DIFC's FinTech hive has been connecting with investors and industry experts to seek funding. Photo: TG Media
DIFC's FinTech hive has been connecting with investors and industry experts to seek funding. Photo: TG Media
DIFC's FinTech hive has been connecting with investors and industry experts to seek funding. Photo: TG Media
DIFC's FinTech hive has been connecting with investors and industry experts to seek funding. Photo: TG Media

Global FinTech funding rose 68% in 2021 on record deals, KPMG says


Shweta Jain
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FinTech funding worldwide surged 68 per cent annually to $210 billion in 2021, a report by consultancy KPMG showed.

A record 5,684 deals were signed through mergers and acquisitions, private equity and venture capital last year, driven by subsectors such as payments and blockchain, the report found.

The payments segment continued to attract the lion's share of funding among FinTech subsectors, accounting for $51.7bn in investments globally.

It was followed by blockchain and cryptocurrencies, which attracted a record $30.2bn last year, up from $5.5bn in 2020 and more than three times the previous record of $8.2bn in 2018, the report said.

Demand for digital payments and other FinTech services has grown after the onset of the coronavirus pandemic as more people use online banking services to transfer money and pay for e-commerce transactions.

Globally, digital payments are expected to grow to $8.26 trillion by 2024, from $4.4tn in 2020, according to Statista.

Cyber security and wealth technology also attracted record investment of $4.85bn and $1.62bn, respectively.

Investment in FinTech companies in Europe, the Middle East and Africa (Emea) region stood at $77.4bn from 1,859 deals, said KPMG.

The Middle East, in particular, continued to report strong activity, with $75 million raised by Bahrain-based Rain and $50m by UAE-based Tabby in the second half of 2021.

“The UAE government has moved forward with a number of initiatives to foster the growth of FinTech,” Goncalo Traquina, head of Management Consulting, KPMG Lower Gulf, said.

“While much of FinTech investment in the UAE has been focused [on] the digital banking and payments space, lending is projected to grow on the back of AI [artificial intelligence] and machine learning being deployed to improve credit risk assessments.”

Growth in the FinTech deal sizes in the Middle East and Africa will be primarily driven by the payments sector this year, the consultancy said.

More than 800 FinTech companies operating in different segments such as payments, InsureTech and cyber security across the Middle East are expected to raise more than $2bn in venture capital funding this year to boost their growth, Dubai bank Mashreq said last month, citing data from the Middle East Institute.

Cryptocurrencies and blockchain are expected to retain their investor appeal in 2022, according to KPMG, as increasing numbers of crypto companies seek regulatory guidance to grow and develop the sector, especially in places such as the UAE.

Additional support from government-backed entities in the UAE has also helped local FinTech start-ups.

The Dubai International Financial Centre Innovation Hub, which is the largest cluster of FinTech and innovation companies in the region, allocated about $100m to help start-ups to grow through its FinTech fund accelerator programme.

The DIFC's FinTech hive has been connecting with investors and industry experts to seek funding.

Last October, the UAE Central Bank also signed an agreement with the DIFC to enhance collaboration under their shared sandbox programme for FinTechs.

“These, combined with start-up funds, are likely to be a big part of developing the UAE’s FinTech ecosystem over time,” KPMG said.

An increase in investment in decentralised finance in the Emea region and a stronger push for the development of a common regulatory framework for cryptocurrencies are also expected this year, the report said.

Globally, KPMG found that the largest FinTech deals in the second half of 2021 included the $9.2bn acquisition of Denmark-based payments processor Nets by Italy-based Nexi, the $3.75bn merger of FinTech cloud platform company Calypso Technology and regulatory technology solutions provider AxiomSL to form Adenza in the US, and the $2.7bn acquisition of Japan-based Paidy by PayPal.

Specs

Engine: Dual-motor all-wheel-drive electric

Range: Up to 610km

Power: 905hp

Torque: 985Nm

Price: From Dh439,000

Available: Now

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My Country: A Syrian Memoir

Kassem Eid, Bloomsbury

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A Cat, A Man, and Two Women
Junichiro
Tamizaki
Translated by Paul McCarthy
Daunt Books 

if you go

The flights

Air Astana flies direct from Dubai to Almaty from Dh2,440 per person return, and to Astana (via Almaty) from Dh2,930 return, both including taxes. 

