Saudi SAMA’s governor, CMA chairman provide insights into fintech during event

The tour is the largest cluster of fintech events to take place in the Middle East region

  
Image used for illustrative purpose. A Saudi money changer displays Saudi Riyal banknotes at a currency exchange shop in Riyadh, Saudi Arabia September 29, 2016.

Image used for illustrative purpose. A Saudi money changer displays Saudi Riyal banknotes at a currency exchange shop in Riyadh, Saudi Arabia September 29, 2016.

REUTERS/Faisal Al Nasser

Riyadh – Fintech Tour 20 kicked off on 29 November 2020, shedding insights on the financial technology (fintech) space in Saudi Arabia and bringing together local and international experts.

Governor of the Saudi Central Bank (SAMA), Ahmed Alkholifey, and Chairman of the Capital Market Authority (CMA), Mohammed ElKuwaiz, have shared their opinions on the fintech field in the kingdom during the opening ceremony of the tour, Saudi Press Agency (SPA) reported on Tuesday.

The tour is the largest cluster of fintech events to take place in the Middle East region and is organised by Fintech Saudi, an initiative launched by SAMA and the CMA to support the growth of the fintech industry in Saudi Arabia.

Moreover, it consists of 24 Arabic and English workshops, lectures, and panel discussions that will be delivered virtually until 10 December 2020.

SAMA’s Alkholifey talked about transformative effect the fintech field had on financial services in the Gulf country, reiterating the importance to support innovation and enhance competitiveness in the financial sector.

“We hope to see more competitiveness and growth in the new sectors of fintech as well as traditional industries of the world of money, including traditional banks,” he said, commending SAMA’s milestone step in launching the regulatory sandbox, which contributed to the establishment of 32 leading fintech companies.

CMA’s ElKuwaiz said, “Technology succeeded in providing [capital market] services to more people, and we are enthusiastic to see what fintech can add to the capital market sector."

The fintech field has grown exponentially across the globe in 2020. Hence, Fintech Saudi has launched several initiatives supporting the fintech community in Saudi Arabia to reach new horizons. These include the Fintech Internship programme, Fintech Accelerator Program, and Sector Guide.

The number of fintech companies that commenced operations has tripled when compared to the last year.

Source: Mubasher

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