During 2015, the number of fintech startups in the United Arab Emirates was 30. In total there were 105 fintech startups in the entire Middle East and North Africa during this period.
Fintech in MENA
At its core, fintech not only assists consumers, but also companies and business owners to better manage their financial operations using specialized software. High smartphone and internet penetration in the MENA region in recent years has been a factor in driving the rise in fintech startups. Additionally, the region holds a sizeable youthful population who tend to be more flexible to change and early technology adopters.
Burdensome and outdated regulations in the region have historically slowed down adoption and investment. However, a recent rapid change in the regulatory environment has been observed in different countries such as Egypt and Jordan, especially during the COVID-19 pandemic. The online banking penetration rate in Egypt was forecasted to expand to 12 percent by 2025. Despite being in their relative infancy, the region now has different levels of regulatory aspects that pertain to fintech specifically. Adding to this, the region hosts a high percentage of unbanked adults which provides opportunities for fintech startups to step in and fill in the market gaps.
Fintech in UAE
The UAE holds one of the most mature fintech markets in the region accounting for a large percentage of fintech startups. The country had the highest overall fintech readiness score among the MENA region making it a premium global fintech hub, while Saudi Arabia, Turkey, and Bahrain were emerging hubs. This is due to several factors including the government’s efforts to foster startup growth which makes the UAE a global hub for tech companies. Approximately 34 percent of firms in the UAE had a company-wide digital transformation strategy in place, with good progress in implementing it in 2019.
Number of fintech startup in the Middle East and North Africa region in 2015, by country
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Wamda. (March 16, 2017). Number of fintech startup in the Middle East and North Africa region in 2015, by country [Graph]. In Statista. Retrieved July 03, 2022, from https://www.statista.com/statistics/880185/mena-number-of-fintech-startups-by-country/
Wamda. "Number of fintech startup in the Middle East and North Africa region in 2015, by country." Chart. March 16, 2017. Statista. Accessed July 03, 2022. https://www.statista.com/statistics/880185/mena-number-of-fintech-startups-by-country/
Wamda. (2017). Number of fintech startup in the Middle East and North Africa region in 2015, by country. Statista. Statista Inc.. Accessed: July 03, 2022. https://www.statista.com/statistics/880185/mena-number-of-fintech-startups-by-country/
Wamda. "Number of Fintech Startup in The Middle East and North Africa Region in 2015, by Country." Statista, Statista Inc., 16 Mar 2017, https://www.statista.com/statistics/880185/mena-number-of-fintech-startups-by-country/
Wamda, Number of fintech startup in the Middle East and North Africa region in 2015, by country Statista, https://www.statista.com/statistics/880185/mena-number-of-fintech-startups-by-country/ (last visited July 03, 2022)