FTFT Capital, also referred to as “Future FinTech,” is a leading blockchain-based e-commerce business and a fintech service provider. Ola J. Lind, Director, at FTFT Capital, speaks to The Integrator about the pace and prospects of growth within the fintech space in the Middle East.

Congratulations on becoming the UAE Ambassador for the Global Blockchain Business Council 2022. Could you tell us more about the news?

As one of the three GBBC ambassadors representing the UAE, alongside Sheikh Zayed Al Nahyan and Makki Ibrahim, I am truly honored to be a part of the Global Blockchain Business Council this year. I am confident that I will help the organization achieve its overall goal and create a positive impact through my contributions and guidance.

According to you, what are the pace and prospects of growth within the Middle East’s fintech space?

I believe the FinTech industry in the Middle East is growing at a fast pace; Across the region, within 2022, estimates predict 465 fintech companies in the Middle East will raise more than two billion dollars in venture capital investment, compared to the over $80 million raised by 30 FinTech in 2017.

Much of the region’s investment has moved to some of the more active fintech industries. Payments and remittances start-ups, regtech, online lending, digital banking, insurtech, crowdfunding, blockchain, and cryptocurrency enterprises seem to be the most emerging sectors in the region. Nonetheless, the bulk of investment continues to go to the payments industry: around 85 percent of fintech businesses in the Middle East and Africa region operate in the payments, transfers, and remittances space.

Further growth prospects are promising within the Middle East due to an ecosystem conducive to new financial alternatives, an ecosystem where the government is at the center of efforts to drive innovation as part of a more extensive remit, and an ecosystem particularly interested in attracting international talent as a means of stimulating innovation domestically. Additionally, the demographics of the area and its geographic position as a “gateway” linking East and West support fintech development and growth.

Is there any specific Cryptocurrency you are personally enthusiastic about?

I think the entire crypto world is fascinating and can change the world. Though we’ve been exposed to cryptocurrencies for a while now, we are just getting started. There is a lot more to discover and a long way to go. I am specifically more drawn to Filecoin. I have reasons to believe that the technology backing it has the power to potentially revolutionize several industries in the future.

What advice would you give to people investing or looking to invest within Cryptocurrencies?

People need to learn about different types of currencies and what each currency represents, after which they will be able to make an informed decision on where to invest. Secondly, it is beneficial to use readily available software, apps, or other technologies once you’re trading to monitor financial markets and get relevant insights about industries. That being said, Solana and Filecoin are of interest to me.