The firm has put its expansion strategy into action today through its newest office extension in Dubai Silicon Oasis, alongside plans to double its current MEA regional teams within the next 6 months.
The move from Fidor seems clear as data from McKinsey suggests the Middle East is fast becoming a global leader in digitalisation. The region recently overtook the United States, now holding more than 100 per cent smartphone penetration and over 70 per cent media adoption.
“Dubai is the natural next step for us at Fidor, especially because of the region’s growth within ecommerce, payments and its overall digitisation,” said Matthias Kröner, founder and CEO of Fidor.
“As we continue to grow and thrive, I only expect more great things as we expand across more borders and into new regions and markets.”
The provider is now looking towards also extending its availability across Africa, in response to the financial needs of diversed population leveraging via its FidorOS platform.
Fidor has said it is committed to contributing to the MEA region’s growth through increasing local employment and sourcing new talent, as well as supporting the regional economy.
Gé Drossaert, group CCO at Fidor said, “The growth of our UAE office aligns with our long-term strategy for global expansion. In addition to our ambition to excel within digital banking solutions that are relevant to customers, we’re conscious of our impact on the way we will bank in the future.”
Since the initial launch of its Dubai office, the provider has experienced rapid growth and high demands from banks wishing to offer digital options to consumers. It signed a partnership agreement with Abu Dhabi Islamic Bank in 2016, helping the bank to launch its first digital brand.
