The first wave of FinTechs in the Middle East and North Africa (Mena) region has evolved along expected lines — copying models from more developed FinTech markets with products such as wallets and novel payment solutions including sound and Bluetooth-based platforms.
The rapidly developing FinTech ecosystem — spurred by an increasingly sophisticated enabling regulatory environment — is more broad-based and transformative in nature.
The sector is moving through a period of localised, collaborative invention that gives rise to new lending solutions, prepaid/virtual card payment systems, industry-specific digital services and innovations in regulatory technology and wealth technology.
However, for Mena FinTech innovators to stay ahead of the global curve and compete as market makers, the region faces several emerging challenges.
One of the most predictable concerns is that of value: with so many unproven solutions with novel commercial strategies, it is difficult for investors to assess real-world value. And in an environment of excess liquidity in capital markets, there is a real risk that there may be large sums of money chasing poor ideas or the poor execution of good ones.
The second concern that affects all stakeholders, including consumers, is the regulatory backdrop and how well FinTechs understand them. There is a risk that some FinTech innovators feel that they do not need to worry about regulations; this assumption will test how policymakers respond and potentially hold back progress.
I have outlined below the four key trends shaping the future of FinTech in our region.
Mobile banking
Mobile banking represents a completely new, reimagined customer journey — presenting consumers with numerous real-time physical and digital touchpoints.
Banks have to keep re-examining the customer journey against satisfaction metrics and understand how to provide customers with what they need.
For now, a hybrid approach that uses human beings and technologies may be the ideal way to solve customer needs that cannot be easily migrated to the digital realm alone.
Blockchain technology
The possibilities in blockchain are particularly interesting — and something legacy banks must understand and explore.
Blockchain is structured in a way that makes it almost impervious to fraud. Transactions made using blockchain cannot be altered or deleted: they are permanent and completely traceable.
This makes the new technology especially important as we adapt to the security challenges of hyperconnected digital supply chains that risk leaving businesses and consumers more at risk of cybercrime. They are also fundamental to how cryptocurrencies and the future of central bank currencies operate.
Artificial intelligence and machine learning
By harnessing and understanding enormous amounts of data, banks can now speak to customers through AI chatbots in a life-like conversational manner.
This means we can offer contextualised products that meet the customer’s real-time needs through AI chatbots — a whole new level of personalised banking that eliminates the need for human interaction.
It makes banking available to customers on a self-service model, 24/7, without interruption. Rendering services over a chatbot is almost instantaneous and convenient for customers.
AI conversational features can be embedded into customer loyalty programmes, such as referrals, discounts and more personalised offers.
Rise of digital banks
These services will quickly become the norm, which is why the rise of digital banks is so exciting. Because of their make-up, they are more flexible and innovative when creating solutions.
They have much lower acquisition costs than a traditional high street bank. They can also utilise data from the outset — enabling continuous improvement of their services to adapt to customers’ needs.
The combined benefits of digital banking and the vast FinTech ecosystem is an unstoppable force. As we look ahead, we will see exponential growth in the number of FinTechs originating in the GCC region.
Many will focus on solving client issues in creative and interesting ways. For banks such as Mashreq, the task is to continuously engage, partner with and invest in an ecosystem that is changing rapidly and in real time.
Vibhor Mundhada is the chief executive of Mashreq NeoPay
TO A LAND UNKNOWN
Director: Mahdi Fleifel
Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa
Rating: 4.5/5
The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
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Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
if you go
The flights
Etihad, Emirates and Singapore Airlines fly direct from the UAE to Singapore from Dh2,265 return including taxes. The flight takes about 7 hours.
The hotel
Rooms at the M Social Singapore cost from SG $179 (Dh488) per night including taxes.
