The Middle East and Africa have seen many changes in terms of digital transformation, but there’s still “huge upside,” and financial technology firms are looking for opportunities there, according to a financial services regulator in the region.
“Compared to a few years ago, now, we have a very vibrant marketplace,” said Richard Teng, chief executive officer of Abu Dhabi Global Market’s Financial Services Regulatory Authority. However, the “very sizable” market is still “underserved,” he added.
Different forms of financing could “work very well” and represent a new engine of growth, Teng said.
“We are seeing a lot of fintech companies, looking at the opportunities that I mentioned — 1.6 billion people — which have huge upside in terms of digital transformation, wishing to make a difference in that region,” he said.