One of the leading countries currently setting the bar in the developing fintech business in the Arab region is the United Arab Emirates. According to studies, UAE accounted for 47% of all financial tech deals and 69% of total funding in the MENA region and is home to the majority of the region’s fintech start-ups. Driving this growth are these three key factors: a tech-savvy population who is enthusiastic to adopt fintech innovation, the progressive structure of the country’s financial free zones, and a thriving capital sector willing to invest in fintech startups.
The UAE has made fintech adoption and growth a top national priority, paving the way for digital financial services to advance as a significant innovation that would modernize the economic structure of the region. Fintech businesses and start-ups in the UAE are fully equipped with a holistic, dynamic ecosystem with an independent regulatory and English Common Law judicial system and global financial exchange to promote their innovative solutions and expansion plans to investors.
Statista forecasts that the Fintech market in the UAE will
exceed US$31bn by 2024, showing a growth of 10.5% in 2023 compared to 2022.
The growing trend leads to a great demand for fintech technology and white-label solutions. To assist companies and start-ups in the UAE looking to implement fintech projects, we’ve identified the top 5 Fintech software providers and offerings based on customers’ reviews, solution functionality, and additional services provided.
- Oracle Flexcube
Oracle Flexcube provides banking solutions managing operational requirements online. The company is upgrading a bank’s core system to optimize operations and improve efficiency to become a connected and user-friendly bank. The offering delivers bank employees an instinctive experience to provide consumers with the best advice. Oracle Flexcube comes with an application programming interface (API), which allows businesses to integrate the platform with several third-party solutions. Pricing is available on request and support is extended via documentation, email, phone, and other online measures.
Finacle provides digital banking solutions and financial management software to banks, small and medium-sized businesses, agencies and start-ups. Its cloud-native solution suite and SaaS services address the core banking, lending, digital engagement, payments, cash management, wealth management, treasury, analytics, AI, and blockchain requirements of financial institutions.Finacle solutions support modern and traditional customer engagement channels, and business segments, such as Retail, Wealth, Islamic, Business and Corporate banking.
Velmie is a tech company providing software solutions to financial services companies globally. There is a cloud-native platform built with a modular architecture to support modifications and integrations for each individual client. This approach also brings greater scalability and makes the solutions future-proof. The company provides back-end technology and also delivers customized front-end apps, handles integrations with clients’ systems or partners, and builds customizations where necessary. It has created the partner ecosystem that provides payments and compliance coverage in such regions as North America, MENA, LATAM, EU and UK.
Bankable uses a Banking as a Service (BAAS) business model to offer a range of payment solutions. Its core virtual account management platform is available in white-label or via APIs to deploy digital banking solutions, virtual account services, card management, and processing services, and payment processing services. Bankable is globally connected to the custodian and issuing banks, processors, card manufacturers, and other suppliers in the payments ecosystem. It also provides program management services and delivers an end-to-end solution for corporate and consumer payment programs.
- Wallet Factory
Wallet Factory makes fintech solutions based on the WaaS (Wallet-as-a-Service) model. The company offers a wide range of software development services – from white-label eWallets, cards and mobile payment services to neobanking and loyalty management. Wallet Factory helps clients create and integrate digital financial ecosystems across the globe.
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- Source: https://www.finextra.com/blogposting/23527/top-5-fintech-software-solutions-providers-in-uae?utm_medium=rssfinextra&utm_source=finextrablogs