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Gulf Press > Business > Mena and Europe Embrace Global Fintech Wave – News
Business

Mena and Europe Embrace Global Fintech Wave – News

News Room
Last updated: 2024/08/16 at 11:49 AM
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Fintech innovations have transformed the way we handle money, make purchases, and invest, ushering in an era of technological integration in the finance industry. While different regions have adapted to the fintech sector at varying rates, the Middle East and North Africa (Mena) region has made significant strides in recent years. Emerging from a phase where a large percentage of the population was unbanked, the Mena region now boasts over 250 fintech startups, with continued growth expected in the coming years.

In contrast, Europe faced challenges and lagged behind in the fintech sector, experiencing a decline in mergers and acquisitions but showing signs of recovery in 2023. The European fintech market is projected to see opportunities for growth in 2024, providing potential exit avenues for highly valued companies. The Mena region, on the other hand, is on a positive trajectory with a market value projected to reach $2.40 billion by 2029, signaling a promising future for continued expansion.

The Mena region’s rapid adoption of technology, combined with government-driven initiatives and a young, tech-savvy population, has fueled the growth of the fintech sector. International companies are increasingly establishing a presence in the region, intensifying competition and boosting the regional economy. A report by the World Economic Forum highlights the exceptional growth rates of the fintech sectors in the US, Canada, and the Mena region, positioning them as industry pioneers.

Comparing the macroeconomic ecosystems of Europe and Mena reveals key differences. Europe relies heavily on broader economic conditions for corporate performance, while the complex regulatory environment poses challenges for business innovation and growth. In contrast, the Mena region faces a shortage of skilled labor, underscoring the need for education and training investments to close the skills gap and drive sustainable growth.

Initiatives such as the Digital Euro and European Payments Initiative (EPI) demonstrate Europe’s commitment to advancing fintech despite challenges. The Mena region’s efforts to promote technology, education, and economic diversification align with forward-looking initiatives like UAE Vision 2031, Egypt Vision 2030, and Qatar Vision 2030. The use of artificial intelligence emerged as a significant topic at the Money20/20 Europe conference, highlighting the technology’s potential benefits for both European and Mena regions in supporting development.

With the integration of artificial intelligence, fintech firms can achieve resilience through human-technology collaboration, enhancing human capabilities rather than replacing them. This transformative approach is reshaping the global utilization of technology, positioning fintech sectors worldwide for continued growth and innovation. Stiven Muccioli, founder and CEO of BKN301, underscores the importance of embracing technology and innovation in navigating the evolving landscape of the finance industry.

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News Room August 16, 2024
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