UAE leads the way in GCC fintech sector

Dubai / Emirates Business

The rise of the digital economy has catapulted the GCC into a position of significant market opportunity that serves as an emerging market advantage for the development of a flourishing fintech ecosystem. With the UAE and Saudi Arabia leading the way, the region has some of the world’s highest rates of mobile and internet penetration, with a large proportion of the total population aged between 15-25.
Saxo Markets, the institutional division of Saxo Bank Group, has urged regional banks and finance institutions to collaborate in order to unlock the vast potential of the GCC’s burgeoning fintech industry.
According to Jennifer Hansen, Global Head of Sales, Strategy & Execution at Saxo Markets, ”the Gulf’s myriad of finance sector players must work together to capitalise on the region’s optimum market conditions and reshape and improve client experience. Globally we are in the second wave of fintech and people have realised that you can’t own the whole value chain.”
Together with the region’s cosmopolitan business environment, government support and access to global capital and financial expertise, the region is well-placed to embrace fintech solutions and service adoption across the marketplace.