Wednesday, December 4, 2024

Top 5 This Week

Business & Finance Trends to Watch

The financial technology (fintech) market is predicted to hit $1.5 trillion by the end of the decade, highlighting how important it has become in the business world.

Fintech already impacts a plethora of sectors and it is guaranteed to play an increasingly important role over the next few years.

Read on as we look at some key fintech trends to monitor in 2025 and beyond, starting with an unexpected development in the Middle East.

The UAE Embraces Gambling in Groundbreaking Move

The United Arab Emirates (UAE) made headlines in 2024 when they made gambling legal in order to reap the benefits of its vast potential as part of their efforts to diversify the economy. 

The UAE’s strong desire to become a premier destination for tourism has forced their hand, and it is poised to pay off in the long term.

Saudi Arabia and Qatar also have ambitious goals that could rival the UAE, but the Emirati ventured into a new area to give them an edge when they opened their doors to gambling.

The ongoing construction of the Wynn Resort in Ras Al Khaimah will house the first-ever land-based casino in the country.

The resort does not open until early 2027, but the UAE has already awarded its first commercial gaming operator’s licence to the project, officially embracing gambling and casino-style entertainment.

Online gambling looks guaranteed to follow down this regulatory pathway given that several platforms already operate under licence from overseas regulators.

Acquiring a licence from UAE authorities would give the best online casino in Dubai and other platforms the freedom to operate legally under the country’s governance.

This is undoubtedly an exciting development for fintech companies in the region, who would be able to offer their products to licenced gambling operators.

Blockchain Heads for the Mainstream in the United States

The term ‘blockchain’ often brings up images of cryptocurrencies or complex financial systems. Some people even consider it to be a bit suspicious.

However, blockchain technology is gradually making its way into everyday financial services and is on its way to becoming a key part of how people make daily transactions, especially in the United States.

Blockchain started as the backbone of crypto but could soon underpin more financial transactions as traditional finance (TradFi) embraces decentralised finance (DeFi).

The move could open them up to more crypto transactions, and it comes as the World Economic Forum predicts that 10 percent of global assets could be tokenised and stored safely on blockchain networks by 2027.

Blockchain was once seen as a threat to the established financial order, but it now offers exciting benefits to TradFi, making transactions faster, more secure and more transparent.

At its core, blockchain is also a digital ledger that records transactions across multiple computer networks and systems. Every transaction becomes a ‘block’ in a secure, unchangeable ‘chain’, with encrypted and time-stamped records that make it difficult to tamper with.

Among its many benefits, blockchain has real-time tracking features, making it a powerful tool against fraud and money laundering. It will also play an important role in spotting suspicious activities.

Fintech & Gaming Continue to Shape the Asian Market

Finance and gaming have always gone hand in hand, and that convergence has changed how people handle money and entertainment, especially in Asia.

Fintech has made it easier to manage money, and it now offers apps and other services that allow Asians to bank, invest and create budgets from the convenience of their mobile device.

Gaming has exploded across digital and mobile platforms, and it now reaches a wider audience across the continent than ever before.

These two industries are now crossing paths in ways that create new products that blend finance and gaming, and companies are capitalising on that synergy to break new ground.

One of the most exciting trends to emerge from the link between gaming and fintech is ‘gamification’, which adds game-link features to non-gaming contests, such as financial services. It’s a plan that tech companies use to engage users and make managing money fun.

Fintech and gaming are both built on technology, data and customer experience.

Companies in the industry use technology to create new financial services, while gaming firms use technology to create engaging experiences that keep players coming back for more. However, it also means they are both heavily regulated, especially when it comes to security and privacy.

Gamification has become popular in recent years, especially across Asia, thanks to its potential to draw more engagement.

In the financial sector, it can be a useful tool to educate customers about complicated financial concepts and encourage them to save and invest.

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