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The Latest on Fintech Innovation in MENA
2017 is looking like the year where fintech investment will reach an all-time high. According to the KPMG Pulse of Fintech report, total global fintech investment doubled quarter over quarter in Q2’17 to $8.4B, up from $3.6B in Q1’17. Moreover, CB Insights reported an increase in venture capital investment in fintech from $3.75B in Q2’16 to $5.2B in Q2’17.
The United States and Europe have seen the vast majority of fintech investment this year; however, Asia is also starting to see its fair share. The MENA region, in specific, has accounted for the smallest proportion of global fintech funding over the years (around 1%), yet has also experienced the most explosive growth, according to research conducted by BCG.
In 2017, the region witnessed fintech investments amounting to over $24M, a 13% increase on the $18M in disclosed investments last year. Some of the major deals that took place this year include a $20M investment in PayTabs, a $3.5M investment in YallaCompare (originally Compareit4Me) and a $1.46M investment in Now Money. In addition to these deals, TPay, MENA’s first and largest Direct Carrier Billing platform, acquired its competitor and the second largest Direct Carrier Billing service provider in Egypt, DCBEgypt, earlier this month for an undisclosed amount.
This year’s Digital Commerce Forum at ArabNet Riyadh will highlight the financial technologies and trends that could radically change the face of global financial transactions as well as the role of banks in growing their digital footprint. It will also include keynotes by leading fintech players. To attend the Digital Commerce forum, register for ArabNet Riyadh here.
MEET SOME OF THE KEY SPEAKERS
Alpesh Doshi is the Founder & CEO of Fintricity,
which has delivered value and digital transformation for a wide range of clients including Net-A-Porter and Thomson Reuters.
Mohammad Al-Rashidi is Founder & Executive Chairman of One Global. The company launched the Og Money platform, formerly known as PayIt, and has around 900,000 customers across the region.
Omar Hashem is Executive Vice President & Head of the Digital Banking Division at The National Commercial Bank. He's a member of the Advisory Board of souqalmal.com, which raised $10 million in a Series B investment to expand its operations in the region.