Top 5 Fintech Apps in the Middle East and How to Build Your Own!

Investing in Fintech app development is definitely the right decision you could make. Fintech has grown in tandem with the global trend toward digital commerce. Fintech’s primary goal is to replace manual financial processes with automated ones. This includes everything, including bankless money transfers and processing payments for new businesses. 

According to a Forbes report, the UAE’s financial technology (fintech) market is projected to reach USD 3.56 billion by 2025 and USD 6.43 billion by 2030, growing at a compound annual growth rate (CAGR) of 12.56%. This positions the UAE among the fastest-growing fintech hubs globally.

In this guide, we’ll cover the foundations of Fintech app development services and walk you through the top 5 Fintech apps in the Middle East, the process of building a Fintech app, where we will cover various segments such as features & functionalities, cost, and more. 

Let’s get started with the best 5 Fintech apps in the Middle East. Let’s dive in.

What’s Fueling the FinTech Surge in the UAE?

The UAE has rapidly emerged as a FinTech powerhouse—and it’s no accident. A combination of forward-thinking government policies, tech-savvy consumers, and heavy investment in digital infrastructure has created the perfect storm for FinTech growth. Initiatives like the Dubai International Financial Centre (DIFC) FinTech Hive, zero corporate tax for startups, and 100% foreign ownership in free zones have made it easier than ever for innovators to launch and scale.

Furthermore, the UAE’s population boasts one of the highest mobile penetration rates in the world, driving demand for digital payments, e-wallets, neobanking, and AI-powered financial services. With a rising focus on financial inclusion, cross-border payments, and regulatory sandboxes, the FinTech sector in the UAE is not just booming—it’s building the future of finance.

Best 5 Fintech Apps in the Middle East

Here, we’ve listed the top Fintech apps in the Middle East (UAE). Let’s know about them:

1. MyFawry

MyFawry is the #1 digital payment app in Egypt. It provides financial services to individuals and companies in more than 225,000 locations through a number of channels. Additionally, it offers e-commerce solutions and payment gateways in Egypt. Users can easily download the app on the Google Play Store and iPhone App Store. 

Amazing Features of MyFawry Fintech App

• Simple and secure login 
• Offer strong privacy (Face Authentication or Finger-print)
• Dues reminder notifications 
• Enable utility payments and other multiple bill payments
• Fraud detection 
• Can easily like MasterCard or Visa

Want to build a FinTech app like MyFawry? – Read the different features & functionalities, estimated costs, and other factors in this comprehensive guide.

2. Tabby

One of the most popular Fintech apps – Tabby – offers convenience to users regarding buy-now-pay-later services. Here, customers can pay for their purchases either online or offline, either in full or later with numerous EMIs. 

Additionally, customers can divide their purchases into four interest-free installments without incurring any additional fees or interest. This process doesn’t require any prepaid top-ups or fees. Customers can quickly add their Tabby card to their preferred digital wallet by tapping their phone at the checkout.

Many top brands support the Tabby Fintech app because of its amazing user-friendly, and innovative solutions. 

Amazing Features of Tabby Fintech App

• Due bill alert notifications
• Exclusive deals with offers and discounts
• Interest-free payments option
• Offers 20% on cashback for purchases
• Robust and effective security 
• Users can shop from their favorite brands

Recommended Read: A Comprehensive Guide to BNPL App Development like Klarna or Tabby

3. Al Ansari Exchange Mobile App

Al Ansari is the second-largest Fintech mobile app in the UAE. With cutting-edge technology and amazing user-friendly features – Al Ansari offers safe, secure, and convenient Fintech services to users. Interestingly, it is recognized as the most downloaded mobile Fintech app, with over 900,000 active users. 

Amazing Features of the Al Ansari Fintech App

• Simple user interface
• Secure and instant transfers
• Ensures swift and reliable support
• AI-based fingerprint security
• Can easily track transactions
• Push notifications for online payments and money transfers
• Bill payment reminders
• Support multiple currency exchanges
• In-app maps to locate the banks in real-time
• Allows users to pay debit and credit card bills through certain payment gateways 

4. Al Mulla Exchange Appl

The Al Mulla exchange app is another of the best Fintech mobile apps in the Middle East. 

According to the company’s most recent estimates, the program has currently been downloaded 340,000 times from app stores for Android, iPhone, and Huawei. Al Mulla Exchange, the company’s mobile Fintech service, says that over $1 billion has already been exchanged securely using it.

