Fintechs have exploded in the GCC in recent years, with over 800 new start-ups. How can established banks keep pace with the rapid evolution in technology and consumer behavior? Watch Nemr Janus Kanafani, our Senior Economist in the MENA region, summarize the findings of our new report, The Future of Banking in the Gulf. 👇 Explore the full report here: https://lnkd.in/e5UU4Z3N Andrea Kates, John Metselaar, Careem, National Bank of Kuwait, talabat Ewan MacLeod, Madiha Sattar, Ali Khalil, New Era Digital Partners #fintechs #GCC #banking #financialregulation #futureofbanking
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Over the last few years, the Gulf region has seen a surge of start-ups and Big Tech enter financial services. The GCC banking sector has assets of over $3.6 trillion, accounting for more than 160% of GDP - well above the global average of 96%. Find out what this means for the region in the report: https://lnkd.in/e5UU4Z3N Andrea Kates, John Metselaar, Careem, National Bank of Kuwait, talabat, Ewan MacLeod, Madiha Sattar, Ali Khalil, New Era Digital Partners #fintechs #GCC #banking #financialregulation #futureofbanking
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How can GCC banks move from a focus on physical presence to providing frictionless access across multiple platforms? Integrating ecosystem savvy should be core to their strategy. Explore findings from our new report The Future of Banking in the Gulf with authors Andrea Kates and Nemr Janus Kanafani. Explore the full report here: https://lnkd.in/e5UU4Z3N John Metselaar, Careem, National Bank of Kuwait, talabat, Ewan MacLeod Madiha Sattar, Ali Khalil, New Era Digital Partners #fintechs #GCC #banking #financialregulation #futureofbanking
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Last week's MENA virtual event, hosted by John Metselaar, Nemr Janus Kanafani, and Andrea Kates, was enriched by the active participation of regional executives: Nemr shared the MENA economic outlook. Although there has been a slowdown in 2023, optimism for a 2024 rebound prevails. The Gulf has witnessed robust non-oil growth, with policy rates beginning to affect non-oil sectors. Despite a mild easing in Saudi PMIs, oil prices remained supportive, on largely tight oil fundamentals. Outside the Gulf, growth is expected to ease mildly. Andrea joined Nemr to discuss the future of Gulf banking, with the recent explosion in fintech activity serving as a wake-up call. The shape of banking services is changing rapidly, and incumbent players need to adapt to secure their long-term place. Banks can chart a successful path with a three-pronged strategy, emphasizing an ecosystem mindset for strategic advantage and focus on business model innovation. These insights, combined with the valuable input from regional participants, highlight significant impacts on the MENA region's economic and banking landscape. Stay tuned for more updates! 🚀 #MENAEconomy #BankingInnovation #theconferenceboard #MENA #Banking
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