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.
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Attribute
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Details
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Base Year
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2021
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Historic Data
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2017 – 2020
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Estimated Year
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2022
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Forecast Period
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2023 – 2027
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Quantitative Units
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Revenue in USD Million, and CAGR for 2017-2021 and 2022-2027
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Report coverage
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Revenue forecast, company share, competitive landscape, growth
factors, and trends
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Segments covered
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Technology
Service
Application
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Regional scope
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Dubai, Abu Dhabi, Sharjah, Rest of UAE
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Key companies profiled
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Channel VAS, BitOasis, Tarabut Gateway,
Sarwa, Yallacompare, Beehive, Telr, NymCard, Mamo Pay, Nowmoney, Tabby
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Customization scope
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10% free report customization with purchase. Addition or
alteration to regional & segment scope.
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Pricing and purchase options
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Avail customized purchase options to meet your exact research
needs. Explore purchase options
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Delivery Format
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PDF and Excel through Email (We can also provide the editable
version of the report in PPT/Word format on special request)
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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).
UAE Fintech Market is an upcoming report to be released
soon. If you wish an early delivery of this report or want to confirm the date
of release, please contact us at [email protected]