The UAE reached the EMEA top ten Fintech deals list in H1’21, according to KPMG’s Pulse of Fintech report.
Thriving Fintech industry
The Fintech sector continues to develop and mature on the back of rising adoption of digital payments, thriving e-commerce and a robust digital banking landscape. Fintech in the Europe, Middle East, and Africa (EMEA) region reflects the industry’s global upward trajectory. Alongside the UAE reaching the EMEA top ten Fintech deals, KPMG’s report also showed that total Fintech investment in EMEA continued to surge, with over $39 billion invested in H1’21, compared to 2020’s total of $26 billion.
MAGNiTT’s H1 2021 report for the UAE Startup Ecosystem showed that investment in Fintech in H1’21 grew by 49 percent YoY, while the sector accounted for 23 percent of all transactions closed in Middle East North Africa (MENA) region over the same period.
Governmental support
“The numbers speak for themselves – Fintech is growing exponentially in the UAE and across the region. This has been possible given the UAE government’s constant efforts to foster smart and digital transformation in the country. The launch of Dubai Digital Authority (DDA), launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai is a testament of the same. At GoFinance, we understand the importance of this cooperation and truly appreciate the innovative solutions and initiatives launched by the government. Fintech platforms not only help automate and streamline processes, but also help structure data and provide businesses with a roadmap to optimise new and efficient ways of doing business,” said Safwan Khalil, Chief Operating Officer and Co-founder of GoFinance, a banking, insurance and valuation marketplace that provides neutral advisory and a digitised end to end customer journey for all banking and insurance products and services.
The news comes shortly after Abu Dhabi hosted the largest ever Fintech Abu Dhabi event.
