Dubai:Executives from leading global financial technology companies have affirmed the United Arab Emirates' status as a global hub for financial innovation, particularly in digital payments and wealth-management solutions. This development is supported by the country's advanced regulatory environment and integrated digital infrastructure.
According to Wam, SC Ventures, the innovation arm of Standard Chartered, has launched over 10 ventures in the UAE in less than three years, marking an unprecedented achievement in its global markets. These efforts are part of the rapid growth of the UAE's FinTech ecosystem, which is creating new opportunities for investment and international partnerships while accelerating the use of artificial intelligence in banking and payments.
Mohamed Fairooz, Middle East Lead at SC Ventures, highlighted that the ventures focus on digital banking, digital assets, and financial inclusion. He emphasized the UAE's role as a strategic launchpad for regional expansion, supported by specialised talent and regulatory frameworks that encourage innovation.
Saad Karim, Global CEO of Payten, noted the company's development of a digital payments ecosystem in the UAE, which includes the Aani instant payment platform and the Jaywan domestic card scheme. These initiatives aim to offer faster, more efficient payment options, enhancing cash flow and money management for businesses.
Akash Anand, Managing Director for Avaloq in the Middle East, Africa, and India, discussed the company's success in integrating AI into their banking technology solutions, focusing on improving service efficiency and the quality of financial advice. He stressed the importance of structured frameworks for AI deployment in the banking sector to maintain customer trust and financial-system integrity.
The executives collectively indicated that advancements in AI, instant payments, and wealth management will further solidify the UAE's position as a global leader in attracting investment and fostering innovative FinTech ventures.