The world has undeniably entered the age of financial technology (fintech), with mobile phone ownership at a record high, especially in emerging markets, and the COVID-19 pandemic changing the way businesses and consumers behave. We find ourselves in an era of intense evolution in the financial services industry, with digital services changing from incidental to indispensable.
The UAE is no exception to this global trend as evidenced by its vibrant fintech innovation ecosystem. Having identified fintech development as essential to its digital transformation, the Emirates is now one of the pioneering countries that is leading the way in the Arab region’s growing fintech sector .
Driving this growth are these three key factors: a tech-savvy population who is keen to adopt fintech innovation, the progressive structure of the country’s financial free zones, and a thriving capital sector willing to invest in fintech startups.
The outlook on the local fintech segment is upbeat on the back of increasing e-commerce and digital payment transactions in the country, supported by its strong digital banking infrastructure and regulations and policies that match modern needs.
Business hubs such as Ajman Free Zone (AFZ) are committed to providing an ideal environment for fintech innovations. This is in line with AFZ’s aim to help drive innovation and contribute to the technological developments taking place in Ajman.
To date, the free zone hosts a large number of fintech companies, in line with its commitment to supporting and elevating the industry. The numbers are expected to increase, to be fueled by technology firms’ growing confidence in the free zone and its world-class business facilities, incentives, and support
The free zones in the UAE such as Ajman Free Zone provide companies and investors with a world-class environment for fintech innovations. Through their support, businesses can be a part of the transformative current that is driving the financial services sector globally.