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By Lucidity Insights Research Team • January 08, 2023
All GCC countries have over 90% internet penetration rate
UAE and Oman have the highest internet and smartphone penetration rates of over 90%. Generally, countries with the highest internet and smartphone penetration rates will have the best rates for fintech adoption. For this reason, the UAE, Oman, Saudi Arabia, Kuwait, Israel and Jordan all have strong fintech and startup ecosystems.
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Shaping The Future of Fintech
In this report, we take a look at the attractiveness of each of the 19 MENA countries in terms of fintech and identify the top 5 hot spots for fintech activity in the region today.
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April 2024 sees MENAPT VC funding soar to $2.1B with mega investments in AI and Web3. Discover top deals from G42, DOP, Hailo, MagnusMetal, and Midas. Watch the video for insights!
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This means that there will be more payments revenue in Asia Pacific than in North America + Europe + Middle East + Africa and Latin America combined.
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The UAE is home to the largest cluster of fintechs and is the first destination for prominent global fintechs to establish themselves in the Arab world.
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