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Fintech: A Pathway for MENA Region

2021; Springer Nature; Linguagem: Inglês

10.1007/978-3-030-62796-6_7

1860-9503

Gopalakrishnan Chinnasamy, Araby Madbouly, Sameh Reyad,

Technology Adoption and User Behaviour

The game changer of today’s economy is coined with the word ‘Fintech’ the financial technology [19]. Fintech is growing by leaps and bounds in the current financial services through banks and Fintech companies. It provides solution for the businesses in controlling their operational costs in their business activities. Startup businesses use “Fintech” as platform to run their businesses operations with minimum cost [25]. The startup wave has obsessed the Middle East and North Africa (MENA) region and when it is digital startups, the fintech is closely reaching 12% of all transactions in the region followed by e-commerce [9]. The MENA region governments and apex bodies are encouraging fintech industries to develop their businesses along with IT innovation to establish a sound financial ecosystem. As said by COO of Jordan’s Arab Bank, this industry is at an earlier stage which requires lots of rules and policies to regulate this industry with the support of banks and fintech industries. It is the crucial task for the regulators to establish technology based steady financial system which requires well established stringent rules and regulations to prevent cyber-crimes. Hence, this conceptual work attempts to understand the main aspects of Fintech, role of financial institutions, attitude of stakeholders towards the new financial system, challenges and opportunities prevailing towards this industry. This has been achieved by reviewing the existing literature to support the growth of the economy in MENA region using Fintech. The outcome of the study indicates that the sustainability, infrastructure, human resources and government supports are the main pillars of the growth of fintech in MENA region.