The hotels

Rooms at the Ritz-Carlton Almaty cost from Dh1,944 per night including taxes; and in Astana the new Ritz-Carlton Astana (www.marriott) costs from Dh1,325; alternatively, the new St Regis Astana costs from Dh1,458 per night including taxes. 

When to visit

March-May and September-November

Visas

Citizens of many countries, including the UAE do not need a visa to enter Kazakhstan for up to 30 days. Contact the nearest Kazakhstan embassy or consulate.

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Groom and Two Brides

Director: Elie Semaan

Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla

Rating: 3/5

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%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Chad%20Stahelski%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Keanu%20Reeves%2C%20Laurence%20Fishburne%2C%20George%20Georgiou%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%20%3C%2Fstrong%3E4%2F5%3C%2Fp%3E%0A
Cryopreservation: A timeline
  1. Keyhole surgery under general anaesthetic
  2. Ovarian tissue surgically removed
  3. Tissue processed in a high-tech facility
  4. Tissue re-implanted at a time of the patient’s choosing
  5. Full hormone production regained within 4-6 months
While you're here
New UK refugee system

 

  • A new “core protection” for refugees moving from permanent to a more basic, temporary protection
  • Shortened leave to remain - refugees will receive 30 months instead of five years
  • A longer path to settlement with no indefinite settled status until a refugee has spent 20 years in Britain
  • To encourage refugees to integrate the government will encourage them to out of the core protection route wherever possible.
  • Under core protection there will be no automatic right to family reunion
  • Refugees will have a reduced right to public funds
Profile

Company: Justmop.com

Date started: December 2015

Founders: Kerem Kuyucu and Cagatay Ozcan

Sector: Technology and home services

Based: Jumeirah Lake Towers, Dubai

Size: 55 employees and 100,000 cleaning requests a month

Funding:  The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups. 

How much do leading UAE’s UK curriculum schools charge for Year 6?
  1. Nord Anglia International School (Dubai) – Dh85,032
  2. Kings School Al Barsha (Dubai) – Dh71,905
  3. Brighton College Abu Dhabi - Dh68,560
  4. Jumeirah English Speaking School (Dubai) – Dh59,728
  5. Gems Wellington International School – Dubai Branch – Dh58,488
  6. The British School Al Khubairat (Abu Dhabi) - Dh54,170
  7. Dubai English Speaking School – Dh51,269

*Annual tuition fees covering the 2024/2025 academic year

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Saturday, May 16 (kick-offs UAE time)

Borussia Dortmund v Schalke (4.30pm) 

RB Leipzig v Freiburg (4.30pm) 

Hoffenheim v Hertha Berlin (4.30pm) 

Fortuna Dusseldorf v Paderborn  (4.30pm) 

Augsburg v Wolfsburg (4.30pm) 

Eintracht Frankfurt v Borussia Monchengladbach (7.30pm)

Sunday, May 17

Cologne v Mainz (4.30pm),

Union Berlin v Bayern Munich (7pm)

Monday, May 18

Werder Bremen v Bayer Leverkusen (9.30pm)

TOP 5 DRIVERS 2019

1 Lewis Hamilton, Mercedes, 10 wins 387 points

2 Valtteri Bottas, Mercedes, 4 wins, 314 points

3 Max Verstappen, Red Bull, 3 wins, 260 points

4 Charles Leclerc, Ferrari, 2 wins, 249 points

5 Sebastian Vettel, Ferrari, 1 win, 230 points

Indoor cricket in a nutshell

Indoor cricket in a nutshell
Indoor Cricket World Cup - Sept 16-20, Insportz, Dubai

16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership

Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.

