MAGNiTT, ADGM launch first of kind MENA FinTech Venture Report

UAE - The leading startup data platform in the region, MAGNiTT, has teamed up with Abu Dhabi Global Market (ADGM) to launch the first-of-its-kind 2019 MENA FinTech Venture Report.

The full report can be found online on the websites of MAGNiTT and ADGM, as it was launched during the FinTech Abu Dhabi Festival.

MENA FinTech Venture Report offers a deep-dive into the financial technology (fintech) industry in the Middle East and North Africa (MENA) region, in addition to focusing on startups and venture capital funding.

The report highlights regional fintech segments such as venture investments, successful exits, fintech growth drivers, sub-industries, country comparisons, international benchmarks, and success stories.

Richard Teng, the CEO of Financial Services Regulatory Authority (FSRA), ADGM, commented, "Digitalisation of financial services is happening at an unprecedented pace. From payments, banking, financial advisory, capital market and insurance, deployment of financial technology (Fintech) have reimagined the financial services sector resulting in innovation, efficiency and greater financial inclusion.”

He added, “As an International Finance Centre and financial regulator, this report reveals the needs of the industry that we can better attract and secure more investments and funding to support the FinTech ecosystem.”

Meanwhile, the CEO and founder of MAGNiTT Philip Bahoshy noted that “FinTech has become a buzzword across the region. It is important to be able to substantiate the hype with data-driven insights and data transparency to support key government-level decision makers to support founders with the right initiatives to see the continued growth of the FinTech ecosystem.”