Best Fintech Banks And Neobanks To Know In UAE In 2024

Fintech isn’t a new term in the business world. We are all aware that finance and technology are related as everyone has a digital business bank account these days. The term proposes a change, especially in the banking sector. Various definitions of the term are available in business journals and academics. In simple words, Fintech uses IT technology to improve the efficiency of the financial sector thus answering the relevance of the “What is fintech in banking?”

The BFA describes what is fintech in banking as follows. A technological advancement capable of innovating the provision of financial services. Almost all banks benefit from using top fintech banks. Fintech offers different financial business models. For example, crowdfunding or payment. In this blog, we will explore what are fintech banks and amongst them the best ones in UAE.

Is Fintech same as digital banking?

Though fintech is common nowadays, some of us think of what is the role of digital banking. It allows banks to be more efficient than ever and people could manage monetary operations in a better way compared to traditional banking. Fintech is more than digital banking as a digital bank only provides services online while fintech is a full-fledged innovation of technology and the financial sector.

Different models of Top Fintech Banks 

The Fintech bank list compasses different types of companies that offer a plethora of financial services backed with innovative technologies. They can be classified into various categories which are as follows:  

Payment fintech: These focus on payments can acquire customers at low cost and are among the fastest in terms of switching and choosing new payment features. These include mobile wallets, peer-to-peer mobile payments, foreign currency, real-time payments, digital currency settlement, and interbank transactions – such as money market contracts and foreign exchange transactions.

Lending fintech: These companies allow you to lend and borrow money while offering modest interest rates. 

Capital Market fintech: Fintech companies like these enable you to buy and sell commodities with risk management. You can analyse data and buy or sell based on your knowledge about the capital market.

Crowdfunding fintech: allows you to verify the creation of new products based on reward-focused, donation and share-based crowdfunding.

Wealth management fintech: Companies belonging to these categories allow you to select assets to invest in considering your needs.

Insurance fintech: The services offered by these firms are usually a direct relationship between the customer and the insurer that takes place in insurance-type fintechs. They employ data analytics to quantify and manage risk, and products are provided to customers to satisfy them. Additionally, data analytics in insurance claims can streamline the claims process, improving efficiency and customer satisfaction by enabling faster, more accurate decisions.

The Most Innovative Fintech Banks

The list of digital banks in UAE that fall under the top fintech bank list. The following is the list of fintech banks:

Paytabs

The first on our list is Paytabs which is one of the famous companies in the fintech bank list of UAE. It simplifies financial operations and provides end-to-end payment solutions.

Tabby

Tabby is a renowned fintech platform launched in 2019 and offers online shopping and financial services. It offers a flexible payment option that allows customers to split their purchase amount into 4 interest-free payments. The company operates in the UAE, Saudi Arabia, and Kuwait and serves over 11 million customers.

Bayzat

Bayzat fintech is the finest example of the difference between fintech and digital banking. The company provides the best online health insurance solutions to worldwide clients.

Optasia

Powered by AI-driven technology, this platform offers multiple financial services such as airtime credit, microlending and data monetisation to individual customers, SMEs, mobile operators, etc. It consists of a distinctive credit scoring system that offers smart credit decisions to about 88 million customers monthly.

Yallacompare

Yallacompare is the result of people’s dilemma between fintech vs traditional banks in UAE. It primarily compares insurance and other banking products in a stellar manner for you.

Huspy

Struggling to obtain a home loan in the UAE? Meet Huspy, the most trusted digital mortgage provider in the UAE.  The company primarily aims to minimise the hassles of obtaining home loans. With a team of credible and reputed industry experts, the platform assures easy-to-process home financing.

What is Neobank?

What is neobank? The simplest answer is a bank without any tangible or physical branches but operates fully online. We see a leap in the number when it comes to the list of neobanks just like fintech companies. The famous list of neo banks offers savings accounts, credit cards and business loans just like traditional banks. 

List of Neobanks

Mashreq

It is one of the oldest neobanks in UAE that provides easy access to bank operations such as opening a bank account, credit card, personal loan and more. To acquire the banking service, you must be a UAE citizen and in this way, you can enjoy their complete banking services.

Liv

Liv is also a renowned neo-bank in the Gulf region that provides personal banking services and you can manage everything on your own using Android or iOS applications. The bank provides rewards and benefits and encourages users to have a healthy financial lifestyle. 

Xpence

Xpence is known for providing expense management solutions for businesses of all kinds including freelancers, corporates and small SMEs. Instant invoicing is a feature that xpence provides for its customers with other add-on services. 

E20 By Emirates NBD

E20. is the UAE’s first digital business bank that helps SMEs, corporates, startups and solo entrepreneurs. It’s best for local monetary transactions as it does not provide international transfers. 

ADIB Smart Banking

It is a neo-bank that was launched by ADBI. This bank especially takes care of the financial needs of millennials and Z generations in the region. It offers every banking service that a traditional bank would offer. Besides, it is also linked to Moneysmart.

The list goes on. Some of the other emerging neo-banks in the United Arab Emirates such as Wio, Yap, Zand Bank, etc are also worth checking out for the features they offer.

Frequently Asked Questions (FAQs): FinTech Banks, Neo Banks & Digital Banks in Dubai, UAE

Which is the first fully digital bank in the UAE?

The first fully digital bank UAE introduced was Liv. by Emirates NBD. It offers all services through its app without needing a physical branch. Since then, several fintech banks have joined the market, offering modern banking to tech-savvy users.

What is digital banking in the UAE?

Digital bank UAE services allow people to manage accounts, make payments, and apply for loans through apps or websites—no branch visits needed. Many top fintech companies in UAE are now making banking faster and easier this way.

Can I open a bank account online in the UAE?

Yes, you can open a fintech bank account online in minutes using your Emirates ID. Several top neobanks in the UAE offer quick signup through mobile apps with no paperwork needed.

Which is the largest and fastest growing neobank in Dubai?

Among top neobanks, Liv. and Zand are leading the way in Dubai. Zand is also the first fully licensed neo bank Dubai that caters to both individuals and businesses.

What is the best fintech bank in UAE?

The best fintech banks in UAE include Liv., Zand, and Wio. These fintech banks focus on mobile-first features, low fees, and smart money tools, making them favorites among digital users.

What is the difference between a bank and a fintech bank?

Traditional banks have branches and long processes, while fintech banks are fully digital, offering faster, simpler services. This shift is led by uae-based fintech firms using technology to improve banking.

What is the difference between neobank and digital bank?

A neo bank is usually 100% online with no branches and often operates independently. A digital bank can be part of a traditional bank but focuses on online services. This is a key part of fintech vs neobank discussions in the UAE.

How big is the fintech market in the UAE?

The UAE’s fintech industry is growing fast, with many top fintech companies in UAE offering banking, payments, and investment services. Dubai has become a hub for every leading fintech company in Dubai looking to serve the digital generation.

Winding up

The banking and financial sector will continue to grow and change leading to questions like what is neo bank what is crowdfunding fintech or something else on the go. Being updated about fintech helps a lot to be advantageous and if someone asks about fintech vs banks, you can explain and suggest the top fintech banks.

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