Islamic fintech is primed for growth in 2022

Fintech’s ability to maintain consistently high growth demonstrates the long-term scalability of the sector. Challenger banks have demonstrated how technology can be leveraged to enhance the delivery of financial services for consumers, investors, and banks. While these challenger entities command a growing market share, big banks are also embracing the advantages of digital transformations to ensure they can meet the changing demands of their clients.​

Core to fintech’s success has been its rate of adoption. In 2020, the global adoption rate for fintech products was 64%. Importantly, uptake has not been confined to one specific region or sector; rather, adoption rates have been notably high in both advanced and emerging markets.

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