This remarkable trajectory is backed by national strategies such as Saudi Vision 2030 and UAE Vision 2031. These programs place fintech at the center of economic diversification, financial inclusion, and the transition to cashless societies. The objectives are clear, and so are the expectations. Fintechs must launch fast, but also scale reliably and sustainably.
Yet the path forward is full of challenges. While growth potential is high, 73% of venture-backed fintech startups globally fail, often due to fragmented infrastructure, regulatory complexity, and high total cost of ownership (TCO) (Yahoo Finance).
Why fintechs need the right tech foundation
Across the Middle East, fintech companies are bringing real innovation to life, addressing unbanked populations, enabling mobile-first services, and digital payment experiences:
United Arab Emirates
Home to one-third of all MENA fintech investment, the UAE is a testbed for digital-first banking and super-app development. Astra Tech’s Botim fintech platform integrates telecom and financial services, wallets, cards, and embedded finance services. Botim is UAE’s first fintech to roll out Jaywan cards.
Saudi Arabia
Backed by sovereign funds and a progressive fintech sandbox, Saudi fintechs are scaling fast. Rasan, for example, has grown to serve 13.6 million customers and completed an IPO in 2024, aiming to raise $224 million (with a market cap of nearly $1.9 billion as of February 2025).
Iraq
Iraq’s fintech ecosystem is rapidly taking shape, with telecom operators, startups, and payment processors often playing dual roles. Three Iraqi fintechs were recognized in the Forbes Middle East Fintech 50, signaling Iraq’s growing role in the region’s payment landscape:
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ZainCash: Serves over 1 million users via 10,000+ cash-in/out agents and processed more than 35 million transactions in 2024.
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NEO Pay Iraq: Processed $509 million in 2024, with over 420,000 app downloads by year-end.
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NASS e-Payment: Recorded 452,000 active users, processed $417 million, and reached over 600,000 app downloads by December 2024.
These are real growth stories. But without the right payment infrastructure, scale becomes a liability.
Legacy systems are still holding back transformation
Although the Middle East is fertile ground for innovation, many traditional financial institutions in the region still operate on outdated core systems—inflexible architectures that are difficult to maintain and expensive to upgrade. Even minor changes often require time-consuming custom development.
The result?
In contrast, fintechs that adopt modern, API-first payment platforms gain a significant edge. They move faster, scale more easily, and deliver more value to users at a lower cost.
Way4: the digital payment platform powering fintech growth in the Middle East and beyond
At OpenWay, we help fintechs overcome infrastructure barriers and scale with control. Our Way4 platform is a cloud-native, event-driven, and modular system used by some of the most ambitious payment innovators across emerging markets.
Here’s what sets it apart:
Ready to build a future-proof fintech business? Way4 is that foundation: trusted, scalable, and built for the next chapter of fintech in the Middle East and globally.
