Pandemic creates surge for MENA fintech development

The number of Fintech startups have surged in the last 10 years: tech ventures which are positioned to serve and disrupt financial markets and the associated knowledge industries in the Middle East and North Africa (MENA) region. As of November 2020, the region has around 425 Fintechs as per the Fintech Galaxy Marketplace.  Among ten different verticals grouped under the umbrella term “Fintech”, almost two thirds are found in three verticals: ventures in the “Payment, Transfers and Remittances” vertical take the lead with over 140 startups, followed by “Lending and Crowdfunding” and “Wealth and Finance Management” with 67 and 64 respectively.  A look at distribution of Fintechs per country shows the United Arab Emirates leading with 154, followed by Saudi Arabia (86) and Egypt (67). Bahrain, currently in fourth place with 40 startups by our count at Fintech Galaxy (noting that these numbers vary between different reports and methodologies), is