Dubai’s Financial Ascent: Now Among the Top 5 Global FinTech Cities

Dubai has recently ascended to the 12th position in the Global Financial Centres Index (GFCI), marking its highest ranking to date. This advancement underscores the city's growing influence as a global financial hub, particularly in the FinTech sector, where it has achieved a remarkable 5th place globally for the first time.

• 5th place ranking in FinTech

Dubai's 5th place ranking in FinTech reflects the city's commitment to fostering innovation and technological advancement in financial services.

• 6th position in professional services

The city secured the 6th position in professional services, highlighting its robust infrastructure and business-friendly environment.

• 8th place ranking in investment management

An 8th place ranking in investment management showcases Dubai's growing appeal to global investors.

• 13th in trading and 14th in banking and finance

Dubai ranked 13th in trading and 14th in banking and finance, indicating a well-rounded financial ecosystem.

Contributing Factors to Dubai's Rise:

The Dubai International Financial Centre (DIFC) has been instrumental in this progress. Over the past two decades, DIFC's initiatives have propelled Dubai into the ranks of global financial leaders. The city's strategic location, coupled with a forward-thinking regulatory framework, has attracted numerous financial institutions and FinTech startups.

Several FinTech companies have emerged in Dubai, contributing to its vibrant financial landscape:

• Tabby: Founded in 2019, Tabby offers Buy Now, Pay Later (BNPL) services, allowing consumers to make purchases and pay in interest-free installments.

• YallaCompare: Established in 2011, this platform enables users to compare and purchase various financial products, including insurance and credit cards.

• Beehive: Launched in 2014, Beehive connects SMEs seeking finance with investors, facilitating peer-to-peer lending.

• Sarwa: Since 2017, Sarwa has been providing automated investment advisory services, offering diversified portfolios to investors.