Latest news with #Abbondandolo
TECHx
23-05-2025
- Business
- TECHx
MENA 2025 Digital Commerce Sees Rapid Growth: Report
Home » Emerging technologies » Fintech » MENA 2025 Digital Commerce Sees Rapid Growth: Report has revealed key insights in its fifth annual report on digital commerce across the Middle East and North Africa. The report, The State of Digital Commerce in MENA 2025 – Trends That Matter , highlights the region's shift toward digital payments and e-commerce. According to the report, the MENA region continues to rank among the most advanced globally in technology adoption and consumer appetite for digital solutions. Emerging technologies are accelerating economic transformation in the region. Over the past five years, daily online transactions have increased by 139%. reported a 626% surge in total processing volumes in MENA since 2020. Year-on-year growth stands at 78%. This growth reflects changing consumer behaviour. Digital platforms are now the default choice for many. Food delivery dominates online spending, with a 47% share Clothing and fashion follow at 38% Beauty products and electronics each capture 34% Consumers are increasingly using digital platforms for daily purchases. The UAE has seen a 388% year-on-year growth in Account Funding Transactions (AFTs), reflecting a sharp shift toward real-time payouts. noted that 61% of MENA consumers plan to increase online shopping next year. Sectors expected to benefit include travel, food delivery, and retail, along with government and public services. Cash-on-delivery usage has dropped by 60% since 2020. This shows a clear move toward digital convenience. Remo Giovanni Abbondandolo, General Manager, MENA at reported that MENA is not just keeping up—it is leading global digital commerce trends. The report also revealed strong fintech adoption. About 43% of consumers in the region use apps or digital wallets to send money weekly. Meanwhile, 62% are using fintech platforms for investment and wealth management. Artificial intelligence is reshaping shopping habits. 45% of consumers have used Generative Chat tools for shopping 53% have used Visual Search AI tools AI features like virtual try-ons and intelligent chatbots are becoming common. MENA consumers are more likely to engage with these tools than shoppers elsewhere. In-store shopping is also evolving. About 37% of MENA consumers check online for better deals while browsing in physical stores. Retailers are responding by integrating digital tools like QR codes and augmented reality. Trust in digital commerce now depends on peer reviews and social proof. Consumers rely on third-party feedback as much as brand reputation. However, online fraud remains a growing concern. Since 2023, reported victims of online fraud in MENA have increased from 33% to 49%. stated that advanced security measures such as machine learning, real-time detection, and behavioural biometrics are helping to counter these threats. Abbondandolo emphasized that payment performance now plays a critical role in customer experience and business success. The company has been tracking e-commerce trends in MENA for five years. The latest report offers a detailed analysis of the region's 60-month digital transformation.
Arabian Business
13-02-2025
- Business
- Arabian Business
Powering MENA's digital future: How UK fintech is driving transformation
As nations across the Middle East accelerate their digital transformation, the demand for advanced financial systems has never been greater. Governments in the region, led by initiatives such as Saudi Vision 2030 and ' We the UAE 2031 ' vision, are driving cashless payments and real-time financial solutions. This shift creates opportunities to build interconnected financial ecosystems. The UK, home to Europe's largest fintech sector, has emerged as a natural partner in this transformation. With over 2,500 fintech firms supported by a collaborative regulatory framework, the UK combines innovation with world-class expertise to deliver solutions for regional needs. The UK's regulatory environment fosters fintech innovation while ensuring financial stability. It has established global best practices in areas such as open banking, payment security, and digital identity verification. These frameworks support the advancement of financial infrastructure in the Middle East, providing the security and compliance measures necessary for sustained growth. UAE seeks to explore increased collaboration with UK's fintech sector In 2025, the UK will launch its new 10-year Industrial Strategy, which will enable the UK's already world-leading sectors, such as financial services, to continue to adapt and grow. Built to offer long-term certainty, the strategy will reinforce UK businesses as innovative and reliable partners for international businesses. UK fintech companies are enabling secure digital payments, reducing fraud, and fostering financial inclusion across the Middle East. These firms are not just providing technology—they are contributing to the region's transition to smarter, more efficient financial systems aligned with ambitious economic goals. Transforming payments in MENA One example of how UK fintech firms are providing solutions is a key enabler of MENA's digital payment revolution. Headquartered in London, the company operates across the MENA region with dedicated offices in Dubai and Riyadh, offering a payments platform to process transactions, manage card programs, and send payouts seamlessly. 'Payments are the lifeblood of modern businesses,' says Remo Giovanni Abbondandolo, General Manager for MENA at 'The Middle East is rapidly advancing toward a digital-first economy across key sectors, and we are proud to deliver solutions that not only set the pace but also enhance payment performance. Our innovative tools empower merchants to optimize their operations and unlock greater efficiency and growth through seamless payment experiences.' 'Since 2020, MENA has witnessed a 658 per cent increase in digital payment volumes in the Middle East, with a 78 per cent year-on-year rise between 2022 and 2023,' adds Abbondandolo. is dedicated to enhancing performance for merchants, and its collaboration with Tamara, a MENA-based fintech, is an example. In just one month, reduced Tamara's failed transactions from 300,000 to 1,600, significantly boosting reliability and efficiency. During a pilot program, it optimized two million transactions, leading to 40,000 additional payment captures and generating $2 million in extra revenue. This partnership highlights focus on delivering seamless payment performance and driving tangible results for its merchants. Driving digital growth The rapid growth in e-commerce across MENA has created fertile ground for digital payment solutions. Since 2020, the number of consumers engaging in e-commerce weekly or more has increased by 56 per cent. In Saudi Arabia, weekly online shopping surged by 180 per cent, while the UAE and Kuwait saw a notable 140 per cent rise. In 2024, partnered with Visa to introduce a seamless cross-border funding solution designed to transform digital transactions across various sectors in the UAE. This collaboration demonstrates the potential of advanced payment technology in creating efficient and accessible solutions. Another example is partnership with Stake, which leverages Visa Direct's cross-border Account Funding Solution to facilitate investments in real estate, as well as supporting the remittance business, fintech, and digital wallets. This first-of-its-kind regional initiative streamlines transactions across these industries, revolutionizing how businesses and individuals interact with the digital economy. Collaborating for financial innovation success reflects the larger story of UK fintech firms partnering with Middle Eastern businesses to build future-ready systems. With a supportive ecosystem and world-class expertise, the UK is working with the region to foster financial inclusion and embrace cutting-edge technologies. This is part of a wider trend, with the UK recognised as a global leader in fintech innovation. From digital payments and fraud prevention to AI-driven financial management and next-generation banking solutions, UK fintech firms are making financial services more efficient, secure, and accessible. Their ability to combine global expertise with local market insights has strengthened their role in supporting the region's financial future. As the Middle East accelerates its shift to a digital economy, the UK's fintech expertise is advancing regional growth and reshaping financial ecosystems. These partnerships reflect a shared commitment to innovation and economic transformation.
