2024-01-11 22:04:55
The UAE ranked first regionally and sixth globally in 2023 in attracting investments in financial technology (Fintech).
Investment flows jumped by 92% in the “FinTech” sector last year compared to 2022, despite the difficulties witnessed by the financial technology industry globally due to the pressure of rising interest rates and deteriorating macroeconomic conditions.
According to CNBC and Innovate Finance, there was one country with outstanding performance on the Innovate Finance list when it comes to financing, which is the UAE, and the country recorded a 92% increase in investment flows in financial technology in 2023.
The growth in technology investment flows was supported by financial technology-friendly regulations and the expansion of adoption of digital banking services and other tools in the region. This is the first time that the UAE has reached the top of the list of the top 10 well-funded financial technology centers in 2023, according to Innovate Finance.
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