Report: Financial technology is growing rapidly in the UAE under Corona


Dubai – Mubasher: A report issued by Dubai Future Foundation confirmed that the financial technology sector will record rapid growth in the UAE and the region in general; As a result of increased reliance on it under the circumstances the world is witnessing.

The report reviewed “Life After Coved-19”: The Future of Financial Technologies, which was launched by Dubai Future Foundation, the most prominent characteristics of this vital sector, which is considered one of the most economic sectors ready to face the crisis.

Global expectations indicate that it will emerge from the challenges of the current stage in a stronger condition as a result of people turning to rely on digital services on a larger scale, and the success of these services to overcome the crisis thanks to its efficiency, reliability and its clear ability to influence the global economic system.

The report “Life After Coved-19: The Future of Financial Technologies” comes within a series of reports issued by the Dubai Future Foundation, during which it explores the future of the vital sectors in the UAE and the region after the emerging Corona virus crisis and the main changes and trends that the world will witness.

The report stated that the financial technology sector will be one of the more developed areas compared to other business sectors that suffer from the negative impacts of challenges Corona “such as tourism, aviation, trade and retail because of low demand and efficient performance of supply chain operations.

The International Air Transport Association estimates that the aviation sector will lose about $ 250 billion, and it is expected that the profits of traditional retail companies will drop by about $ 430 billion in the United States of America alone..

The report emphasized that the rate of loading financial applications has witnessed a remarkable increase since the start of the implementation of the procedures of closing and curfews in most countries of the world, as its use increased by 72 percent in the last week of March, according to data of Devere Financial Consulting.

Their average weekly upload increased by 20 percent between the fourth quarter of 2019 and the end of the first quarter of 2020.


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