The UAE has bucked a global trend by almost doubling the level of funding in its fintech sector during 2023.
In total, fintechs raised more than US$1.3 billion in funding across 54 deals, according to data provided by Innovate Finance, the industry body for the UK’s fintech sector.
This amounted to a rise of 92% on the previous year.
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In contrast, the global level of fintech funding declined by 48% during the same period.
A number of developed countries saw funding levels fall well below the global average.
India recorded a 63% fall in investment, UK a decrease of 65%, France a decline of 56% and Germany a drop of 66%.
The 92% increase meant that the UAE has risen from 24th to 6th in the global rankings for fintech markets and their level of funding.
One of the reasons for the UAE’s relatively high level of fintech funding given in the Innovate Finance report is the country’s “fintech friendly environment”.