Magnati: 12% expected growth for the financial technology sector in the UAE between 2024 and 2027
Dubai, May 6 / WAM / Magnati, a subsidiary of First Abu Dhabi Bank, expected that the financial technology sector in the United Arab Emirates will record a compound annual growth of more than 12% between 2024 and 2027.
Imad Ahmed Abdel Wahab, General Manager, Head of Business Development and Government Payment Solutions at Magnati, said in statements to the Emirates News Agency, WAM, on the sidelines of the activities of the first day of the second edition of the Dubai FinTech Summit, that the UAE continues to lead digital transformation and financial inclusion. In the region, this enhances its prosperity, economic growth, and its leading position in the global financial sector.
He pointed out that Magnati has positioned itself as a major player in the payments industry sector inside and outside the country thanks to its innovative payment solutions and its prowess in the field of financial technology, and he expected the payments sector in the country to record a compound annual growth in revenues of 15% in the next four years between 2024. And 2027.
He pointed out that advanced payment technologies have played an effective role in reshaping the payments landscape in the UAE, through advanced payment processing solutions, noting that Magnati has facilitated the transition towards a cashless society by providing smooth and secure payment experiences for companies and consumers alike.
He explained that the company benefited from data analytics, artificial intelligence, and blockchain technology to enable companies to improve their financial operations and enhance customer experiences, and its initiatives in the field of financial technology played an effective role in enhancing efficiency and competitiveness across various sectors.
Abdul Wahab stressed Magnati’s commitment to ensuring that financial inclusion is in line with the UAE’s vision to promote a comprehensive and sustainable economy by enabling individuals and companies to fully participate in the digital economy by expanding access to financial services and enhancing financial culture.
The General Manager of Magnati said that the company recently signed a partnership with Etihad Payments, affiliated with the Central Bank of the United Arab Emirates, with the aim of establishing new features for the future of the payments sector, as the company benefits from the “Annie” platform affiliated with Etihad Payments to provide a safe, flexible and immediate payment experience for individuals and companies. And government agencies in various parts of the country.
He explained that through a joint commitment to developing the sector at the state level, Magnati and Etihad Payments will work to provide innovative payment solutions in the UAE market, and enrich the experience of all stakeholders at all levels, noting that this cooperation allows the company’s individual and merchant customers to access… The latest payment technologies, which confirms the company’s keenness to provide the best flexible digital payment experiences.
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