Mena market regulators keen on boosting fintech

The Covid-19 pandemic has boosted support and efforts by Middle East and North African market regulators to put in place frameworks that enable the development of the fintech sector in the region.

The difference is striking in terms of market development, with 85% of Mena regulators perceiving that fintech is favourable to their objective, compared to 61% globally. In promoting competition, 62% of regional regulators favoured it compared with 47% globally, CCAF University of Cambridge said in the report.

The study, which is the second in a series of three, reviewed how regulators are meeting fintech and wider digital financial services challenges in their jurisdictions. It considered regulatory frameworks for e-money, digital payments, peer-to-peer (P2P) lending, equity crowdfunding and international remittances. It also analysed existing frameworks for cross-sectoral themes that affect fintech, including data protection, anti-money laundering (AML), cyber security, financial consumer protection, electronic know-your-customer (eKYC) and Open Banking.