The UAE is positioning itself as a global center for financial technology
Abu Dhabi, March 15 / WAM / The UAE continues to strengthen its position as one of the most prominent global centers in the financial technology sector (FinTech), benefiting from an integrated system that combines advanced digital infrastructure, flexible regulatory frameworks, and the flow of global investments, in addition to the presence of leading financial and technical 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 expectations of accelerated market growth in the coming years.
The Dubai International Financial Center (DIFC) and Abu Dhabi Global Center (ADGM) constitute two major hubs for the growth of the sector, as they host hundreds of companies working in the fields of financial technology, artificial intelligence and innovation.
Experts in the financial technology sector confirmed that the next stage will witness an acceleration in the adoption of technologies such as digital payments, the non-cash economy, digital banking services, integrated finance, digital assets and blockchain technologies, in addition to the use of artificial intelligence in data analysis, risk management, and customization of financial services.
Mohammed Fairouz, General Manager and Regional President of Standard Chartered Ventures in the Middle East, said that the financial technology sector in the UAE has witnessed remarkable development in recent years, making the country one of the most vibrant environments for the growth of FinTech companies in the region, benefiting from an integrated system that combines advanced digital infrastructure and the availability of investment capital.
He added that the diversity of the investor system in the country contributes to attracting funding to financial technology companies and promoting the growth of emerging companies.
He explained that Standard Chartered Ventures currently has nine projects within its portfolio operating from the UAE, which reflects the country’s growing role as a regional center for the company’s activity in this sector.
He pointed out that the advanced regulatory framework in the country is one of the most important factors of attraction, as the regulatory authorities have adopted a supportive approach to financial innovation with important developments in areas such as digital assets, which enhances the confidence of investors and companies alike.
For his part, Amit Dua, President of SunTech Business Solutions, said that the financial technology sector in the UAE has witnessed rapid growth in recent years, transforming from an emerging sector into a fundamental pillar within the financial system in the country, benefiting from an advanced regulatory environment and a strong digital infrastructure that supports innovation and attracting investments.
He added that the UAE is now home to a growing community of startups, global financial institutions, and technology solution providers, who provide various services that include digital payments, regulatory technologies, financial automation, and financial infrastructure.
Dua pointed out that the next stage will witness the emergence of a number of technical trends that will lead the development of the sector, most notably the expansion of digital payments and integrated finance, in addition to the increasing reliance on electronic invoicing as an essential part of the modern financial structure, as it provides higher transparency, greater operational efficiency, reduction of errors, and acceleration of the exchange of financial data.
He explained that artificial intelligence will play a growing, pivotal role in financial services, especially in the areas of risk assessment, fraud detection, automated matching, and predictive financial management.
Mohammed Ali Youssef, co-founder and CEO of Fuse, a digital assets infrastructure company, said that the UAE quickly succeeded in establishing its position as a global center for virtual assets, by building integrated regulatory frameworks that support responsible innovation and promote safe market adoption, an approach that enabled digital assets to be part of the main financial system, and contributed to consolidating the country’s position as a leading platform for future financial infrastructure.
Digital assets also provide a wide range of uses, such as faster settlements, more efficient cross-border payments, programmable financing, in addition to advanced financial services, and in this field, the UAE sets global standards to be followed.
According to the “Financial Technology 2025” report issued by Emirates NBD and PwC, the global consulting firm, emerging financial technology companies in the country have attracted investments worth approximately $265 million in 2024, equivalent to a third of the total financing granted to emerging companies in the country.
According to the report, the size of the financial technology market in the country is expected to grow from $3.16 billion in 2024 to $5.71 billion by 2029, supported by consumers’ widespread adoption of financial technology innovations, investors’ confidence in the opportunities offered by the local market, and the strength of partnerships between the public and private sectors.
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