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.
Strong and Supportive Banking System: Lebanon ranks 45th worldwide on the Soundness of Bank’s ranking along withLebanese 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 2016, the 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.
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 12 payment providers offering fast and innovative payment methods which enables fintech start-ups to bring new techniques.