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• 6% of world’s population
• About 67% of the adult population is either underbanked or unbanked.
• More than 60% of the population is under the age of 30.
• More than 80% of the adult population have internet connectivity
Blockchain
Insur-Tech &
Cybersecurity
Fintech Trends in MENA Region
• In the Middle East region, the United Arab Emirates (UAE) – home to Abu Dhabi and Dubai –
and Bahrain have been leading the front. For instance, Abu Dhabi Global Market (ADGM)
announced in November 2016 the first regulatory sandbox in the Middle East and North Africa
(MENA) region, ADGM RegLab
• 2017, both Dubai Financial Services Authority (DFSA), located in Dubai International
Financial Centre (DIFC) and the Central Bank of Bahrain (CBB) created their own regulatory
sandboxes.
• 2018, the Central Bank of Kuwait (CBK) launched its regulatory sandbox framework.
• 2019 - Saudi Arabia announced the design of their regulatory sandbox.
• Interestingly, the Startup Nation Israel does not have a regulatory sandbox
Source: Fintech news, 2021
Fintech take-off in the Middle East
There are currently over 470 fintech unicorns globally, with 40 of them
Instant Payments to Drive
added just in Q1 2022. That equates to over one new fintech unicorn Further Fintech Growth and
Consolidation
every 3 days, and several hundred others are being created every day.