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During the FMLS:25 summit held in December 2025, fintech strategist Jas Shah addressed the pressing issues facing digital banking in the Middle East and North Africa (MENA). Shah emphasized that the core challenge is less about the demand for digital services and more about the infrastructural limitations that banks in the region face. His insights are crucial as they highlight the gap between technological advancements in banking and the existing financial infrastructure, which has significant implications for regional economic growth and competitiveness.
The MENA region’s digital banking sector is at a pivotal moment, where traditional banking models are being challenged by the need to engage younger, tech-savvy customers. These customers are accustomed to seamless, mobile-first banking experiences prevalent in other parts of the world. However, banks in MENA are still transitioning from conventional internet banking to advanced mobile platforms. This lag presents both a challenge and an opportunity for financial institutions looking to capture the attention and loyalty of a younger demographic.
Shah, who has a robust background in financial services product development, highlighted the need for a strategic approach to stablecoins, an emerging digital currency pegged to stable assets like fiat currency. During discussions at the summit, he advised brokers to start with customer-centric strategies. Understanding consumer behavior and preferences is vital for developing viable stablecoin-related products. Shah suggested direct engagement with customers to understand their perceptions and concerns regarding stablecoins, thus crafting solutions that meet market needs.
Regulatory clarity, or the lack thereof, remains an obstacle for the adoption of stablecoins and digital banking solutions more broadly in the region. Shah pointed out that regulations around Know Your Customer (KYC), Anti-Money Laundering (AML), and fund segregation continue to pose challenges. He expressed optimism that as digital adoption grows, regulatory frameworks will evolve to better accommodate these innovations. However, until then, financial institutions must navigate a complex legal landscape that could hinder swift implementation and scaling of digital banking services.
The summit also explored the convergence of banking, investing, and fintech, with Shah providing insights into how digital banks are evolving. He noted that institutions like Revolut symbolize this shift by integrating retail investing with banking services, thereby creating a more comprehensive financial ecosystem for users. This convergence suggests a future where digital banks could transition from merely platform users to providers of “investment-as-a-service,” leveraging their technology to offer investment platforms themselves.
In discussing the broader implications, Shah highlighted how digital banking is no longer just an accessory to traditional financial services but increasingly forms the backbone of the modern financial ecosystem. As regulatory environments adapt and neobanks expand their offerings, the role of fintech as a fundamental component of financial infrastructure becomes more pronounced.
In addition to his strategic insights, Shah’s contributions to fintech literature were recognized during the summit. His essays in “Fintech Under the Hood” provide in-depth analysis and foresight into industry trends, blending technical knowledge with a storytelling approach that resonates with both industry professionals and casual readers. This narrative approach reflects a broader shift in fintech discourse—from merely highlighting disruptions to detailing the construction of robust digital infrastructures.
The MENA region’s journey towards fully integrated digital banking is fraught with challenges, but also brimming with potential. As banks race to modernize their infrastructure and engage a new generation of consumers, the insights shared by industry experts like Shah will be instrumental in guiding strategic decisions. The ongoing transformation of digital banking in MENA will likely have profound implications for both regional and global financial markets, setting a benchmark for how emerging markets can harness digital innovations to spur economic growth.
