and the investment was less than $40bn. Nevertheless, experts expound that by 2025 they will be close to $300bn in the fintech market.
“The second trend is the level of finance which incorporates financial services and products into non-financial growth platforms. Then we have the Internet of Things (IoT), where the network of physical objects is connected by software and sensors to collect data and exchange analysis in real-time without any human intervention such as artificial intelligence (AI) and machine learning.
Erdem Çakar recalled that there are numerous opportunities and challenges for this region and across the globe.“One of the key challenges in the fintech environment is to be improved,” he said.
“There are challenges in different formats affecting other markets. a lot of potential for. Because I mean. There are a lot of scams in the payment industry by 2027 you have scale, yet not as large a population life as in Egypt or Nigeria, Çakar noted.
Dr. Konstantinos Tsanis and Nile Younis also remarked on the evolving banking sector, infrastructures, customer experiences, solution-focused methods than product-focus approaches, and tranches of funding coming into the near future which enhances the sector significantly during the panel discussion at the Arab Fintech Forum, which took place at The Ritz-Carlton Doha.
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