GCC Fintechs Challenge Banks in Digital Revolution
July 29, 2025
Across the Gulf Cooperation Council (GCC) states, a new generation of fintech start-ups are
challenging the dominance of incumbent banks and brokerage firms.
In an article for Global Finance, Mustafa Domanic notes that “Fintech competition is now a tangible
reality for banks in the GCC. What was once theoretical is now a boardroom concern. Banks
shouldn’t fear the migration of customers; it’s already happening. The winners will be those who
participate in the transformation, not resist it.”
He details how fintechs are leveraging innovative technologies to deliver faster, more user-centric
financial services — prompting banks to accelerate their own digital initiatives. He also examines
regulatory responses, the rise of digital banking licenses, and the importance of partnerships
between banks and fintechs to drive future growth and meet the region’s increasing demand for
seamless digital financial solutions.
Read the full article here.