The Middle East has become a hotbed for Fintech activity and regulatory development, with several jurisdictions competing to establish themselves as the region’s Fintech hub in recent years. Fintech across the Middle East is also set to grow at a compounded annual growth rate (CAGR) of 30 per cent, and expected to raise over US$2 billion in venture capital funding by 2020.
With Fintech steadily growing across the region, Nium will be extending its uniquely diversified payment infrastructure offering for large enterprises, as well as banks and financial institutions in the Middle East. This move also seeks to enable Nium to more effectively provide ground support for its existing and growing client base in the region such as Mashreq Bank.
Based in Dubai and with nearly three decades of experience in the financial and technology space, Ayoub will be responsible for developing new business opportunities and further expanding Nium’s presence in the Middle East. Ayoub was most recently Regional Vice President of Sales and Business Development at Transpay, a company recently acquired by Mastercard. Prior to joining Transpay in 2016, Ayoub was based in Ireland as Regional Sales Director – Turkey, Middle East, South Africa and Russia at Dell EMC.
Prajit Nanu, Co-founder and CEO of Nium said, “Ayoub brings with him a wealth of experience in the Fintech industry and in working with global teams around the world. His in-depth market expertise, as well as track record of managing sales and leading multi-market global teams in the Fintech industry, are valuable assets for Nium. Ayoub’s strong winning attitude and personality will complement and enhance our ability to meet the needs of our customers as we deliver quality and innovative products through our expansion in the Middle East.”
In addition, Ayoub is well-versed in facilitating long-term business relationships with both customers and industry luminaries. He also spent initial years of his career in various capacities working for major blue-chip corporations such as Microsoft, Google, and Oracle, where he contributed to the growth of these companies.
Ayoub added, “It is incredibly exciting to be starting my new role at Nium. Nium has been at the forefront of Fintech innovation, and I am confident that our capabilities will provide unique value to our customers in the Middle East.”
“With the fintech market estimated to reach a value of $2.5bn across the broader MENA region, and the launch of 5G later this year to help boost Internet speed and usage, I believe there is tremendous room for growth for what financial technology can do in this region. I look forward to helping companies in the Middle East leverage fintech to drive better cost savings and efficiencies.”
Nium currently operates its Send, Spend and Receive business in over 100 countries, 65 in real-time. For more information about Nium’s enterprise offerings, please visit http://www.nium.com.