Riyadh – Mubasher: Issam Abu Sulaiman, Regional Director for the GCC countries at the World Bank, stated that transactions worth more than $2.70 billion are being traded on a daily basis through mobile applications.
Abu Sulaiman highlighted that Africa topped the continents using smart financial technology (fintech) with over $650 million traded daily.
Moreover, the regional director noted that the usage of fintech has developed dramatically during the COVID-19 pandemic, which lasted for two years. He also underlined that the lower costs and accessibility of fintech helped in eliminating any obstacles between long distances.
In line with the huge and tangible development in fintech, over 140 million women worldwide are able to open bank accounts, which was not available before, according to Abu Sulaiman.
Additionally, he elaborated that the World Bank aims to immerse itself more in smart fintech and reduce dependence on traditional methods of financial transactions.
The bank official urged to involve the poor classes and the informal economy around the globe in using fintech and exploiting their mobile phones to save, transfer, and circulate money.
Abu Sulaiman also called on lawmakers to facilitate the establishment and modernisation of companies that rely on fintech rather than traditional financial institutions.
His statements came during the World Fintech Show, which kicked off today, 5 December, in Saudi Arabia’s capital Riyadh at InterContinental Riyadh.
The two-day event seeks to redefine and re-energise financial services by deploying the most effective technologies.