The Latin America, Middle East and Africa Fintech-as-a-Service Market would witness market growth of 20.2% CAGR during the forecast period (2022-2028).
Fintech-as-a-Service streamlines financial operations by automating them, doing away with tedious paperwork, and minimizing human involvement. Working hours are freed up for other worthwhile duties due to robotic automation. Streamlined processes, detailed document analysis, and speedy outcomes were the result. Businesses may dramatically cut the turnaround time for the entire financial process and enhance the customer experience by incorporating Fintech-as-a-Service.
Rapyd, a FinTech payments and banking services company with headquarters in London, has experienced rapid expansion recently. The business provides subscribers with complete financial management, money transfer, and payment services using a single, scalable, and Application Programming Interface (API). The API serves as a link between cutting-edge technology and antiquated systems. The rapid expansion of Rapyd is evidence of the widespread acceptance of Fintech-as-a-Service.
FinTech firms have the agility, quickness, and skill to seize the benefits of emerging technology and turn them into the new services that consumers now need. Recently, researchers have grown more and more interested in the FinTech industry. As a result, FinTech has enormous potential for promoting financial inclusion and preventing it. It would be difficult to succeed in this market due to the fierce competition among present suppliers, leaving current and future suppliers no choice except to work together.
Fintech solutions for healthcare, healthcare verticalization, and changes in how and where individuals pay for healthcare are all topics of growing interest in the area. The growth of e-commerce, the acceptance of digital payments, growing investments in blockchain technology, and the effects of COVID-19 are all expected to have a significant impact on the market. When it comes to fintech, Dubai and Bahrain are the most developed nations in the region. For instance, IBM and Dubai's AI Roadmap collaborated to establish the first AI lab ever. This collaboration has tapped into the power of machine learning and AI for services and experiences related to civic and governmental functions.
The Brazil market dominated the LAMEA Fintech-as-a-Service Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $14,343.2 million by 2028. The Argentina market is experiencing a CAGR of 20.9% during (2022 - 2028). Additionally, The UAE market would display a CAGR of 19.9% during (2022 - 2028).
Based on Technology, the market is segmented into Blockchain, API, Artificial Intelligence, RPA, and Others. Based on End Use, the market is segmented into Insurance, Bank, Financial Lending Companies, and Others. Based on Type, the market is segmented into Payment, Fund Transfer, Loan, and Others. Based on Application, the market is segmented into Compliance & Regulatory Support, KYC Verification, Fraud Monitoring, and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Fintech-as-a-Service Market is Predict to reach $681.6 Billion by 2028, at a CAGR of 16.9%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include PayPal Holdings, Inc., Mastercard, Inc., Upstart Network, Inc., Block, Inc., Envestnet, Inc., SoFi Technologies, Inc., Rapyd Financial Network Ltd., Solid Financial Technologies, Inc., Synctera Inc., and Railsbank Technology Ltd. (Railsr).
By Technology
By End Use
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