“The one area that is likely to continue to be a growth constraint for financial services in the region is the regulatory structure around cloud services. Current regulations require cloud service providers to be based in the country where it plans to offer its services. Authorities in the region are aware of this issue and are moving ahead on this front. Once this constraint on cloud services is resolved, it has the potential to tremendously expand the scope of financial services in the region.” 

PwC Middle East identifies top trends driving the region’s banking ecosystem [Zawya]