Dubai – UAE, 13th August 2024- The MENA Fintech Association, the premier not-for-profit organization dedicated to serving fintech startups and established players across the Middle East and Africa, is excited to announce the growth of its Policy & Regulations Working Group. In a significant milestone, Tony Petrov (Chief Legal Officer at Sumsub) and Samir Safar-Aly (Regulatory Counsel and MENA FinTech & AI Lead at Baker & McKenzie LLP) have been appointed as the Co-Chairs of this working group, which aims to empower and support the regulatory ecosystem throughout the MENA region.
Founded in 2018, the MENA Fintech Association has earned recognition as one of the top 4 fintech groups globally. With a strong presence in the Middle East and Africa, the association has been at the forefront of driving innovation and fostering collaboration in the fintech industry.
The Policy and Regulations Working Group will focus on:
● Exploring Regulatory Frameworks: Developing comprehensive strategies to foster growth and innovation in the fintech sector.
● Engaging Stakeholders: Facilitating discussions among regulators, industry leaders, and fintech professionals to address pressing policy issues.
● Promoting Best Practices: Advocating for compliance, security, and transparency in fintech operations.
Tony Petrov is renowned for his expertise in international compliance and regulatory affairs, while Samir Safar-Aly is celebrated for his profound understanding of legal and regulatory aspects across the MENA region within the FinTech space. Their combined leadership will be instrumental in driving forward meaningful policy advancements and regulatory reforms.
Tony Petrov, Chief Legal Officer at Sumsub and Co-Chair of MFTA Policy & Regulations Working Group stated: “I am honored to join the MFTA’s Policy & Regulations Working Group initiative. The MENA region, where many global financial routes intersect, has become a leading global financial hub due to its strategic regulatory framework. Our times demand creative, flexible, and resilient regulatory policies to navigate rapid breakthroughs and changes. Sumsub’s compliance and legal team brings extensive expertise in both regional and global compliance, and we are eager to contribute to the development of Fintech regulation in the Middle East. We look forward to helping regulators and industry players find the best regulatory solutions for the future of the MENA region. ”
Samir Safar-Aly, Regulatory Counsel and MENA FinTech & AI Lead at Baker & McKenzie LLP and Co-Chair of the MFTA Policy & Regulations Working group stated, ”It is an honour to be part of MFTA’s Policy & Regulations initiative to be the touch point between the industry and regulatory authorities. I look forward to continuing working with regulators and the market alike in developing the regulatory and policy frameworks across the MENA Region. Having worked with global, regional and local Start-ups, Scale-ups, BigTech, VCs and major financial institutions, we have first-hand experiences on the crucial legal and regulatory issues facing FinTechs across the MENA and GCC region (from both an advisory and investigatory perspectives) – on issues such as licensing, regulatory parameters, cybersecurity, financial regulation, anti-money laundry (AML) and countering the financing of terrorism (CFT) laws, local and international sanctions frameworks, data protection, and governance. In light of our experience advising regulatory authorities in the Middle East, Africa, as well as Central and Far East Asia on regulatory and legal reform and policy, it is a privilege to continue doing so on behalf of our FinTech community in the MENA region.”
Furthermore, Nameer Khan – Chairman of the MENA Fintech Association and Founder of Fils welcomed the chairs by stating the following, “We are delighted to have Tony Petrov and Samir Safar-Aly lead our Policy and Regulations Working Group. Their expertise and dedication to regulatory excellence are invaluable as we navigate the complex landscape of fintech. With their guidance, we are confident that the Working Group will drive impactful policy advancements, fostering a secure and innovative environment for fintech growth. Tony and Samir’s leadership will be instrumental in addressing the critical regulatory challenges and opportunities that lie ahead, ensuring the continued dynamism and resilience of the fintech industry in our region.”
This Working Group will play a crucial role in facilitating critical discussions on key topics such as digital transformation, e-commerce and payments, policy and regulation, cybersecurity, and the future of finance. The goal is to ensure that the fintech industry remains dynamic, innovative, and resilient in the face of evolving challenges and opportunities.