Financial technologies, more commonly known as fintechs, are rapidly redefining the contours of the financial services industry worldwide. Thanks to technological innovation, agile business models and growing support from public institutions, these emerging companies are transforming not only consumer habits, but also the very structure of the financial sector. The analysis focuses on two poles that are particularly active in the transformation of financial services: Quebec's fintech ecosystem, centered in Montreal, and that of the United Arab Emirates, led by initiatives in Dubai and Abu Dhabi, which are strengthening their position among the global players in the sector.
Quebec's fintech ecosystem is considered one of the most active and evolving in North America. As of 2024, the ecosystem, centralized in Montreal, includes more than 275 active companies, with nearly a third of them founded in the last 5 years. (Station Fintech, 2025) The biggest areas of development for regional companies are B2B services, payment services (PayTech), lending services (LendTech) and applications leveraging artificial intelligence and data science. The sector has repatriated over $430 million in terms of investment in its startups, representing almost 30% of fintech investments across Canada (Station Fintech, 2025).
Finance Montréal, the driving force behind the Québec ecosystem, supports Montréal fintech companies in a number of ways to help them evolve and grow. Masters of the Station FinTech Montréal, the organization supports companies under its wings in their search for financing through partnerships with private investors. (Finance Montréal, 2018) This promising innovation hub also enables numerous networking opportunities between the various startups in the field with the major players in the ecosystem. All this is made possible by the FinTech Canada Forum, an international-scale event that brings together investors and entrepreneurs from around the world to showcase their innovative, groundbreaking and emerging solutions.
There are also several entrepreneurial hubs in Montreal, including Espace CDPQ, which guides a number of companies, including fintechs, towards the successful evolution of each incubated firm. Among other things, Espace CDPQ offers a variety of resources, including mentoring, a vast network of investors and dedicated office space. Fintech companies can therefore take advantage of the partnership between Finance Montréal and Espace CDPQ to evolve in an environment overseen by two giants of fintech in Quebec. (Finance Montréal, 2018) Finally, the Autorité des Marchés Financiers plays an important role in the regularization of financial companies in Quebec. They actively support the development effort of fintechs in the region by overseeing them at the regulatory level, which itself is constantly evolving. (AMF, n.d.)
On the other side of the globe, Abu Dhabi and Dubai is positioning itself as one of the world's leading fintech innovators, taking the title of most developed fintech hub in the Middle East and North Africa (MENA) region. (DIFC, n.d) Already approaching a market size of nearly $3.56 billion USD by 2025, the size of the sector by 2030 could approach $6.43 billion USD, growing at around 11 to 14% per year. (Mordor Intelligence, 2024) 4 major trends are driving this sudden development: the birth of neo-banks and the digitalization of traditional banks, the advent of e-wallets and contactless payment, the growing integration of crypto-currencies and blockchain, and the growing presence of digitalized insurance services (InsurTech). (Funding Souq, 2025)
Dubai's fintech and innovation sector is positioning itself as an invaluable player in the country's growth. Accounting for almost 10% of the city's GDP, the government is committed to supporting the sector's initiatives. (Fintech Global, 2024) Among other things, attracting international talent plays a crucial role in the evolution and innovation of fintech companies. However, the most focal point of Dubai's fintech ecosystem lies in the ability of regulators to adapt to the evolution of innovation. On the one hand, the Dubai Financial Services Authority (DFSA) is responsible for establishing regulations and frameworks for digital assets and financial services. (The United Arab Emirates Government, 2024) On the other hand, the presence of the VARA (Virtual Assets Regulatory Authority) reinforces the regulatory framework associated with digital assets in the Dubai region, with one exception: the DIFC Innovation Hub.
The DIFC (Dubai International Finance Center) Innovation Hub is the largest innovation center in the Emirates, with over 700 participating companies. Ranging from startups to "Big Tech" firms, the DIFC program has a specialized fintech branch: the DIFC FinTech Hive, which alone is made up of over 200 companies offering financial services. (Funding Souq, 2025) In the form of a hive, resident fintechs have access to a network of private investors, marketing and a regulatory framework tailored to their needs. Also, the presence of various gas pedal programs, such as the FinTech Accelerator Program, enables companies to evolve and propel innovation at an exponential pace. (DIFC, 2023) With access to the DIFC network of over 25,000 professionals, Dubai's fintechs can develop in an environment that is constantly evolving and adapting, particularly in terms of flexible regulations for this emerging field.
Abu Dhabi were the first in the Emirates to establish their ecosystem. In 2016, they implemented a "regulatory sandbox" to help fintech entrepreneurs closely with their initiatives. Backed by renowned investors such as Abu Dhabi Investment Office, Abu Dhabi Holdings, Mubadala and Hub71, fintechs also have access to the ADGM Fintech Hub, which directly supports the financial ecosystem in this region of the Emirates. ADGM (Abu Dhabi Global Market) also implements the FSRA (Financial Services Regulatory Authority), a regulatory framework that evolves with the technological advances of fintechs. (ADGM, n.d.) This makes them the biggest and most progressive regulator in the region.
ADGM's biggest initiative for Abu Dhabi's fintech ecosystem is the creation of ADGM RegLab, a "sandbox" for fintechs. This is a controlled environment where companies in the sector can experiment with new technology, services or business models without worrying about restrictions hampering innovation. (The United Arab Emirates Government, 2024) The sandbox also enables companies in this network to all share the same connections between regulators, innovators and investors. With close collaboration, regulators can proactively adapt to the development of new technologies. They can reduce the regulatory burden normally required of financial companies, increasing the flexibility of the ecosystem and fostering innovation. (ADGM, n.d.)
First of all, one of the biggest benefits of the fintech industry in the Emirates is that its advent is enabling the country to diversify its economic activities once again, in a sector completely independent of fossil fuels. This allows the UAE to continue to evolve away from the main resource that has propelled its growth. Subsequently, the unique environment and regulations in place enable Dubai and Abu Dhabi to attract a great deal of international attention. As well as inviting an abundance of talent from all corners of the globe, investment from abroad is also growing rapidly. The accelerating evolution of the region's ecosystem also reinforces global competition, pushing other countries to adapt their regulations to keep pace with the Emirates. Finally, the government offers several programs to help SMEs grow, as well as support for entrepreneurs to facilitate the birth of new ideas that propel innovation.
The United Arab Emirates stand out for their proactive approach, combining government support, openness to technological experimentation and ongoing adaptation of their regulatory framework. Dubai and Abu Dhabi rely on solid support structures, targeted innovation programs and international attractiveness to position the region as a key player in the fintech sector. In parallel with Quebec, the AMF plays a similar role to DIFC and ADGM. However, it would be interesting to see the AMF experiment in the same way as the Emirates with regulatory sandboxes to propel Quebec innovation and potentially keep pace with the Middle East's expansion.