- Liquidity risk and operational risk are expected to increase in 20121
- 77% of FinTech respondents plan to implement changes to their business models within 12 months
DUBAI, UAE: Várri Consultancy, a specialised Dubai-based consultancy focused on strategy and risk assessment, announced today the findings of its first comprehensive “UAE FinTech survey 2021”, which surveyed over a hundred leading companies within the FinTech sector to assess the levels of risks.
The UAE is leading the FinTech market in the Middle East and North Africa region, which is estimated to top USD 2.5 billion by 2022. The study revealed that as the UAE FinTech industry continues to grow, over 60% of respondents believe that greater risk and uncertainty lie ahead, compared to a year ago. The primary risk drivers include supply chain disruptions, liquidity risk, IT and cyber risk. Underscoring specific threats, more than half of the respondents said their company had been the subject of a cyber-attack in the last year, which in most instances resulted in financial liability and direct revenue loss.
Neither country risk nor inflation was perceived as having any material impact, reflecting the level of trust…
