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The fintech and innovation sector in the region has continued to expand and its market value is forecast to double in size to nearly $300 million in a few years, according to a new report.
In the UAE alone, investments into the Dubai International Financial Centre’s fintech and innovation community exceeded $615 million last year, the DIFC FinTech Hive’s 2022 FinTech Report said.
The number of active DIFC companies in the sector also jumped by 36% to 686. Around 60% of all fintech companies in the GCC are currently based in Dubai.
Across the Middle East, Africa and South Asia (MEASA) region, the value of the market is estimated to be worth $135.9 billion in 2021. The figure is forecast to double to $266.9 billion in 2027, the report said.
The figures were released ahead of the Dubai FinTech Summit in May, which will bring together 5,000 participants.
According to Mohammad Alblooshi, Head of DIFC Innovation Hub and FinTech Hive, Dubai has continued to attract fintech firms, thanks to the emirate’s “work” in the digital space.
“The government’s collaborative approach with the industry has drawn some of the most dynamic and innovative companies in the digital asset space to its shores, cementing its position as a leading fintech hub and securing its economy for the future,” Alblooshi said.
(Writing by Cleofe Maceda; editing by Seban Scaria)
