UAE - Mubasher: The volume of the UAE's fintech investment activities, including mergers and acquisitions, private equities, and venture capital, have recorded their highest level since 2018 with 13 deals valued at $845.5 million during the second quarter (Q2) of 2021.
The UAE has entered the top ten fintech deals list in Europe, Middle East, and Africa (EMEA) region with Silverlake's $800 million investment into Abu Dhabi-based Group 42, an artificial intelligence (AI) and cloud computing company, as per the recent report by KPMG entitled 'Pulse of Fintech H1'21'.
During the first half (H1) of 2021, the UAE announced the launch of its first independent digital bank, Zand.
In addition, Ireland-based regtech company DX Compliance and the US-based payments firm Stripe have introduced their operations in the country during H1-21.
KPMG expected that investments in payments and contactless technologies would maintain their strong performance in the UAE, with expected growth in investor interests in Islamic finance-focused startups, such as Shariah-compliant fintechs, over the next few quarters.
The Partner and Advisory at KPMG in the Lower Gulf, Gonçalo Traquina, said: "H1-21 saw some interesting developments in this area. The Ministry of Economy and the Securities and Commodities Authority launched a Fintech Megathon to help reimagine financial services in the UAE. UAE technology ecosystem Hub 71 and US-based Modus Capital also launched Ventures Lab — a program aimed at helping early stage founders build viable products."
