UAE Fintech Market Projected to Exceed 5 Billion Dollars by 2029

The UAE fintech market is projected to expand from approximately US$ 3 billion in 2024 to over US$ 5 billion by 2029, with more than 320 fintech companies currently operating in the country, Gulf News reported. The sector is also estimated to generate 30,000 jobs, including 10,000 positions designated for UAE nationals under the national Emiratisation framework.

According to Central Bank of the UAE (CBUAE) material cited by the publication, the UAE has climbed from 30th to fourth place globally in the Global FinTech Centre Index, placing it among the world's top five fintech hubs. More than 75 firms have secured licences or received in-principle regulatory approvals across six distinct fintech categories.

The report attributed this development to the CBUAE's Financial Infrastructure Transformation programme, which encompasses the Aani instant payment system, the Al Tareq open finance platform, digital identity frameworks, financial cloud infrastructure, and the planned Digital Dirham. The central bank's Innovation Hub is also running test cases for tokenisation, agentic commerce, and agentic banking.

Complementary ecosystems in the Dubai International Financial Centre (DIFC) and Abu Dhabi Global Market (ADGM), combined with transport connectivity bridging Asia, Africa, and Europe, were highlighted as key factors positioning the country as a springboard for regional fintech growth.