e-Forex-Nov-23

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Electronification rising amid turbulence: Taking a closer look at the MENA FX picture By Vivek Shankar REGIONAL E-FX PERSPECTIVE Image by Shutterstock 32 NOVEMBER 20<strong>23</strong> e-FOREX
REGIONAL E-FX PERSPECTIVE The MENA region has never grabbed FX headlines quite as violently as it did this past month. News of the Israel- Hamas conflict increased volatility in the stock and commodity markets, with the side effects impacting FX flows. However, the current crisis has not changed the prevailing e-FX story in MENA. The electronification of FX, fintech sophistication, and the Gulf region’s decoupling from oil wealth are all steadily rising. Add to this the resilience of Israel’s nascent fintech sector and growing diversity in financial products on offer and the MENA’s overall economic and technology outlook seems well placed despite current events. Hussain Almohri, Head of Trading, MENAT, at HSBC, points to strong GDP growth as a factor for increasing FX demand. “During the past couple of years, what with strong GDP growth in the region,” he says, “there has been a material shift in FX requirements, particularly after the pandemic.” “Saudi Arabia alone is projected to see its GDP reach US$1.7tn by 2030. It stood at over US$1trn for 2022, up from US$868bn the year before. In addition, many asset managers and hedge funds have moved their physical locations to MENA, to capitalise on the economic growth of the region, the region’s vision to invest in its infrastructure, as well as its ambitious growth plans.” DELIVERING TRANSPARENCY Recent local economic reports show that cross-border FX needs have remained high, given the number of expat workers in the region’s biggest markets. While recent drives to hire citizens in Gulf countries have slowed FX volumes a bit, the region continues to account for a significant amount of outflows. For instance, the Gulf region accounts for the highest amount of FX outflows NOVEMBER 20<strong>23</strong> e-FOREX 33
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