Explore How the UAE is On Its Way to Becoming a Global FinTech Capital
The strategic government initiatives, progressive thinking regarding technological infrastructure and strong investment have propelled the UAE in the direction of emerging as a global FinTech capital. The policies employed by the UAE government are revolutionising FinTech in the nation and worldwide. With deliberate steps taken to foster the growth of the FinTech industry, it aims to become the financial hub of the Middle East by this year.
Fostering FinTech Growth
Dubai is central to the development of the financial industry in the UAE. The strategic location of Dubai, as well as its exceptional financial infrastructure, has been central in bringing UAE to its position today in the industry. It is essential to provide businesses with a framework that helps adhere to regulations, tax incentives and helps the businesses thrive in the present entrepreneurial network.
The Dubai International Financial Centre (DIFC) and the Abu Dhabi Global Market (ADGM) play an important role in this as they have managed to draw the attention of FinTech startups, investors and global financial institutions through their regulatory sandbox that allows them to test out and refine their solutions in a controlled environment.
Embracing New Technologies
Another reason why UAE is on its way to becoming a Fintech capital is because it is paving the path for FinTech innovation with its UAE Blockchain Strategy 2021, AI adoption and progressing towards a total cashless environment. The implementation of the Blockchain Strategy enhances the transparency and security in financial transactions while AI continues to revolutionize customer insights, fraud detection and enabling the provision of personalized financial services.
Furthermore, with the growing use of Payit and Etisalat Wallet for cashless transactions, the population in the area is rapidly shifting to digital payments.
Final Thoughts
The UAE is rising as a global FinTech capital because of its policies and governmental support to create a supportive environment for a financial ecosystem through innovation and adoption of technology.