UAE Fintech Market Size (2024 - 2029)

The UAE Fintech sector is experiencing significant expansion, driven by the increasing demand for digital payment solutions and the growth of the e-commerce industry. The country's robust infrastructure and skilled technology community have established it as a fintech innovation hub. The market's expansion is further supported by government initiatives that foster collaboration and entrepreneurship within the industry. As fintech firms introduce innovative solutions to meet the needs of consumers and merchants, the market's capacity is poised for substantial growth during the forecast period.

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Market Size of UAE Fintech Industry

UAE Fintech Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Market Size (2024) USD 3.16 Billion
Market Size (2029) USD 5.71 Billion
CAGR (2024 - 2029) 12.56 %
Market Concentration Low

Major Players

UAE Fintech Market Major Players

*Disclaimer: Major Players sorted in no particular order

UAE Fintech Market Analysis

The UAE Fintech Market size in terms of assets under management value is expected to grow from USD 3.16 billion in 2024 to USD 5.71 billion by 2029, at a CAGR of 12.56% during the forecast period (2024-2029).

As the financial technology sector continues to increase worldwide, the United Arab Emirates has emerged as a hub for fintech innovations. The United Arab Emirates has an extensive ecosystem for fintech app development due to its robust infrastructure and knowledgeable technology community. The growth of the UAE's e-commerce industry is expected to continue as more and more United Arab Emirates consumers are looking for online payment solutions, and merchants recognize the value of an online presence.

In the United Arab Emirates, the Fintech sector is experiencing rapid growth for various reasons. TGrowth in online shopping and digital payments has increased the need for secure and convenient payment solutions, prompting Fintech firms to provide innovative solutions such as mobile wallets and touchless payments. In addition to payment services, lending services, insurance, and investment, fintech startups in the United Arab Emirates and Saudi Arabia are providing digital solutions such as Dubai's Huspy home-buying platform and Khazna's payment apps /wallets for the underbanked Egyptian, as well as merchant payment solutions like Telr (United Arab Emirates), Geidea (Saudi Arabia) and HyperPay.

Government initiatives such as Fintech clusters and funding programs are also helping to promote cooperation and entrepreneurship in the industry. For instance, Pine Labs, one of the world's leading merchant commerce omnichannel platforms, entered the UAE market. The company announced that it would partner with UAE banks and other financial institutions to help them better serve merchant partners.

UAE Fintech Industry Segmentation

Fintech is used to describe any business that provides financial services or apps heavily reliant on technology. FinTech makes financial transactions easier and more affordable for consumers or businesses. 

The UAE fintech market is segmented by service proposition (money transfer and payments, savings and investments, digital lending and lending marketplaces, and online insurance & insurance marketplaces). The report offers market size and forecasts for the UAE fintech market in value (USD billion) for all the above segments.

By Service proposition
Money Transfer and Payments
Savings and Investments
Digital Lending & Lending Marketplaces
Online Insurance & Insurance Marketplaces
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UAE Fintech Market Size Summary

The fintech industry in the United Arab Emirates is experiencing significant expansion, driven by the country's robust technological infrastructure and a growing demand for digital financial solutions. The UAE has positioned itself as a leading hub for fintech innovations, supported by a knowledgeable tech community and government initiatives that foster collaboration and entrepreneurship. The rise of e-commerce and digital payments has further fueled the demand for secure and convenient payment solutions, prompting fintech firms to introduce innovative offerings such as mobile wallets and touchless payments. The market is characterized by a diverse range of services, including lending, insurance, and investment solutions, with startups like Huspy and Khazna leading the charge in providing digital solutions for various consumer needs.

The fintech landscape in the UAE is highly competitive and fragmented, with numerous global players vying for market share. The growth of neobanks and the expansion of traditional banks' digital offerings are reshaping the financial services sector, offering consumers more cost-effective and streamlined banking experiences. The regulatory environment in the UAE has been conducive to the growth of neobanks, while advancements in machine learning and integrated payment solutions are enhancing customer interactions and payment experiences. The popularity of digital wallets and mobile banking apps is on the rise, supported by the country's high smartphone penetration and fast internet connectivity. Major players like Tabby, YallaCompare, Beehive, Sarwa, and Shuaa Capital are at the forefront of this dynamic market, with companies like Tabby achieving significant milestones in funding and market valuation.

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UAE Fintech Market Size - Table of Contents

  1. 1. MARKET DYNAMICS AND INSIGHTS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

      1. 1.2.1 Rise in the Number of Fintech Startups is Driving the Market

      2. 1.2.2 Favorable Regulatory Compliance Landscape is Promoting the Fintech Market

    3. 1.3 Market Restraints

      1. 1.3.1 Lack of Mobile and Tech Expertise

      2. 1.3.2 Data Security Concerns are on the Rise with Rising Mobile Banking

    4. 1.4 Market Opportunities

      1. 1.4.1 Development of Insurtech and New Insurance Products as well as New Distribution Channels

      2. 1.4.2 Fintech Companies are Teaming Up with Existing Financial Institutions to Expand their Services

    5. 1.5 Porter Five Forces

      1. 1.5.1 Threat of New Entrants

      2. 1.5.2 Bargaining Power of Buyers/Consumers

      3. 1.5.3 Bargaining Power of Suppliers

      4. 1.5.4 Threat of Substitute Products

      5. 1.5.5 Intensity of Competitive Rivalry

    6. 1.6 Industry Policies And Regulatory Landscape Shaping the Fintech Space in UAE

    7. 1.7 A Brief on Various Technologies Driving the Fintech Market in UAE

    8. 1.8 A Brief on Consumer Needs And Behaviour Analysis Towards UAE Fintech Industry

    9. 1.9 Impact of COVID-19 on the Industry

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Service proposition

      1. 2.1.1 Money Transfer and Payments

      2. 2.1.2 Savings and Investments

      3. 2.1.3 Digital Lending & Lending Marketplaces

      4. 2.1.4 Online Insurance & Insurance Marketplaces

UAE Fintech Market Size FAQs

The UAE Fintech Market size is expected to reach USD 3.16 billion in 2024 and grow at a CAGR of 12.56% to reach USD 5.71 billion by 2029.

In 2024, the UAE Fintech Market size is expected to reach USD 3.16 billion.

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