UAE - Mubasher: The UAE has been placed in the first position on the Index of Modern Financial Technologies in the Arab Countries (FinxAr) with a 75% rate, according to the Arab Monetary Fund (AMF).
The index reflects the UAE's efforts to improve various fintech activities, adopt the latest financial technologies, enhance financial awareness and education, and provide financing to support innovation.
Launched by the AMF, the FinxAr aims to focus on the developments of the financial technology industry and digital financial services in the Arab countries during the 2018-2020 period to promote the fintech industry and digital financial transformation.
The FinxAr assesses the Arab countries based on six main indices, comprising policies and legislation, the demand side, access to finance, financial markets infrastructure, talent development to support innovations, and collaboration and partnerships.
Saudi Arabia ranked 2nd in the FinxAr with a rate of 65%, followed by Bahrain with 64%, Tunisia with 55%, and Egypt with 52%.
