According to the report, UAE FinTech startups raised USD 265 million in 2024, representing one-third of national startup funding
Press Release
- The UAE FinTech sector is projected to grow from USD 3.16 billion in 2024 to USD 5.71 billion by 2029.
- 89% of UAE consumers now use digital-first banking solutions.
- Artificial Intelligence is transforming financial services, enhancing personalisation, and strengthening compliance and risk management.
Emirates NBD, a leading banking group in the Middle East, North Africa and Türkiye (MENAT), has released ‘From code to capital: The UAE’s FinTech revolution’ 2025 report, developed in collaboration with PwC. Recently previewed at the Dubai FinTech Summit 2025, where the Bank served as Premium Banking Partner, the report offers a data-led outlook on the UAE’s evolving FinTech landscape and provides a roadmap for ecosystem stakeholders driving financial innovation.
The UAE is increasingly recognised as a hub for FinTech startups, underpinned by strong regulatory support and a maturing ecosystem. Government enabled initiatives, such as the Dubai Economic Agenda (D33) and the UAE Centennial 2071 programme, have accelerated the growth of the digital economy. As a result, Dubai now ranks 12th in the Global Financial Centres Index4 – ahead of Frankfurt and Shanghai.
Fintech trends
According to the report, FinTech startups in the UAE attracted around USD 265 million in 2024 – approximately one-third of total startup funding in the UAE. The local FinTech market is expected to grow from USD 3.16 billion in 2024 to USD 5.71 billion by 2029, backed by increased consumer adoption, investor confidence, and strong partnerships between the public and private sectors.
“Fintech News Middle East identified 329 active fintech companies operating in the UAE, up from just 144 companies in their 2021 analysis. This growth of 128.5% indicates a rapid influx of new ventures, with increased diversification of subsectors. The majority of these fintech firms are based in Dubai – roughly 62% – underscoring the city’s dominance in the sector. Almost a quarter is headquartered outside the UAE, while Abu Dhabi hosts most of the remainder, with its own fintech zone in ADGM.”
As FinTech continues to scale, the report encourages proactive collaboration between banks and startups by embracing open APIs, regulatory sandboxes, and co-branded innovation models, critical to sustaining industry momentum and deepening customer impact. Read the full report.
Regulatory sandbox
The report states:
“Since 2017, Dubai’s DFSA has introduced a fintech regulatory framework and sandbox programmes for testing solutions under a lighttouch license before full licensing. The DFSA also implemented regulations for open banking, crowdfunding, and crypto assets – positioning DIFC as a leading jurisdiction in the Middle East.”
“In Abu Dhabi, the ADGM has also been instrumental. Its Financial Services Regulatory Authority launched the RegLab, a fintech sandbox, and was an early adopter of digital bank licenses and crypto asset regulations. ADGM has attracted fintechs in wealth management and insurtech, complementing DIFC’s strength in payments and digital banking. Programmes like ADGM’s Digital Lab have enabled banks and fintechs to co-create and test solutions in a virtual environment.”
“In 2023, the Central Bank of the UAE (CBUAE) launched the ambitious Financial Infrastructure Transformation (FIT) programme to modernise the nation’s financial systems and elevate its status as a leading digital economy.”
Access the full report here.
