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Thursday, 15 December 2016

Into the fintech sandbox of the United Arab Emirates

Into the fintech sandbox of the United Arab Emirates:
"Financial technology in the United Arab Emirates shares a great deal with the sector in places like New York, London and Singapore: the buzzwords, the hype, the enthusiasm. But one key difference is scale.

“It’s a tiny ecosystem. We go to events and there’s six guys having the same conversations every month,” jokes David Martinez de Lecea, a management consultant and co-founder of Finerd, a Dubai-based robo-advisory investment manager.

In financial centres across the world, fintech has attracted large amounts of investment and even more attention as banks try to maintain their competitive edge and local governments seek to position themselves as hubs for innovation. Last year, global fintech investment more than doubled to $19.1bn, according to KPMG and CB Insights."

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