In May 2023, McKinsey & Company released a report titled “Fintech in MENAP: A Solid Foundation for Growth” (hereinafter referred to as the “Report”). The Report points out that growth in the fintech sector of the Middle East, North Africa, and Pakistan (MENAP) has been robust in recent years. The fintech ecosystem in the region is increasingly diversified, with each country showing its own unique characteristics in fintech development. The Report believes that sustained momentum of regional fintech prosperity necessitates concerted efforts between enterprises and governments to increase financial support for the sector, enhance regulation and market coordination, and bolster technology and leadership training. Excerpts from the main content of the Report are provided for reference.

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