More than SAR 1.3 billion ($347 million) has been invested in fintech in Saudi Arabia in the last 12 months with the number of companies in the sector increasing by 37 percent on last year.

According to Fintech Saudi, a programme launched by the government in 2018, the increase was a sign of the development of a maturing fintech industry in the kingdom.

Nejoud Almulaik, Director, said: “As we emerge from the challenges of COVID-19, it is clear that the digitalisation experienced during the pandemic is here to stay.” 

Fintech Saudi’s annual report for 2020/2021 revealed new fintech companies have emerged in payments, capital markets, insurance and business tools for SMEs.

New regulatory and infrastructure developments include the release of new fintech activity regulations, the launch of SARIE - the instant payment system - and the approval of two digital banks - STC Bank and Saudi Digital Bank.

Venture investment, new regulations, national fintech initiatives and the launch of Open Banking are expected to support the development of fintech solutions in Saudi Arabia, the report said.

(Writing by Imogen Lillywhite; editing by Seban Scaria)

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