Singapore-based FinTech platform Nium is expanding into the Middle East, the company announced on Monday (Oct. 5).
Ayoub Jemail has been assigned the role of general manager of business development for the region, the company stated in the announcement on its website.
Citing data from the nonprofit Milken Institute, Nium stated: “The Middle East has become a hotbed for FinTech activity and regulatory development, with several jurisdictions competing to establish themselves as the region’s FinTech hub in recent years. FinTech across the Middle East is also set to grow at a compounded annual growth rate of 30 percent, and expected to raise over $2 billion in venture capital funding by 2020.”
The company stated that it is expanding in the region, seeking new business and also looking to provide more support for existing customers, such as Mashreq Bank.
Nium got its start in global remittances, a space that has grown quickly despite the risk of fraud, especially as senders and receivers of money avoid brick-and-mortar locations due to COVID-19.
The new risks and heavier use of remittance systems have also led to rapid changes in regulations.
As for Jemail, Nium stated: “Based in Dubai and with nearly three decades of experience in the financial and technology space, Ayoub will be responsible for developing new business opportunities and further expanding Nium’s presence in the Middle East. Ayoub was most recently regional vice president of sales and business development at Transpay, a company recently acquired by Mastercard. Prior to joining Transpay in 2016, Ayoub was based in Ireland as regional sales director, [and in] Turkey, [the] Middle East, South Africa and Russia at Dell EMC.”
“Ayoub brings with him a wealth of experience in the FinTech industry and in working with global teams around the world. His in-depth market expertise, as well as track record of managing sales and leading multi-market global teams in the FinTech industry, are valuable assets for Nium,” Nium Co-founder and Chief Executive Prajit Nanu said in a prepared statement. “Ayoub’s strong winning attitude and personality will complement and enhance our ability to meet the needs of our customers as we deliver quality and innovative products through our expansion in the Middle East.”