Harnessing the Power
of UK Fintech
in the Middle East
Financial technology, or fintech, is revolutionising the way financial services companies operate. Companies across the Middle East are moving to digitisation fast, putting customers at the forefront of their focus using technologies such as voice, data and AI.
$306bn
Projected value of global fintech market by 2023.¹
___________
30%
CAGR growth of fintech
in the Middle East.²
___________
96%
Smartphone penetration
in the GCC.³
___________
UK Fintech Solutions for the Middle East
The UK has a particularly strong fintech industry. London is home to 2,100 fintech firms,⁴ more than any other global city. More than 40% of Europe’s fintech unicorns are based in the UK,⁵ and 76,500 people work in the sector here.⁶
UK fintech companies are also engaging internationally. Several British firms are at the forefront of helping financial service entities in the Middle East develop digital-first solutions. These innovations help make payments, banking and investments cheaper, easier and more secure for millions of consumers.
Paytech
The digital payments market is the largest fintech product segment, accounting for more than 80% of global fintech revenues.⁷ UK paytech companies such as Checkout.com, Yoello and SLA Digital are driving the charge to digital payments in the Middle East.
Regtech
The rapid growth of fintech in the Middle East is pressing regulators to consider new tools to regulate the industry faster. The UK regtech industry is widely perceived as a thought-leader in the sector, and comprises 569 companies.⁸ UK regtech companies, such as Regtick, are set to support the Middle East as it develops its Fintech regulatory ecosystem.
Islamic Fintech
Islamic fintechs are projected to grow to $128 billion by 2025.⁹ The UK is home to more than 28 Islamic fintechs.¹⁰ UK companies such as Kestrl and IslamicMarkets.com are poised to offer their sharia-compliant fintech solutions to the Middle East region.
Insurtech
Automation in the insurance industry can reduce claim costs up to 30% through improved communication, data collection, image analysis and business model innovation.¹¹ UK companies like TropoGo offer innovative digital-first insurance solutions for Middle East customers.
Fintech Investment Management
Capital markets are increasingly turning to new technologies to deliver efficiencies, increase productivity and enhance service offerings. UK companies including Delio and Engine, are supporting the sector with new tools and partnerships that help customers, such as banks, make trading and investing more transparent and accessible for their Middle East customers.
Fintech Events in the Middle East
Our specialists in the Middle East can provide free expert advice to help you find the right fintech solutions for your business.
