Mena Fintech Association partners with Binance
The Mena Fintech Association has partnered with Binance to support the growth and innovation of the fintech industry in the MENA region.
The partnership between these two entities will promote a number of initiatives to drive the industry forward and promote innovation. Cryptocurrency exchange Binance will provide expertise and resources to the partnership while the Mena Fintech Association will share its knowledge of the local fintech market while making available its network of industry connections.
Mena Fintech Association is a non-profit organization that aims to support the development and growth of the fintech industry in the Middle East and North Africa region. The organization includes a network of industry experts, decision makers and stakeholders, and it offers a platform for collaboration and exchange of ideas in the fintech sector.
Mena Fintech Association representatives quoted by ibsintelligence.com expressed hope to see a positive impact as a result of the partnership. They have also committed to working with Binance to support and promote the fintech sector in the region.
Binance officials quoted by the same source emphasized how a free exchange of ideas and discussion is at the heart of any successful industry. They also revealed their intention to work closely with regulators and authorities to create a clear and beneficial regulatory framework that protects market integrity as well as consumer safety.
Fintech development in the MENA region
According to a 2022 report from strategyand.pwc.com, the Middle East and North Africa region is steadily building its financial technology sector, as fintech hubs are emerging across the region and providing funding to dynamic, small companies. Moreover, MENA region startups received more than USD 2.5 billion in funding in 2021 alone, and trends in the first half of 2022 showed that they would surpass these figures.
The same source revealed that countries from the Gulf Cooperation Council stood out, as some of them have moved decisively into fintech and even established large fintech hubs. A stronger and sustainable fintech sector in the region can result in economic diversification and innovation.
However, improving the fintech sector requires more private engagement and improved efforts to fill the gaps in the ecosystem. Scaling up may prove challenging in the context of a fragmented regional market, but proving easier access to capital can help, including through increased venture capital (VC) funding.
The report concluded that talent represents a significant gap in the fintech ecosystem, which is why the sector needs to attract experienced professionals who can improve the sophistication and delivery of systems and support.
