In line with the UAE’s economic diversification agenda and plans, the financial and technology sectors are strategic engines of growth contributing to the country’s GDP. As an International Financial Centre and business hub, we are fully committed to providing world-class and innovative financial services and actively supporting the UAE FinTech and technology startup ecosystem. Together, we attract a flourishing community of entrepreneurs and leading local and global financial and technology companies that choose the UAE as their base and bolster the long-term success and sustainability of the UAE’s economy. FinTech Abu Dhabi Festival is one of Abu Dhabi’s initiatives and commitment to the FinTech industry and showcases Abu Dhabi and the UAE on a global platform.
H.E. Ahmed Ali Al Sayegh
Minister of State and Executive Chairman of ADGM
FinTech “Financial Technologies” is the technology used and applied to enhance or automate financial services and processes. Some of the active areas of FinTech include Transaction & Payments, Lending/Financing, Accounting, Banking, Trading, Insurance, Regulations, Asset & Wealth Management, Foreign Exchange and Remittances, Blockchain/DLT/Cryptocurrency, and Treasury.
One of the benefits of FinTech, for example, is advancing towards paperless software-based banking services. Nowadays paperless loans are preferred by many customers, as they are constantly looking for more convenient ways to conduct transactions, and there is a shift towards “less” paper in everything related to banking and financial services.
Figure 1: Top Players in FinTech Sectors
The graph shows the number of patent families published in different FinTech sectors along with the top companies in each sector.
Source: TIP Analysis, Data-set for analysis extracted from Orbit and Derwent Innovation
The graph depicts that maximum number of patent families in FinTech are related to Transaction & Payments. Hitachi is leading in R&D activities related to Transaction & Payments, Banking, Trading, Foreign Exchange and Remittances and owns maximum number of patents families.
Bank of America major focuses are Lending/Financing, Asset & Wealth management, and treasury domains. Amongst the two well-known big competitors MasterCard and VISA, the Accounting sector is dominated by Mastercard in terms of intellectual property. On the other hand Cryptocurrency/Blockchain sector is led by IBM. China based PingAn is the leading company in Insurance sector,
Fintech in MENA region
Fintech Market trend in MENA region is showing rapid growth, and companies are expected to raise more than Dh 7.34 Bn by 2022 in FinTech sector (Source). A study conducted by Milken Institute shows that Bahrain and the UAE have emerged as the leaders in the region for developing ecosystems supportive of FinTech development.
As per the report by Milken Institute, “Three key factors driving the emergence of UAE and Bahrain as FinTech hubs in the region are: (1) an ecosystem encouraging to new financial alternatives, (2) an ecosystem where government is at the center of efforts to drive innovation as part of a larger remit, and (3) an ecosystem particularly interested in attracting international talent as a means of stimulating innovation domestically”. (Source)
UAE FinTech Future
In UAE, many authorities are introducing FinTech promoting programs. Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, launched the inaugural FinTech Abu Dhabi (FinTech AD) Awards in Fintech Festival going to take place from 21st to 23rd October 2019 (Link) . A panel of experts has been created to access and analyze the contribution of leading companies in FinTech ecosystem and the company with maximum contribution towards Fintech ecosystem will be awarded (Source). FinTech AD has partnered with the UAE Banks Federation (UBF) as the Strategic Industry partner of the upcoming Fintech Festival. UBF is the leading industry association for the UAE banking sector, representing 52- member banks. (Source)
Further, Abu Dhabi Islamic Bank (ADIB), a leading financial institution, recently partnered with DIFC to host a “speed meeting” as part of the DIFC FinTech Hive and organized for some of the world’s most promising FinTech companies. (Source) , The DIFC FinTech Hive and its accelerator program is a promising initiative of Dubai International Financial Centre’s financial innovation ecosystem. (Source)
Top countries filling patents in FINTECH
TIP at WEC24
Hub of Class Inventors and Innovations
TIP has been given the opportunity to be part of the world’s largest and most influential energy event the 24th World Energy Congress between 9th – 12th of September 2019 at ADNEC Abu Dhabi, UAE.
The 24th World Energy Congress brought together international energy stakeholders, including governments, private and state corporations, academia and media with over 15,000 participants.
The event an opportunity for outreaching, create impactful with wide world-class innovators.
Launch of “Innovation Makers”
new initiative by Department of Economic Development
On September 17th, 2019 the Innovation Committee at the Department of Economic Development, Abu Dhabi launched the “Innovation Makers” initiative as part of the “TAKAMUL” program that aims to support further development of innovation Ecosystem in Emirates of Abu Dhabi.
The launching session supported by the “TAKAMUL” program, brought together the innovators with relevant partners and stakeholders.
One of the main objectives of the session is enabling and advancing the application of the innovation that leads to the acceleration of innovation growth, sustainability, diversity in the resources of the economy. “TIP” team joined “TAKAMUL” team to showcase innovation makers and their technology to the committee as part of the larger UAE Innovation Ecosystem efforts.
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