Within the framework of the Arab Monetary Fund’s eagerness to enhance knowledge of the ecosystem of Fintech industry in the Arab region, the Arab Monetary Fund launched, in cooperation with members of Arab Regional Fintech Working Group, the second edition of the Arab Region Fintech Guide which followed the issuance of the first version of it in August 2020.
The second edition of the Arab Region Fintech Guide aims to be a gateway to learn about Fintech industry in the Arab countries and the related legislation. Also refers to the regulatory and supervisory provisions and procedures, licensing requirements for companies, the sectoral distribution of companies licensed to engage in Fintech activities, in addition to introducing the regulatory authorities responsible for the industry and their role within the Arab countries. The guide reviewed the incubating ecosystem for Fintech industry, its centers, business accelerators, and the activities and initiatives of Fintech industry existing in number of Arab countries.
The second edition of the Arab Region Fintech Guide is identifying the Fintech ecosystem in ten Arab countries, namely the Hashemite Kingdom of Jordan, the United Arab Emirates, the Kingdom of Bahrain, the Kingdom of Saudi Arabia, the Republic of Sudan, the Sultanate of Oman, the Republic of Iraq, the State of Kuwait, the Republic of Lebanon, and the Arab Republic of Egypt, compared to four pilot countries in its first edition released in August 2020 edition. It is reported that the guide is prepared according to the responses of Arab countries received from an annual questionnaire sent to Arab central banks. It includes the legal and regulatory frameworks for Fintech activities in the Arab countries.
On this occasion, His Excellency Dr. Abdulrahman Al Hamidy, Director General Chairman of the Board of Directors of Arab Monetary Fund, indicated that the second edition of Arab Region Fintech Guide comes to emphasise the great interest that Arab Monetary Fund, central banks and Arab monetary institutions attach to promoting the Arab Region Fintech industry, expressing his hope that the third edition would include all Arab countries. His Excellency also emphasised the increasing interest shown by their Excellencies, governors of Arab central banks and monetary institutions, in the various activities of the Arab Regional Fintech Working Group, and the prominent role it plays as a platform for dialogue, knowledge transfer and exchange of experiences and expertise among Arab countries in this field.