Fintech is the new oil in the Middle East and North Africa, according to Forbes.

“In the Middle East, fintech will emerge as one of the strongest sectors of the economy. Saudi Arabia’s 2030 vision, which aims to reduce the dependency on oil revenues and diversify the economy by empowering small and medium enterprises, has opened up more opportunities for fintech,” said Abdulaziz Fahad Al Jouf, founder and CEO of PayTabs, a Saudi-based payment processing startup.

Forbes notes that over the past decade, fintech startups in the Middle East have raised over USD 100m in funding, and investment is predicted to double by 2020. The region has also recorded an increase in the number of fintech startups: from 46 in 2013 to 105 in 2015, with the latest index expected to double by 2020.

According to Moussa Beidas, co-founder of Dubai-based startup Bridg, fintech has become an innovative way to bridge the divide and provide cheaper services to the unbanked.

Despite the ubiquity of smartphones and internet connectivity, 86% of the adult population in the region is unbanked.

It is noteworthy that Islamic banks are enthusiastic about the prospects and are investing in digital initiatives, according to a recent EY report, a consultancy.

“Fintech’s penetration into Islamic finance is still in its nascent stage, however, it could help Islamic banks become more efficient and scale up their operations,” commented Al Jouf.

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