Indian fin-tech startups disrupting the UAE financial space
India’s disruptive tech-startups are increasingly finding financial support and growth prospects in UAE, as the Middle East nation aspires to be a technology hub and address its immediate growth needs across sectors, especially in finance. While India’s fin-tech sector exponentially grew in 2015 with investments touching the $2 billion mark, UAE is recently showing signs of steady growth. According to a Wamda report, the number of fin-tech emerging in the Middle East and North Africa (MENA) region will reach 250 by 2020 and will be primarily involved in offering payment solutions, P2P lending or raising capital. Remitr, an Indian startup offering cross-border payment services, was invited by a Dubai-based incubator summoned In5 Innovation Hub to collaborate in providing financial resources as well as networking opportunities with industry leaders and investors. According to Remitr co-founder, Sandeep Jhingran, UAE investors are eager to invest in creativity so that disruptive startups have ample chance to thrive in the nation.
RegLab nurturing two Indian startups
In 2016, Abu Dhabi’s financial centre Abu Dhabi Global Market (ADGM) launched a regulatory laboratory (RegLab) that incubates few startups to make their products commercially viable in a period of two years without the burden of regulations. Recently, two Indian startups Rubique and CapitaWorld were chosen to be part of RegLab. CapitaWorld, which helps with loan procurement using artificial intelligence, is working with ADGM to customize its product offerings for the growing expatriate population in UAE. Rubique is one of India’s leading fin-tech firm providing capital financing options. Its co-founder, Manavjeet Singh declares that UAE banks are willing to collaborate with fin-tech startups to fulfill the growing need for diverse financial services.
Tapping into the Indian diaspora in UAE
Indians constitute the largest expatriate community in UAE with more than 2.6 million members representing 30% population share. There is a rising affinity and also a willingness to support Indian startups in UAE. According to Remitr`s Jhingran, wealthy Indian residents in the UAE are willing to support Indian startups to bring innovative technology in the country.
Government initiatives to support startup ecosystem in the two nations
The Embassy of India in the UAE, in association with iSPIRT (Indian think-tank) and TiE Dubai, organized Startup India Summit in May 2017 in Dubai, which showcased several startups offering solutions in areas like deep technology, healthcare, fintech and Software as a Service (SaaS). The forthcoming November UAE India Economic Forum in Dubai will host a special Startup Zone meant to engage chief stakeholders, startups and government leaders keen on tapping into this new startup wave emerging through the relationship between the two ecosystems.