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
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
"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...