Fintech funding in the UAE could reach $2.8 billion by 2028, boosted by a strong economy and favourable environment.

Singapore-funded UnaFinancial, formerly known as Robocash Group, said the funding will grow from $1.7 billion in 2022 to $1.8 billion in 2023, and then to $2.8 billion in 2028.

The number of fintech start-ups will grow more than three times during the same period according to UnaFinancial’s analysis of Tracxn data, from 163 in 2022, to 200 in 2023, then 531 in 2028.

Reasons for the boost cited by the company, which operates in the Philippines, Spain, Vietnam, Sri Lanka and Kazakhstan, include the large selection of multidisciplinary free zones for ease of business set up and the availability of special visa categories for investors and start-up owners.

A shift to digital payments will also contribute to the growth, the company said.

(Reporting by Imogen Lillywhite; editing by Brinda Darasha)