Collaboration between fintechs and banks key for being future-ready

The fintech sector, widely recognised as a major competitor to banks, is expected to double in size from $135.9 billion in 2021 to $266.9 billion in 2027, according to DIFC fintech Hive’s 2022 fintech Report.

According to recent research by Report Ocean, the global fintech Lending Market was valued at approximately $573.05 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 27.4 per cent over the forecast period 2022-2029.

With approximately 50 per cent of the Middle East and North Africa (Mena) region currently unbanked or underbanked, fintechs have been playing a crucial role in promoting inclusive economic growth in the region.


These and other key issues facing the sector were discussed at the second Dubai FinTech Summit (DFS) Dialogues this week. The event was hosted by the Dubai International Financial Centre (DIFC), and powered by the Innovation Hub. Heads of 10 leading regional banks and fintechs were invited to unpack the challenges facing the financial sector and deliberate on how the industry can de-risk and build resilient, sustainable financial institutions.

 

Read the full article here https://www.khaleejtimes.com/business/collaboration-between-fintechs-and-banks-key-for-being-future-ready

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