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Islamic Fintech 2020
It is based on a survey with 180 companies worldwide across five categories: fintechs (50%), ecosystem players such as incubators and accelerators (22%), service providers such as law firms (16%), financial institutions (8%), and investors (4%), Elipses Co-founder and Principal, Abdul Haseeb Basit told Salaam Gateway.
Peer-to-peer and crowd funding, the largest area to date, is set to remain so, with challenger banking seen as a significant growth area, said the report. The three other expected top growth sectors for next year are block chain/crypto, robo-advisory/personal finance management, and lending.
In terms of growth regions, 39% of respondents picked Southeast Asia as the one presenting the biggest growth opportunity for Islamic fintechs over the next 12 months. This is a key finding considering 88% of respondents are based outside the region. The biggest group, at 38%, is based in the UK, followed by 28% from the Middle East, 14% from Other Europe, 6% from North America and 2% from Other Asia. The Middle East is the second biggest expected growth region, as chosen by 31% of respondents, followed by 16% who picked the UK.