What To Know
- More people are coming to Dubai and Abu Dhabi as the main financial centers, thanks in part to the excellent and progressive support from the DFSA, ADGM and VARA.
- Investor interest in MENAP technology has grown after Shorooq Partners and Amplify gave $15 million in debt funding to Abhi, a fintech company based in the UAE.
- Strong growth, outstanding infrastructure and a well-defined goal put the UAE in the lead for advancing fintech in the Middle East.
The financial technology market in the UAE is rapidly growing and is expected to reach $6.43 billion by 2030. Thanks to strong regulations, great technology and solid confidence from investors, the market is expected to increase at an annual rate of 12.56%, says Mordor Intelligence.
More people are coming to Dubai and Abu Dhabi as the main financial centers, thanks in part to the excellent and progressive support from the DFSA, ADGM and VARA. Thanks to Fintech Hive at DIFC and ADGM’s RegLab, the UAE is encouraging new businesses and helping attract global investors.
Investor interest in MENAP technology has grown after Shorooq Partners and Amplify gave $15 million in debt funding to Abhi, a fintech company based in the UAE.
In the forecast by the Boston Consulting Group, the UAE’s payment sector is targeted to bring in $27.3 billion and have 3.1 billion transactions in 2028 which is a 78% improvement and much stronger than the global growth rate.
Leaders in the industry point out the UAE’s key strategic edge. SC Ventures’ Mohamed Fairooz acknowledged how well-developed the regulatory environment and backing by institutions are in the UAE.
Sabyasachi Goswami, CEO of Perfios, mentioned that India is placing emphasis on open finance and ensuring financial inclusion while facing the risks of cyber attacks. He praised the UAE’s regulators for shaping an innovative environment that remains safe.
Strong growth, outstanding infrastructure and a well-defined goal put the UAE in the lead for advancing fintech in the Middle East.
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