THE ARAB MONETARY FUND LAUNCHES “FINXAR” A REGIONAL FINTECH INDEX TO TRACK THE DEVELOPMENT OF THE FINANCIAL TECHNOLOGY INDUSTRY IN THE ARAB COUNTRIES.
The general index scores 43 percent for 2020.
The United Arab Emirates is at the top of the Arab countries in the general index, with an average of 75 percent.
The index reflects the interest and efforts of the Arab authorities in the past year towards improving opportunities for the growth and employment of financial technologies and the improvement of the digital financial services environment.
Today, on the Arab Day for Financial Inclusion, April 27, 2021, Arab Monetary Fund launched the Index of Modern Financial Technologies in the Arab Countries (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 launch of the index comes within the Arab Monetary Fund’s efforts to support Arab countries in promoting Fintech industry and digital financial transformation in a way that serves to enhance inclusiveness, financial stability and opportunities to achieve sustainable development.
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.