Nurturing the fintech ecosystem

Regional fintech startups hold tremendous room for growth, writes Zainab Mansoor

Changing consumer needs and rapid technological development has given a massive impetus to financial technology (fintech), which has grown from strength to strength. Since the first credit card launched with a magnetic strip in the 1960s, the intertwining of digital technology and finance to improve the offerings in the market, has seen constant innovation.

Furthermore, fintech’s adaptability across a slew of consumer sectors is propelling its widespread acceptability. Managing finances, trading shares, furnishing payments and shopping online (often on your smartphone) has never been more convenient.

The numbers add up: Ernst and Young’s Global FinTech Adoption Index 2019, surveying more than 27,000 consumers across 27 markets, revealed that China and India both hold an 87 per cent fintech adoption rate while the global fintech adoption rate in 2019 stood at 64 per cent. Regionally, the MENA fintech market will reach a value of $2.5bn by 2022, according to research company MENA Research Partners.