2023, A Landmark Year for Paytech in the UAE
Tap Payments appoints new MD in the UAE due to significant growth in the UAE Fintech industry
DUBAI (19 Jan): The fintech industry in the UAE is experiencing a momentous growth, driven by a favorable business environment, the increasing adoption of digital technologies, and the government’s efforts to promote innovation in the financial sector. According to Statista the digital payments market in the UAE is estimated to surpass 7.90 million users by 2027, with a total transaction value of US$28.74 billion in 2023.
With such a dynamic and rapidly growing industry, it is important for companies to have strong leadership to navigate the opportunities and challenges that come with it. In order to meet the consumer requirements predicted for the year ahead, Tap Payments announced Ahmad AlWazzan as the new Managing Director of Tap Payments UAE on January 10, 2023.
AlWazzan brings with him a wealth of experience in the payments and fintech industries, having held leadership positions at various companies. His expertise and vision will be instrumental in driving Tap Payments’ growth and success in the UAE. Ahmad Alwazzan joined the Tap team in 2017 as the GM of financial services, where he oversaw interactions with regulators and financial institutions. With a background in audit and assurance services at Ernst & Young and a career in risk, compliance, and corporate banking at the National Bank of Kuwait, Ahmad brings over 14 years of experience and a diverse range of skills and expertise to the table.
The UAE is a prime destination for startups, especially for fintech companies. The country is considered the world’s top fintech hub in terms of innovation, market size, and development potential. With over 134 fintech companies and more than 2,000 employees operating in the UAE, the country offers a thriving ecosystem for startups to grow and thrive. Dubai alone is home to over 80 fintech startups, making it one of the leading financial technology clusters in the region.
“With the ever-evolving eCommerce and payments landscape in the UAE, businesses now have a golden opportunity to expand their reach and tap into new markets across the Middle East and North Africa,” says Ahmad AlWazzan, Managing Director of Tap Payments UAE. “At Tap Payments, we understand the challenges that come with navigating a fragmented region. That’s why we’ve made it our mission to bridge the gap and make it easy for businesses of all sizes to scale and succeed in the region.”
One of the most significant opportunities for UAE eCommerce businesses is the potential to expand in new markets like Saudi Arabia, where online shopping and eCommerce is on the rise. With the Saudi government’s Vision 2030 plan and the increasing penetration of internet and smartphones, the eCommerce market in Saudi Arabia is expected to grow at a CAGR of more than 15% during 2021-2026. Tap Payments’ expertise in this market, combined with its seamless and secure payment products, can help UAE eCommerce businesses tap into this vast potential and successfully expand their reach across the region.