As a Platinum Sponsor, Tap Payments participates in Fintech Surge 2022 to talk about global regulatory trends, promote payment innovation in the area, and investigate the development of fintech in KSA.
DUBAI: There is a good possibility that you have heard about Gitex if you work in the Middle East’s tech industry. For the past 20 years, it has been successfully staged in Dubai as one of the largest IT events in the region. Over 100,000 people are expected to attend this year’s DWTC, which is getting larger and better every year. Gitex is made up of seven separate events that take place concurrently over the course of a week, but Fintech Surge is the one that many international brands are most interested in attending because, according to leading advisory companies like Deloitte, the MENA Fintech market is expected to be worth more than $3.5 billion.
According to H1 market data, the MENA region’s fintech industry is thriving. To date, it has raised more than $815,000,000 and shows no signs of slowing down. “The confluence of active government initiatives, such as the Dubai Metaverse Strategy and Saudi Arabia’s Vision 2030, coupled with one of the most youthful areas in the world, has made MENA a powerhouse of innovations and start-ups,” claims Ahmad Alwazzan, EVP of Tap Payments Middle East. In the Middle East, where sectors are redefining global regulatory norms to meet the fast changing world around them, which attracts to local entrepreneurs and international players, we see a growing vitality that we witness in both Tap Payment’s internal teams and our partners,” says Alwazzan.
Gitex Fintech Surge brings together the most talented Fintech professionals in the area to talk about all the hot issues in the sector. It has been demonstrated in several industry publications, including a recent study by Dealroom.co, that the fintech sector is controlled by payment brands. MENA fintech funding has been dominated by payment businesses, who have raised $1.9 billion since 2016. The next, at roughly $0.4 billion, are cryptocurrency, mortgages, and loans.
Buy Now, Pay Later (BNPL), which attracted nearly $500 million in venture capital, has been one of the key advancements in the field during the previous two years. Among the top companies in the industry are MNT-Halan and ValU in Egypt, Tamara in Riyadh, which obtained a staggering $110 million in investment, Dubai Postpay, and Tabby, the latter of which raised more than $150 million in equity and debt in the past two years. It’s noteworthy to note that Riyadh-based Lamaa, which got $5.5M in early capital in December, and BNPL are both entering the B2B market.
Investors and entrepreneurs in the area and beyond now have exciting new prospects thanks to the economic liberalization of Saudi Arabia. A revised open banking framework today highlights Saudi Arabia’s commitment to developing its financial services industry, one of the main goals of Saudi Vision 2030, and is a step toward making Saudi Arabia a regional and international fintech powerhouse. By facilitating access, financial technology (fintech) entrepreneurs have far fewer entry hurdles, which liberates their creativity and potential for revolution. In order to develop new goods and services, open banking gives outside firms access to a bank’s technology and client data.
Fintech Surge delves deeply into the elements and businesses driving this expansion, and the market’s current potential is enormous. According to Ali Abulhasan, co-founder and CEO of Tap Payments, “In the course of onboarding over 100,000 merchants, we have watched the MENA area transform into a vibrant ecosystem of early-stage entrepreneurs and SMBs.” “This is an amazing asset to the government and local initiatives that keep bringing attention to the growth of startups,” he continues.Our objective is to continue helping entrepreneurs and the innovation they bring to key markets, as well as to build an environment that makes it simple for them to expand. This is another reason I constantly look forward to taking part in cutting-edge industry gatherings like Fintech Surge and competitive pitching events like the Supernova Challenge, which provide more chances to highlight cutting-edge firms.