The United Arab Emirates is one of the top nations now setting the standard for the growing fintech industry in the Arab world. Studies show that the UAE, which is home to the majority of the region’s fintech start-ups, accounted for 47% of all financial tech deals and 69% of the region’s overall capital. These three crucial elements—a tech-savvy populace eager to absorb fintech innovation, the country’s progressive financial free zones, and a strong capital sector ready to back fintech startups—are what are fueling this rise.
Digital financial services can advance as a significant innovation that would modernise the regional economy thanks to the UAE’s commitment to making their acceptance and expansion in the fintech sector a top national priority. In order to market their cutting-edge solutions and growth plans to investors, fintech enterprises and start-ups in the UAE have access to a comprehensive, dynamic ecosystem with an independent regulatory, English Common Law court system, and worldwide financial exchange.
According to Statista, the UAE’s Fintech market will reach more than US$31 billion by 2024, growing by 10.5% from 2022 to 2023. A significant demand for white-label solutions and finance technologies is generated by the expanding trend. We’ve picked the best 5 Fintech software suppliers and solutions based on user ratings, solution functionality, and additional services offered to help businesses and start-ups in the UAE who are looking to implement fintech initiatives.
Oracle Flexcube offers online operational requirements management for banks. The organisation is modernising a bank’s core system to streamline processes and boost effectiveness so that it may become a connected and user-friendly bank. The service gives bank staff the innate knowledge they need to provide customers with the best advice. A variety of third-party solutions can be integrated with Oracle Flexcube thanks to the platform’s application programming interface (API). Pricing information is available upon request, and support is provided through online resources, phone calls, emails, and other means.
Finacle serves banks, small and medium-sized businesses, agencies, and start-ups with digital banking solutions and financial management software. Its cloud-native solution portfolio and SaaS services meet the needs of financial institutions in terms of core banking, lending, digital engagement, payments, cash management, wealth management, treasury, analytics, AI, and blockchain. The business categories of Retail, Wealth, Islamic, Business, and Corporate Banking are supported by Finacle technology, together with both contemporary and classic customer contact channels.
A variety of payment options are provided by Bankable using the Banking as a Service (BAAS) business model. For the deployment of digital banking solutions, virtual account services, card management and processing services, and payment processing services, its basic virtual account management platform is accessible in white-label or via APIs. The custodian and issuing banks, processors, card manufacturers, and other vendors in the payments ecosystem are all connected to Bankable on a worldwide scale. It gives an end-to-end solution for business and consumer payment programmes and offers programme administration services as well.
Based on the WaaS (Wallet-as-a-Service) model, Wallet Factory creates financial solutions. The company provides a wide range of software development services, including neobanking, loyalty management, and white-label eWallets, cards, and mobile payment services. Globally integrated digital financial ecosystems are created and integrated for clients by Wallet Factory.