June 20, 2024

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A Study of the 2027 UAE Fintech Market

The UAE fintech sector is expected to expand rapidly between 2023 and 2027. Fintech refers to the use of modern technological advancements in financial products and services, with an emphasis on improving and automating the supply and usage of financial services. Fintech can contend with traditional financial techniques in delivering financial services by adopting various technologies such as API, blockchain, AI, and data analytics. These technologies provide customers with integrated and value-added services, and one of the primary drivers projected to boost the expansion of the UAE fintech industry is the increasing amount of alliances between national authorities and financial institutions. Furthermore, the increasing use of advanced fraud detection and risk analytics is likely to boost the desire for fintech firms in the IT sector in the future years.

Kratos is one of the largest and fastest-growing custom-built trade financing platforms, assisting SMEs with limited funding. As per Kratos review, mobile banking technology is becoming increasingly popular among the younger population. A mobile wallet is a virtual wallet that enables users to access user credentials and pay bills using a smartphone app. The mobile wallet keeps payment card information on the application for future use to expedite the payment procedure. The increasing acceptability of digital payment among the huge population as a result of increased smartphone penetration is expected to fuel market growth across the UAE.

 

Companies in the UAE fintech business are increasingly using blockchain technology to boost safety and operational efficiency. Blockchain is a system that incorporates the implementation of a distributed database available to users across a network, where any client can include a new set of data with an unchangeable timestamp. Blockchain technology aids data authentication by limiting changes to older data while allowing users to continue uploading new data blocks. This, in turn, provides high transparency and security to fintech companies, increases transaction
precision, accelerates the settlement, and reduces risks, all of which contribute to the market’s growth.

Visit World Fintech News for the latest information and analysis on the financial sector and the fintech industry.

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