The UAE is set to see more than one million users of investment apps in the next five years, according to research.
Analysis from Singapore-based fintech UnaFinancial, forecasts that the investment app market will surpass the million mark by 2028.
The fintech also predicts that the number of app downloads will reach 47 million by the same date.
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The prediction is partly based on the figures produced by mobile market information provider data.ai which shows that the number of downloads of investment apps increased sharply from 67,300 in 2021 to 532,537 in 2023.
Meanwhile the number of daily active users rose from 2,955 to 19,171.
According to UnaFinancial, investment is a popular theme among financial apps used in the UAE. Of the top 50 most downloaded apps, a third (32%) are dedicated to investing and offering investment tips for stock trading.
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UnaFinancial’s analysts also believe that the increasing use of such apps could help increase financial literacy in the UAE.
“The UAE is characterised by the highest level of financial inclusion in Mena,” stated the company, which is also planning to launch an investment app of its own in the UAE. “There is also a high degree of digitalisation – the Internet penetration equals 99%, while the digital economy makes up 10% of the GDP.
“Despite this, the level of financial literacy equals 39%, which is higher than the world’s indicator, but lower than in the most developed countries. Over the coming years, investment apps that help individuals make wiser investment decisions and navigate the complex financial landscape are likely to facilitate financial literacy in the UAE.”