In this episode of the FinTech Insider Insights podcast, the discussion centers on the exciting opportunities and challenges that come with expanding fintech businesses into the Middle East. The panelists explore the region's varied markets, including the GCC, Turkey, and Egypt, and point out the significant growth potential, especially given the relatively low digital banking penetration—just 17% compared to 60% in the US. They stress the crucial role of government support and the need for adaptable regulations.
Cultural understanding is also highlighted as essential, particularly in navigating local customs and business practices, such as during Ramadan. Additionally, the panelists address the competitive landscape for talent acquisition. While Saudi Arabia and the UAE emerge as prime initial markets due to their size and supportive governments, the experts emphasize the importance of customizing products to meet local needs and fostering long-term partnerships.
