FinTech in the Middle East

Abstract

The world is continuously developing, and the financial services industry is following suit. In this study, we'll look at the difficulties regulators face in adapting to emerging technological innovations, which are often coming from companies that are actually beyond the regulatory perimeter, by studying the products of the FinTech industry and their corresponding regulations in the USA and also providing an overview of regulatory sandboxes as well as RegTech. Furthermore, we argue about the pros and cons of FinTech and give our opinions about its future. FinTech advancements and the rapid development of innovative technologies in emerging markets such as the Middle East, combined with regulators' proactive role in establishing regulatory sandboxes, are laying the groundwork for a new set of futuristic laws critical for supporting the FinTech revolution. Therefore, we will closely examine how Middle Eastern countries and their regulatory bodies are responding to FinTech innovation, by illuminating the regulatory challenges they face and also offering some solutions.