Technology is changing the world, and not least in the financial services industry. So-called “fintech” has become a central point of focus for many financial services professionals all around the world.
This is every bit as much the case in the Middle East and North Africa (MENA), where the pace of development has, in fact, been even faster than in many other places. A recent report by the founder of Al Masah Capital Management details how fintech is disrupting, streamlining, and even revolutionizing financial services in MENA.
Hundreds of Millions in Fintech Investment and Implementation
That piece describes how more than 100 new fintech startups have arisen in the region over the course of only the last year. With at least $100 million in fintech financing having flowed into MENA since 2006, much more is on the way. In fact, observers predict that another $50 million will have become available before the end of this year, with further investments to follow in coming ones.
Naturally enough, certain countries in the region have become focal points for both this investment and the activity it enables. Dubai’s International Financial Center is already a mainstay of the region-wide financial services industry, and its relatively new Fintech Hive has become something a regional headquarters for the fintech revolution.
That commitment to bolstering fintech investment and activity extends outward to the central government for the United Arab Emirates, with banks all across the UAE signing on for projects of their own. As the products of innovation in places like the Fintech Hive flow out to others, everyday financial services operations are feeling the effects.
A Future Where Technology Informs Every Financial Services Activity
How exactly fintech influences particular financial services activities varies from one setting to the next. In a great many cases, the concerted application of technology allows for more continuous and accurate contact with associated information. Instead of decisions being made on the basis of quotes or figures that are minutes or even hours old, they are now more frequently informed by data points that are updated in seconds or less.
As a result, those who make use of such services can count on more responsive and appropriate reactions. With a great deal of further fintech investment to continue into the future, this will only become even more the case.