Abu Dhabi, MENA– In a bid to cater to the unique financial technology landscape of the Middle East and North Africa (MENA) region, a new initiative has been launched by LIBF MENA – a specialised FinTech glossary. This comprehensive resource aims to unravel the intricate jargon and demystify the latest concepts, making them more accessible and relevant to the MENA audience and to support those already working – or aspiring to work in the sector.
Developed by a collaboration of prominent experts and industry leaders from the MENA FinTech ecosystem, this glossary takes into account the distinctive characteristics and emerging trends specific to the region. By leveraging its vast pool of localised knowledge, the LIBF MENA Fintech glossary has been carefully crafted to ensure that professionals, entrepreneurs, and enthusiasts alike can effortlessly navigate the FinTech landscape in this vibrant part of the world.
This ground-breaking resource caters to the growing need for a clearer understanding of the dynamic FinTech area within the MENA region. By providing simplified explanations and contextually relevant examples, the glossary effectively bridges the gap between traditional financial practices and the cutting-edge concepts that are shaping the future of finance in the MENA region.
In addition to explaining commonly used terms such as blockchain, cryptocurrency, and artificial intelligence, the MENA FinTech glossary introduces a host of region-specific concepts that are gaining prominence. These include:
- Islamic FinTech: Understanding the fusion of Islamic principles with FinTech innovations, enabling the development of Sharia-compliant financial solutions.
- Digital wallets: Emphasising the widespread adoption of mobile payment platforms and e-wallet solutions tailored to the unique preferences and needs of MENA consumers.
- Financial inclusion: Highlighting the initiatives and technologies aimed at expanding access to financial services for underbanked populations, promoting economic growth and social empowerment across the MENA region.
- RegTech: Exploring the growing role of regulatory technology in the MENA context, helping financial institutions navigate complex compliance requirements and foster trust in the rapidly evolving FinTech landscape.
By contextualising the global FinTech landscape through a MENA lens, this innovative glossary empowers individuals and organisations to stay informed and take advantage of the transformative opportunities offered by the FinTech sector. As the MENA region continues to evolve as a hub of innovation, this resource will serve as an essential companion for all those seeking to engage with the exciting world of FinTech in this dynamic and diverse part of the world.
Kareem Refaay, Managing Director of LIBF MENA commented, “We are excited to introduce the MENA Fintech Glossary, a groundbreaking initiative tailored to the unique needs of the Middle East and North Africa region. As the Managing Director of LIBF MENA, I understand the challenges professionals face when navigating fintech jargon. This comprehensive glossary provides clear explanations and relevant examples, empowering individuals and organisations to embrace fintech opportunities in our thriving innovation ecosystem. We extend our gratitude to the expert team who made this invaluable resource possible.”
For more information and to explore the LIBF MENA FinTech glossary, please visit https://mena.libf.ac.uk/2023/09/14/libf-mena-fintech-glossary/
About LIBF MENA
With its roots in the City of London, LIBF is a professional body with a 140-year heritage – providing tailored education to support those working within the banking and finance sector all around the world.
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