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Khaleej Times
20-05-2025
- Business
- Khaleej Times
Surge in bank account ownerships positions UAE among most banked nations
The UAE has emerged as one of the world's most banked nations on the back of remarkable surge in bank account ownerships, according to a new independent survey. The YouGov study, commissioned by the personalised financial marketplace Daleel, reveals that 94 per cent of UAE residents now hold a personal bank account, a notable increase from 85 per cent in 2021, according to the World Bank's Global Findex Database. This positions the UAE among the world's most banked nations, rivaling the United States and reflecting the success of the UAE's ambitious financial inclusion strategies under the 'We the UAE 2031' vision and the UAE Digital Economy Strategy. The YouGov survey, which explored how UAE residents engage with financial services — from product research to confidence in their financial tools — highlights both progress and challenges in the nation's financial landscape. 'The UAE's near-universal bank account ownership is a testament to its forward-thinking policies,' said PK Shrivastava, CEO of Daleel. 'However, there's a clear opportunity to offer more personalized financial products to move beyond the 'one-size-fits-all' model.' The UAE's rise in account ownership aligns with its strategic goals to enhance digital transformation and financial inclusion. According to the Central Bank of the UAE (CBUAE), total bank deposits grew by 1.2 per cent, from Dh2,840.7 billion in January 2025 to Dh2,874.6 billion in February 2025. This growth was driven by a 0.8 per cent increase in resident deposits, reaching Dh2,625.5 billion, and a 5.1 per cent surge in non-resident deposits, totaling Dh249.1 billion. Within resident deposits, government-related entities saw a 3.8 per cent rise, private sector deposits increased by 1.4 per cent, and non-banking financial institutions recorded a 5.6 per cent uptick, though government sector deposits fell by 4.0 per cent. These figures underscore the UAE's robust financial ecosystem, supported by initiatives like the CBUAE's Financial Inclusion Framework, which promotes accessible banking services. The UAE's digital banking infrastructure, including mobile banking apps and fintech innovations, has also played a pivotal role in expanding access, particularly for underserved communities. Despite high account ownership, the survey reveals a significant confidence gap in financial products. While two-thirds of account holders trust their current accounts, 76 per cent lack confidence in at least one financial product they use. Specifically, 65 per cent of mortgage holders doubt they have the optimal plan, 62 per cent question their personal or auto loans, and 50 per cent are uncertain about their credit card choices. This uncertainty often stems from product complexity, opaque terms, and insufficient consumer education. Behavioural trends also emerged from the survey. Women are twice as likely as men to periodically review their financial products, reflecting greater diligence in seeking better options. Meanwhile, 90 per cent of respondents regularly review or switch products, with many prioritising tailored solutions. Emirati nationals stand out as the most proactive, with 80 per cent annually reassessing their financial portfolios. The findings signal a growing demand for transparency and personalisation in the UAE's financial sector. 'Consumers need clear, jargon-free information to make informed decisions,' said Ridaa Shah, COO of Daleel. 'In 2025, we expect the UAE's financial industry to prioritise transparency and customization, empowering residents to choose products that align with their needs.' The UAE's fintech sector is responding to this demand. Platforms like Daleel leverage data analytics to offer personalised product recommendations, while banks are investing in user-friendly digital interfaces. The CBUAE's 2024 Consumer Protection Regulations further support this shift by mandating clear disclosures and fair practices. Banking sector analysts said the UAE's near-universal bank account ownership marks a milestone in its journey toward financial inclusion, driven by strategic vision and digital innovation. However, addressing the confidence gap in financial products is critical to sustaining this progress. They said by prioritising transparency, simplifying product offerings, and leveraging fintech, the UAE can empower residents to make smarter financial choices, reinforcing its position as a global leader in financial services.