Amazing Features of the Al Mulla Exchange Fintech App

• Simple to use user interfaces for all available service options
• Details about previous deals
• Easy to add contacts and send money
• The application’s availability in seven different languages improves personalization.
• Currency exchange rate calculator for sending money at the best exchange rate

5. Pyypl

Launched in 2017, Pyypl (also pronounced as people) is a Fintech mobile application. Pyypl’s main goal is to make people’s financial lives easier by creating user-friendly products.

It offers cutting-edge technology driven by the notion that everyone deserves financial services that are more secure, efficient, and intelligent than using traditional money in a world that is fast going digital. Users may securely and affordably access all required financial services directly from their telephones.

This app is 100% digital, with no paperwork requirements. 

Moreover, users don’t need a bank account, a minimum salary, a minimum balance, post-dated cheques, or branch visits.

Amazing Features of the Pyypl Fintech App

• Easy to conduct transfers and send money
• Users can easily pay bills and subscriptions
• Users can shop online anywhere where Mastercard is accepted. 
• Tracking to control spending and to stay within your budget.

Now, as we’ve read about the top 5 Fintech apps, let’s get started with three reasons why you must invest in a Fintech app. 

Comparison Table of Top 5 FinTech Apps in the Middle East

Check the comparison table of the top 5 fintech applications in the Middle East for a better understanding:

App	Platforms	Downloads / Users	Ratings	Key Features / Notes
MyFawry	iOS, Android, Huawei	~2.5K+ App Store ratings	4.5★	Bill payments, YellowCard, Face/Touch ID, spending limits
Tabby	iOS, Android	Hundreds of thousands+	~4.5★	Buy Now, Pay Later (BNPL), major retailer partnerships, UAE & KSA reach
Al Ansari Exchange	iOS, Android, Huawei	941K+ downloads, 850K+ active users	4.8★ (App Store)	Remittance, UAE PASS, prepaid cards, biometric login, multi-language support
Al Mulla Exchange	iOS, Android	Smaller user base	4.1★	GCC remittance, bill payments, features similar to competitors
Pyypl	iOS, Android	2M+ downloads	4.5★	Virtual Visa card, no bank needed, PCI-DSS certified, some user-reported outages

3 Reasons Why You Should Invest in a Fintech App

Following, we’ve listed 3 major reasons why you should invest and build a Fintech app. Let’s learn.

1. Rise of Digital Banking

As technology evolves, the rise of digital banking is also rapidly growing. 

Look at the stats: Globally, 2.5 billion people currently use digital financial services. According to a survey by UK-based research company Juniper Research, 53% of the world’s population will have access to digital banking by 2026.

Evidently, it signifies that the digital banking market is continuously growing, which makes it perfect for entrepreneurs to target this sector and build a fintech app.

2. Rapid Increase in Smartphone Users

Today, people have easy access to smartphones, and the number of users is increasing rapidly. 

By 2028, there will be nearly 797 million smartphone subscribers in the Middle East and North Africa, according to Statista. As of 2022, there were approximately 559 million smartphone subscribers in the Middle East and North Africa. If you want to target a global audience, then it is best to build a Fintech app and target users on a global scale. 

3. Popularity of Blockchain and Cryptocurrency

Fintech applications leverage blockchain to create a secure environment for conducting business.

40% of businesses providing financial services think blockchain technology will change the way services are provided.

The majority of people are becoming aware of blockchain technology and cryptocurrencies. Undoubtedly, blockchain technology is expected to have applications across a variety of industries.  Healthcare, insurance, real estate, and finance are just a few of the businesses. And all of these sectors would require Fintech applications to fulfill their purpose. 

Read More: How Does Klarna Work: Klarna Business and Revenue Model Explained!

Fintech App Features and Functionalities

Following, we’ve listed some important features and functionalities that you can incorporate into your Fintech app or mobile wallet app development. 

1. Secure User Authentication

Multi-factor authentication (MFA), biometric logins (fingerprint/Face ID), and encryption protocols ensure that user data and transactions remain safe and compliant with global standards like PCI-DSS and GDPR.

2. Digital Payments & Transfers

Enable seamless fund transfers, peer-to-peer (P2P) payments, QR code payments, and integration with wallets like Apple Pay, Google Pay, and local UAE payment gateways.

3. Real-Time Analytics & Expense Tracking

Empower users with smart dashboards showing transaction history, budget insights, financial goals, and categorized spending patterns—often powered by AI or machine learning.

4. AI-Powered Financial Advisory (Robo-Advisors)

Offer automated investment recommendations, risk assessments, and wealth management tools tailored to user behavior and goals.

5. AI & ML Fraud Detection

Advanced algorithms monitor transactions in real-time to detect suspicious behavior, unusual patterns, or potential fraud—ensuring proactive risk mitigation.

