The Fintech Times: The region will adopt more fintech technologies in 2021


At a time when the impact of the Corona epidemic is expected to continue to play a major role in the global economy, technology is expected to emerge and impose itself globally and at the level of the Middle East region, with its own features.

A report published by the «The Fintech Times» website indicated that broad-based economic development strategies in the Gulf region will continue to proceed through 2021, with more economic diversification processes to be seen, which will also include the Middle East, including Egypt.

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The report indicated that the advent of 2021 means that a decade remains for some development visions set by countries, such as the Saudi Vision 2030 and Bahrain Economic Vision 2030, which aim to promote the adoption and encouragement of innovation in the economic environment for technology and the wider economy.

He explained that the region will witness a continuous modernization of infrastructure at the level of physical and digital infrastructure, which would contribute to supporting various economic development strategies. Their ecosystems.

On the other hand, the report pointed out that Saudi Arabia will also work on projects aimed at improving its economic ecosystem, through its new national strategy for data and artificial intelligence, which is expected to contribute $ 135 billion to be an addition to the GDP.

The report stated that the year 2021 may witness further introduction of regulatory frameworks and experimental supervisory environments, in addition to projects related to “blockchain” technology, cryptocurrencies, and other initiatives to strengthen the ecosystem of financial technology infrastructure.

With the global spread of the financial technology phenomenon, this will not prevent traditional means of payment methods from continuing even during the pandemic, as such methods are expected to continue.

According to data issued by “MasterCard”, one out of 9 transactions at points of sale relies on contactless technology, indicating at the same time that payments through this technology increased by more than 66 percent to reach $ 136 million in the Middle East region. And Africa.

According to a report issued by “Checkout.com”, about 47 residents of a number of Middle Eastern countries expect to shop through “online” more during the next year.

On the other hand, the report stated that despite initial optimism, as is the case with the rest of the world, the global economy will continue its long recovery from the effects of the Coronavirus 2020, that this will depend on the success of vaccines.

Despite these circumstances, it is expected that financial technology will continue to grow in the region over the next year as it makes its own developments.

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