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Fintech

Lebanon is the region’s third most advanced fintech startup ecosystem, with the population quickly adapting to financial technology innovations. The Lebanese ecosystem has witnessed a surge of fintech companies that are competing on the global market.

 

KEY FACTS AND FIGURES:

 

  • Lebanon hosts 14% of the region’s fintech startups and is the 4th most served market by fintech companies.
  • In 2017, 54% of people with a bank account have adopted digital banking in Lebanon.
  • In 2016, Lebanon ranked 2nd in the region for the percentage of people who only used mobile banking.

 

COMPETITIVE ADVANTAGES:

 

  • Strong and Supportive Banking System: Lebanon ranks 45th worldwide on the Soundness of Bank’s ranking along with Lebanese banks that have started to adopt financial innovations (PinPay and Tap2pay).
  • Highly skilled and multi-lingual labor force: Lebanon ranks 18th worldwide for the Quality of its higher Educational System and 4th for the quality its Math and Sciences Education.
  • Competitive labor cost: the average wage of software engineers is 27% less than in the GCC and 55% less than in selected developed economies.
  • Booming regional market for ICT services: Lebanon’s access to expanding regional markets presents significant opportunities for ICT companies to serve the region.
  • Enabling Infrastructure: Companies operating out of Lebanon can benefit from an adequate infrastructure and an enabling business environment:
    • Fixed broadband penetration rate ≈ 25.6% in 2016the highest amongst the Levant countries and other MENA economies.
    • Mobile broadband penetration rate ≈ 53.5% in 2016, up from 43% in 2013.
  • A thriving supporting system: with the proliferation of incubators and business development centers and the increase of financial support by the government and international institutions.

 

INVESTMENT OPPORTUNITIES:


  • Insurtech: The market has recorded a penetration rate of 3% in 2016, positioning the country in high rankings globally and regionally with 52 companies operating in the sector.
  • E-payment: The market comprises 7 payment providers offering fast and innovative payment methods which enables fintech start-ups to bring new techniques.
FINTECH FACT BOOK 2018
Get in Touch
Lazarieh Tower, 4th Floor, Emir Bechir Street, Riad El-Solh Beirut, Lebanon, P.O.Box 113-7251
Phone
+961 1 983306
Fax
+961 1 983302