A delegation of Singapore business leaders from the FinTech sector visited Abu Dhabi and Dubai to explore opportunities for growth and collaboration within the UAE’s burgeoning FinTech ecosystem.
DUBAI — Singapore has seen an increasing number of companies venturing to the UAE, with close to 300 businesses currently present and over 3000 Singaporeans based in the country. Singapore FinTech Association (SFA) and the UAE-Singapore Business Council (UAESBC) organised a delegation of 20 business leaders from 17 member companies in Singapore’s Finance and FinTech sectors for a mission trip to Abu Dhabi and Dubai, which took place from 9-13, September 2024. The participants got a first-row view of the potential development and growth in the nation’s FinTech ecosystem, currently valued at USD 3.16 billion and expected to rise to US$5.71 billion by 2029, at a CAGR of 12.56%.
For five days, participants gained valuable insights on how to navigate the UAE’s business environment and understand its FinTech ecosystem, market conditions, and various government incentives available. The participants also learned more about Dubai’s drive towards green and sustainable financing through its D33 Agenda, which was launched in 2023 by H.H. Sheikh Mohammed bin Rashid Al Maktoum. This forward-looking initiative is Dubai’s leadership aspiration for the future as it aims to double the size of Dubai’s economy and secure its status among the top three global cities.
Dr. Brian Shegar, President of the UAESBC mentioned, “The UAESBC is delighted to have organised in conjunction with SFA a highly successful fintech delegation to the UAE. We had productive meetings with several banks in Abu Dhabi and Dubai and other important stakeholders such as Dubai International Financial Centre (DIFC) and Abu Dhabi Global Market (ADGM). One of the highlights was the signing of an MOU between Emirates NBD and SFA.”
The trip brought the participants for meetings and site visits to banks, financial institutions, FinTech companies, law firms, and regulators in Abu Dhabi and Dubai. Attendees had the unique opportunity to explore the evolving FinTech landscape and engage with key regulators, such as the ADGM and DIFC to gain a deeper understanding of the UAE’s regulatory framework and the steps required to set up operations in the region.
Mr. Reuben Lim, CEO of Singapore FinTech Association remarked, “SFA and the UAESBC are proud to have brought together business leaders from Singapore’s FinTech ecosystem to explore opportunities in the UAE. As the leading FinTech market in MENA, the UAE presents an area of growth for our FinTechs to develop, collaborate and succeed as part of the companies’ business expansion plans.”
Attendees also participated in networking sessions, which were graced by H.E. Mr Syed Raziff Aljunied, Consul-General of the Republic of Singapore in Dubai, where they forged meaningful connections with potential business partners and other FinTech companies, finance-related agencies, and financial institutions, including Abu Dhabi Commercial Bank (ADCB), First Abu Dhabi Bank (FAB), Dubai Islamic Bank, and Emirates NBD to explore opportunities for collaboration and growth.
The business delegation to the UAE included leaders from ADDX Pte Ltd, ALT Capital Pte. Ltd., Alta Alternative Investments, APPBOXO Pte. Ltd., Bizbaz Pte. Ltd., Credolab, Geniusto International Pte. Ltd., Golden Horse Fund Management Pte. Ltd., Grab, Lumiq Pte. Ltd., Mastercard, MVI Technologies, Pinely Markets Pte. Ltd., Rakkar Digital, Sirius Technologies Pte. Ltd., Stradegi Solutions Pte. Ltd., and THE Legal Concierge LLC, representing a diverse array of Singapore’s Finance and FinTech sectors.
Solyh Ahmad
Solyh Ahmad is a MENAT correspondent and passionately writes on current affairs related to international trade and diplomacy in the region. He has helped and advised many companies looking to establish and internationalise into the MENAT regions. Connect with him via LinkedIn.
