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FUTURE OF FINTECH: COVID-19 CRISIS ACCELERATING CHANGE

Every crisis brings with it a series of transformations, as the world, businesses and individuals start to adapt to a new reality. The COVID-19 crisis has undoubtedly brought about a new technological revolution, and opportunities for companies operating in the tech sphere, have surfaced as a result of the crisis.

As businesses have been forced to shift their operations online, and teams are working remotely, the trends in payments and cash have followed suite. As a result of the challenges that the COVID-19 pandemic has brought about, there are numerous voids to be filled, and companies are jumping at the chance to facilitate the lives of individuals across the globe.

One sector that is on the rise is Fintech, due to numerous factors. Firstly, banks have been too slow to respond to cash requirements of both individuals and businesses, and secondly, people are more reluctant to hold and use cash, out of fear of transmitting the virus.

In the MENA region, governments have eyed the potential and need for the Fintech industry to grow, and have laid the required foundation accordingly. Regulatory frameworks allow for Fintechs to navigate more easily and gain greater access to funding, and sandboxes are allowing for greater innovation in this sphere.

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