04 Sep Financial Technology in the Middle East
Financial Technology and Banking Security in Saudi Arabia continue to boom, due to the continued development of several innovative projects as part of the Saudi Arabia Vision 2030.
Data Centres are being founded across the Middle East. Allowing for deeper customer interactions and transaction analysis – as regions like the Middle East continue to develop payment capabilities, they must equally develop the protective circumstances around these transactions.
Recently, a YouGov poll in the UAE found that 63% of residents viewed it as a positive for the country to be cashless.
Jayesh Patel, CEO, of Wio Bank comments on this move towards the digital: “Since the onset of the Covid-19 pandemic, there has been a significant global shift from cash to digital money. This shift has opened up opportunities for fintechs to serve markets that were previously underserved.”
With increased financial inclusivity and a growing infrastructure to support digital monetary transactions, the cyber-security industry is set to see a boom.
Data Sharing will equally ramp up, bringing the Middle East to the forefront of global transactions and discussion in the process.
Companies need to be ready, with enhanced cyber-security to operate within countries with a focus on fintech.