UAE fintech market is projected to register robust growth in the forecast period, 2023-2027. Fintech, also known as financial technology, refers to the application of novel technological up-gradation to products & services in the financial industry and focuses on enhancing & automating the delivery & use of financial services. ​​​Fintech can compete with existing traditional financial methods in delivering financial services by implementing numerous technologies, including application programming interface (API), blockchain, data analytics, and artificial intelligence (AI). These technologies offer integrated & value-added services to customers, and the growing number of collaborations between national regulators & financial institutions is one of the major factors expected to propel the growth of the UAE fintech market. Furthermore, the rising implementation of advanced risk analytics and fraud detection is expected to augment the demand for fintech in the IT industry in the coming years.

Growing Use of Mobile Payment Technology Drives the Market Growth

The increasing use of mobile payment technology is a popular trend among the young generation. A mobile wallet represents a type of digital wallet that allows the user to access account information, process payments, and pay for services through a smartphone application. To speed up the payment process, the mobile wallet stores details about the payment card on the app for future work. The rising acceptance of mobile wallets among the large population owing to the increase in the penetration of smartphones is projected to stimulate the market growth across UAE.

Increased use of Blockchain Technology Augments the Market Growth

Companies in the UAE fintech market are increasingly utilizing blockchain technology to improve security and operational efficiency. Blockchain refers to a technology that includes implementing a distributed database accessible to users over a network, where each user can add a new data record (block) with a timestamp that is not allowed to alter. Blockchain technology assists in maintaining the authentication of data by limiting changes in older data blocks while enabling the users to continue adding new data blocks. This, in turn, offer high security and transparency to companies operating in the fintech market and improves trade accuracy, speeds up the settlement process, and minimizes risks, which contributes to the growth of the market.

Collaborations Between Regulators and Financial Institutions Supports the Market Growth

Regulatory bodies of the UAE are continuously looking forward to collaborating with the FinTech community globally. In addition to this, this growing collaboration between Fintech companies & regulators to collaborate aims at a win-win situation for businesses and governments alike. Financial innovation network seeks to provide an efficient solution for innovative firms to interact with regulators, aiding with new business models across more than one jurisdiction. The rising collaboration between national regulators & financial institutions is expected to propel the growth of the fintech market in the upcoming years.


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Market Segmentation

The UAE fintech market is segmented into technology, service, application, regional distribution, and competitive landscape. Based on technology, the market is divided into API, AI, blockchain, distributed computing, and others. Based on service, the market is divided into payment, fund transfer, personal finance, loans, insurance, and others. Based on application, the market is divided into banking, insurance, securities, and others. To analyze the market based on the region, the UAE fintech market is studied in major regions namely Dubai, Abu Dhabi, Sharjah, Rest of UAE.

Market Players

Channel VAS, BitOasis, Tarabut Gateway, Sarwa, Yallacompare, Beehive, Telr, NymCard, Mamo Pay, Nowmoney, Tabby, are the key market players operating in UAE fintech market.

Attribute

Details

Base Year

2021

Historic Data

2017 – 2020

Estimated Year

2022

Forecast Period

2023 – 2027

Quantitative Units

Revenue in USD Million, and CAGR for 2017-2021 and 2022-2027

Report coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments covered

·         Technology

·         Service

·         Application

Regional scope

Dubai, Abu Dhabi, Sharjah, Rest of UAE

Key companies profiled

Channel VAS, BitOasis, Tarabut Gateway, Sarwa, Yallacompare, Beehive, Telr, NymCard, Mamo Pay, Nowmoney, Tabby

Customization scope

10% free report customization with purchase. Addition or alteration to regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options

Delivery Format

PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

 

Report Scope:

In this report, UAE fintech market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

  • UAE Fintech Market, By Technology:

o   API

o   AI

o   Blockchain,

o   Distributed Computing

o   Others

·         UAE Fintech Market, By Service:

o   Payment

o   Fund Transfer

o   Personal Finance

o   Loans

o   Insurance

o   Others

·         UAE Fintech Market, By Application:

o   Banking

o   Insurance

o   Securities

o   Others

·         UAE Fintech Market, By Region:

o   Dubai

o   Abu Dhabi

o   Sharjah

o   Rest of UAE

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in UAE fintech market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

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1.    Product Overview

2.    Research Methodology

3.    Impact of COVID-19 on UAE Fintech Market

4.    Executive Summary

5.    Voice of Customers

5.1.  Technology Adoption in FinTech

5.2.  Services Accessed on FinTech Platforms

5.3.  Technologies to Drive FinTech Market Growth in Technology, Media and Telecommunications (TMT) Sector

5.4.  Key Technologies to Drive FinTech Market Growth in Financial Services Sector

5.5.  Consumer Awareness of FinTech Services

5.6.  Key Non-Financial Industries Adopting FinTech Services

6.    UAE Fintech Market Outlook

6.1.  Market Size & Forecast

6.1.1.     By Value

6.2.  Market Share & Forecast

6.2.1.     By Technology (API, AI, Blockchain, Distributed Computing, Others)

6.2.2.     By Service (Payment, Fund Transfer, Personal Finance, Loans, Insurance, Others)

6.2.3.     By Application (Banking, Insurance, Securities, Others)

6.2.4.     By Region

6.2.5.     By Company

6.3.  Market Map

7.    UAE API Fintech Market Outlook

7.1.  Market Size & Forecast

7.1.1.     By Value

7.2.  Market Share & Forecast

7.2.1.     By Service

7.2.2.     By Application

7.2.3.     By Region

8.    UAE AI Fintech Market Outlook

8.1.  Market Size & Forecast

8.1.1.     By Value

8.2.  Market Share & Forecast

8.2.1.     By Service

8.2.2.     By Application

8.2.3.     By Region

9.    UAE Blockchain Fintech Market Outlook

9.1.  Market Size & Forecast

9.1.1.     By Value

9.2.  Market Share & Forecast

9.2.1.     By Service

9.2.2.     By Application

9.2.3.     By Region

10.  UAE Distributed Computing Fintech Market Outlook

10.1.              Market Size & Forecast

10.1.1.  By Value

10.2.              Market Share & Forecast

10.2.1.  By Service

10.2.2.  By Application

10.2.3.  By Region

11.  Market Dynamics

11.1.  Drivers

11.2.  Challenges

12.  Market Trends & Developments

13.  Policy & Regulator Landscape

14.  UAE Economic Profile

15.  Company Profiles

15.1.  Channel VAS

15.2.  BitOasis

15.3.  Tarabut Gateway

15.4.  Sarwa

15.5.  Yallacompare

15.6.  Beehive

15.7.  Telr

15.8.  NymCard

15.9.  Mamo Pay

15.10.            Nowmoney

15.11.            Tabby

16.  Strategic Recommendations

17.  About Us & Disclaimer

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