The financial technology sector in the UAE has strengthened its important position, after witnessing major developments over the past few years, which contributed to strengthening the country’s position as a leading global center in this sector.
Local banks alone have invested more than 3.7 billion dirhams in the sector over the past years, while the UAE has increased its share of global investments in the financial technology sector, benefiting from the advanced digital and technological infrastructure and the flexibility of the financial work environment, in addition to the UAE being a home and primary destination for much global wealth.
The financial technology sector plays an important role in driving economic growth, by providing new job opportunities, enhancing financial inclusion, and driving innovation.
Jamal Saleh, Director General of the UAE Banks Federation, said that the digital transformation journey, under the supervision and guidance of the Central Bank of the United Arab Emirates, contributed to strengthening the financial technology sector in the country, noting that local banks’ investments in the sector contributed to providing the best technological and digital services to customers in an environment Safe and reliable banking, according to the official Emirates News Agency.
He also stressed that the Central Bank is considered a pioneer in developing the necessary legislative and regulatory frameworks, which has consolidated the UAE’s position as a regional center for financial technology, adding that in light of this stimulating environment and the growing demand for advanced digital financial services, the prospects for the growth of financial technology locally appear promising.
He pointed out the importance of financial and banking institutions cooperating with financial technology companies in developing innovative solutions to meet the requirements of various customer segments, by combining shared banking and financial expertise and capabilities, and the broad horizons of advanced technologies, especially in data analysis and artificial intelligence capabilities, pointing out that financial technology requires... More qualitative investments to keep pace with developments and harmonize meeting customer requirements and ensuring a safe and smooth system.
According to KPMG Consulting and Auditing, the UAE continues to develop into a regional hub for financial technology, attracting additional interest from global investors and larger deal sizes.
According to “Innovate Finance” for financial and advisory services, despite the decline in global investments in financial technology during 2023 by 42 percent, these investments in the UAE increased by about 92 percent in this sector to reach $1.3 billion through 54 deals, ranking for the first time among the centers. The top 10, supported by fintech-friendly regulations and widespread adoption of digital banking.
For his part, Nour Sabry, Principal Director at Accenture Global Consulting, said that many factors contributed to the growth of the financial technology sector in the UAE, most notably the proactive and highly flexible regulatory environment that was able to create a legislative environment for the work of financial technology companies and for the sector in general.
He stressed that the UAE is considered a country with high liquidity, both in terms of local wealth and in terms of it being a major destination for global wealth, in addition to the development of the digital and technological environment, the abundance of free zones that attract new investments, as well as the advanced financial business environment.
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