The Arab Monetary Fund launched the Index of Modern Financial Technologies in the Arab countries called the FinxAr.
The index sheds light on the developments in the financial technology industry and digital financial services in the Arab countries during the period (2018-2020).
The annual index aims to identify the efforts of Arab countries in enabling and promoting fintech adoption.
It also contributes to setting a vision for the modern financial technology industry in the Arab countries and how to support the fintech ecosystem, in order to help formulate national policies to strengthen the industry in Arab countries in the future, where they harness potential opportunities and mitigate related challenges.
The general index for fintech in the Arab region (FinxAr) consists of six main indices that represent the main pillars of the fintech ecosystem, including policies and legislation, the demand side, access to finance, financial markets infrastructure, talent development to support innovations, and finally collaboration and partnerships.
FinxAr index is considered the first of its type in terms of its dimensions and domains of countries’ interventions and monitoring their efforts to enhance national Fintech ecosystem.
The general index scored 43%, and the indices for talents, and collaboration & partnerships came in the forefront with 50% and 49% respectively, then the demand side and policies & regulations indices by 44% each, while the results highlighted the need to pay attention to the pillars of financial market infrastructure and finance, as they scored 39 percent and 18 percent, respectively.
The results showed that the United Arab Emirates ranked first among the Arab countries in the general index with a percent of 75% while the Kingdom of Saudi Arabia came in second place with a rate of 65% and the Kingdom of Bahrain coming in at third place with 64%. The general index scores 43 percent for 2020.