The Dubai International Financial Centre (DIFC) Authority officially launched a new white paper that would be the bible for fintech companies who hope to establish themselves in emerging markets in the Middle East and Africa.
Revealed at the LendIt FinTech USA forum in San Francisco, ‘A Roadmap for FinTech Firms Entering the Fast-Growing Emerging Markets‘ report provides case studies and market analysis from the Arab Middle East and Africa to showcase fast-growing economies that were open to exploring new solutions and serving both the wealthy class and underbanked.
It also outlines a set of guidelines for fintech companies hoping to take advantage of the growth potential in the region, recommending plans of actions from the lessons learnt from past fintech firms, venture capitalists, as well as the banking sector, who have all achieved success in establishing businesses in the market.
DIFC Authority CEO Arif Amiri said that the fintech industry had barely realized “a fraction of its true potential”, even after taking into account global growth. He believed that the true potential would be found in untapped emerging markets:
“With close to 70% of its population having either limited or no access to financial services, the region sits on a large pool of opportunities that are constantly fuelled by the increasing need for financial solutions. As the region’s most comprehensive FinTech ecosystem, we have created an enabling business environment to help fintech firms and investors tap into these opportunities, keeping in mind the need for access to funding, regulation and infrastructure.”
The white paper predicts 1,845 fintech firms in Middle East and Africa by 2022 from 559 in 2015.
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