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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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.
