IIA Doha chapter holds event on Fintech landscape in MEA region

The Institute of Internal Auditors Doha Chapter recently conducted a webinar on Fintech landscape in the Middle East and Africa region.
Mohamed Roushdy, the speaker, is a multi-faceted information technology professional with over 20 years of extensive experience as chief information officer (CIO) in leading organisations in GCC.
Roushdy is nominated as one of the top 50 CIOs and top 50 digital leaders. He regularly speaks at regional and international conferences about Fintech, Proptech, and disruptive technologies.
Roushdy took the audience through Fintech history, evolution, and disruptive ecosystem. Digital banking started with ATMs in 1960, the Internet in 1980, e-banking in 1990, CCDMs in 2000, and smartphones in 2007.
Fintech startups complement banking services and integrate with banks for Financial aggregation, Mobile CRM, and Big data analytics/scoring. Digital banking technology enablers are Cloud, Social, AI, Biometric, Mobility, IoT, Cryptocurrency, DLT, etc.
FinTech has been gaining traction in the Arab World, with more FinTechs emerging yearly. Some 349 FinTech solutions by 326 unique FinTech providers were identified. Of those FinTechs, 44% of solutions fall under the payments and remittances category, and 43% have a financial inclusion aspect.
Most identified active FinTech solutions adopt a business-to-consumer (B2C) delivery model, followed by business-to-business (B2B). Limited business-to-business-to-consumer (B2B2C) solutions are available due to revenue cycle challenges.
"Despite good digital skills, the Arab World lags behind the global average in digital payments," said Roushdy.
Answering question from a participant, Roushdy said, "Qatar's excellent infrastructure, a favourable macroeconomic environment, and good levels of health and primary education are the country's strengths.
“Though Fintech initiatives started a little late, it is catching up by partnering with fintech firms operating mainly in Europe and India, while the government is also financing startups at home. It invests in cyber-security, data analytics, and digital access."
Sundaresan Rajeswar, IIA Board Member coordinated the event and handled the Q&A session.
Girish Jain, seminar chair, welcomed the gathering, Muralikrishna provided technical support and Aisha Rafique was the liaison with the speaker.