New Developments Cement the UAE’s Status as Global Fintech Powerhouse

The financial technology (fintech) market in the United Arab Emirates (UAE) was valued at over $2.5 billion in 2024 and significant future growth has been forecast.

Digital payments, artificial intelligence (AI) innovations and cashless initiatives have pushed adoption rates above 80 percent, making the UAE one of the most advanced fintech markets in the world.

With that in mind, read on as we assess some of the latest developments which has cemented the UAE’s status as a global fintech powerhouse.

How Are New Developments Strengthening UAE Global Fintech Powerhouse Status?

AI-Driven Islamic Finance Goes Mainstream

Mal recently announced a record-breaking $230 million seed round that turned heads across the Middle East and North Africa (MENA) region.

Founded in Abu Dhabi by Abdallah Abu-Sheikh, Mal set out to cater to one of the most fragmented yet lucrative segments in global finance, Islamic financial services, valued at more than $7 trillion.

Mal entered the picture to shake up the status quo by combining Sharia-compliant products with AI-powered infrastructure designed to aid scaling and personalisation.

The size and companies involved in the round are telling. BlueFive Capital led, while other strategic investors and family offices followed suit, a prominent sign that Islamic finance is ripe for the taking.

Abu-Sheikh built a solid reputation at Astra Tech, which has grown into a behemoth that serves over 150 million users. His involvement gives Mal’s vision credibility.

Mal is still at the pre-launch stage and has not yet secured the required licences. However, the capital needed to assist product development, secure regulatory approvals and prepare for a rollout in the Middle East and Asia is already in the bag.

More broadly, the success of Mal’s funding round reiterates the UAE as the perfect ground for fintech models involving values-based finance and cutting-edge technology.

Remittances Evolve Inside Super Apps

By embedding Mastercard Move, Botim Money now allows its users in the UAE to send funds to more than 150 countries from the app.

Customers can receive payouts to their bank accounts, mobile wallets and at cash pick-up points.

The UAE has many expatriates working on national projects, making cross-border payments very important to the financial ecosystem.

Integrating remittances into an app already used for communication reduces friction and cost, and makes things easier for users who might otherwise rely on other money transfer providers.

Customers now expect real-time settlement and multiple pay-out options, indicating a change in consumer behaviour in this digital-first economy.

Services such as Botim Money will likely play a key role in the UAE’s emerging iGaming industry. The government recently established a new authority to oversee the sector.

The online casinos featured on comparison platform haztayeb-uae.com/en/ previously operated under licenses issued elsewhere, but the UAE’s move has changed the landscape.

The country’s first licensed online casino is now live, and the first physical casino opens its doors next year, paving the way for Botim Money to cater to Arab citizens.

Botim Money’s partnership with Mastercard neatly ties into the UAE’s broader plans for instant, payments and a cashless economy. It will keep users on a single trusted platform.

Sustainable Finance Scales Through Capital Markets

Emirates NBD recently issued a $1 billion dual-tranche Blue-Green bond. The move is an example of how financial institutions are using sophisticated capital markets tools to support sustainability.

This deal is the largest of its kind in the world for a financial institution, channelling $300 million into blue economy projects. Another $700 million will be deployed for green initiatives that tie into climate action and environmental protection.

The scale and structure of the issuance grabbed headlines. Emirates NBD aligned the bonds with clear use-of-proceeds under a modern Sustainable Finance Framework.

Emirates NBD has attracted considerable demand from ESG-focused investors, including prominent asset managers dedicated to blue investment. The bond has been listed on Euronext Dublin and Nasdaq Dubai as the UAE gradually makes its way into sustainable financial markets.

For the general fintech and financial landscape, this shows how digital innovation, regulatory clarity and sustainability can coexist.

Blue and green financing relies on transparent reporting, data integrity, and governance frameworks, areas where fintech tools are key. UAE banks are now first movers in public sustainable issuances, normalising complex instruments that support climate and marine projects.

They will also strengthen investor confidence in the region’s financial infrastructure.