UAE named as fintech hotspot in the Middle East

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Fri 5 Apr 2019 03:31 PM

UAE named as fintech hotspot in the Middle East

Bloomberg Intelligence says the UAE has 67 fintech start-ups, followed by Turkey and Jordan and Lebanon

The UAE tops the list of countries in the Middle East with the highest number of financial technology (fintech) start-ups, according to Bloomberg Intelligence.

The UAE with 67 was followed by Turkey at 44 and Jordan and Lebanon at 30 each, it said.

Overall, the number of fintech start-ups in the region is forecast to expand from 96 in 2019 to 465 by 2020, state news agency WAM reported.

An Accenture analysis based on CBI Insights data has predicted that investments in the fintech sector will jump to $2.28 billion by 2022 from $287 million in 2019.

The figures were made public ahead of this year’s AIM Startup taking place in Dubai in conjunction with the Annual Investment Meeting.

Dawood Al Shezawi, chairman of the organising committee of AIM Startup, noted that the UAE has remained a preferred destination for fintech operations.

"We have looked into several factors for this trend and we can confidently say that the UAE’s high data connectivity makes it a fertile ground for start-ups and enterprises. In today’s era where you have tech-savvy customer base expecting exceptional service at all times, the issue of data connectivity will help make or break your business," he said.

The country ranks first in the Middle East and North Africa and 23rd globally in the Global Connectivity Index 2018 released by Huawei.