Al Etihad
11-05-2025
- Business
- Al Etihad
UAE financial inclusion hits new high as 94% residents holding bank accounts
11 May 2025 20:15 KHALED AL KHAWALDEH (ABU DHABI)Financial inclusion hit an all-time high in the UAE, with a new survey showing that 94% of residents now hold a personal bank account. The independent poll - commissioned by Daleel, a Middle East-based personalised financial marketplace - comes amid consistent government efforts to streamline transactions and digitalise the findings of the survey, conducted by YouGov, mark a significant rise in bank account participation from 85% in 2021, as recorded by the World Bank's Global Findex Database. This puts the UAE on par with some of the world's most banked nations, including the US."More people than ever before have access to a personal bank account in the UAE, demonstrating the success of the 'We the UAE 2031' vision and UAE Digital Economy Strategy towards digital transformation and financial inclusion," said PK Shrivastava, CEO of the data reflects growing confidence in financial adoption, Shrivastava noted there is still room for improvement when it comes to personalising financial products."We wanted to understand how people use financial services - from initial research into different products, through to the level of confidence in their choices. It is very positive that there is such a high level of financial adoption, while there is still a huge opportunity for more personalised products instead of 'one-size-fits-all' finance," he near-universal banking, the survey revealed a significant confidence gap in how residents view their financial products. While nearly two-thirds of account holders expressed satisfaction with their bank accounts, 76% admitted to lacking confidence in at least one of their other financial products.A majority (65%) of mortgage-holders reported uncertainty over whether they had secured the best available plan. Similarly, 62% of respondents expressed doubts about the suitability of their personal or auto loans, while half of all credit card users said they were unsure if they had chosen the right data also highlighted a gender gap in financial engagement. Women were found to be twice as likely as men to have never reviewed their financial products, suggesting a need for more targeted financial education and advisory services to support informed decision-making across all demographics. Seeking Better Financial Solutions Encouragingly, the survey found that nine out of 10 people said they periodically review or switch their financial products. An equally high number expressed openness to more personalised financial options, moving away from generic, one-size-fits-all offerings. Daleel said this shows that while confidence may be lacking in some areas, consumers are actively seeking better financial nationals were identified as the most financially engaged demographic, with eight out of 10 reviewing their financial products annually, far exceeding other groups Shah, COO at Daleel, emphasised that consumers need clear, jargon-free information to navigate a growing array of financial products."Consumers need the right information presented in a clear manner that cuts through the technical jargon," Shah said. "Financial products do not need to be so complicated or hard to understand. This year, finance in the UAE will embrace greater transparency and personalisation. Consumers will be able to make faster, more informed decisions and ultimately, we will see a rise in confidence in their chosen financial products," she added.
Hi Dubai
07-05-2025
- Business
- Hi Dubai
UAE Survey Reveals Major Leap in Financial Inclusion, 94% Now Have a Personal Bank Account
Daleel, the Middle East's personalized financial marketplace, has revealed the results of an independent survey into the UAE's financial behaviour. It found that 94% of respondents now have a personal bank account, marking a significant jump from 85% in 2021 ( World Bank Global Findex Database ). This increase in financial inclusion would put the UAE in the upper echelons of banking, on a par with the USA. PK Shrivastava, CEO at Daleel said, 'More people than ever before have access to a personal bank account in the UAE, demonstrating the success of the 'We the UAE 2031' vision and UAE Digital Economy Strategy, towards digital transformation and financial inclusion. We wanted to understand how people use financial services – from initial research into different products, through to the level of confidence in their choices. It is very positive there is such a high level of financial adoption, while there is still a huge opportunity for more personalized products instead of 'one-size-fits-all' finance.' Surveying was conducted by a third-party researcher (YouGov), across a representative proportion of UAE residents. Nearly two-thirds of bank account holders were happy and confident in their personal bank accounts. However, more than three-quarters (76%) lacked confidence in one or more of their financial products. The survey found: 65% of mortgage holders doubted they had the best plan, 62% lacked