Priya PatelTLDR:
The UAE has escaped the global FinTech funding drought as investments in the sector jumped 92% last year. While global investments in FinTech fell by 48% in 2023, the UAE saw a significant increase due to friendlier regulations and the adoption of digital banking tools. The rise of mobile shopping in the UAE has also contributed to the country’s strong investment performance in the FinTech sector.
The UAE was a bright spot in the global FinTech industry in 2023, as investments in the sector jumped 92% while global investments fell by 48%. This can be attributed to friendlier regulations and the adoption of digital banking tools in the country.
Mobile shopping has also played a role in the UAE’s strong FinTech performance. 28% of local consumers in the country have made their most recent retail purchase using their smartphones, and both men and women engage in mobile shopping.
Jim McCarthy, CEO of Thredd, recently commented on the “FinTech winter” of 2023 and emphasized the importance of delivering results and retaining growth-oriented customers for long-term success in the industry.
