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The MENA region is fast becoming an exciting frontier for the FinTech industry, with growth benefiting from a confluence of contributing factors, including favourable demographics, economic potential, digital appetite and mobile penetration.

The financial technology industry is in the beginning of its development in the MENA region. That is illustrated by the fact that the Middle East FinTech startups received a mere 1% (about $0,4 billion) of all venture capital FinTech investment across the globe in 2018. However, the growth off this low base is likely to be strong, with the FinTech sector across the Middle East already growing at a compounded annual growth rate (CAGR) of 30%. …


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As the new year approaches it is a great time to recap 2020 outcomes, review market activity and expert predictions for 2021 to tailor the strategy accordingly. This year was full of unpredicted events with the pandemic and lockdown as major ones that had a strong influence on the financial industry. In this list, we summarized 20 recommendable articles to help you navigate to 2021.

FinTech Global Trends 2021

The global FinTech ecosystem continued to grow and develop during 2020, despite slight funding cool down. With worldwide fostered digital transformation, more focus on unbanked population and FinTech regulations, technology advances, 2021 is expected to become another prominent year for the FinTech industry. …


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Velmie, a mobile banking technology provider, carried out research on how the MENA FinTech environment has been transforming recently. The aim was to spot specific regional trends, drivers and challenges that are likely to influence the FinTech industry in the Middle East and North Africa in 2021 and further.

The financial technology industry is in the beginning of its development in the MENA region. That is illustrated by the fact that the Middle East FinTech startups received a mere 1% (about $0,4 billion) of all venture capital FinTech investment across the globe in 2018. However, the growth off this low base is likely to be strong, with the FinTech sector across the Middle East already growing at a compounded annual growth rate (CAGR) of 30%. …


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Digital transformation could be a game-changer for the African continent, and FinTech is currently one of the main drivers of this technology revolution. The tremendous opportunity for digitally-driven financial services companies lies in the high proportion of unbanked citizens, the immense size and favorable demographics of the African population and the relatively limited state of technology.

Mobile payment solutions allow hundreds of millions of unbanked consumers to benefit from transacting online within their local context. Neobanking systems are designed to give financial companies access to automation, digitalization, and robust security, giving them ample opportunities to grow and innovate.

Addressing the industry demands, Velmie saw the opportunity to establish itself as a strategic technology partner to companies that want to take advantage of the disruption opportunities presented by open banking in Africa. We saw it as a market offering great potential, given the significant proportion of the population who don’t have access to affordable and secure payment services. …


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Best 5 white-label crypto exchange platforms to kickstart your business.

Setting up a crypto-currency exchange offers enormous business potential in a market where trade in cryptocurrencies is booming globally. However, competition is intensifying as the number of crypto-exchanges multiplies.

Since October last year, the number of exchanges listed on coinmarketcap has increased by 31% to 341 exchanges. This steep increase not only shows the growth in the market for trading platforms but also highlights how important it will be for your platform to stand out so that you become the crypto-currency exchange of choice for crypto-traders.

So how can you get in on the action quickly and set up a cryptocurrency exchange that will offer you all the functionality you believe will set you up for future success? You can develop an exchange platform from scratch, or you can buy a turnkey, white-label platform that allows you to get up and running in a matter of weeks. …


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The coronavirus is expected to fundamentally change the way customers interact with their banks, retailers and other service providers — and fintech businesses, which were built to operate in a fast-moving, digital-first economy, are particularly well-placed to meet their demands through the crisis and beyond.

Since the onset of the virus, businesses have had to grapple with how to protect their staff and customers from infection, which has meant, to a large degree, facilitating remote working arrangements and digital customer service delivery. …


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Retailers are increasingly turning Mobile Point of Sale (mPOS) devices to secure payment because of the convenience, cost effectiveness and flexibility they offer. In fact, the mPOS market is reportedly growing faster than the traditional POS industry and, according to some estimates, could comprise some 25% of the overall market within the next three years.

mPOS devices that either connected to mobile devices by wifi, including smartphones and tablets, that smaller retailers and other businesses that want to take advantage of the portable nature of these payment devices are eagerly embracing.

Retailers can use their mPOS devices to process credit and debit card transactions, and, increasingly contactless, near field communication (NFC) and digital wallets are being accommodated as a methods of payment. mPOS payment providers have also extended their functionalities into invoicing, inventory management and loyalty programmes. …


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Mobile-based fintech solutions are becoming the first port of call for many financial services, as people embrace the simplicity, cost-effectiveness and speed of mobile payments. However, digital fraud is rising as fast, if not faster, and thus fraud monitoring based on robust customer authentication have become as important as the services mCommerce has to offer customers.

According to statistics released by Statista, the number of smartphone users worldwide has surpassed three billion and is forecast to grow by hundreds of millions of users over the next few years. China, India and the US have the highest number of smartphone users. Alongside the steep increase in the numbers of individuals using smartphone has been a rise in the proportion of users making orders via their mobiles and buying online.


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Every year hundreds of billions of dollars are transferred internationally by businesses and individuals who have emigrated from their home countries and cross-border money transfers are likely to experience double-digit annual growth rates over the next few years. Remittances reached a record high in 2018, according to the World Bank.

In a press release published in August 2019, the Bank said officially recorded annual remittance flows to low-and middle-income countries had grown to $529 billion during the year, a 9.6% increase on the previous record high of $483 billion in 2017. Meanwhile, total global remittances, which include flows to high-income countries, climbed to $689 billion from $633 billion in 2017.The …


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Velmie Wallet Platform Graphics

Consumers are benefiting from the fast pace of innovation in the fintech industry in Europe. Mobile wallets, in particular, are experiencing rapid take up because of the advanced range of financial services they offer users and their simpler, more cost effective and seamless functionalities.

Globally coordinated regulatory initiatives are freeing up fintech companies to operate and explore new territory in recognition that consumers want more simplicity, seamless functionality, transparency and personalisation from their financial services providers.

As the market develops, the approach has become far more collaborative between traditional financial services businesses and the fintech disrupters, with dynamic and evolving ecosystems becoming the new norm. These collaborative partnerships are developing because the established financial services companies are recognising the benefits of not developing the technology from scratch but, instead, teaming up with innovative fintech providers. …

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Velmie

End-To-End Mobile Wallet Solutions.

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