FinTech arena specifically in the United Arab Emirate (UAE) is all projected to lure a $2.5 Billion investment within 2022. The Cash has dominated the Commerce arena, with an overall 75 percent of global clients conducting majority of their transactions within currency as well as coins.
The physical payments have conventionally been realized as the most protected as well as consistent, with the E-Payments transferred to the back-up status. This financial year despite being an uncertain phase all due to COVID-19 Pandemic has however witnessed a huge reversal within the status quo, fast-tracking a transition within the shift years in the making. Within the previous nine months, 71 percent of the clients within UAE have addressed a surge within optimal utilization of digitalized payments, even at a merchandise store.
Pondering upon term what really “FinTech refers to as?
Financial Technology (The FinTech) is hugely an umbrella terminology used mainly for the products as well as services that optimally utilize the Internet, Software, Smartphone gadgets, or cloud reinforced tools enabling the individuals, businesses as well as governments and others that are anything finance-related. This current technology can be optimally utilized as in the crowdfunding platforms, cryptocurrency as well as Smartphone payments, insurance as well as stocks.
As according to the DIFC (Dubai International Financial Centre), around 50 percent of the Middle East, Africa as well as South Asian (MEASA) population that have partial or very little or even negligible access for the Financial services. This offers a hugely gifted opportunity for providing these swifter expansion markets with a flexible as well as better accessible banking choice-like the Digitalized Banking as well as Financial technologies.
This platform thus, in general delivers a promising option for provision of these quick-driven markets with a more flexible as well as better direct access banking choice-like Digitalized Banking Services as well as Financial technologies. Offering up better digitalized banking solutions for merchandize wherein the physical bank branches are too scarce or are very hard to reach, or Banking without minimum balance account is hugely an option worth being explored.
The Digitalized shift is a huge megatrend present widespread across the global scenario that has got the financial services disrupted, with better innovation on their roadmap. As the global gateway turns towards digitalized finance, investment funding within a FinTech is not a barrier.
As financial services are undergoing tremendous shift, latest business models are hugely producing options for forthcoming robust expansion, and alongside a whole tech-savvy population, Middle East specifically UAE will witness a huge surge within the electronic as well as the contactless payments, digitalized banking as well as AI module backed insurance products in near future.
The FinTech arena is all self-assured to reap in huge benefits out of the Virtual lifestyle that has been imposed upon them within the latest normal. As aper the Start-up resource MaGNiTT, the Emirates would lure or stack upon a mammoth $237 Million of investment within FinTech with as many as 181 deals happened in between the time frame of 2015-2019. This overall statistic is expected to witness a huge surge to $2.5 Billion within 2022, as per the report furnished by the Clifford Chance.