TOP 5 Fintech Software Solutions Providers In UAE
One of the leading countries currently setting the standard in the evolving fintech business in the Arab region is the United Arab Emirates. According to studies, the UAE accounted for 47% of all fintech deals and 69% of total funding in the MENA region and is home to the majority of the region’s fintech startups. Driving this growth are these three key factors: a tech-savvy population enthusiastic about adopting fintech innovation, the progressive structure of the country’s economic free zones, and a thriving capital sector willing to invest in fintech startups.
The UAE has made fintech adoption and growth a top national priority, paving the way for digital financial services to evolve as a significant innovation that will modernize the economic fabric of the region. Fintech companies and startups in the UAE are fully equipped with a holistic, dynamic ecosystem with an independent regulatory and English Common Law legal system and global financial exchange to promote their innovative solutions and expansion plans to investors.
Statista predicts that the Fintech market in the UAE will exceed $31 billion by 2024, showing growth of 10.5% in 2023 compared to 2022.
The increasing trend leads to a great demand for fintech technology and white-label solutions. To help UAE companies and start-ups looking to implement fintech projects, we have identified the top 5 Fintech software providers and offerings based on customer reviews, solution functionality and additional services offered.
Oracle Flexcube offers banking solutions that handle operational requirements online. The company upgrades a bank’s core system to optimize operations and increase efficiency to become a connected and user-friendly bank. The offer gives bank employees an instinctive experience to give consumers the best advice. Oracle Flexcube comes with an application programming interface (API), which allows companies to integrate the platform with several third-party solutions. Prices are available on request, and support is extended via documentation, email, telephone and other online measures.
Finacle provides digital banking solutions and financial management software to banks, SMEs, agencies and start-ups. Its cloud-based solution suite and SaaS services address the core banking, lending, digital engagement, payments, cash management, wealth management, treasury, analytics, AI and blockchain requirements of financial institutions. Finacle solutions support modern and traditional customer engagement channels, and business segments, such as retail, wealth, Islamic, business and corporate banking.
Velmie is a technology company that supplies software solutions to financial services globally. It is a cloud-based platform built with a modular architecture to support modifications and integrations for each individual client. This approach also provides greater scalability and makes the solutions future-proof. The company provides back-end technology and also provides custom front-end apps, handles integrations with clients’ systems or partners, and builds customizations where necessary. It has created the partner ecosystem that provides payments and compliance coverage in such regions as North America, MENA, LATAM, EU and UK.
Bankable uses a Banking as a Service (BAAS) business model to offer a range of payment solutions. Its core virtual account management platform is available in white-label or via APIs to deploy digital banking solutions, virtual account services, card management and processing services and payment processing services. Bankable is globally connected to the custodian and issuing banks, processors, card manufacturers and other providers in the payment ecosystem. It also offers program management services and delivers an end-to-end solution for business and consumer payment programs.
Wallet Factory creates fintech solutions based on the WaaS model (Wallet-as-a-Service). The company offers a wide range of software development services – from white-label e-wallets, cards and mobile payment services to neobanking and loyalty management. Wallet Factory helps customers create and integrate digital financial ecosystems around the world.
