It is still at a very nascent stage, but with 86 per cent of adults in the region remaining unbanked and with some of the highest mobile penetration rates in the world, the Middle East market is ripe for testing and scaling these new technologies.
Growth in the cryptocurrency industry is not easy to come by. Especially when it comes to securing banking services, struggles remain in place. In Bermuda, a country openly attracting startups, similar issues persist. There is still a very long way to go
But the cross-asset platform, which is where we also offer foreign exchange trading, is a vast supermarket.
The World Trade Organization, which many consider to be the number one organization in terms of regulating international report, recently released a report that seemed to praise digital assets and their potential.
Surveying over 450 SME owners in the UK, innovative banking services were cited as the biggest demand, highlighting an opportunity for banks to encourage SMEs to switch providers.
In the same way that the Cayman Islands has innovated to stay ahead of the curve in other areas, it must ensure that it leverages new technologies such as blockchain, writes Daniella Skotnicki from Harneys.