IslamicFinance.de

According to MENA Research Partners (MRP), the current MENA fintech market is estimated at US$2bn and expected to witness an annual growth of US$125mn until 2022. MRP CEO Anthony Hobeika said that the funding of fintech changed a lot in the last 6 years. While in 2010 funding was provided exclusively by venture capital firms, new funding vehicles such as accelerators, private equity institutions, corporation, banks and angel investors are showing interest. Up until recently, banks considered fintech as a competitor. Now banks are acquiring, partnering and also sponsoring fintech companies. As an example, some GCC banks collaborated with specialised fintech startups to implement the new VAT regulations.