UAE Fintech Market is expected to register a CAGR of more than 10% during 2023 – 2028

Hyderabad, March 17, 2023 (GLOBE NEWSWIRE) — According to a new market research report titled “UAE Fintech Market – (2023 – 2028)”, the UAE fintech market is expected to grow at a CAGR of >10%. The Arab Emirates ranks first in fintech innovation potential, market size and growth prospects. According to current figures, the United Arab Emirates has more than 134 financial technology companies that provide employment to 2,000 people. Dubai is the regional hub for 80 of these companies, accounting for a significant 20% of the total. The UAE is an attractive location for start-ups due to its many innovation initiatives and drive towards digitization across all industries.

UAE Fintech Market Analysis – The development of advanced technologies drives the market:

A strategic study of the UAE e-commerce industry by Dubai Economy and Visa showed that more than half (49%) of UAE customers prefer to buy goods online due to the pandemic. Furthermore, consumer preference for digital wallets is increasing, with more than three in five (61%) using them to pay for products and services online instead of cash on delivery. Analysts expect this trend to continue to push further growth in the e-commerce sector.

According to our research experts, some of the key market trends shaping the fintech market in the UAE are the following:

• Innovations in blockchain technology and open banking will drive the development of financial services in the future.

• Neobanks are game changers because they take on traditional banks’ high fees and convoluted pricing structures to win the trust of customers with streamlined digital-only services.

• When it comes to receiving personalized offers and support, machine learning is changing how individuals interact with banks and insurance companies.

• Another trend is the emergence of new integrated payment providers with platforms that can add payments as an additional component to business management systems.

The story continues

Data-driven technologies are driving the UAE Fintech market:

With the development of machine learning, data-driven investment tools have become increasingly common. Investors can place more informed bets with a higher chance of success by embedding related market data and algorithms into an application. Thus, these technologies have proven to be more accurate than humans when it comes to predicting changes in asset values.

The United Arab Emirates (UAE) has consistently maintained one of the highest growth rates in the world, which has led the government to create policies that promote innovation and investment, including favorable taxation for foreign investors, advertising campaigns designed to draw attention to investment opportunities , and cost-effective lifestyle.

Who are the key players in UAE The fintech market?

Large sums are invested in this market segment by companies all over the world. Numerous companies are competing for small market shares in the UAE’s FinTech market. These FinTech companies are:

• Tabby

• Yalla Compare

• Beehive FinTech

• Sarwa

• Shuaa capital

• Souqalmal

• Mamo Pay

• Channel VAS

• Zina

• Now money

Recent developments in the UAE Fintech market:

• In December 2022, the new real-time payment technology was launched in the United Arab Emirates to speed up financial transactions. The new Instant Payment Platform (IPP) will debut in the first quarter of 2023 with a trial group of authorized financial institutions and will be implemented in stages.

• In December 2022, a startup in Dubai developed a technology that would increase restaurant sales and enable staff to receive three to five times as much in tips.

In short, the Mordor Intelligence UAE Fintech Market Research Report is a must-read for startups, industry players, investors, researchers, consultants, business strategists and all those who want to understand the UAE Fintech industry. Take a look at https://www.mordorintelligence.com/industry-reports/uae-fintech-market

About Mordor Intelligence:

Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly affect market dynamics.

Our market research reports are comprehensive and provide exclusive data, facts and figures, trends and the competitive landscape of the industry.

Other trending reports you might like:

Attachments

CONTACT: Company Name: Mordor Intelligence  Email: [email protected] Phone: +1 617-765-2493 Location: Hyderabad, Telangana  Country: India