To compete in a traditionally strong banking market such as in the Middle East, new entrants are urged to differentiate and address the needs of a certain demographic segment
London: Global payment leader BPC and strategy consultancy firm Fincog today announced the launch of a new report on the digital banking market of the Middle East, with a particular focus on the countries of the Gulf Cooperation Council (GCC). Taking into account the existing banking infrastructure, cultural observations and emerging trends, the report analyses the specific characteristics of successful newcomers to the region.
“Digital Banking in The Middle East” provides a holistic overview of the Middle Eastern digital banking market and a sharp understanding of the current competitive landscape. It outlines how technological advancements in finance plus various economic development and diversification strategies across the GCC mean that the Middle East presents many opportunities for newcomers as well as established financial and non-financial institutions.
Here are the key findings:
Islamic finance has become a growing area of interest around the globe, with an estimated 1.9 billion Muslims internationally. The estimated Islamic Fintech market size for the OIC (Organization of Islamic Cooperation) with 57 member countries was roughly $49 billion, set to rise to $128 bn by 2025. While Saudi Arabia’s fintech market is currently worth approximately $17.8bn, it may reach $47.5bn in four years.
“We’re pleased to share the valuable insights of this research, designed to help those who are interested in this exciting space,” said Hany Al Deeb, Managing Director – GCC & Iraq, BPC. “As digital banking continues to expand rapidly across the Middle East, propelled by a youthful population driving a transition from internet banking to mobile, we are seeing an array of potential new avenues available. This sector is poised to continue growing at an accelerating pace and represents a huge opportunity for dynamic and visionary players.”
“Our report highlights the factors that new entrants to the Middle Eastern digital banking market need to consider,” says Jeroen de Bel, Founder, Fincog “There is an underlying growth potential for digital banking players as consumers grow increasingly familiar with compelling digital-only offers for financial products and services. We hope our findings will benefit those interested in the many opportunities being presented in this part of the world.”
BPC has built a strong reputation for understanding and mastering local banking and payment context and behaviour- and are poised to take on the challenges faced in a highly digitised global economy. With 350 customers across 100 countries globally, BPC has collaborated with all ecosystem players ranging from tier one banks to neobanks, Payment Service Providers (PSPs) to large processors, ecommerce giants to start-up merchants, and government bodies to local hail riding companies, contributing to better financial inclusion using next-generation technology.
-Ends-
About BPC
Founded in 1996, BPC has transformed over the years to deliver innovative and best in class proven solutions which fit with today’s consumer lifestyle when banking, shopping or moving in both urban and rural areas, bridging real life and the digital world. With 350 customers across 100 countries globally, BPC collaborates with all ecosystem players ranging from tier one banks to neobanks, Payment Service Providers (PSPs) to large processors, ecommerce giants to start-up merchants, and government bodies to local hail riding companies. BPC’s SmartVista suite comprises cutting-edge banking, commerce and mobility solutions including digital banking, ATM & switching, payments processing, card and fraud management, financial inclusion, merchant portals, transport and smart cities solutions.
www.bpcbt.com
© Press Release 2022
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
Discover more