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MENA FinTech Association, enhancing the region’s position as a global FinTech hub

MENA FinTech Association (MFTA) was created in 2018 to support the fintech industry in growing MENA (Middle East and North Africa) marketplace. Based in Abu Dhabi (United Arab Emirates, UAE), MFTA is an inclusive, not-for-profit association that fosters an open dialogue for the regional Fintech community and is affiliated with 48 countries globally.

MFTA was founded by major players, including Sharjah Entrepreneurship Center, UAE Exchange, Ripple, Token.io, Temenos, KPMG and has recently welcomed Mastercard as its corporate partner.

The association counts among its “supporting partners” diverse actors such as the Luxembourg House of Financial Technology (The LHoFT), Abu Dhabi Global Market, Bahrain FinTech Bay or University of Cambridge. MFTA has also forged alliances all over the world, from the Arab world with the Arab Monetary Fund, via Africa with Africa Fintech Network or Asia with the Thai Fintech Association or Fintech Association of Japan, not to mention the Europe with FinTech Poland, AFIP (Portugal) for example, Turkey (FinTech Istanbul) and Australia (FinTech Australia).

MENA Fintech Association work with groups including start-ups and entrepreneurs, individual professionals and academy, financial institutions and corporates, investors and accelerators, regulatory authorities and policy makers; bringing together groups having a common interest to further drive growth of investments in the fintech industry, as well as adding value for each group.

“We are focusing on what elements make up a complete FinTech ecosystem in the region, and what makes that conducive to growth”, states Nameer Khan, Chairman and Founding Board Member, on the website association.

At the launch of the association, Nameer Khan acknowledged that MENA Fintech Association “is a first-of-its-kind in the region, uniting organizations and stakeholders from across the fintech community and advocating their interests, fostering collaboration, the development of industry standards and enabling industry discussion in a concrete way”.

The action of the association is based on four pillars:

–Education (provide a virtual and physical knowledge exchange platform among existing leaders and ecosystem players to grow a robust MENA fintech scene);
–Empowering innovation (play a key role in driving positive change in the financial services industry through thematic committees aimed at challenging the status quo);
–Collaboration (create an environment that encourages and enables real collaboration between stakeholders: regulators, corporate, consumers, technology vendors, Entrepreneurs, academia and investors);
–Advocation (promote MENA’s key industry initiatives through creating cross border bridges with international fintech communities for the exchange of local and global expertise).

The association is organized into different committees which can be joined by its partners and which cover the entire spectrum of fintech: “AI & Big Data”, Blockchain & Crypto”, “Open Banking”, “Regtech”, “Payments”, “Insurtech”...

In 2019, the financial technology industry in the Middle East was estimated to be worth over $2 billion and believed to grow by $125 million annually over the next 3 years. The region has left no stone unturned to revolutionise the way one transacts in the MENA – multiple regulators and authorities are trying to cater to the needs of corporate houses and ambitious start-ups.

With such a rapidly growing and maturing market, the MENA Fintech Association hopes to ensure that both established and emergent businesses can cement the region’s position on the world stage.

[Nameer Khan, Chairman of MENA Fintech Association (MFTA) and advisor to leading fintechs, one of the Top leading Fintech Influencers, will be a speaker at the Mastermind Summit next September 15th at European Convention Center Luxembourg. Mastermind Summit is part of the renowned tech summit ICT Spring Europe.

ICT Spring Europe 2021 : registration HERE.]