The government of the United Arab Emirates (UAE) is actively dedicated to advancing and expanding the FinTech industry. This commitment aims to propel the country’s economy towards digital transformation, particularly recognizing its reliance on oil exports and tourism revenue. The government has initiated sandbox programs to guide FinTech startups while revising immigration laws to attract foreign talent and cultivate the development of technological solutions within the country. The UAE’s proximity to the rapidly growing FinTech market in the Middle East and North Africa (MENA) region is a strong motivator for startups to innovate and enhance their services, positioning themselves as leaders in the MENA FinTech industry. The chapter emphasizes the UAE government’s dedication to investing in and endorsing FinTech, implementing immigration reforms, and strategically situating itself within the MENA region to encourage innovation and take a leading role. It also provides valuable insights into potential reasons for the shortcomings of FinTech startups and presents instructive lessons for aspiring startups.

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UAE’s Strategic Initiatives to Boost FinTech

  • Abdul Karim Mohamed Yusoff,
  • Heather Webb,
  • Seen Seery

摘要

The government of the United Arab Emirates (UAE) is actively dedicated to advancing and expanding the FinTech industry. This commitment aims to propel the country’s economy towards digital transformation, particularly recognizing its reliance on oil exports and tourism revenue. The government has initiated sandbox programs to guide FinTech startups while revising immigration laws to attract foreign talent and cultivate the development of technological solutions within the country. The UAE’s proximity to the rapidly growing FinTech market in the Middle East and North Africa (MENA) region is a strong motivator for startups to innovate and enhance their services, positioning themselves as leaders in the MENA FinTech industry. The chapter emphasizes the UAE government’s dedication to investing in and endorsing FinTech, implementing immigration reforms, and strategically situating itself within the MENA region to encourage innovation and take a leading role. It also provides valuable insights into potential reasons for the shortcomings of FinTech startups and presents instructive lessons for aspiring startups.