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FinTech Strategies in the GCC: Developing a Growing FinTech Ecosystem – A GCC Perspective

FinTech Strategies in the GCC: Developing a Growing FinTech Ecosystem – A GCC Perspective
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Author(s): Konstantinos Tsanis (Hult International Business School, UAE)
Copyright: 2020
Pages: 19
Source title: Entrepreneurial Innovation and Economic Development in Dubai and Comparisons to Its Sister Cities
Source Author(s)/Editor(s): Heather C. Webb (Dubai Men’s College, UAE) and Hussain A. Al Numairy (Dubai Men’s College, UAE)
DOI: 10.4018/978-1-5225-9377-5.ch004

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Abstract

The Gulf states, attempting to diversify their economies, have focused largely on transforming their economies. Part of their transformation focus areas is the technology sector. FinTech is a generic term used for all financial technology developments, and has gained a lot of traction in the recent years. As Financial services is one of the main sources of GDP for the GCC states, the GCC governments have focused in promoting the FinTech entrepreneurship spirit, through different initiatives. In the chapter, the authors analyze the FinTech ecosystem development mode for all the GCC countries, focusing on understanding the reason that have made it one of the most successful FinTech ecosystems globally.

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