UAE FinTech market likely to grow from $3.16 billion in 2024 to $5.71 billion by 2029

25/06/2025 01:00 AST

The UAE FinTech market is expected to grow from $3.16 billion in 2024 to $5.71 billion by 2029, powered by widespread consumer adoption, investor confidence, and strong partnerships across public and private sectors, a study showed on Monday.

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.

According to the report, FinTech startups in the UAE attracted around $265 million in 2024 - approximately one-third of total startup funding in the country.

Positioned as an industry-wide outlook, the FinTech 2025 Report offers insights into key regional trends from a surge in digital adoption and venture capital investment, to the widespread integration of AI. The UAE is increasingly recognised as a hub for FinTech activity, underpinned by strong regulatory support and a maturing ecosystem.

Neeraj Makin, group head of strategy, analytics and venture capital at Emirates NBD, said: "We are proud to launch the FinTech 2025 Report, showcasing the UAE's success as a FinTech hub, supported by Emirates NBD's innovation. The UAE's $265 million of FinTech funding in 2024 signals strong investor confidence. Bolstered by a robust venture capital network, diverse talent, and clear exit paths, the UAE is primed to attract even greater investment and cultivate future FinTech leaders."

Miguel Rio-Tinto, group chief digital and information officer at Emirates NBD, said: "Emirates NBD is proud to help drive the FinTech revolution in the region through strategic partnerships, in-house innovation and venture investments. With this report, we demonstrate how established banks can leverage FinTech for growth, efficiency and superior customer experiences. As the industry continues to evolve, we remain committed to building an open, collaborative ecosystem that delivers long-term value to our customers and the wider financial sector."

Stephen Anderson, Strategy Leader at PwC Middle East, said: "This report illuminates the dynamic FinTech landscape within Dubai. We see a region transformed by innovation, driven by technology and visionary strategies. Our commitment is to empower clients, partners, and communities to thrive in this smarter, connected financial future and the UAE is at the forefront of this revolution."

The report also highlights the transformative impact of artificial intelligence in reshaping every layer of financial services from personalisation to compliance and risk modeling. Emirates NBD's evolution from pre-AI to post-AI operations has led to measurable improvements in efficiency, control, and scale.

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.

Khaleej Times