Building Fintech Ecosystems | Inside MENA with Nameer Khan

Gaurav Dhar (0:00)

On this episode of FUMO, we have with us in the studio today Mr. Nameer Khan. As the chairman of the MENA Fintech Association, he's going to share with us personal insights onto how he built the association, his challenges, what motivated him. Along the way, we'll also talk about some very important topics when it comes to the fundamental building blocks of Fintech and founders in the region. What qualities do people seek? What have we seen as trends that are coming up in the industry over the years to come? As usual, we dive in deep with my partner in Podcast Crime, Mr. Ronit Ghose and my friend Nameer Khan. A big shout out to our sponsors, Aquanow and XVC, and a mention to our community partners, the MENA Fintech Association and of course CFTE.

Ronit Ghose (0:58)

Nameer, welcome.

Nameer Khan (1:00)

Thank you for having me.

Ronit Ghose (1:01)

Nameer Khan, chairman of the MENA Fintech Association, founder of Phil's Sustainability Podcast, and what else is in your distinguished CV, Nameer?

Nameer Khan (1:12)

On the board of a university.

Ronit Ghose (1:13)

Oh, Professor Khan.

Gaurav Dhar (1:16)

It is Professor Khan.

Ronit Ghose (1:17)

Professor Khan.

Gaurav Dhar (1:18)

It is, yeah. You joke, but...

Ronit Ghose (1:21)

I don't joke about these things.

Gaurav Dhar (1:23)

Social sciences, is that right?

Ronit Ghose (1:26)

So you're teaching the kids the future of fintech or...

Nameer Khan (1:29)

Honorary professor.

Ronit Ghose (1:30)

Honorary. The honorable.

Gaurav Dhar (1:32)

Ben which university?

Nameer Khan (1:33)

You have to tell us. Edinburgh Business School.

Ronit Ghose (1:36)

Awesome. The honorary Professor Khan. So, MENA Fintech Association. Why does the region need a fintech association? What is fintech in this region?

Nameer Khan (1:48)

So, why does the region need the association? Takes me back to the initial starting days. There was a gap. A clear gap. Innovation was happening. Regulators were trying to innovate and wanting to innovate. But there was no platform for them to be together and to have a conversation on the same table. That was massively missing. That was the first gap. Second was that if you are trying to build an industry, which today is one of the fastest growing industries, and Fintech in this region is surpassing growth rates of Fintech in other markets, it is primarily because of the opportunity over here. Number two is that if the regulators would want to establish an ecosystem where industry needs to mature, it has many other components to it, Ronit. Components such as not just regulation, academia, do you have enough talent that is going to be there to feed the growth of the industry? Third is going to be in terms of, is there a platform where these innovators can come together and share their thoughts and insights? Like today, all of us are doing it today. Fast forward if you look at it, that's what we're doing.

You had to get this neutral platform that gives equal opportunity to every single player in this industry. And that was the intention.

Ronit Ghose (3:17)

And Fintech in the region, tell us more about that. What are the key drivers? How is it different? You said it's growing faster than in other parts of the world. Tell us more about that.

Nameer Khan (3:27)

So my perspective is we have seen the growth of this industry from the past eight years to where it is today. You have seen this region leapfrogging. Leapfrogging in terms of number one pace. Leapfrogging in terms of regulations, which came later on in the stage, right? Fintech in the region, why has it been successful? The adoption. And adoption is again on multiple facets. It's like a layer. First layer is regulators understanding the opportunity. That's one. Second is consumers demanding that. Because you cannot change that. The common thread between all the consumers all over the world remains the same. Gen Zs, or the Alphas, or the Millennials, or the Boomers, everyone has a certain way of operating. There may be cultural nuances that may be there, but the base foundational requirements remain the same. So, that was changing. So requirement for ease, access, convenience, transparency, affordability and being able to have delightful experiences across different verticals, thanks to the lights of the Careens of the world, or the Oobas of the world, the booking.com, the Airbnbs. We had that revolution of these technology companies that changed our perception of convenience.

And that leads us again to the same conversation that we all have had multiple times. That experience is fluid. Experience of one industry leads to the other industry. And financial services is one of the most, I would say, the most frequently used sectors in our daily lives.