Dubai, United Arab Emirates – Tech giant Mastercard has launched its latest research on the future of Fintech at Fintech Surge 2022, the Middle East and North Africa’s largest platform for the industry, which runs until tomorrow.
An integral part of GITEX Global 2022, the world’s biggest tech and startup event of the year which features over 5,000 tech and digital companies from 170 countries, the four-day event explores topics including the metaverse, blockchain for enterprise and the future of digital assets.
Mastercard’s report, ‘The Future of Fintech: Smart, Scalable, Collaborative’ whitepaper highlights how young, technologically savvy, and informed consumers are driving the trend for Fintech products and services across the Middle East and Turkey.
Elsewhere at the show, an expert-led panel discussion on open payments revealed the role of open banking payments in reshaping the region’s fintech landscape. Hisham Al-Falih, CEO, Lean Technologies said, “For many years, banks have doubted the benefits of Fintech and open banking. The Middle East is facing a renaissance in a digital aspect. Consumers dictate what they want, and banks are struggling to keep up with that. We can do our part as aggregators by building the infrastructure, while regulators can help with the framework, and banks can help as enablers.”
The rise of ‘super apps’
UAE experts also discussed the future of financial services and the role of super apps in taking it forwards. KRC Murty, SVP and Head of RTB and PMO, Kotak Mahindra Bank added, “The super app works as a ‘one-stop shop’ that enables consumers to purchase groceries, book tickets, buy mutual funds, investment or insurance. You must consider the millennial experience and what they may want over the next decade.”
