Flexibility and convenience at your fingertips

Fintech, also known as financial technology, is gaining momentum in the business world for the sophisticated landscape it has created in the financial sector.

Thanks to the internet revolution, Fintech opened up possibilities to automate insurance, trading and risk management using computer technology.

To date, Fintech is set to experience a growth of 270 per cent in the Middle East this year, according to a report published by Wamda Research Lab and Payfort.

Titled State of Fintech, the report further stated that the value of the sector would grow 2.5 times by the end of this year with an expected investment of over $50 million in FinTech. The estimate demonstrates the region's transition to emerging markets. Looking ahead, a second wave is set to enter the sector as crowdfunding platforms continue to rise. These start-ups are expected to enter the platform via wealth management, insurance, remittances and solutions based on blockchain. The UAE, in particular, leads as the top country in the Middle East that promotes the rise of FinTech start-ups.

As mobile penetration in the UAE reaches an all-time high, consumers are becoming more confident in making purchases via their smartphones. Retailers and outlets are readily adopting various modes of digital payments, and further appeal to consumers with attractive reward programmes and other offers.

With a secure network in place in the UAE, both parties can rest assured that their privacy is guaranteed, and no external individuals can pose any threats or loss of finance.