A general view of Dubai (archive)
The UAE expects its fintech market to grow to $5.71 billion
The UAE is poised for rapid adoption of technologies such as digital payments, the cashless economy, digital banking, integrated finance, digital assets, and blockchain, in addition to the use of artificial intelligence in data analysis, risk management, and the personalization of financial services, according to fintech experts.
According to the "Fintech 2025" report by Emirates NBD and PwC, fintech startups in the UAE attracted nearly $265 million in investments in 2024, representing one-third of the total funding allocated to startups in the country.
According to the report, the UAE's fintech market is expected to grow from $3.16 billion in 2024 to $5.71 billion by 2029, driven by widespread consumer adoption of fintech innovations, investor confidence in the opportunities offered by the local market, and strong public-private partnerships.
The Emirates News Agency (WAM) reported on Sunday that the UAE continues to solidify its position as a leading global hub for the fintech sector, benefiting from a comprehensive ecosystem that combines advanced digital infrastructure, flexible regulatory frameworks, global investment inflows, and the presence of leading financial and technology institutions.
These factors have contributed to transforming the country into a platform for developing innovative financial solutions in the areas of digital payments, digital banking, integrated finance, and digital assets, with market growth expected to accelerate in the coming years.
The Dubai International Financial Centre (DIFC) and Abu Dhabi Global Market (ADGM) are key centers for the sector's growth, hosting hundreds of companies operating in the fields of fintech, artificial intelligence, and innovation.
Mohammed Fayrouz, Managing Director and Regional Head of Standard Chartered Ventures in the Middle East, stated that the UAE's diverse investor ecosystem contributes to attracting funding to fintech companies and fostering the growth of startups, benefiting from an integrated system that combines advanced digital infrastructure with the availability of venture capital.
He explained that Standard Chartered Ventures currently has nine projects in its portfolio operating from the UAE, reflecting the country's growing role as a regional hub for the company's activities in this sector.
Amit Dua, President of SunTech Business Solutions, said that the next phase will witness the emergence of several technological trends that will drive the sector's development, most notably the expansion of digital payments and integrated finance, in addition to the increasing reliance on electronic invoicing as a fundamental component of the modern financial infrastructure, given its potential for greater transparency, operational efficiency, error reduction, and faster exchange of financial data.
He further explained that artificial intelligence will play an increasingly pivotal role in financial services, particularly in areas such as risk assessment, fraud detection, automated reconciliation, and predictive financial management.
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