While global investments in fintechs sank to over $51.2 billion in 2023, down by 48 percent from 2022, the UAE seemed unaffected. According to data from Innovate Finance, the UAE saw total investment rise in fintech to a whopping 92 per cent. A big reason for this is the fintech-friendly regulations and greater adoption of digital banking and fintech tools.
According to Mordor Intelligence, a market intelligence and advisory firm, the global Fintech sector is rapidly growing and is predicted to be valued at $608 billion by 2029.
Globally, the total number of fintech fundraising deals also sank considerably, to 3,973 in 2023 from 6,397 in 2022 – a 61 per cent drop.
Mohammad Alblooshi, CEO of DIFC Innovation Hub, said, “Nearly 60 per cent of all FinTech companies in the GCC are currently based in Dubai. With the industry growing at an unprecedented rate, stakeholders must gather and discuss the challenges and opportunities ahead. The Dubai FinTech Summit will bring together the most prominent figures in the industry, with an agenda aimed at driving innovation, inclusivity, and growth for all.”
Bucking the downward global market trend, the MENA FinTech market is expected to register a CAGR of over eight per cent from 2024 to 2029.
According to Unified Investments Dubai – the UAE government’s commitment to creating a conducive environment for fintech startups and investors has attracted global players, fostering a vibrant and competitive landscape.
Unified Investments Dubai stated that the key growth areas in the UAE’s fintech market include blockchain technology, banking, and digital identity solutions. Also, the launch of the UAE pass, a national digital identity platform, shows the government’s commitment to enabling seamless digital transactions and enhancing cybersecurity.
The MENA region’s FinTech start-up and venture capital landscape is booming, with over 800 FinTech start-ups worth $15.5 billion, according to data by dealroom.co. As a rising Fintech hub, Dubai is also spearheading the evolution of the financial services industry, with investments in Fintech projected to grow by 17.2 per cent CAGR to $949 bn from 2022 to 2030.
In this growing ecosystem, Dubai will be hosting the second edition of the Dubai FinTech Summit under the patronage of His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister, and Minister of Finance of the UAE and President of DIFC, which is set to take place on 6-7 May at Madinat Jumeirah.
Reflecting the ongoing transformation in the financial sector driven by Innovation, Inclusion, and Impact, this year’s key themes will be Finance Renaissance, Ecofinance and Impact, Investment Vanguard, Regulatory Frameworks, Global Financial Dynamics and FinTech 2.0.
Organised by Dubai International Financial Centre (DIFC), the leading global financial hub in the Middle East, Africa and South Asia (MEASA) region, the Dubai FinTech Summit will bring together 8,000 decision-makers, over 300 thought leaders and more than 200 exhibitors to discuss the latest innovations and challenges and showcase cutting-edge technologies.
The Summit will offer startups, investors and industry leaders a platform to connect and capitalise on the growing FinTech market in the region and beyond.
More than 20 governors of financial institutions will attend the summit this year. In line with the D33 Agenda to position Dubai as one of the top four global financial hubs by 2033, the second edition of the Dubai FinTech Summit is designed to encourage cross-border collaboration and innovation, which are pivotal to transforming the global Fintech sector.
