Daily Review: FinTech Is the New Oil in the Middle East and North Africa

Governing authorities in the Middle East did not lose time in 2017, setting up innovation labs, Sandboxes, and establishing strategic partnerships with international institutions in order to turn the region into a nexus of FinTech innovation. Given that the emerging markets are expected to adopt innovation at a more accelerated pace than the developed world in 2018 and beyond, FinTech may become the new oil in the Middle East and North Africa.

Pick #1. FinTech Is The New Oil in The Middle East and North Africa

In the Middle East, FinTech will emerge as one of the strongest sectors of the economy. Saudi Arabia’s 2030 vision, which aims to reduce the dependency on oil revenues and diversify the economy by empowering small and medium enterprises, has opened up more opportunities for FinTech. – Al Jouf, Founder & CEO of PayTabs, a Saudi-based payment processing ...