growth factors in regions like the Middle East . He explained that “ it has the benefit of bridging gaps through initiatives like micro and nano loans that , in many countries , the traditional , brick and mortar banking sector cannot cover . For every hi-tech city like Dubai , there are scores of financially underserved areas where fintech services do not only offer convenience , but they cover necessities for people that cannot otherwise be financially included . So , adopting technologies that offer scoring and nano loans should be seen as building bridges to financial inclusion and not as a disruption , as is still often the case .
“ The Dubai example clearly shows that having a functional regulatory framework is as important for a ‘ smart ’ hi-tech city as it is for every Middle Eastern country ,” Haidar added . “ Adopting a clear , concise and solid regulatory system across the region , will help in spreading the fintech benefits to more and more underbanked , or even entirely unbanked people , thus broadening financial inclusion .”
For many institutions external to the UAE , partnerships are the best way to enter the region ' s industry . Mastercard
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