UAE fintech market to reach USD 2.5 billion by 2022
The UAE is leading the Middle East and North Africa (MENA)’s fintech market, reaching a record-high of USD 2.5 billion by 2022, industry experts announced ahead of the Middle East Financial Technology (MEFTECH). An updated report issued by Clifford Chance says MENA’s fintech market will top USD 2.5 billion by 2022 as a result of regional and multi-national financial institutions rolling out digital platforms to transform customer experiences, optimize costs, and meet data regulations.
UAE-based IT infrastructure and information management consultancy and solutions provider, Condo Protego works closely with nearly all of the UAE’s banks -- including small, local banks, the UAE’s top 10 largest banks, and foreign multi-national banks with a presence in the country. Recent major digital transformation projects have included the backup and disaster recovery and hybrid cloud environments for the UAE’s largest bank, an identity and access management solution for a large bank in the Northern Emirates, and virtual desktop infrastructure for 2,500 employees of a major European-based bank.
One of the biggest topics of discussion among UAE banking leaders is the need to enhance security, data protection, and identity and access management. With the right security solutions in place, banks in the UAE can ensure secure and trusted transactions, reduce risk, and meet government legislation on data breaches.
In the UAE, the Decretal Federal Law No. 14 of 2018 outlines how the Central Bank regulates virtual banking, stored value, e-payments, and digital money services.