By 2028, UAE Fintech Funding is Expected to Reach $2.8 Billion

Fintech funding within the UAE is projected to reach $2.8 billion by 2028, buoyed by a robust economy and a conducive operating environment.

UnaFinancial, a Singapore-backed enterprise formerly named Robocash Group, indicated that the funding will progress from $1.7 billion in 2022 to $1.8 billion in 2023, and ultimately to $2.8 billion by 2028.

According to UnaFinancial's assessment of Tracxn data, the quantity of fintech startups is expected to increase more than threefold during the same timeframe. This progression would move from 163 in 2022 to 200 in 2023, and then surge to 531 by 2028.

The company, which conducts operations in the Philippines, Spain, Vietnam, Sri Lanka, and Kazakhstan, pointed to several factors for this upswing. These include a wide array of interdisciplinary free zones facilitating simplified business establishment and the availability of specialized visa categories tailored for investors and startup proprietors.

Furthermore, the transition towards digital payments is anticipated to be a contributing factor to this growth, as per the company's insights.

Source: Imogen Lillywhite, Zawya