Page 8 - BKN301 PR Report - October 2023

Fintech in MENA: Interview with BKN301 CEO - TECHx Media

Fintech in MENA: Interview with BKN301

CEO

News Desk - 03/10/2023

Explore the MENA ƒ
CEO of BKN301, conducted by Rabab Zehra, Executive Editor at TECHx.
Discover the factors driving growth, BKN301’s pivotal role, and their
strategic expansion plans in this dynamic industry.
TECHx: The MENA region is recognized as a burgeoning market in the
ƒntech industry. Can you identify the key factors that contribute to the
growth of this region as a signi ƒcant player in the ƒntech industry?

The ƒntech industry of the Middle East and North Africa (MENA) region is
experiencing a signi ƒcant uptick, which can be attributed to a multitude of factors.
Thanks to a large population of tech-savvy millennials and Gen Z individuals who
consistently embrace digitisation, the MENA region has become a well-known
ƒntech powerhouse, o €ering a favourable market for ƒntech goods and services.
Additionally, the region’s extensive use of smartphones has also hastened the
development of ƒntech. In the MENA region, almost 91 per cent of customers
mak e online purchases. In addition, almost 70 per cent of the customers in the
region prefer to utilise digital payment options.

Recognising the immense potential of ƒnancial technologies, governments in the
MENA region are proactively encouraging its integration and adoption,
establishing several regulatory frameworks and initiatives to foster innovation and
entrepreneurship in the sector. A perfect illustration of this would be the
establishment of regulatory sandboxes by the UAE to foster the growth of ƒntech
businesses. There is further a signi ƒcant need for ƒntech solutions that facilitate
international commerce and currency conversion due to the region’s status as a
cross-border investment and trade hub. Additionally, the signi ƒcance of Islamic

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