The region’s economic instability, exacerbated by the coronavirus pandemic, has spurred many to turn to online banking and financial tools. S&P Global said in a 2019 report that indicators showed Gulf Arab countries appeared the readiest for fintech adoption, with the key driver being demand and a preference by clients for digital banking. The fintech sector across the Middle East is already growing, according to the Milken Institute think tank. It estimates that 465 companies will raise more than $2 billion by 2022 compared with the 30 fintech firms that raised around $80 million in 2017.
In addition to having some of the world’s youngest populations and highest unemployment rates, many countries in the Middle East and North Africa rank among the lowest for long-term savers and investors. Issue is the region’s investment landscape, which is mostly limited to so-called high-net-worth individuals, usually defined as people with at least $1 million in liquid assets. Making the process easier — or even fun — is key to attracting new investors, as outlined by Lune, a UAE-based finance platform. Lune allows its nearly 1,000 users to instantly visualize their spending, swipe to optimize savings, and soon. People are starting to want to be more independent from younger ages.