The GCC is ready to expertise a surge in using FinTech platforms as shoppers flip away from bodily choices throughout the ongoing international COVID-19 outbreak.
David Parker, Co-Chief Funding Officer at Bahrain Financial Improvement Board, stated that on-line banking and cryptocurrencies are among the many merchandise with the largest improve in transactions.
Mr Parker stated: “At a time when few prospects can entry bodily companies, FinTech platforms throughout the GCC are experiencing a surge in use – one thing we anticipate persevering with properly into the summer season months.
“BenefitPay’s vital improve in transactions exhibits the area’s rising urge for food for brand new applied sciences, and that being digital-first is now not elective.
“The unfold of COVID-19 has offered monumental challenges for banks, nevertheless it additionally highlights the necessity for speedy technological transformation and a brand new wave of innovation via collaboration with the thriving FinTech sector.”
The GCC pattern is echoed around the globe, with a examine by monetary advisory agency deVere Group revealing that using FinTech apps in Europe surged by 72% in only one week originally of the disaster.
On the identical time, ATM community Hyperlink revealed that using bodily cash within the UK dropped by 50% instantly after the federal government’s announcement of restrictions on motion.
Based on trade consultants, the FinTech market in MENA is ready to achieve a file excessive of USD2.5 billion by 2022, with GCC international locations enjoying a significant position within the development of the sector.
Bahrain is dwelling to the oldest and most established monetary centre within the Gulf area. The Kingdom at the moment hosts greater than 300 monetary establishments, with Bahrainis persevering with to play a big position within the monetary sector.
Among the many most profitable FinTech ventures in Bahrain are Sharia-compliant cryptocurrency platform Rain, open banking API supplier Tarabut Gateway, NEC Funds and BENEFIT – the mum or dad firm of BenefitPay.
The Kingdom affords a powerful native check market backed by authorities initiatives together with a regulatory sandbox which permits FinTech corporations to experiment with new concepts and options.
Abdulwahed AlJanahi, Chief Government of BENEFIT, added: “The outstanding development of utilization of digital monetary funds displays on the notice and dedication of our neighborhood to take the precautionary measures, decreasing paper utilization to restrict the unfold of the Coronavirus.
“We’ve got additionally witnessed numerous companies and residential companies that started offering their prospects with the choice to pay through BenefitPay, making certain the success of our nationwide workforce to restrict the unfold of this pandemic.”