UAE Fintech Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

The UAE Fintech Market is segmented by Service Proposition (Money Transfer and Payments, Savings and Investments, Digital Lending & Lending Marketplaces, Online Insurance & Insurance Marketplaces, and Others). The report offers Market size and forecasts for UAE Fintech Market in value (USD Million) for all the above segments.

UAE Fintech Industry Overview

UAE Fintech Market Summary
Study Period: 2017-2027
CAGR: > 10 %

Major Players

UAE Fintech Market Major Players

*Disclaimer: Major Players sorted in no particular order

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UAE Fintech Market Analysis

The fintech market in UAE is poised to grow at a CAGR of greater than 10% by 2027. The COVID-19 pandemic has sped up the adoption and integration of ESG practices in business and government and promoted the sustainable finance sector globally.

In terms of innovation, market size, and development potential, the UAE is rated first among fintech centers worldwide. In the UAE, more than 134 fintech businesses employ more than 2,000 people. Dubai alone is home to over 80 fintech start-ups, making it one of the region's top financial technology hubs. That is 20% of all fintech companies in one location! UAE is desirable to start and grow a start-up due to the region's innovation initiatives and the increasingly digital economy. A "portmanteau" of financial technology is "fintech." It refers to innovative technology that aims to enhance and automate the provision of financial services. Financial technology, for instance, might provide real-time investment performance monitoring or mobile payment processing.

According to a joint study by Dubai Economy and Visa, a global leader in digital payments, the UAE eCommerce industry is predicted to continue growing as more UAE customers want online payment choices and merchants increasingly recognize the necessity for an online presence. The pandemic has led to an increase in internet buying for 49% of UAE customers. Additionally, three out of five people (61%) now prefer to use digital wallets to pay for items online rather than cash on delivery.

Although oil exports still account for a significant portion of the UAE's economy, the country has successfully established a worldwide financial center with the help of strong banking services and cutting-edge technologies like blockchain-based payment platforms. The UAE government launched "Fintech Strategy 2021" in 2016, and it has established Dubai Smart City and a National Financial Technology Lab in Abu Dhabi as steps to support this industry.

UAE Fintech Industry Segments

FinTech is one of the most in-demand products as people move to cities. An evaluation of the economy, a market overview, market size projections for important segments, emerging market trends, market dynamics, and major company profiles are all included in a thorough background analysis of the UAE Fintech Market.

The UAE Fintech Market is segmented by Service Proposition (Money Transfer and Payments, Savings and Investments, Digital Lending & Lending Marketplaces, Online Insurance & Insurance Marketplaces, and Others). The report offers Market size and forecasts for UAE Fintech Market in value (USD Million) for all the above segments.

By Service proposition
Money Transfer and Payments
Savings and Investments
Digital Lending & Lending Marketplaces
Online Insurance & Insurance Marketplaces
Others

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UAE Fintech Market Trends

This section covers the major market trends shaping the UAE Fintech Market according to our research experts:

Development of Advanced Technologies are Driving the Market

Innovations in blockchain technology and open banking will drive the development of the financial services of the future. Neobanks are the game-changers in this situation because they take on traditional banks' high fees and convoluted pricing structures while gaining the trust of their clients 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 firms. Another significant development is the emergence of a new generation of integrated payment providers during this time, with platforms that can add payments as an extra component to an already robust business management system.

Recently, there have also been more commonplace uses for NFTs, such as authors boosting their income through digital versions of their works, artists guaranteeing royalties, or NFTs used as tickets or membership cards.

UAE Fintech Market: Transactional Value of Neobanking in UAE, 2018-2027

Increase in Data Driven Technologies is Driving the Market

Data-driven investment tools are already becoming commonplace thanks to the development of machine learning. By entering market data and algorithms into the application, these technologies enable investors to place a wager with a higher likelihood of success. They have been shown to forecast asset value changes more accurately than humans.

The United Arab Emirates (UAE) is one of the nations with the fastest growth rates in the world and has been for some time. The government of the United Arab Emirates has taken note of this and has sought to implement policies that support innovation and investment, such as low taxation for foreign investors, investment-attracting advertising campaigns, and a competitive cost of living.

UAE Fintech Market: Transactional Value of Digital Investments In UAE 2020-2027

UAE Fintech Market Competitor Analysis

Huge sums of money have been invested in this market segment by businesses worldwide. Numerous companies compete for small market shares in the UAE's FinTech market. The FinTech Companies are Tabby, Yalla Compare, Sehteq, Beehive FinTech, Souqalmal, Sarwa, Mamo Pay, and Now Money.

The organization faces more competition as a result of upgrading to new technologies and adopting FinTech platforms. The use of new payment methods that are easier to use and contactless payment gateways is accelerating as a result of COVID-19 and urbanization.

UAE Fintech Market Top Players

  1. Tabby

  2. YallaCompare

  3. Beehive

  4. Sarwa

  5. Shuaa Capital

*Disclaimer: Major Players sorted in no particular order

UAE Fintech Market Concentration

UAE Fintech Market Recent Developments

  • December 2022: The new real-time payment technology would launch in the UAE early the following year 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.
  •  December 2022: A start-up in Dubai claims to have developed a technology that would increase restaurant sales and enable personnel to get three to five times as much in gratuities. Spades discovered that by speeding up transactions and enabling quicker table turnover, its payment system had increased revenue by 8% to 20%. Instead of calling a server and waiting for them to bring a point of sale (POS) machine, customers utilizing the Spades system scan a code with their phones, place their orders with a staff member, and then pay by typing their information into the phone's browser.

UAE Fintech Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

    1. 2.1 Analysis Methodology

    2. 2.2 Research Phases

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET INSIGHTS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

    3. 4.3 Market Restraints

    4. 4.4 Porter Five Forces

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

    5. 4.5 Industry Policies And Regulatory Landscape Shaping the Fintech Space in UAE

    6. 4.6 A Brief on Various Technologies Driving the Fintech Market in UAE

    7. 4.7 A Brief on Consumer Needs And Behaviour Analysis Towards UAE Fintech Industry

    8. 4.8 Impact of Covid 19 on the Industry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Service proposition

      1. 5.1.1 Money Transfer and Payments

      2. 5.1.2 Savings and Investments

      3. 5.1.3 Digital Lending & Lending Marketplaces

      4. 5.1.4 Online Insurance & Insurance Marketplaces

      5. 5.1.5 Others

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Market Concentration Overview

    2. 6.2 Company Profiles

      1. 6.2.1 Tabby

      2. 6.2.2 Yalla Compare

      3. 6.2.3 Sehteq

      4. 6.2.4 Beehive FinTech

      5. 6.2.5 Souqalmal

      6. 6.2.6 Sarwa

      7. 6.2.7 Mamo Pay

      8. 6.2.8 Channel VAS

      9. 6.2.9 Zinna

      10. 6.2.10 Now Money*

    3. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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UAE Fintech Market Research FAQs

The UAE Fintech Market market is studied from 2017 - 2027.

The UAE Fintech Market is growing at a CAGR of >10% over the next 5 years.

Tabby, YallaCompare, Beehive, Sarwa, Shuaa Capital are the major companies operating in UAE Fintech Market .

UAE Fintech Industry Reports

In-depth industry statistics and market share insights of the UAE Fintech Market sector for 2020, 2021, and 2022. The UAE Fintech Market research report provides a comprehensive outlook of the market size and an industry growth forecast for 2023 to 2028. Available to download is a free sample file of the UAE Fintech Market report PDF.

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