The financial technology industry, or fintech, is a bright spot of economies all around the world. While much of the fintech talk naturally focuses on places like the United States and Europe, these are far from the only markets where fintech is making a real difference.
In the Middle East and North Africa (MENA), for instance, fintech has become a favorite of investors in recent years. As a new article by regional specialist shailesh dash makes clear, fintech is making a mark on MENA in a number of important ways.
Fintech Has Its Day in the Sun All Across MENA
There are a wide range of mature fintech products and services that are now taken for granted in many of the world’s largest economies. MENA has recently been making up plenty of ground, with hundreds of fintech startups and other companies launching and refining offerings of their own. As Dash’s article points out, recent fintech growth in MENA has been most apparent in products and services like:
- Digital payment solutions. Being able to pay securely online is a prerequisite for a truly vibrant Internet-based economy in any part of the world. While dominant players like PayPal have long since made this possible in places like the United States, many other countries have been left wanting until recently. Systems like that provided by fintech upstart CashU are starting to provide what buyers and businesses throughout MENA have been waiting for. With services like these making it much easier to pay for products online, plenty of attendant growth is now happening.
- Crowdfunding. Just about every American has by now heard of crowdfunding platforms like Kickstarter and Patreon. Whether as ways of supporting the development of innovative new consumer products or in order to help journalists, artists, and musicians stay afloat, these services have rightly received plenty of attention in recent years. MENA-oriented crowdfunding platforms like Eureeca are now making the same sorts of impressions in another part of the world.
MENA Will Remain Receptive to New Fintech Developments
As readers of Dash’s article will see, these are only a couple of the ways by which fintech is becoming increasingly important across MENA. Given plenty of demand for even more such important developments, the future is looking even brighter.