{"id":1353,"date":"2020-02-24T10:51:56","date_gmt":"2020-02-24T06:51:56","guid":{"rendered":"https:\/\/www.techxmedia.com\/?p=1353"},"modified":"2025-04-18T00:37:06","modified_gmt":"2025-04-17T20:37:06","slug":"uae-menas-fintech-market","status":"publish","type":"post","link":"https:\/\/techxmedia.com\/en\/uae-menas-fintech-market\/","title":{"rendered":"UAE pioneers MENA\u2019s USD 2.5 Billion FinTech Market Innovation"},"content":{"rendered":"\n

The UAE is leading the Middle East and North Africa\n(MENA)\u2019s fintech market reaching a record-high of USD 2.5 billion by 2022,\nindustry experts announced ahead of the Middle East Financial Technology (MEFTECH)<\/a>\non 25-26 February.<\/p>\n\n\n\n

Regional and multi-national financial institutions\nare rolling out digital platforms to transform customer experiences, optimize\ncosts, and meet data regulations. As a result, Clifford\nChance<\/a> says MENA\u2019s fintech market will top USD 2.5 billion by 2022.<\/p>\n\n\n\n

\u201cAs the Middle East\u2019s fintech market reaches record-highs, the UAE\u2019s banking and financial institutions are leveraging real-time information management to enable mobile banking, e-commerce<\/a>, digital remittances, and secure real estate contracts,\u201d said Praj Calthorpe, Deputy General Manager, of the leading UAE-based IT infrastructure and information management consultancy and solutions provider Condo Protego.<\/p>\n\n\n\n

Condo Protego works closely with nearly all of the\nUAE\u2019s banks — including small, local banks, the UAE\u2019s top 10 largest banks,\nand foreign multi-national banks with a presence in the country.<\/p>\n\n\n\n

Recent major digital transformation projects have\nincluded the backup and disaster recovery and hybrid cloud environments for the\nUAE\u2019s largest bank, an identity and access management solution for a large bank\nin the Northern Emirates, and virtual desktop infrastructure for 2,500\nemployees of a major European-based bank.<\/p>\n\n\n\n

One of the biggest topics of discussion among UAE\nbanking leaders is the need to enhance security, data protection, and identity\nand access management. With the right security solutions in place, banks in the\nUAE can ensure secure and trusted transactions, reduce risk, and meet\ngovernment legislation on data breaches.<\/p>\n\n\n\n

In the UAE, the Decretal\nFederal Law No. 14 of 2018<\/a> outlines how the Central Bank regulates\nvirtual banking, stored value, e-payments, and digital money services.<\/p>\n\n\n\n

\u201cFinTech is about using digital services to help\npeople and organizations optimize costs, make transactions faster, and enhance\ncustomer trust,\u201d added Praj Calthorpe. \u201cChannel partners can help CIOs and\nCISOs to develop business goals, and decide which solutions like hybrid cloud, artificial\nintelligence and machine learning, software-defined solutions, and security fit\nbest.\u201d\n\nIn the UAE, Condo Protego is seeing strong demand for the Dell\nTechnologies portfolio of information management and security solutions across\nits group of companies, including from Dell EMC, VMware, and RSA.\n\n\n\n<\/p>\n","protected":false},"excerpt":{"rendered":"

As the Middle East\u2019s fintech market reaches record-highs, the UAE\u2019s banking and financial institutions are leveraging real-time information management to enable mobile banking, e-commerce, digital remittances, and secure real estate contracts,\u201d said Praj Calthorpe, Deputy General Manager, of the leading UAE-based IT infrastructure and information management consultancy and solutions provider Condo Protego.<\/p>\n","protected":false},"author":8,"featured_media":1132,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[9639,9621],"tags":[498,389,487,499,73],"contributor":[],"class_list":["post-1353","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fintech-emerging-technologies","category-emerging-technologies","tag-fintechmarket","tag-mena","tag-middle_east","tag-north_africa","tag-uae"],"featured_image_src":"https:\/\/techxmedia.com\/en\/wp-content\/uploads\/2020\/02\/Praj-Calthorpe-Condo-Protego-1a-min-e1582526971262.jpg","author_info":{"display_name":"News Desk","author_link":"https:\/\/techxmedia.com\/en\/author\/rabab\/"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/techxmedia.com\/en\/wp-json\/wp\/v2\/posts\/1353","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/techxmedia.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/techxmedia.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/techxmedia.com\/en\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/techxmedia.com\/en\/wp-json\/wp\/v2\/comments?post=1353"}],"version-history":[{"count":0,"href":"https:\/\/techxmedia.com\/en\/wp-json\/wp\/v2\/posts\/1353\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/techxmedia.com\/en\/wp-json\/wp\/v2\/media\/1132"}],"wp:attachment":[{"href":"https:\/\/techxmedia.com\/en\/wp-json\/wp\/v2\/media?parent=1353"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/techxmedia.com\/en\/wp-json\/wp\/v2\/categories?post=1353"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/techxmedia.com\/en\/wp-json\/wp\/v2\/tags?post=1353"},{"taxonomy":"contributor","embeddable":true,"href":"https:\/\/techxmedia.com\/en\/wp-json\/wp\/v2\/contributor?post=1353"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}