Future of Fintech in Dubai
A portmanteau of Financial Technology, Fintech is changing the façade of the financial sector globally.
Technology is generally altering the way we do business, whether it is in the field of finance, FMCG, automotive or manufacturing. The Third Industrial Revolution, also known as the Internet Revolution, has already disrupted the way we are conducting business. Little wonder then that the technological innovations used to upkeep the financial services sector must follow suit, rather, lead by example.
By 2020, MENA is predicted to be hosting over 250 Fintech startups.
Fintech is essentially defined as the use of technological innovations to improve financial activities. What are these financial activities? When was the last time you used a smartphone to pay your phone bill? How do you make your investments? These are all instances of the Finance/Banking sector getting technologically savvy.
Coming closer to home, Dubai currently has close to 50 Fintech firms registered in DIFC, with that number increasing. By 2022, the fintech market in the Middle East and North Africa (MENA) region is predicted to draw U.S $2.5 billion in deals, according to a recent study by (MRP) MENA Research Partners. This will be driven by investors’ interest in the region’s fintech opportunity. By 2020, MENA is predicted to be hosting over 250 fintech startups.
Keeping in line with the entire ‘Smart Dubai’ initiative, the Fintech scenario in Dubai is heavily accentuated and supported by the Dubai Government.