Fintech in Dubai: Development and Ecosystem

This paper focuses on Dubai’s positive attitude toward the digital transformation of the financial sector and the development of fintech due to the growth of financial technology. After a review of the fintech literature, the paper highlights Dubai’s dynamic financial ecosystem, including the diffusion of innovative digital technologies related to fintech. Among the main factors explaining the unstoppable growth of financial technology in Dubai are a flourishing of innovative fintech startups that have revolutionized the financial service sector, a private sector interested in partnering with financial ventures, an appropriate regulatory regime, and updated to the evolution of fintech, and supportive government policies. Regarding Dubai’s post-COVID efforts toward the digital transformation of the financial sector, the paper argues that the emirate’s fintech ecosystem represents a challenging paradigm for the business world.