PAYMENT SOLUTIONS
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T he Middle East is the embodiment of the speed at which humans evolve , taking dusty expanses of land and building smart cities that overtake nations which have stood centuries longer . Cities such as Abu Dhabi are an exciting monument to the technological revolution taking place , and planned new urban sprawls like Masdar in Abu Dhabi and Neom in Saudi Arabia prove that the UAE doesn ’ t plan to slow down any time soon .
In recent years the fintech industry has been dominated by US and European markets with scarce mention of the UAE , which has been responsible for just US $ 66.6mn of investment , according to the Magnitt State of the Middle East and North Africa Funding report . However , when it comes to harnessing financial technology to foster the creation of smart cities , the UAE remains ahead of the curve . With that in mind , it ’ s worth considering what , if anything , is holding the region back from occupying a more prominent position in the industry . One potential hurdle to the acceleration of UEA smart cities , as well as their position as leading fintech players , is the current financial and legal regulation in the region .
MARCH 2020