confidence in their personal or auto loans, 50% were uncertain about their credit card selection Women polled twice as likely to never review their financial products than men Nine out of 10 people periodically review and switch their financial products – with a similar number open to more personalized financial options Eight out of 10 Emiratis ensure they check their financial products every year, the most frequent among all demographics and nationalities surveyed 'Consumers need the right information presented in a clear manner that cuts through the technical jargon. Financial products do not need to be so complicated or hard to understand. This year, finance in the UAE will embrace greater transparency and personalization, consumers will be able to make faster, more informed decisions and ultimately we will see a rise in confidence in their chosen financial products,' said Ridaa Shah, COO at Daleel. Daleel was founded in Bahrain and launched in the UAE in Q1, at a ceremony at Visa's CEMEA region Market Support Center in Dubai. The financial platform is backed by major names including Visa, Flat6Labs and Salica. News Source: duke + mir
Mid East Info
23-04-2025
- Business
- Mid East Info
in5 set to spotlight capacity-building in AI and digital economy as Strategic Partner of Dubai AI Festival - Middle East Business News and Information
Dubai, UAE: in5, the region's leading start-up and entrepreneurship incubator, is set to empower innovators and spotlight the vital role of capacity-building in artificial intelligence (AI) as Strategic Partner of Dubai AI Festival, taking place on 23-24 April at Madinat Jumeirah. A uniting platform for innovators to unlock global growth, in5 was founded by TECOM Group PJSC in 2013, and accelerates entrepreneurship through four dedicated verticals for the tech, media, design, and science sectors. In line with its goal of empowering innovators to harness the transformative pow-er of AI, in5 will offer networking and educational opportunities at Dubai AI Festival. 'Nurturing a thriving tech ecosystem is crucial to unlock exponential economic growth,' said Majed Al Suwaidi, Senior Vice President at TECOM Group PJSC, on behalf of in5. 'Our Strategic Partner-ship with Dubai AI Festival is aimed at solidifying Dubai's position at the forefront of the digital econ-omy, and we will continue to empower the next generation of AI experts, innovators, and technologists, in line with Dubai Economic Agenda 'D33' and UAE Digital Economy Strategy.' At Dubai AI Festival, in5 will spotlight the region's leading innovators and entrepreneurs that have un-locked business success from its ecosystem, including KinesteX, an AI-powered fitness trainer and Viewit, a PropTech start-up specialising in video listings. Supporting start-up success: To further support start-up success, in5 is hosting a five-day bootcamp to help entrepreneurs unlock the practical applications of AI. Titled 'Build Your AI Team in5 Days', the bootcamp on 21-25 April at in5 Tech empowers entrepreneurs to scale their businesses by leveraging AI for tasks such as building automated teams and creating data dashboards that enable smarter decision-making. Connect with in5 on its official Instagram channel @in5Dubai to explore the free-to-attend bootcamp, led by Jen Blandos, Founder of Female Fusion. Ahead of the event, in5 hosted an academic hackathon at in5 Tech in Dubai Internet City alongside start-ups ABCurr Entrepreneurial Institute and Pupilar, with students participating from UAE-based universities to deliver real-world AI solutions for three key economic sectors – Mobility, PropTech, and Healthcare & Life Sciences. The hackathon's winners will participate in a competition at Dubai AI Fes-tival, with in5 supporting cash prizes on the closing day. in5 has nurtured more than 1,000 start-ups that have raised AED 7.8 billion in funding since its incep-tion. A facilitator of partnerships, mentoring, and advisory opportunities, in5 offers a platform for in-ternational entrepreneurs and talent interested in exploring regional opportunities from Dubai. in5 is part of TECOM Group, which has contributed to Dubai's economic ambitions for more than two decades through sector-focused districts including Dubai Internet City, Dubai Media City, Dubai Studio City, Dubai Production City, Dubai Knowledge Park, Dubai International Academic City, Dubai Science Park, Dubai Design District (d3) and Dubai Industrial City. About in5: in5 is the region's leading start-up incubator founded by TECOM Group PJSC in 2013 to empower the next generation of entrepreneurs for the greater good. An enabling platform that offers creative spaces, training and mentorship programmes, networking events, and access to investors, in5 helps enterprises grow into commercially viable ventures, with more than 1,000 in5 start-ups having raised over AED 7.8 billion since the incubator's launch in 2013. in5's dedicated Tech, Media, Design, and Science verticals provide access to a diverse communi-ty of global experts, helping students, entrepreneurs, and start-ups nurture globally impactful innovation.
