Lack of conventional bank buy-in restricts UAE fintech

Author: Jimmie Franklin | Published: 28 Jan 2020

The UAE's nascent fintech industry is struggling to grow, reportedly restricted by a lack of collaboration with traditional financial institutions.

This coincides with recent news that the Dubai International Financial Centre (DIFC) Fintech Hive launching an investment accelerator program in the Middle East, Africa and South Asia, proving that while the momentum is there, there is still work to be done.

Eric Mouilleron, founder of London-headquartered fintech company Bankable, said that despite much discussion, the impact of fintech companies on the broader banking market has been minimal.

According to challenger banks and payment service providers (PSPs) operating in the region, the weakest link in the market is the limited access to bank sponsorship.

Fintechs weigh benefits of banking licence versus M&A

"Fintech hasn’t yet changed what the traditional financial institutions are doing," continued Mouilleron, whose company announced plans to establish a Middle East hub in the DIFC in...