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.
What the law says
Micro-retirement is not a recognised concept or employment status under Federal Decree Law No. 33 of 2021 on the Regulation of Labour Relations (as amended) (UAE Labour Law). As such, it reflects a voluntary work-life balance practice, rather than a recognised legal employment category, according to Dilini Loku, senior associate for law firm Gateley Middle East.
“Some companies may offer formal sabbatical policies or career break programmes; however, beyond such arrangements, there is no automatic right or statutory entitlement to extended breaks,” she explains.
“Any leave taken beyond statutory entitlements, such as annual leave, is typically regarded as unpaid leave in accordance with Article 33 of the UAE Labour Law. While employees may legally take unpaid leave, such requests are subject to the employer’s discretion and require approval.”
If an employee resigns to pursue micro-retirement, the employment contract is terminated, and the employer is under no legal obligation to rehire the employee in the future unless specific contractual agreements are in place (such as return-to-work arrangements), which are generally uncommon, Ms Loku adds.
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
How does ToTok work?
The calling app is available to download on Google Play and Apple App Store
To successfully install ToTok, users are asked to enter their phone number and then create a nickname.
The app then gives users the option add their existing phone contacts, allowing them to immediately contact people also using the application by video or voice call or via message.
Users can also invite other contacts to download ToTok to allow them to make contact through the app.
Indoor cricket World Cup:
Insportz, Dubai, September 16-23
UAE fixtures:
Men
Saturday, September 16 – 1.45pm, v New Zealand
Sunday, September 17 – 10.30am, v Australia; 3.45pm, v South Africa
Monday, September 18 – 2pm, v England; 7.15pm, v India
Tuesday, September 19 – 12.15pm, v Singapore; 5.30pm, v Sri Lanka
Thursday, September 21 – 2pm v Malaysia
Friday, September 22 – 3.30pm, semi-final
Saturday, September 23 – 3pm, grand final
Women
Saturday, September 16 – 5.15pm, v Australia
Sunday, September 17 – 2pm, v South Africa; 7.15pm, v New Zealand
Monday, September 18 – 5.30pm, v England
Tuesday, September 19 – 10.30am, v New Zealand; 3.45pm, v South Africa
Thursday, September 21 – 12.15pm, v Australia
Friday, September 22 – 1.30pm, semi-final
Saturday, September 23 – 1pm, grand final
Tomb%20Raider%20I%E2%80%93III%20Remastered
%3Cp%3EDeveloper%3A%20Aspyr%0D%3Cbr%3EPublisher%3A%20Aspyr%0D%3Cbr%3EConsole%3A%20Nintendo%20Switch%2C%20PlayStation%204%26amp%3B5%2C%20PC%20and%20Xbox%20series%20X%2FS%0D%3Cbr%3ERating%3A%203%2F5%3C%2Fp%3E%0A
THE 12 BREAKAWAY CLUBS
England
Arsenal, Chelsea, Liverpool, Manchester City, Manchester United, Tottenham Hotspur
Italy
AC Milan, Inter Milan, Juventus
Spain
Atletico Madrid, Barcelona, Real Madrid
More from Neighbourhood Watch:
CHELSEA'S NEXT FIVE GAMES
Mar 10: Norwich(A)
Mar 13: Newcastle(H)
Mar 16: Lille(A)
Mar 19: Middlesbrough(A)
Apr 2: Brentford(H)
Turkish Ladies
Various artists, Sony Music Turkey
The%20Woman%20King%20
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Gina%20Prince-Bythewood%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Viola%20Davis%2C%20Thuso%20Mbedu%2C%20Sheila%20Atim%2C%20Lashana%20Lynch%2C%20John%20Boyega%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
