The financial technology sector is preparing to expand into digital payments

Experts in the financial technology sector confirmed that the next stage will witness the emergence of a number of technical trends that will lead the development of the sector in the Emirates, most notably the expansion of the adoption of technologies such as digital payments and the non-cash economy, digital banking services, integrated finance, digital assets and “Blockchain” technologies, in addition to the increasing reliance on “electronic invoicing.”

The UAE continues to strengthen its position as one of the most prominent global centers in the financial technology sector (FinTech), at a time when the Dubai International Financial Center (DIFC) and Abu Dhabi Global Center (ADGM) constitute two main hubs for the growth of the sector, as they embrace hundreds of companies working in the fields of financial technology, artificial intelligence and innovation.

General Manager and Regional President of Standard Chartered Ventures in the Middle East, Mohammed Fairouz, 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. 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.

For his part, Amit Dua, President of SunTech Business Solutions, said 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 stressed that artificial intelligence will play a growing, pivotal role in financial services, especially in the areas of risk assessment and fraud detection. In the same context, Mohammed Ali Yousef, co-founder and CEO of Fuse 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.