6. Integration with Banks & Open Banking APIs

Allow users to connect with multiple banks, view balances, and manage accounts from one app using secure APIs under open banking regulations.

7. Personalization Engine

Use AI to personalize in-app experiences—custom alerts, product suggestions, or loan/insurance recommendations—based on user data and behavior.

8. Recurring Payments & Bill Management

Enable users to automate utility bills, EMIs, subscriptions, and receive alerts for upcoming payments or due dates.

9. In-App Chat & Virtual Assistants

Offer real-time support with AI-driven chatbots or human agents to assist with FAQs, transactions, or issue resolution.

10. KYC & Onboarding Automation

Streamline sign-up with automated identity verification (KYC/AML) using OCR, facial recognition, and integration with national ID databases.

11. QR Code/ Scanning

The user has the option to scan QR codes or cards to facilitate financial transactions or manage related tasks with ease.

12. 24/7 Customer Service

Providing top-notch customer service is also a crucial factor in making your business successful. With the help of a real chat assistant or digital assistants such as chatbot functionality or AI-based functionality –you can clear all the doubts or concerns of your customers. 

Build Your Fintech App: A Complete Step-by-Step Guide

Following, we’ve discussed a step-by-step guide to building a Fintech app for your business. Let’s check:

Step 1: Planning

The first and most crucial step in creating a Fintech mobile app is strategic planning. Fintech developers begin by creating a map that outlines their approach, complete with detailed features and interface design. The overall structure and all of the elements of the MVP development services should also be made very clear.

Step 2: Incorporating Features and Functionalities

If you want a successful Fintech app, you must incorporate amazing features and functionalities in your Fintech app. These features include budgeting, bill tracking, fraud detection, international currency exchange, and more. 

Taking into account that you can pick the features you wish to include in your mobile app. The cost will go up if you want your app to have more advanced features. 

Step 3: Design and Development

Here’s when UI/UX designers must step up. This is another crucial step in developing an online payment app. You need a user-friendly design, a compelling user interface, accessibility, and an intuitive design if you want people to download your app. 

A superior user experience will be provided by having all these components coupled with deployed servers and third-party APIs. 

Step 4: Tech Stack

Having a strong tech stack will create a foundation for your Fintech mobile app. Therefore, it is important to choose the right tech stack. Following, we’ve listed some important tech stacks for your Fintech app. Let’s learn:

• Native: Swift, Objective C, Kotlin
• Hybrid: Flutter, React Native
• Frontend: React JS, Angular
• Backend: Node JS, .NET, Python, Java, PHP, TypeScript

Get in touch with Apptunix experts to have the right tech stack for your Fintech app. 

Step 5: Testing and Launching

Testing is the final stage to consider before launching the Fintech app. Use automated and manual testing techniques to thoroughly assess the usability, operation, and security of your Fintech app. It will be advantageous to identify any errors, lagging issues, or other concerns as soon as you can. 

Once you’re satisfied with the testing process, you are ready to launch your fintech app in the market. 

Note: You can opt for Minimum Viable Product (MVP) once your detailed plan is outlined and the product is ready with minimal features. You can launch it in the market, and once you get the idea of customers and other factors – you can go for a full development process with advanced features, better user experience, and other factors. Reach out to investors for funding. Hire mobile app developers in UAE today. 

How Much Does it Cost for Fintech App Development?

The cost of developing a FinTech app largely depends on several factors including the app’s features, technology stack, platform choice (iOS, Android, or cross-platform), and overall app complexity. For a basic version, the estimated FinTech app development cost can start around $25,000–$50,000. However, if you’re aiming to integrate advanced features such as AI-powered analytics, biometric authentication, real-time fraud detection, or blockchain integration, the cost can rise to $80,000 or more.

It’s also important to understand that app development is only a part of the total investment. Long-term success requires additional budgeting for customer support, user acquisition, compliance with financial regulations, and ongoing app maintenance and updates. These elements are crucial to ensure the app remains secure, scalable, and aligned with the evolving FinTech landscape—especially in competitive markets like the UAE, USA, and the Middle East.

Develop Your Fintech App With Apptunix Experts

Of course, Fintech app development comes with various challenges. However, if you have the right resources and support for the team, you will take your business to the next level. 

For that, make sure that you get in touch with the right Fintech app development company like Apptunix. A dedicated team of designers and developers will help to align your vision and goals with the Fintech app development. Therefore, make sure to choose the right steps that will help you kickstart your business and stay ahead of the finance market competition.