And after building out its UAE business, Ferrario says, StashAway is eyeing further expansion in the Middle East. Fintech hubStashAway is far from alone, as the Middle East is becoming a fintech hub in its own right. McKinsey predicts that fintech funding in the Middle East, Pakistan and North Africa region could grow to as much as $4.5 billion by 2025. The Alibaba affiliate is working with Saudi Arabia’s Ministry of Investment as it looks to use the kingdom as a gateway to the wider Middle East market. It’s part of a larger drive by Asian financial hubs like Hong Kong and Singapore to deepen links with the Middle East.

Source: The North Africa Journal November 18, 2024 16:44 UTC