Latest news with #NeerajMakin
Business Recorder
25-06-2025
- Business
- Business Recorder
UAE fintech market set to hit $5.71 billion by 2029
The United Arab Emirates (UAE) fintech market is expected to grow from $3.16 billion in 2024 to $5.71 billion by 2029, according to 'From code to capital: The UAE's FinTech revolution' 2025 report, published by Emirates NBD, in collaboration with PwC. It was previewed at the recent Dubai Fintech Summit 2025, where it was revealed that fintech startups in the UAE attracted around $265 million in 2024 – approximately one-third of total startup funding in the country. It also highlighted the proliferation of digital adoption, venture capital investment, as well as the widespread integration of artificial intelligence (AI). UAE boasts over 90% smartphone penetration and 88% regular use of digital payments, according the report. Neeraj Makin, group head of strategy, analytics and venture capital at Emirates NBD said, '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'. 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,' he was quoted as saying. The report also highlighted the impact of AI in transforming every layer of financial services from personalisation to compliance and risk modeling. In 2024, Dubai's venture-capital-backed FDI soared 39 per cent, attracting $222 million that flowed into startups based in Dubai – underscoring the city's growing appeal among global venture firms. Dubai was also recently ranked in the top five cities for fintech in the latest edition of Global Financial Centre Index (GFCI) rankings, with success being attributed to the contributions of the Dubai International Financial Centre (DIFC) over the past 20 years.
Business Recorder
25-06-2025
- Business
- Business Recorder
UAE FinTech market set to hit $5.71 bn by 2029
The UAE FinTech market is expected to grow from $3.16 billion in 2024 to $5.71 billion by 2029, according to 'From code to capital: The UAE's FinTech revolution' 2025 report, published by Emirates NBD, in collaboration with PwC. It was previewed at the recent Dubai FinTech Summit 2025, where it was revealed that fintech startups in the UAE attracted around $265 million in 2024 – approximately one-third of total startup funding in the country. It also highlighted the proliferation of digital adoption, venture capital investment, as well as the widespread integration of AI. This surge has been powered by widespread consumer adoption, investor confidence, and strong partnerships across public and private sectors, added the report. Neeraj Makin, group head of strategy, analytics and venture capital at Emirates NBD said, '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.' 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,' he was quoted as saying. The report also highlighted the impact of artificial intelligence in transforming every layer of financial services from personalization to compliance and risk modeling. In 2024, Dubai's venture-capital-backed FDI soared 39 per cent in 2024, attracting $222 million that flowed into startups based in Dubai – underscoring the city's growing appeal among global venture firms. Dubai was also recently ranked in the top five cities for fintech in the latest edition of Global Financial Centre Index (GFCI) rankings, with success being attributed to the contributions of the Dubai International Financial Centre (DIFC) over the past 20 years.
Mid East Info
24-06-2025
- Business
- Mid East Info
UAE Set to Lead Middle East FinTech Growth, reveals FinTech 2025 Industry Report by Emirates NBD and PwC - Middle East Business News and Information
UAE FinTech startups raised USD 265 million in 2024, representing one-third of national startup funding The UAE FinTech market is projected to grow from USD 3.16 billion in 2024 to USD 5.71 billion by 2029 89% of UAE consumers now use digital-first bank accounts Artificial Intelligence is transforming financial services, enhancing personalisation, compliance and risk management Collaboration across the ecosystem and innovative policies are driving regional FinTech leadership Dubai, United Arab Emirates,June 2025: 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. 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 USD 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.' According to the report, FinTech startups in the UAE attracted around USD 265 million in 2024 – approximately one-third of total startup funding in the country. The local FinTech market is expected to grow from USD 3.16 billion in 2024 to USD 5.71 billion by 2029, powered by widespread consumer adoption, investor confidence, and strong partnerships across public and private sectors. 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. Read the full report. About Emirates NBD: Emirates NBD (DFM: Emirates NBD) is a leading banking group in the MENAT (Middle East, North Africa and Türkiye) region with a presence in 13 countries, serving over 9 million active customers. As of 31st March 2025, total assets were AED 1 trillion, (equivalent to approx. USD 272 billion). The Group has operations in the UAE, Egypt, India, Türkiye, the Kingdom of Saudi Arabia, Singapore, the United Kingdom, Austria, Germany, Russia and Bahrain and representative offices in China and Indonesia with a total of 839 branches and 4,539 ATMs / SDMs. Emirates NBD is the leading financial services brand in the UAE with a Brand value of USD 4.54 billion. Emirates NBD Group serves its customers (individuals, businesses, governments, and institutions) and helps them realise their financial objectives through a range of banking products and services including retail banking, corporate and institutional banking, Islamic banking, investment banking, private banking, asset management, global markets and treasury, and brokerage operations. The Group is a key participant in the global digital banking industry with 97% of all financial transactions and requests conducted outside of its branches. The Group also operates Liv, the lifestyle digital bank by Emirates NBD, with close to half a million users, it continues to be the fastest-growing bank in the region. Emirates NBD contributes to the construction of a sustainable future as an active participant and supporter of the UAE's main development and sustainability initiatives, including financial wellness and the inclusion of people of determination. Emirates NBD is committed to supporting the UAE's Year of Sustainability as Principal Banking Partner of COP28 and an early supporter to the Dubai Can sustainability initiative, a city-wide initiative aimed to reduce use of single-use plastic bottled water.
Khaleej Times
24-06-2025
- Business
- Khaleej Times
UAE FinTech market likely to grow from $3.16 billion in 2024 to $5.71 billion by 2029
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.
Hi Dubai
24-06-2025
- Business
- Hi Dubai
UAE Set to Lead Middle East FinTech Growth, Reveals FinTech 2025 Industry Report by Emirates NBD and PwC
Emirates NBD has launched its 2025 report, From Code to Capital: The UAE's FinTech Revolution, spotlighting the country's rapid rise as a regional FinTech powerhouse. Released in collaboration with PwC and previewed at the Dubai FinTech Summit, the report outlines key trends shaping the sector, including digital adoption, AI integration, and a surge in venture capital investment. According to the report, UAE FinTech startups attracted $265 million in funding in 2024—accounting for nearly one-third of the country's total startup capital. The sector is forecast to grow from $3.16 billion in 2024 to $5.71 billion by 2029, fueled by supportive regulation, public-private partnerships, and increasing consumer demand. Neeraj Makin, Group Head of Strategy at Emirates NBD, said the funding reflects investor confidence and positions the UAE to become a leading destination for FinTech innovation. The report points to a mature ecosystem backed by diverse talent, scalable infrastructure, and a clear pathway for startup exits. The study also underscores the role of artificial intelligence in reshaping financial services, from personalised offerings to enhanced risk management. Emirates NBD's own AI-driven transformation has improved efficiency and operational control. Miguel Rio-Tinto, the bank's Chief Digital and Information Officer, noted that collaboration between traditional banks and startups—through open APIs and innovation sandboxes—is vital for sustained progress. PwC's Stephen Anderson highlighted the UAE's position at the forefront of financial transformation, driven by strategic vision and technological advancement. News Source: Burson
