Financial technologies in Dubai: the ideal place to start your business
Dubai is becoming the world’s leading center of financial technologies thanks to its unique advantages and strategy. The city serves as a strategic bridge between East and West. This ensures access to vast and diverse markets in Asia, Africa, and Europe. More than 2 billion people reside in these regions, which makes them key for businesses striving to expand their international presence. Learn more about how establish company in Dubai, can be on our website.
In 2022 year growth world trade through Dubai constituted about 10%, underlining its significance as international hub. Companies, which open their representatives here, receive favorable tax conditions and minimal bureaucratic barriers. This makes Dubai ideal starting point for startups, wishing fast growth and development.
Challenges on way to success
Opening a FinTech business in Dubai has its unique complexities. Regulatory requirements require a careful approach and compliance. In UAE, there exists its own legislative base that regulates market technologies. For many startups, compliance with these laws can seem a complex task. Additional information about legislative base can find here.
In 2023 year was registered more 500 FinTech-startups, and many of them noted complexity regulatory procedures as main challenge. Nevertheless, government actively supports innovation and entrepreneurship, creating conditions for growth and adaptation business.
Licensing: key to success
Dubai International Financial Centre (DIFC) – one from most popular free economic zones for FinTech-companies. Here was recorded growth in registered firms by 15% in the past year, which underlines its popularity. DIFC offers unique conditions and its own legal regime, which simplifies the process for foreign companies.
- Office in zone DIFC – obligatory condition.
- Registration company and obtaining licenses – the first step on the way to success.
- Compliance norms countering money laundering and financing terrorism.
With additional information about Dubai International Financial Centre can familiarize on Wikipedia.
Data protection and confidentiality
Laws about protection personal data in UAE are some from most strict in world. According researches, conducted in 2022 year, about 80% companies in country conduct trainings on protection data for their employees. This important for building trust between FinTech-companies and their clients.
Successful examples on market
Companies such as Beehive demonstrate that compliance with regulatory requirements can become the foundation for success. A platform for crowdfunding could integrate into the Dubai ecosystem, receiving approval and support from local authorities. Learn more about support from local authorities on their official site.
In 2022 year, thanks to active cooperation with state structures and strict compliance legislation, turnover “Beehive” grew more than by 25%.
How launch FinTech-business in Dubai
- Conduct detailed research market and determine your niche.
- Develop a business plan and prepare all necessary documents.
- Consult with local experts and lawyers to understand regulatory requirements.
- Establish connections with government bodies and partners.
Correct strategy and preparation will help you integrate into profitable Dubai ecosystem. According forecasts analysts, in near five years growth sector FinTech in region will constitute about 20% in year, what underlines its huge potential.