Zawya
23-04-2025
- Business
- Zawya
In5 set to spotlight capacity-building in AI and digital economy as Strategic Partner of Dubai AI Festival
in5, part of TECOM Group PJSC, will highlight networking and educational opportunities to em-power entrepreneurs during the two-day event Dubai, UAE: in5, the region's leading start-up and entrepreneurship incubator, is set to empower innovators and spotlight the vital role of capacity-building in artificial intelligence (AI) as Strategic Partner of Dubai AI Festival, taking place on 23-24 April at Madinat Jumeirah. A uniting platform for innovators to unlock global growth, in5 was founded by TECOM Group PJSC in 2013, and accelerates entrepreneurship through four dedicated verticals for the tech, media, design, and science sectors. In line with its goal of empowering innovators to harness the transformative pow-er of AI, in5 will offer networking and educational opportunities at Dubai AI Festival. 'Nurturing a thriving tech ecosystem is crucial to unlock exponential economic growth,' said Majed Al Suwaidi, Senior Vice President at TECOM Group PJSC, on behalf of in5. 'Our Strategic Partner-ship with Dubai AI Festival is aimed at solidifying Dubai's position at the forefront of the digital econ-omy, and we will continue to empower the next generation of AI experts, innovators, and technologists, in line with Dubai Economic Agenda 'D33' and UAE Digital Economy Strategy.' At Dubai AI Festival, in5 will spotlight the region's leading innovators and entrepreneurs that have un-locked business success from its ecosystem, including KinesteX, an AI-powered fitness trainer and Viewit, a PropTech start-up specialising in video listings. Supporting start-up success To further support start-up success, in5 is hosting a five-day bootcamp to help entrepreneurs unlock the practical applications of AI. Titled 'Build Your AI Team in5 Days', the bootcamp on 21-25 April at in5 Tech empowers entrepreneurs to scale their businesses by leveraging AI for tasks such as building automated teams and creating data dashboards that enable smarter decision-making. Connect with in5 on its official Instagram channel @in5Dubai to explore the free-to-attend bootcamp, led by Jen Blandos, Founder of Female Fusion. Ahead of the event, in5 hosted an academic hackathon at in5 Tech in Dubai Internet City alongside start-ups ABCurr Entrepreneurial Institute and Pupilar, with students participating from UAE-based universities to deliver real-world AI solutions for three key economic sectors – Mobility, PropTech, and Healthcare & Life Sciences. The hackathon's winners will participate in a competition at Dubai AI Fes-tival, with in5 supporting cash prizes on the closing day. in5 has nurtured more than 1,000 start-ups that have raised AED 7.8 billion in funding since its incep-tion. A facilitator of partnerships, mentoring, and advisory opportunities, in5 offers a platform for in-ternational entrepreneurs and talent interested in exploring regional opportunities from Dubai. in5 is part of TECOM Group, which has contributed to Dubai's economic ambitions for more than two decades through sector-focused districts including Dubai Internet City, Dubai Media City, Dubai Studio City, Dubai Production City, Dubai Knowledge Park, Dubai International Academic City, Dubai Science Park, Dubai Design District (d3) and Dubai Industrial City. About in5 in5 is the region's leading start-up incubator founded by TECOM Group PJSC in 2013 to empower the next generation of entrepreneurs for the greater good. An enabling platform that offers creative spaces, training and mentorship programmes, networking events, and access to investors, in5 helps enterprises grow into commercially viable ventures, with more than 1,000 in5 start-ups having raised over AED 7.8 billion since the incubator's launch in 2013. in5's dedicated Tech, Media, Design, and Science verticals provide access to a diverse communi-ty of global experts, helping students, entrepreneurs, and start-ups nurture globally impactful innovation. For more information, please visit
