EMEA region invests $39bln in fintech in H1: KPMGs Pulse

ArabFinance: Total fintech investments in the Europe, Middle East, and Africa (EMEA) hiked to $39 billion during the first half (H1) of 2021, reflecting the industrys global upward trajectory, compared to 2020s total of $26 billion, according to KPMGs Pulse of Fintech report for H1 2021.

According to the report, UAE reached the EMEA top ten Fintech deals list in H1 2021. The UAEs 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.

The numbers speak for themselves - Fintech is growing exponentially in the UAE and across the region. This has been possible given the UAE governments 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, Safwan Khalil, Chief Operating Officer and Co-founder of GoFinance, commented.

GoFinance is the first-of-its kind digital finance and insurance marketplace, which promises instant fulfilment of financial products to its customers. It is essentially an online marketplace for financial products, which offers end-to-end solution where customers can search, compare, choose, apply and receive with just a tap on their screens.

The platform, in addition to being available in English, is a fully Arabized finance platform in the market, serving as a great mechanism for the digitally savvy local population in the UAE and the growing fintech organizations.

Additionally, MAGNitts H1 2021 report for the UAE Startup Ecosystem showed that investment in Fintech in H121 grew by 49% year-on-year (YoY), while the sector accounted for 23% of all transactions closed in Middle East North Africa (MENA) region in the same period.

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, Khalil added.

Within this new ecosystem of evolving Fintech, GoFinance is uniquely positioned to help banks and customers with the ease of performing their everyday financial activities from the comfort of their homes.

With FinTech growing and given both the opportunities and demand witnessed by the industry, FinTech will continue to scale and accelerate to the next level. To support this, the UAE government is constantly easing and updating regulations to encourage the evolution of financial services, attracting both the locals and expats, who are keen to explore online digital services, whether its public service or buying products and services, Khalil concluded.