Zones

A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full

The specs
Engine: 2.4-litre 4-cylinder

Transmission: CVT auto

Power: 181bhp

Torque: 244Nm

Price: Dh122,900 

THE LOWDOWN

Photograph

Rating: 4/5

Produced by: Poetic License Motion Pictures; RSVP Movies

Director: Ritesh Batra

Cast: Nawazuddin Siddiqui, Sanya Malhotra, Farrukh Jaffar, Deepak Chauhan, Vijay Raaz

The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE. 

Read part four: an affection for classic cars lives on

Read part three: the age of the electric vehicle begins

Read part two: how climate change drove the race for an alternative 

The specs

Engine: 1.5-litre 4-cylinder petrol

Power: 154bhp

Torque: 250Nm

Transmission: 7-speed automatic with 8-speed sports option 

Price: From Dh79,600

On sale: Now

Gothia Cup 2025

4,872 matches 

1,942 teams

116 pitches

76 nations

26 UAE teams

15 Lebanese teams

2 Kuwaiti teams

UAE currency: the story behind the money in your pockets
The specs

Price, base: Dh228,000 / Dh232,000 (est)
Engine: 5.7-litre Hemi V8
Transmission: Eight-speed automatic
Power: 395hp @ 5,600rpm
Torque: 552Nm
Fuel economy, combined: 12.5L / 100km

The Settlers

Director: Louis Theroux

Starring: Daniella Weiss, Ari Abramowitz

Rating: 5/5

White hydrogen: Naturally occurring hydrogenChromite: Hard, metallic mineral containing iron oxide and chromium oxideUltramafic rocks: Dark-coloured rocks rich in magnesium or iron with very low silica contentOphiolite: A section of the earth’s crust, which is oceanic in nature that has since been uplifted and exposed on landOlivine: A commonly occurring magnesium iron silicate mineral that derives its name for its olive-green yellow-green colour

UAE currency: the story behind the money in your pockets
The%20US%20Congress%20explained
%3Cp%3E-%20Congress%20is%20one%20of%20three%20branches%20of%20the%20US%20government%2C%20and%20the%20one%20that%20creates%20the%20nation's%20federal%20laws%3C%2Fp%3E%0A%3Cp%3E-%20Congress%20is%20divided%20into%20two%20chambers%3A%20The%20House%20of%20Representatives%20and%20the%20Senate%3C%2Fp%3E%0A%3Cp%3E-%C2%A0The%20House%20is%20made%20up%20of%20435%20members%20based%20on%20a%20state's%20population.%20House%20members%20are%20up%20for%20election%20every%20two%20years%3C%2Fp%3E%0A%3Cp%3E-%20A%20bill%20must%20be%20approved%20by%20both%20the%20House%20and%20Senate%20before%20it%20goes%20to%20the%20president's%20desk%20for%20signature%3C%2Fp%3E%0A%3Cp%3E-%20A%20political%20party%20needs%20218%20seats%20to%20be%20in%20control%20of%20the%20House%20of%20Representatives%3C%2Fp%3E%0A%3Cp%3E-%20The%20Senate%20is%20comprised%20of%20100%20members%2C%20with%20each%20state%20receiving%20two%20senators.%20Senate%20members%20serve%20six-year%20terms%3C%2Fp%3E%0A%3Cp%3E-%20A%20political%20party%20needs%2051%20seats%20to%20control%20the%20Senate.%20In%20the%20case%20of%20a%2050-50%20tie%2C%20the%20party%20of%20the%20president%20controls%20the%20Senate%3C%2Fp%3E%0A
Bert van Marwijk factfile

Born: May 19 1952
Place of birth: Deventer, Netherlands
Playing position: Midfielder

Teams managed:
1998-2000 Fortuna Sittard
2000-2004 Feyenoord
2004-2006 Borussia Dortmund
2007-2008 Feyenoord
2008-2012 Netherlands
2013-2014 Hamburg
2015-2017 Saudi Arabia
2018 Australia

Major honours (manager):
2001/02 Uefa Cup, Feyenoord
2007/08 KNVB Cup, Feyenoord
World Cup runner-up, Netherlands

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UAE currency: the story behind the money in your pockets
Updated: March 15, 2022, 12:51 PM