The tour
Makan Makan Walking group tours costs from SG $90 (Dh245) per person for about three hours. Tailor-made tours can be arranged. For details go to www.woknstroll.com.sg
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Sholto Byrnes on Myanmar politics
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Three tips from La Perle's performers
1 The kind of water athletes drink is important. Gwilym Hooson, a 28-year-old British performer who is currently recovering from knee surgery, found that out when the company was still in Studio City, training for 12 hours a day. “The physio team was like: ‘Why is everyone getting cramps?’ And then they realised we had to add salt and sugar to the water,” he says.
2 A little chocolate is a good thing. “It’s emergency energy,” says Craig Paul Smith, La Perle’s head coach and former Cirque du Soleil performer, gesturing to an almost-empty open box of mini chocolate bars on his desk backstage.
3 Take chances, says Young, who has worked all over the world, including most recently at Dragone’s show in China. “Every time we go out of our comfort zone, we learn a lot about ourselves,” she says.
%3Cp%3E%3Ca%20href%3D%22https%3A%2F%2Fwww.thenationalnews.com%2Fbusiness%2Feconomy%2Fislamic-economy-consumer-spending-to-increase-45-to-3-2tn-by-2024-1.936583%22%20target%3D%22_self%22%3EGlobal%20Islamic%20economy%20to%20grow%203.1%25%20to%20touch%20%242.4%20trillion%20by%202024%3C%2Fa%3E%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Ca%20href%3D%22https%3A%2F%2Fwww.thenationalnews.com%2Fbusiness%2Feconomy%2Fuk-economy-plunges-into-worst-ever-recession-after-record-20-4-contraction-1.1062560%22%20target%3D%22_self%22%3EUK%20economy%20plunges%20into%20worst-ever%20recession%20after%20record%2020.4%25%20contraction%3C%2Fa%3E%3C%2Fp%3E%0A%3Cp%3E%3Ca%20href%3D%22https%3A%2F%2Fwww.thenationalnews.com%2Fbusiness%2Feconomy%2Fislamic-economy-consumer-spending-to-increase-45-to-3-2tn-by-2024-1.936583%22%20target%3D%22_self%22%3EIslamic%20economy%20consumer%20spending%20to%20increase%2045%25%20to%20%243.2tn%20by%202024%3C%2Fa%3E%3C%2Fp%3E%0A
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
The specs
Engine: 2.0-litre turbo 4-cyl
Transmission: eight-speed auto
Power: 190bhp
Torque: 300Nm
Price: Dh169,900
On sale: now
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ICC Women's T20 World Cup Asia Qualifier 2025, Thailand
UAE fixtures
May 9, v Malaysia
May 10, v Qatar
May 13, v Malaysia
May 15, v Qatar
May 18 and 19, semi-finals
May 20, final
Monster Hunter: World
Capcom
PlayStation 4, Xbox One
RESULTS
5pm: Maiden | Dh80,000 | 1,600m
Winner: AF Al Moreeb, Tadhg O’Shea (jockey), Ernst Oertel (trainer)
5.30pm: Handicap | Dh80,000 | 1,600m
Winner: AF Makerah, Adrie de Vries, Ernst Oertel
6pm: Handicap | Dh80,000 | 2,200m
Winner: Hazeme, Richard Mullen, Jean de Roualle
6.30pm: Handicap | Dh85,000 | 2,200m
Winner: AF Yatroq, Brett Doyle, Ernst Oertel
7pm: Shadwell Farm for Private Owners Handicap | Dh70,000 | 2,200m
Winner: Nawwaf KB, Patrick Cosgrave, Helal Al Alawi
7.30pm: Handicap (TB) | Dh100,000 | 1,600m
Winner: Treasured Times, Bernardo Pinheiro, Rashed Bouresly
Analysis
Members of Syria's Alawite minority community face threat in their heartland after one of the deadliest days in country’s recent history. Read more
Company: Instabug
Founded: 2013
Based: Egypt, Cairo
Sector: IT
Employees: 100
Stage: Series A
Investors: Flat6Labs, Accel, Y Combinator and angel investors
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