(MENAFN- Mid-East) Analysts of UnaFinancial have assessed the contribution of fintech to the well-being of the GCC region. By 2030, the UAE's fintech will add the highest value to the GDP per capita – $915.6. It will be followed by Saudi Arabia ($561.5) and Bahrain ($262.3).
United Arab Emirates | February 13, 2024 - The analysts calculated the value of fintech investment in GDP per capita of the GCC region using Tracxn data on funds raised by fintech companies. In 2022, the UAE was a leader with a significant gap – $636.4 (1.01%) in GDP per capita came from fintech. It was followed by Bahrain with $89 (0.24%) and Saudi Arabia with $75 (0.18%). For the entire GCC region, the impact of fintech on the well-being of citizens equaled $161 per capita.
According to UnaFinancial's forecast, by 2030, the UAE will still have the highest value of fintechs' contribution to GDP per capita. It will equal $915.6 (a 44%-increase compared to 2022). The second place will be taken by Saudi Arabia with $561.5 (an increase of +650%). Next comes Bahrain with $262.3. Despite the smaller value, it is projected to show a 3-times increase over 8 years, which is due to the rapid development of fintech in the country from 2021. For the GCC region, the fintech influence will increase from $160.8 to $506.7 per capita.
ABOUT:
UnaFinancial is a group of companies developing easy-to-use digital financial solutions in the Middle East, Asia and Europe. Through its AI-based, machine learning and data driven technologies and processes, UnaFinancial provides precise and comprehensive risk management, comfort and speed for customers. Technologies and processes enable strong unit economics and superior growth rates driving a robust business performance. The revenue for 2022 amounted to USD 139.1 million. The net profit has seen a significant rise, reaching USD 13.1 million as of December 31, 2022.
Currently, the group is developing a digital finance app, which is expected to be launched in the UAE and will become the first product in the Middle East for UnaFinancial. The app will include an online investment platform, enabling clients to acquire and trade multiple asset classes like equities, forex, bonds, commodities and derivatives.
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