6 3
demand for credit and historically
high interest rates have created a
ripe environment for innovation in
the space. e impact from fintech
disruption is expected to be greater in
Brazil than in many other countries
because of its highly concentrated
banking sector. Another contributing
factor is the widespread smartphone use
in the country (60% penetration), which
facilitates the proliferation and delivery
of fintech products and services in the
country, as does growing internet access.
Meanwhile in the Middle East,
Dubai-based SOUQALMAL—which
means "money market" in Arabic—
is the fastest growing financial
comparison site in the region. Founded
by Ambareen Musa (above), Souqalmal
aims to provide consumers with greater
transparency as they compare banking,
insurance and education products.
e company plans to officially
launch its car insurance comparison
platform in the next few months.
We continue to see a lack of
infrastructure and regulations
surrounding fintech in our regions,
but these companies are proof that
progress is being made. ese four new
investments join our existing eleven
investments in the space tackling
everything from cryptocurrency to
insurance and peer-to-peer lending.
x Ambareen Musa
of Souqalmal
