Financial app usage across the GCC has soared in recent years, with mobile-first platforms now powering everything from banking and payments to insurance and investments. In 2024 alone, around 38 million people across the region used mobile wallets, and the market is on track to reach nearly $932 million by 2030, growing at a CAGR of 34%. The broader fintech sector is projected to surpass $3 billion in 2025, fueled by digital ID integration, rising financial inclusion, and the rise of all-in-one “super apps.”, fueled by digital ID integration, rising financial inclusion, and the rise of all-in-one “super apps.”
Telco-linked wallets are playing a major role in this shift. With mobile penetration in the GCC expected to reach 91% by 2025, platforms such as stc Pay, Mobily Pay, Ooredoo Money, iPay by Vodafone, e& Money, and du Pay are becoming integral to daily financial routines. Governments are backing the shift: Saudi Arabia aims to reach 70% electronic payments by 2025, while the UAE’s digital wallet market is forecast to hit $10.3 billion by 2028.
But as adoption rises, so does exposure. A recent study by Kaspersky revealed that in Q1 2025 alone, cyberattacks on smartphones in the Middle East surged by 43%, exceeding 57,000 incidents, driven by the rise of illegal app stores, API exploitation, and gaps in mobile security architecture. Financial apps have become prime targets for cybercriminals, bypassing traditional defences to exploit mobile-specific vulnerabilities. In a region where the digital payments market is expected to exceed $203 billion by 2029, the cost of weak security is no longer theoretical, it’s existential.
The complexity puts financial institutions at risk
Mobile ecosystems are inherently complex. Financial apps operate across fragmented operating systems, utilise third-party SDKs, are cloud-hosted, and have an increasing number of exposed APIs, creating fertile ground for threats such as credential stuffing, session hijacking, fake apps, and API abuse.
The risk is significant. A recent Appknox study found that 85% of mobile apps in the region contain at least one critical vulnerability, exposing organisations to fraud, disruption, regulatory violations, and reputational damage.
Yet many institutions still rely on tools built for desktop or web environments. These legacy solutions miss threats unique to mobile, creating blind spots that attackers are exploiting. The problem is compounded by siloed operations among fraud, security, and compliance teams, which delays detection and response.
Mobile security is no longer just an IT issue, it’s a strategic business imperative. A breach can result in financial loss, reputational damage, and regulatory penalties. In a region where digital transformation is central to national progress, mobile security failures can stall innovation and erode trust.
To stay ahead, institutions must adopt a unified approach that embeds security across development lifecycles, secures APIs, enables real-time monitoring, and utilises AI-driven threat detection. Mobile security must be foundational to how financial services are built, delivered, and scaled.
As mobile becomes the dominant channel for financial services, securing that channel is no longer optional—it’s essential. The institutions that recognise this shift early, invest in purpose-built mobile security, and foster collaboration between fraud, appsec, and compliance teams will not only protect their users—they’ll earn their trust.
In the fast-moving world of digital finance, trust is the real currency. Build it well, and everything else follows.
