UAE-based KARM Legal Consultants launched their ‘FinTech Legal Compass’ report, developed with contributions from globally renowned law firms such as WH Partners, TBL Legal, and Travers Smith LLP. This document serves as a detailed guide of the FinTech licensing frameworks governing Stored Value Facilities, Payment Processing Services, Open Banking, and Buy Now Pay Later products across the UAE, Abu Dhabi Global Market, Dubai International Financial Centre, the Kingdom of Saudi Arabia, Bahrain, Turkey, the United Kingdom, and the European Union.
The extensive document showcases the UAE as a leader within the MENA region, hosting over 800 FinTech startups collectively valued at USD 15.5 billion. The data underscores the UAE’s proactive regulatory approach and strong infrastructure, which have been instrumental in cultivating a thriving FinTech ecosystem.
Akshata Namjoshi, Associate Partner of KARM, stated, “The report underscores the UAE’s pivotal role in shaping the FinTech ecosystem across the MENA region. It aims to guide stakeholders through the evolving regulatory challenges and opportunities in financial technology”.
In the UAE, the report highlights several initiatives such as the Financial Infrastructure Transformation Programme which aims to position the nation as a global financial center. This includes advancements in digital eKYC, supervisory technology, and open finance platforms that enhance operational resilience and regulatory compliance.
“The ‘FinTech Legal Compass’ serves as an essential tool for navigating the complex and diverse regulatory environments across the MENA region” added Namjoshi. “It provides strategic insights that can assist investors, policymakers, and entrepreneurs in making informed decisions”.
The report provides a bird’s eye view of the licensing requirements for specific products across key jurisdictions. It serves as the single source of truth for FinTechs looking to expand operations to these countries. Further, it acts as a comparative guide which will facilitate informed decision-making by FinTechs in the region.
The report also delves into comparative analysis, highlighting how different jurisdictions manage similar challenges and opportunities in FinTech innovation. This comparative perspective not only sheds light on regional advancements but also on global trends that influence local markets.
The ‘FinTech Legal Compass’ is available for download on KARM’s website, offering detailed analysis and regulatory insights that are crucial for anyone operating within or entering the MENA FinTech market.
