There is no denying that we have entered the era of fintech all across the globe. We find ourselves in the midst of a period of intense evolution within the financial services sector as the percentage of people who own mobile phones has reached an all-time high, particularly in developing economies. Additionally, the COVID-19 pandemic has elevated the status of digital services from being merely incidental to being absolutely necessary.Over the course of the last several years, fintech has made major contributions in expanding access to digital financial services. Businesses are now in a position to develop and expand as a direct consequence of the fact that they are able to provide monetary services using a variety of kinds of technology.
Expansion of fintech in UAE
A few years ago, the panorama of fintech in the UAE was still in its infant stages. All of that is different now; Dubai alone is home to over 80 financial technology start-ups, making it one of the leading financial technology centers in the area. The United Arab Emirates is one of the nations that is leading the way in the development of fintech since it has made its advancement a national priority. This is especially true in Abu Dhabi. The Abu Dhabi Global Market (ADGM), together with other organizations, has made it its mission to provide the conditions that are most conducive to the radical innovation that is driving the financial services industry into the future.
Governments Initiatives
The United Arab Emirates economy was historically driven primarily by exports of oil; however, in recent years, the UAE has also been successful in establishing itself as a global financial hub by providing robust banking services and pioneering technologies such as blockchain-based payment platforms. The government of the UAE has taken a number of different steps in order to foster the development of the fintech industry. This year, the nation’s GDP reached a new all-time high of $2.5 billion, propelling it to the top spot in the MENA region. The United Arab Emirates (UAE) established the DIFC Innovation Hub in May 2021. It was the first ecosystem in the region to be solely devoted to bringing together the fintech and innovation groups.
Fintech companies in UAE
Fintech has emerged as a significant contributor to the economy of the nation, and its importance is only projected to increase in the years to come. The United Arab Emirates is now rated top in the world among fintech centers in terms of innovation, market size, and potential for expansion.The United Arab Emirates is home to a large number of cutting-edge start-ups and established businesses that are focused on expanding access to financial services via the use of technology. Among them are the following:
Pallapay: It is a Dubai-based payment service that is safer, more user-friendly, and more secure than its competitors. Operating since 2018, Pallapay was awarded The Most Trusted Crypto Projected 2021 at Crypto Expo Dubai.It’s anonline platform where people may sign up to make payments with no hassle.
Tarabut Gateway:It is the most comprehensive Open Banking platform in the Middle East. It is redefining the manner in which banks and financial technology interact with one another. The platform offers an account aggregation and payment initiation solution, which enables customers to see information about all of their accounts in one area and even make account-to-account payments without having to open a number of different banking applications.
Ayoba Wallet:Users are able to make online payments with just one click by linking their bank accounts or credit cards to the Ayoba Cashless Wallet System. Users also have the option to scan QR codes located at retail sites.