Abstract
This paper focuses on Dubai’s positive attitude toward the digital transformation of the financial sector and the development of fintech due to the growth of financial technology. After a review of the fintech literature, the paper highlights Dubai’s dynamic financial ecosystem, including the diffusion of innovative digital technologies related to fintech. Among the main factors explaining the unstoppable growth of financial technology in Dubai are a flourishing of innovative fintech startups that have revolutionized the financial service sector, a private sector interested in partnering with financial ventures, an appropriate regulatory regime, and updated to the evolution of fintech, and supportive government policies. Regarding Dubai’s post-COVID efforts toward the digital transformation of the financial sector, the paper argues that the emirate’s fintech ecosystem represents a challenging paradigm for the business world.
Highlights
The digital transformation of the financial sector is a global phenomenon
As we have shown fintech firms are radically changing the financial industry and its ecosystem
After an extensive not exhaustive analysis of fintech literature, this paper focused on the development of fintech and the fintech ecosystem in Dubai
Summary
The digital transformation of the financial sector is a global phenomenon. A glaring consequence of the adoption of digital technologies in the financial sector is the growth of financial technology (fintech). The popularity of virtual currencies succeeded in bringing out the most innovative technologies related to money. Crucial innovations in the financial system are a natural consequence of the need for more accessibility. The rise of fintech has led to changes in the role of technology, which involves major changes in consumer behavior, ecosystems, and regulation. In this new paradigm (Lee & Shin, 2018), innovators and disruptors are the key players of the fintech revolution
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