Fintech Insider Podcast by 11:FS
918. Insights: How to launch in the Middle East
Nov 28, 2024
In this insightful discussion, Gaia Lamperti, a Bloomberg producer in Dubai, Ziad Mabsout, co-founder of Vennre, and Remo Abbondandolo from Checkout.com explore the booming fintech scene in the Middle East. They tackle the distinct cultural and operational challenges of launching businesses, from adapting to local customs to understanding market dynamics. The trio highlights the rapid growth in sectors like digital banking and e-commerce and emphasizes the need for strategic partnerships and government support to tap into the region's vast opportunities.
52:51
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Quick takeaways
- The rapid expansion of the fintech market in MENA presents significant opportunities, especially with only 17% of consumers currently using digital banking.
- Cultural understanding and respect for local customs are essential for building partnerships in the Middle East, impacting business success significantly.
Deep dives
Growth Potential in Middle Eastern Fintech
The fintech market in the Middle East and North Africa (MENA) is rapidly expanding, with projections estimating a rise from $1.5 billion in 2024 to $2.4 billion by 2029. This growth is attributed to the region's swift technological adoption and governmental support that has disrupted traditional financial landscapes. Currently, only 17% of consumers in the Middle East utilize digital banking compared to 60% in the U.S., indicating a substantial opportunity for fintech companies to fill this gap. Countries like Saudi Arabia, Bahrain, and Egypt are emerging as key players, while the UAE and Turkey lead in the number of fintech startups, showcasing a dynamic and diverse market.
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