Fintech adoption rate
Money transfer and digital payments was the leading fintech service adopted by customers worldwide. This was followed by savings and investments tools as well as insurance services.Currently, 3.8 billion people worldwide have adopted digital payment services, this number is set to rise to almost five billion by 2025. Within the Middle East and North Africa region, digital payment was the most direct service used by banking customers in the region. The fintech adoption rate in the MENA region is especially high amongst younger banking customers and has increased steadily over the past couple of years, aided by the increased usage of smartphones.
Fintech in Islamic finance
Within the Islamic financial segment, fintech is a fast-growing branch. As of 2020, over 145 Islamic fintech companies were offering financial services in line with Muslim religious beliefs and business ethics. The majority of Islamic fintech companies are based in the United Kingdom, followed by Malaysia and the United Arab Emirates.Although only nine Islamic fintech companies are based in Saudi Arabia, it has the largest market for fintech services with 17.9 billion U.S. dollars. In comparison, the net largest market for Islamic fintech services in Iran was worth 9.2 billion. U.S. dollars. Most Islamic fintech companies offer services in raising funds (peer-to-peer / crowdfunding), deposits, and lending as well as payments.
