Dubai’s Fintech Opportunities
Finding success in one of the globe’s most hotly contested markets involves capitalising on the windows of opportunities that present themselves. Business opportunities in Dubai are many, but there is one area that is continuing to attract a great deal of attention—fintech.
Whether you’re looking to break into the industry and are interested in the opportunities available in the space or simply trying to identify how fintech is impacting business across the region, you’ve come to the right place.
Today’s article will take a look at the growing field of financial technology applications and how businesses new to the region can leverage the opportunities presented.
HOW IS FINTECH IMPACTING DUBAI?
Fintech started to experience rapid growth across the UAE in 2017 with the launch of Apple’s iconic digital wallet, Apple Pay. Exploding in popularity with the subsequent launches of additional mobile wallets, fintech applications have been hugely influential in Dubai’s slow evolution to a cashless society. The wide integration and support with some of the biggest, most popular banks in the region has truly transformed commerce into something that is more convenient and secure for both individuals and businesses alike.
Enabling payments to be made digitally in a matter of seconds has not only made it so that converting on a potential sale is easier than ever before but also opened up avenues for supporting industries to thrive and prosper.
OPPORTUNITIES OPENED BY DUBAI'S FINTECH INDUSTRY
With the move to an increasingly cashless society, there is room for a number of new players to enter the field and carve a niche for themselves in a thriving digital ecosystem. While there are a number of local players capitalising on these new business opportunities, there is also significant room for foreign ventures to gain a foothold in the market.
Particularly, one of Dubai’s preeminent free zones, the Dubai International Financial Centre—DIFC for short—has shown itself to heavily invested in fintech-focused startups. From the establishment of investment funds catered to the development of these like-minded businesses to collaborating with foreign technology hubs in the development of fintech applications, it is increasingly evident that there is significant room for growth in the sector.
Additionally, Dubai, with its high-tech infrastructure, tech-savvy population and well-established supporting industries has cemented itself as being uniquely capable in driving the aspirations of fintech businesses of all sizes.
CAPITALISING ON DUBAI'S FORWARD-THINKING BUSINESS LANDSCAPE
Country-wide initiatives directed at becoming one of the global business leaders has spurred the creativity of entrepreneurs across the nation. As businesses continue to emerge with novel ideas aimed at solving existing problems in new ways, the field is ripe for innovation.
Moreover, with Dubai’s future-oriented strategies for growth fuelling the economy, there is a strong, stable support system in place for businesses who are looking to make a long-term commitment to the region. Perhaps more importantly, such tech-focused growth strategies signal the continued adoption of convenience-enhancing technologies that are sure to augment the profitability and productivity of businesses who find their place in the city.
Fintech has driven its fair share of investment spending over the past few years, and that trend is set to continue as new supporting industries begin to cement themselves. Business opportunities in Dubai are ripe for foreign-owned companies who are ready to capitalise on a well-developed infrastructure, tech-savvy population and investment-focused government. Hopefully, this article has proven to you that bringing your fintech-oriented business to Dubai can be one of the most profitable, beneficial decisions you can ever hope to make.
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Given the importance of genuine personal connections, it’s very important that you go to great lengths to extend some personal courtesies. Between offering small gifts and tokens of appreciation to handing out business cards written in the Arabic language, a personalised approach to doing business will help you build a much stronger professional foundation.
Remember that while Dubai is indeed a city of expats that you’ll undoubtedly be interacting with—at least at first—you will, eventually, be meeting with native Emiratis. Therefore, it’s absolutely critical that you always remain respectful of the culture and understand the nuances associated with Dubai’s business etiquette. After all, it won’t do you any good to get off on the right foot with any expat connections you may have only to fall short of your ultimate goal by failing to form a connection with the individuals in charge of making the bigger-picture decisions.