Global fintech investment is soaring, nearly doubling to US$23.3 billion in 2016, from US$12 billion in 2014. Yet, the Middle East currently lays claim to just 0.1 per cent of this. Nevertheless, fuelled by the growing influence of a millennial population and rising expectations for efficiency, transparency and accessibility, fintech initiatives are rapidly gaining purchase in the Middle East.
In Banker Middle East, Bana Akkad Azhari, Head of Sales & Relationship Management MENA and the CIS, Treasury Services EMEA, BNY Mellon, considers the transformative potential of fintech in the region. Moreover, Bana explores how banks are championing the importance of both innovation and collaboration, and opines that this is crucial if opportunities offered by fintech are to be fully realised.
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